PAAS financial statements
The full income statement, balance sheet, and cash-flow statement for Pan American Silver Corp. (PAAS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 3.62B+28.4% | 2.82B+21.7% | 2.32B+55.0% | 1.49B-8.5% | 1.63B+22.0% | |
| 1.41B+155.9% | 549M+85.0% | 297M+513.2% | 48.4M-86.8% | 368M+2.2% | ||
| Cost of revenue | 2.21B-2.5% | 2.27B+12.4% | 2.02B+39.6% | 1.45B+14.3% | 1.26B+29.2% | |
| Operating income | 1.23B+132.2% | 531M+1293.7% | 38.1M+114.5% | -262M-181.7% | 321M+52.8% | |
| Interest expense | 3.00M-50.0% | 6.00M+3.4% | 5.80M+141.7% | 2.40M-52.6% | 5.07M+92.8% | |
| Pre-tax income | 1.24B+186.6% | 432M+834.7% | -58.8M+80.5% | -301M-222.9% | 245M-2.8% | |
| Income tax | 258M-19.1% | 319M+592.0% | 46.1M+17.9% | 39.1M-73.3% | 146M+93.8% | |
| Net income | 980M+767.3% | 113M+207.7% | -105M+69.2% | -340M-445.1% | 98.6M-44.1% | |
| $2.56+725.8% | $0.31+196.9% | -$0.32+80.2% | -$1.62-452.2% | $0.46-45.9% | ||
| EPS (basic) | $2.56+725.8% | $0.31+196.9% | -$0.32+80.2% | -$1.62-452.2% | $0.46-45.9% | |
| Weighted-avg shares (basic) | 381M+5.0% | 363M+11.3% | 327M+55.1% | 211M+0.1% | 210M+0.1% | |
| Weighted-avg shares (diluted) | 382M+5.0% | 363M+11.3% | 327M+55.1% | 211M+0.0% | 210M+0.1% | |
| Dividends per share | $0.41+3.9% | $0.40+11.7% | $0.36-20.4% | $0.45+32.3% | $0.34+54.5% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.20B+27.7% | 1.72B+23.7% | 1.39B+72.8% | 804M-19.7% | 1.00B+16.8% | ||
| Cash & equivalents | 1.22B+40.8% | 863M+115.8% | 400M+273.8% | 107M-62.3% | 284M+69.7% | |
| Accounts receivable | 232M+40.6% | 165M+19.6% | 138M+1.0% | 137M+6.6% | 128M+0.3% | |
| Inventory | 588M-3.0% | 606M-14.8% | 712M+50.9% | 472M-5.8% | 500M+23.2% | |
| 9.74B+35.2% | 7.20B-0.1% | 7.21B+122.0% | 3.25B-7.7% | 3.52B+2.5% | ||
| Property, plant & equipment | 5.34B+0.2% | 5.33B-6.2% | 5.67B+154.9% | 2.23B-5.0% | 2.34B-2.9% | |
| Goodwill | — | — | — | 5.91M+14.8% | 5.15M+23.4% | |
| 817M+18.9% | 687M+10.1% | 624M+63.9% | 381M-1.8% | 388M+7.2% | ||
| Short-term & current debt | 5.00M-28.6% | 7.00M+4.5% | 6.70M-51.1% | 13.7M+302.9% | 3.40M | |
| 2.74B+10.3% | 2.49B+1.9% | 2.44B+133.1% | 1.05B+18.6% | 883M+6.6% | ||
| Long-term debt | 709M+1.0% | 702M+0.7% | 697M+287.2% | 180M+1412.6% | 11.9M | |
| 7.00B+48.7% | 4.70B-1.2% | 4.76B+116.8% | 2.20B-16.6% | 2.63B+1.1% | ||
| Total equity incl. non-controlling | 7.00B+48.4% | 4.72B-1.2% | 4.77B+116.8% | 2.20B-16.5% | 2.64B+1.2% | |
| Shares outstanding (cover) | 422M+16.2% | 363M-0.4% | 365M+73.1% | 211M+0.1% | 210M+0.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.33B+84.1% | 724M+60.8% | 450M+1315.7% | 31.8M-91.9% | 392M-15.2% | ||
| Depreciation & amortization | 497M-13.0% | 571M+17.9% | 484M+53.2% | 316M+4.3% | 303M+19.1% | |
| Capital expenditure | 314M-2.8% | 323M-14.8% | 379M+38.0% | 275M+12.8% | 243M+36.4% | |
| Free cash flow | 1.02B+154.1% | 401M+463.2% | 71.2M+129.3% | -243M-263.4% | 149M-47.6% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 0.00 | 0.00-100.0% | 315M+88.5% | 167M | 0.00 | |
| Long-term debt repaid | 7.00M+0.0% | 7.00M-99.0% | 704M+13428.8% | 5.20M | 0.00 | |
| Common stock issued | 3.00M+200.0% | 1.00M | 0.00-100.0% | 900K+45.4% | 619K-86.9% | |
| Common stock repurchased | 46.0M+91.7% | 24.0M | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 175M+20.7% | 145M+11.2% | 130M+37.7% | 94.7M+32.4% | 71.5M+54.7% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 19.8B+169.3% | 7.34B+113.4% | 3.44B+0.0% | 3.44B-34.6% | 5.26B-27.6% | |
| P/E | 20.2×-68.9% | 65.0× | — | 34.9×-34.6% | 53.3×+29.7% | |
| P/S | 5.5×+109.8% | 2.6×+13.1% | 2.3×+9.3% | 2.1×-34.6% | 3.2×-40.6% | |
| P/B | 2.8×+81.1% | 1.6×-0.4% | 1.6×+19.9% | 1.3×-34.6% | 2.0×-28.4% | |
| P/FCF | 19.4×+6.0% | 18.3× | — | 23.1×-34.6% | 35.4×+38.3% | |
| Earnings yield | 5.0%+222.0% | 1.5% | — | 2.9%+52.8% | 1.9%-22.9% | |
| FCF yield | 5.2%-5.6% | 5.5% | — | 4.3%+52.8% | 2.8%-27.7% | |
| Dividend yield | 0.80%-59.5% | 2.0%-9.8% | 2.2%-20.4% | 2.8%+102.2% | 1.4%+113.6% | |
| Source filing | 40-F | 40-F | 40-F | 40-F | 40-F |
About this data
Source: PAAS’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PAAS filings on SEC EDGAR → Not investment advice.