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PAAS Delivers Record Revenues in 2025: Can the Rally Continue?
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Key Takeaways
PAAS reported record 2025 revenues of $3.62B, up 28.4% y/y, with Q4 revenues of $1.18B.
PAAS produced 22.8M ounces of silver in 2025, up 8% y/y, with a record 7.3M ounces in Q4.
PAAS sees 2026 silver output rising to 25-27M ounces, signaling 14% y/y growth at the mid-point.
Pan American Silver Corp. (PAAS - Free Report) reported record revenues of $3.62 billion in 2025, marking an improvement of 28.4% from 2024. This includes a record $1.18 billion in revenues reported in the fourth quarter of 2025. This impressive performance was driven by higher metal prices and silver production.
The company produced 22.8 million ounces of silver in 2025, surpassing its expectations. The figure increased 8% from 2024. Pan American Silver produced a record 7.3 million ounces of silver in the fourth quarter of 2025 on better-than-expected results at the Juanicipio mine.
PAAS’s gold production came in at 742.2 thousand ounces for 2025, in line with its guidance. It produced 197.8 thousand ounces in the fourth quarter of 2025.
The acquisition of MAG Silver in early September positioned PAAS as one of the leading silver producers globally and significantly strengthened the company’s industry-leading silver reserve base. Pan American Silver gained a 44% stake in the Juanicipio project, which is a large-scale, high-grade silver mine in Zacatecas operated by Fresnillo plc.
Gold production is expected between 700 million and 750 million for 2026, indicating a year-over-year dip of 2%. However, the company expects silver production of 25-27 million ounces, implying a year-over-year increase of 14% at the mid-point. Higher production will lead to revenue growth in 2026.
Recent Performances of Pan American Silver’s Peers
Avino Silver & Gold Mines Ltd. (ASM - Free Report) announced that its silver-equivalent production was 671,583 ounces in the fourth quarter of 2025, which marked a 9% increase from the fourth quarter of 2024. Annual silver-equivalent production of Avino Silver came in at 2.6 million ounces in 2025, down 2% year over year. However, the figure came within Avino Silver’s guidance of 2.5-2.8 million ounces.
First Majestic Silver Corp. (AG - Free Report) announced that its total production reached 7.8 million silver-equivalent (AgEq) ounces in the fourth quarter of 2025. The figure includes a record 4.2 million silver ounces and 41,417 gold ounces. It also includes 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper. First Majestic’s AgEq ounces produced marked a solid 37% year-over-year increase in the fourth quarter, attributed to a 77% surge in silver production.
For 2025, First Majestic met its upwardly revised production outlook, with the full-year production of 31.1 million AgEq ounces. Backed by the increased production and metal prices, First Majestic reported record revenues of $1.26 billion in 2025, marking a year-over-year upsurge of 124%.
PAAS’ Price Performance, Valuation & Estimates
In a year, PAAS shares have skyrocketed 168.8% compared with the industry's 233.5% whopping growth. In comparison, the Basic Materials sector has risen 52.7%, whereas the S&P 500 has moved up 19.6%.
Image Source: Zacks Investment Research
PAAS is currently trading at a forward 12-month price-to-earnings multiple of 16.62X compared with the industry average of 21.21X.
Image Source: Zacks Investment Research
The consensus mark for 2026 earnings is pegged at $3.86 per share, indicating a year-over-year jump of 51.9%. The estimate for 2026 of $4.26 suggests an increase of 10.3%.
The Zacks Consensus Estimate for Pan American Silver’s earnings for 2026 has moved up 4.9% over the past 60 days. The same for 2027 has moved up 7%.
View the Zacks #1 Rank List
Image: Shutterstock
PAAS Delivers Record Revenues in 2025: Can the Rally Continue?
Key Takeaways
Pan American Silver Corp. (PAAS - Free Report) reported record revenues of $3.62 billion in 2025, marking an improvement of 28.4% from 2024. This includes a record $1.18 billion in revenues reported in the fourth quarter of 2025. This impressive performance was driven by higher metal prices and silver production.
The company produced 22.8 million ounces of silver in 2025, surpassing its expectations. The figure increased 8% from 2024. Pan American Silver produced a record 7.3 million ounces of silver in the fourth quarter of 2025 on better-than-expected results at the Juanicipio mine.
PAAS’s gold production came in at 742.2 thousand ounces for 2025, in line with its guidance. It produced 197.8 thousand ounces in the fourth quarter of 2025.
The acquisition of MAG Silver in early September positioned PAAS as one of the leading silver producers globally and significantly strengthened the company’s industry-leading silver reserve base. Pan American Silver gained a 44% stake in the Juanicipio project, which is a large-scale, high-grade silver mine in Zacatecas operated by Fresnillo plc.
Gold production is expected between 700 million and 750 million for 2026, indicating a year-over-year dip of 2%. However, the company expects silver production of 25-27 million ounces, implying a year-over-year increase of 14% at the mid-point. Higher production will lead to revenue growth in 2026.
Recent Performances of Pan American Silver’s Peers
Avino Silver & Gold Mines Ltd. (ASM - Free Report) announced that its silver-equivalent production was 671,583 ounces in the fourth quarter of 2025, which marked a 9% increase from the fourth quarter of 2024. Annual silver-equivalent production of Avino Silver came in at 2.6 million ounces in 2025, down 2% year over year. However, the figure came within Avino Silver’s guidance of 2.5-2.8 million ounces.
First Majestic Silver Corp. (AG - Free Report) announced that its total production reached 7.8 million silver-equivalent (AgEq) ounces in the fourth quarter of 2025. The figure includes a record 4.2 million silver ounces and 41,417 gold ounces. It also includes 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper. First Majestic’s AgEq ounces produced marked a solid 37% year-over-year increase in the fourth quarter, attributed to a 77% surge in silver production.
For 2025, First Majestic met its upwardly revised production outlook, with the full-year production of 31.1 million AgEq ounces. Backed by the increased production and metal prices, First Majestic reported record revenues of $1.26 billion in 2025, marking a year-over-year upsurge of 124%.
PAAS’ Price Performance, Valuation & Estimates
In a year, PAAS shares have skyrocketed 168.8% compared with the industry's 233.5% whopping growth. In comparison, the Basic Materials sector has risen 52.7%, whereas the S&P 500 has moved up 19.6%.
PAAS is currently trading at a forward 12-month price-to-earnings multiple of 16.62X compared with the industry average of 21.21X.
The consensus mark for 2026 earnings is pegged at $3.86 per share, indicating a year-over-year jump of 51.9%. The estimate for 2026 of $4.26 suggests an increase of 10.3%.
The Zacks Consensus Estimate for Pan American Silver’s earnings for 2026 has moved up 4.9% over the past 60 days. The same for 2027 has moved up 7%.
PAAS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.