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Pan American Silver is a large cap Canadian silver and gold miner.
Earnings are expected to jump 66% in 2026 after soaring 180% in 2025.
Pan American Silver is seeing record free cash flows and raised its dividend in 2025.
Pan American Silver Corp. (PAAS - Free Report) is having its moment in the spotlight as silver soars to all-time highs. This Zacks Rank #1 (Strong Buy) is expected to grow earnings by 66% in 2026.
Pan American Silver Corp. is a Canadian company headquartered in Vancouver which produces silver and gold in the Americas. It operates mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina.
It also owns a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is not currently operating, and it holds interests in exploration and development projects.
Pan American has a market cap of $23.9 billion and has been operating for three decades.
Pan American Silver Saw Record Free Cash Flow in Q3 2025
On Nov 12, 2025, Pan American Silver reported its third quarter 2025 results. It missed on the Zacks Consensus Estimate but only by a penny. It reported $0.48 compared to the Zacks Consensus of $0.49.
It was the first earnings miss in five quarters.
On Sep 4, 2025, the company had acquired MAG Silver Corp. which was a silver-focused mining company whose primary asset was a 44% interest in the Juanicipio mine in Zacatecas, Mexico, operated by Fresnillo plc, who holds the remaining 56% interest in Juanicipio.
Even though it only owned the 44% interest in the Juanicipio mine for a month in the third quarter, it saw a significant contribution to its Silver Segment operations and free cash flow generation.
Pan American Silver saw record free cash flow in the quarter of $251.7 million, resulting in a cash and short-term investments balance of $910.8 million plus an additional $85.8 million of cash at Juanicipio for the company’s 44% interest.
The company saw attributable silver production of 5.5 million ounces in the quarter with attributable gold production of 183.5 thousand ounces.
Pan American Silver Raised its Silver Production Target for 2025
Given the strong results from the Juanicipio mine, it raised its 2025 silver production guidance and also lowered its estimated all-in sustaining costs for the Silver Segment.
It re-affirmed the remainder of its 2025 operating outlook, which called for the back-end weighted gold production. But gold was also at record highs in the fourth quarter of 2025.
What is PAAS doing with all the Cash?
The Board of Directors raised the dividend again in the third quarter to $0.14 per share. Annualized, it sits at $0.56, or a yield of 1%.
As of Nov 12, 2025, capital returned to shareholders totaled $146.9 million in dividends and share repurchases.
Analysts Are Bullish on 2025 and 2026
Analysts are bullish as silver and gold prices continue to soar. While one earnings estimate was cut for 2025 in the last 7 days, 6 were higher in the last 60 days.
The Zacks Consensus is looking for $2.21 which is earnings growth of 179.8% from 2024 when the company made $0.79.
2026 looks like it will be another bullish year. One estimate is higher in the last 7 days, with 7 higher in the last 60 days. Earnings are expected to jump another 66.1% to $3.67.
This is a golden age for the silver and gold miners as long as they are executing on their production strategy.
Here’s what Pan American Silver’s price and consensus chart looks like.
Image Source: Zacks Investment Research
Shares of PAAS Hit a New High
It shouldn’t be a surprise that shares of Pan American Silver are up big over the last year given the rising silver and gold prices. While it can’t keep up with silver’s gain, it is outperforming gold.
Image Source: Zacks Investment Research
Is it too late to get in?
Pan American Silver is still cheap even after the rally but that is because earnings are expected to grow at a fast pace.
It has a forward price-to-earnings (P/E) ratio of 15.3. A P/E of 15 or less is usually considered a “value.”
The company also has a PEG ratio, which measures the P/E divided by growth, of 0.34. A PEG ratio under 1.0 can indicate a company has both growth and value.
Fourth quarter earnings are expected on Feb 18, 2026. Look for another quarter of record free cash flows.
For those interested in silver and gold, a miner like Pan American Silver should be on your short list.
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Bull of the Day: Pan American Silver (PAAS)
Key Takeaways
Pan American Silver Corp. (PAAS - Free Report) is having its moment in the spotlight as silver soars to all-time highs. This Zacks Rank #1 (Strong Buy) is expected to grow earnings by 66% in 2026.
Pan American Silver Corp. is a Canadian company headquartered in Vancouver which produces silver and gold in the Americas. It operates mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina.
It also owns a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is not currently operating, and it holds interests in exploration and development projects.
Pan American has a market cap of $23.9 billion and has been operating for three decades.
Pan American Silver Saw Record Free Cash Flow in Q3 2025
On Nov 12, 2025, Pan American Silver reported its third quarter 2025 results. It missed on the Zacks Consensus Estimate but only by a penny. It reported $0.48 compared to the Zacks Consensus of $0.49.
It was the first earnings miss in five quarters.
On Sep 4, 2025, the company had acquired MAG Silver Corp. which was a silver-focused mining company whose primary asset was a 44% interest in the Juanicipio mine in Zacatecas, Mexico, operated by Fresnillo plc, who holds the remaining 56% interest in Juanicipio.
Even though it only owned the 44% interest in the Juanicipio mine for a month in the third quarter, it saw a significant contribution to its Silver Segment operations and free cash flow generation.
Pan American Silver saw record free cash flow in the quarter of $251.7 million, resulting in a cash and short-term investments balance of $910.8 million plus an additional $85.8 million of cash at Juanicipio for the company’s 44% interest.
The company saw attributable silver production of 5.5 million ounces in the quarter with attributable gold production of 183.5 thousand ounces.
Pan American Silver Raised its Silver Production Target for 2025
Given the strong results from the Juanicipio mine, it raised its 2025 silver production guidance and also lowered its estimated all-in sustaining costs for the Silver Segment.
It re-affirmed the remainder of its 2025 operating outlook, which called for the back-end weighted gold production. But gold was also at record highs in the fourth quarter of 2025.
What is PAAS doing with all the Cash?
The Board of Directors raised the dividend again in the third quarter to $0.14 per share. Annualized, it sits at $0.56, or a yield of 1%.
As of Nov 12, 2025, capital returned to shareholders totaled $146.9 million in dividends and share repurchases.
Analysts Are Bullish on 2025 and 2026
Analysts are bullish as silver and gold prices continue to soar. While one earnings estimate was cut for 2025 in the last 7 days, 6 were higher in the last 60 days.
The Zacks Consensus is looking for $2.21 which is earnings growth of 179.8% from 2024 when the company made $0.79.
2026 looks like it will be another bullish year. One estimate is higher in the last 7 days, with 7 higher in the last 60 days. Earnings are expected to jump another 66.1% to $3.67.
This is a golden age for the silver and gold miners as long as they are executing on their production strategy.
Here’s what Pan American Silver’s price and consensus chart looks like.
Image Source: Zacks Investment Research
Shares of PAAS Hit a New High
It shouldn’t be a surprise that shares of Pan American Silver are up big over the last year given the rising silver and gold prices. While it can’t keep up with silver’s gain, it is outperforming gold.
Image Source: Zacks Investment Research
Is it too late to get in?
Pan American Silver is still cheap even after the rally but that is because earnings are expected to grow at a fast pace.
It has a forward price-to-earnings (P/E) ratio of 15.3. A P/E of 15 or less is usually considered a “value.”
The company also has a PEG ratio, which measures the P/E divided by growth, of 0.34. A PEG ratio under 1.0 can indicate a company has both growth and value.
Fourth quarter earnings are expected on Feb 18, 2026. Look for another quarter of record free cash flows.
For those interested in silver and gold, a miner like Pan American Silver should be on your short list.