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The Zacks Consensus Estimate for Pan American Silver’s first-quarter total sales is pegged at $1.25 billion, indicating a 61.1% surge from the year-ago quarter’s actual.
The consensus mark for earnings has been unchanged in the past 60 days at $1.06 per share. This suggests a 152% year-over-year upsurge from earnings of 42 cents.
Image Source: Zacks Investment Research
PAAS’ Earnings Surprise History
Pan American Silver’s earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and missed in one, the surprise being 37.5%, on average. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for Pan American Silver
Our proven model does not conclusively predict an earnings beat for Pan American Silver this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: PAAS has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Factors Likely to Have Shaped PAAS’s Q1 Performance
Pan American Silver maintained a strong operational footing in 2025, delivering a solid performance in all quarters of the year and setting a positive tone for 2026. This offers an insight into its first-quarter performance.
Pan American Silver produced a record 7.3 million ounces of silver in the fourth quarter of 2025, reflecting better-than-expected results at the Juanicipio mine. The company produced 6 million ounces of silver in the fourth quarter of 2024.
The Zacks Consensus Estimate for PAAS’s first-quarter 2026 silver production is 6.4 million ounces, indicating a 28.4% year-over-year rise.
It produced 197.8 thousand ounces in the fourth quarter of 2025. The figure marks a decrease from the 224 thousand ounces produced in the prior-year quarter. The production was impacted by the loss of contribution of the La Arena mine and Dolores. Production at Dolores was down following the cessation of mining operations in July 2024 and the site transitioning into its residual leaching phase.
The Zacks Consensus Estimate for PAAS’s first-quarter gold production is 178 thousand ounces, indicating a 10.2% year-over-year decline.
The year-over-year increase in silver output, along with higher prices, will likely translate to higher revenues in the quarter.
In the January-March period, gold and silver prices remained elevated, supported by uncertainty regarding U.S trade and tariff policies. The combination of higher prices is expected to have enhanced Pan American Silver’s top-line performance in the quarter.
Along with PAAS, the increases in prices of gold and silver are aiding its peers, Fortuna Mining Corp. (FSM - Free Report) and Endeavour Silver Corporation (EXK - Free Report) .
Fortuna Mining produced 72,872 gold-equivalent ounces from ongoing operations in the first quarter of 2026, which marked a 3.5% increase from the year-ago quarter. The reported figure also marked an increase of 11.9% from the fourth quarter of 2025. Fortuna Mining expects gold-equivalent production of 281,000-305,000 ounces for 2026. The mid-point reflects a year-over-year dip of 8% from 317,001 ounces in 2025.
Endeavour Silver produced 3.3 million silver-equivalent ounces in the first quarter of 2026. This reflected a 78% surge from the year-ago quarter, driven by the addition of the Kolpa operation. Consolidated silver production at Endeavour Silver was up 56% year over year to 1,875,375 ounces. Endeavour Silver’s gold production in the quarter was up 41% year over year to 11,740 ounces.
Pan American Silver Stock’s Price Performance & Valuation
In the past year, PAAS shares have surged 110.3% compared with the industry's 165.3% whopping growth. Meanwhile, the Basic Materials sector has risen 48.8% and the S&P 500 has returned 34.9%.
Image Source: Zacks Investment Research
Pan American Silver is currently trading at a forward 12-month price-to-earnings multiple of 11.27X, at a discount to the industry average of 14.40X.
Image Source: Zacks Investment Research
Investment Thesis on PAAS
Pan American Silver has solidified its position as a leading precious metal producer in the Americas with a diversified asset base. The company has been rationalizing its portfolio following the Yamana acquisition (in 2023), investing in its producing mines while advancing organic opportunities.
In September 2025, Pan American Silver acquired MAG Silver, boosting its position as one of the leading silver producers globally. PAAS gained a 44% stake in the Juanicipio project.
The company invested $94 million in project capital in 2025 to advance several major projects, among which the most notable is the La Colorada mine in Mexico. A recently updated Preliminary Economic Assessment for the La Colorada Skarn project indicates that the mine is poised to become one of the world's largest and lowest-cost silver mines.
Should You Buy Pan American Silver Now?
PAAS is well-positioned to capitalize on the ongoing increase in silver prices and the recent MAG Silver buyout. Continued investments in growth initiatives strengthen its long-term prospects. While its appealing valuation makes the stock attractive, the production halt suggests caution for new investors.
Existing shareholders should stay invested in the PAAS stock to benefit from its solid long-term growth prospects.
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How to Play Pan American Silver Stock Ahead of Q1 Earnings Release?
