Pan American Silver
PAAS · NYSEGold and Silver Ores · Fiscal year ends Dec 31
Pan American Silver reported revenue of $3.6B in the fiscal year ended Dec 2025, up 28.4% from the year before. Operating income was $1.2B, an operating margin of 34.1%, and net income was $980M. Operating cash flow of $1.3B less capital expenditure of $314M left free cash flow of $1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.5B | $2.3B | $2.8B | $3.6B |
| Cost of revenue | $1.3B | $1.4B | $2B | $2.3B | $2.2B |
| Gross profit | $368M | $48M | $297M | $549M | $1.4B |
| Operating income | $321M | −$262M | $38M | $531M | $1.2B |
| Interest expense | $4M | $5M | $51M | $48M | $55M |
| Pre-tax income | $245M | −$301M | −$59M | $432M | $1.2B |
| Income tax | $146M | $39M | $46M | $319M | $258M |
| Net income | $99M | −$340M | −$105M | $113M | $980M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $284M | $107M | $400M | $863M | $1.2B |
| Receivables | $128M | $137M | $138M | $165M | $232M |
| Inventory | $500M | $472M | $712M | $606M | $588M |
| Current assets | $1B | $804M | $1.4B | $1.7B | $2.2B |
| Net PP&E | $2.3B | $2.2B | $5.7B | $5.3B | $5.3B |
| Goodwill | $5M | $6M | – | – | – |
| Total assets | $3.5B | $3.2B | $7.2B | $7.2B | $9.7B |
| Payables | $306M | $308M | $498M | $489M | $549M |
| Current liabilities | $388M | $381M | $624M | $687M | $817M |
| Total liabilities | $883M | $1B | $2.4B | $2.5B | $2.7B |
| Shareholders' equity | $2.6B | $2.2B | $4.8B | $4.7B | $7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $392M | $32M | $450M | $724M | $1.3B |
| Capital expenditure | $243M | $275M | $379M | $323M | $314M |
| Free cash flow | $149M | −$243M | $71M | $401M | $1B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −8.5% | 55.0% | 21.7% | 28.4% |
| Operating income growth (YoY) | – | −181.7% | – | 1293.7% | 132.2% |
| Gross margin | 22.5% | 3.2% | 12.8% | 19.5% | 38.8% |
| Operating margin | 19.7% | −17.5% | 1.6% | 18.8% | 34.1% |
| Net margin | 6.0% | −22.8% | −4.5% | 4.0% | 27.1% |
| Return on equityBlank when equity is negative | 3.7% | −15.5% | −2.2% | 2.4% | 14.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.2% | −9.1% | 0.6% | 8.1% | 13.8% |
| Free cash flow margin | 9.1% | −16.3% | 3.1% | 14.2% | 28.2% |
| Cash conversion (CFO ÷ net income) | 3.98x | −0.09x | −4.29x | 6.41x | 1.36x |
| Receivable days | 29 | 33 | 22 | 21 | 23 |
| Inventory days | 144 | 119 | 129 | 97 | 97 |
| Payable days | 88 | 78 | 90 | 79 | 91 |
| Interest cover | 87.7x | −49.5x | 0.74x | 11.1x | 22.4x |
| Current ratio | 2.58x | 2.11x | 2.23x | 2.50x | 2.69x |
Recent filings
More in Gold And Silver Ores
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.