Key Takeaways
Pan American Silver Corp. (PAAS - Free Report) is scheduled to report first-quarter 2026 results on May 5, after market close.
The Zacks Consensus Estimate for Pan American Silver’s first-quarter total sales is pegged at $1.25 billion, indicating a 61.1% surge from the year-ago quarter’s actual.
The consensus mark for earnings has been unchanged in the past 60 days at $1.06 per share. This suggests a 152% year-over-year upsurge from earnings of 42 cents.
PAAS’ Earnings Surprise History
Pan American Silver’s earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and missed in one, the surprise being 37.5%, on average. The trend is shown in the chart below.
What the Zacks Model Unveils for Pan American Silver
Our proven model does not conclusively predict an earnings beat for Pan American Silver this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: PAAS has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: The company currently has a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped PAAS’s Q1 Performance
Pan American Silver maintained a strong operational footing in 2025, delivering a solid performance in all quarters of the year and setting a positive tone for 2026. This offers an insight into its first-quarter performance.
Pan American Silver produced a record 7.3 million ounces of silver in the fourth quarter of 2025, reflecting better-than-expected results at the Juanicipio mine. The company produced 6 million ounces of silver in the fourth quarter of 2024.
The Zacks Consensus Estimate for PAAS’s first-quarter 2026 silver production is 6.4 million ounces, indicating a 28.4% year-over-year rise.
It produced 197.8 thousand ounces in the fourth quarter of 2025. The figure marks a decrease from the 224 thousand ounces produced in the prior-year quarter. The production was impacted by the loss of contribution of the La Arena mine and Dolores. Production at Dolores was down following the cessation of mining operations in July 2024 and the site transitioning into its residual leaching phase.
The Zacks Consensus Estimate for PAAS’s first-quarter gold production is 178 thousand ounces, indicating a 10.2% year-over-year decline.
The year-over-year increase in silver output, along with higher prices, will likely translate to higher revenues in the quarter.
In the January-March period, gold and silver prices remained elevated, supported by uncertainty regarding U.S trade and tariff policies. The combination of higher prices is expected to have enhanced Pan American Silver’s top-line performance in the quarter.
Along with PAAS, the increases in prices of gold and silver are aiding its peers, Fortuna Mining Corp. (FSM - Free Report) and Endeavour Silver Corporation (EXK - Free Report) .
Fortuna Mining produced 72,872 gold-equivalent ounces from ongoing operations in the first quarter of 2026, which marked a 3.5% increase from the year-ago quarter. The reported figure also marked an increase of 11.9% from the fourth quarter of 2025. Fortuna Mining expects gold-equivalent production of 281,000-305,000 ounces for 2026. The mid-point reflects a year-over-year dip of 8% from 317,001 ounces in 2025.
Endeavour Silver produced 3.3 million silver-equivalent ounces in the first quarter of 2026. This reflected a 78% surge from the year-ago quarter, driven by the addition of the Kolpa operation. Consolidated silver production at Endeavour Silver was up 56% year over year to 1,875,375 ounces. Endeavour Silver’s gold production in the quarter was up 41% year over year to 11,740 ounces.
Pan American Silver Stock’s Price Performance & Valuation
In the past year, PAAS shares have surged 110.3% compared with the industry's 165.3% whopping growth. Meanwhile, the Basic Materials sector has risen 48.8% and the S&P 500 has returned 34.9%.
Pan American Silver is currently trading at a forward 12-month price-to-earnings multiple of 11.27X, at a discount to the industry average of 14.40X.
Investment Thesis on PAAS
Pan American Silver has solidified its position as a leading precious metal producer in the Americas with a diversified asset base. The company has been rationalizing its portfolio following the Yamana acquisition (in 2023), investing in its producing mines while advancing organic opportunities.
In September 2025, Pan American Silver acquired MAG Silver, boosting its position as one of the leading silver producers globally. PAAS gained a 44% stake in the Juanicipio project.
The company invested $94 million in project capital in 2025 to advance several major projects, among which the most notable is the La Colorada mine in Mexico. A recently updated Preliminary Economic Assessment for the La Colorada Skarn project indicates that the mine is poised to become one of the world's largest and lowest-cost silver mines.
Should You Buy Pan American Silver Now?
PAAS is well-positioned to capitalize on the ongoing increase in silver prices and the recent MAG Silver buyout. Continued investments in growth initiatives strengthen its long-term prospects. While its appealing valuation makes the stock attractive, the production halt suggests caution for new investors.
Existing shareholders should stay invested in the PAAS stock to benefit from its solid long-term growth prospects.