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)

2017-12 153.3M2018-12 153.4M2019-12 201.6M2020-12 210.3M2021-12 210.5M2022-12 210.7M2023-12 326.5M2024-12 363.0M2025-12 381.6M+148.9% over 8 periods

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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY+28.4%	2.82B YoY+21.7%	2.32B YoY+55.0%	1.49B YoY-8.5%	1.63B YoY+22.0%
	1.41B YoY+155.9%	549M YoY+85.0%	297M YoY+513.2%	48.4M YoY-86.8%	368M YoY+2.2%
Cost of revenue	2.21B YoY-2.5%	2.27B YoY+12.4%	2.02B YoY+39.6%	1.45B YoY+14.3%	1.26B YoY+29.2%
Operating income	1.23B YoY+132.2%	531M YoY+1293.7%	38.1M YoY+114.5%	-262M YoY-181.7%	321M YoY+52.8%
Interest expense	3.00M YoY-50.0%	6.00M YoY+3.4%	5.80M YoY+141.7%	2.40M YoY-52.6%	5.07M YoY+92.8%
Pre-tax income	1.24B YoY+186.6%	432M YoY+834.7%	-58.8M YoY+80.5%	-301M YoY-222.9%	245M YoY-2.8%
Income tax	258M YoY-19.1%	319M YoY+592.0%	46.1M YoY+17.9%	39.1M YoY-73.3%	146M YoY+93.8%
Net income	980M YoY+767.3%	113M YoY+207.7%	-105M YoY+69.2%	-340M YoY-445.1%	98.6M YoY-44.1%
	$2.56 YoY+725.8%	$0.31 YoY+196.9%	-$0.32 YoY+80.2%	-$1.62 YoY-452.2%	$0.46 YoY-45.9%
EPS (basic)	$2.56 YoY+725.8%	$0.31 YoY+196.9%	-$0.32 YoY+80.2%	-$1.62 YoY-452.2%	$0.46 YoY-45.9%
	381M YoY+5.0%	363M YoY+11.3%	327M YoY+55.1%	211M YoY+0.1%	210M YoY+0.1%
	382M YoY+5.0%	363M YoY+11.3%	327M YoY+55.1%	211M YoY+0.0%	210M YoY+0.1%
Dividends per share	$0.41 YoY+3.9%	$0.40 YoY+11.7%	$0.36 YoY-20.4%	$0.45 YoY+32.3%	$0.34 YoY+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 YoY+27.7%	1.72B YoY+23.7%	1.39B YoY+72.8%	804M YoY-19.7%	1.00B YoY+16.8%
Cash & equivalents	1.22B YoY+40.8%	863M YoY+115.8%	400M YoY+273.8%	107M YoY-62.3%	284M YoY+69.7%
Accounts receivable	232M YoY+40.6%	165M YoY+19.6%	138M YoY+1.0%	137M YoY+6.6%	128M YoY+0.3%
Inventory	588M YoY-3.0%	606M YoY-14.8%	712M YoY+50.9%	472M YoY-5.8%	500M YoY+23.2%
	9.74B YoY+35.2%	7.20B YoY-0.1%	7.21B YoY+122.0%	3.25B YoY-7.7%	3.52B YoY+2.5%
Property, plant & equipment	5.34B YoY+0.2%	5.33B YoY-6.2%	5.67B YoY+154.9%	2.23B YoY-5.0%	2.34B YoY-2.9%
Goodwill	—	—	—	5.91M YoY+14.8%	5.15M YoY+23.4%
	817M YoY+18.9%	687M YoY+10.1%	624M YoY+63.9%	381M YoY-1.8%	388M YoY+7.2%
Short-term & current debt	5.00M YoY-28.6%	7.00M YoY+4.5%	6.70M YoY-51.1%	13.7M YoY+302.9%	3.40M
	2.74B YoY+10.3%	2.49B YoY+1.9%	2.44B YoY+133.1%	1.05B YoY+18.6%	883M YoY+6.6%
Long-term debt	709M YoY+1.0%	702M YoY+0.7%	697M YoY+287.2%	180M YoY+1412.6%	11.9M
	7.00B YoY+48.7%	4.70B YoY-1.2%	4.76B YoY+116.8%	2.20B YoY-16.6%	2.63B YoY+1.1%
Total equity incl. non-controlling	7.00B YoY+48.4%	4.72B YoY-1.2%	4.77B YoY+116.8%	2.20B YoY-16.5%	2.64B YoY+1.2%
	422M YoY+16.2%	363M YoY-0.4%	365M YoY+73.1%	211M YoY+0.1%	210M YoY+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 YoY+84.1%	724M YoY+60.8%	450M YoY+1315.7%	31.8M YoY-91.9%	392M YoY-15.2%
Depreciation & amortization	497M YoY-13.0%	571M YoY+17.9%	484M YoY+53.2%	316M YoY+4.3%	303M YoY+19.1%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	0.00	0.00 YoY-100.0%	315M YoY+88.5%	167M	0.00
Long-term debt repaid	7.00M YoY+0.0%	7.00M YoY-99.0%	704M YoY+13428.8%	5.20M	0.00
Common stock issued	3.00M YoY+200.0%	1.00M	0.00 YoY-100.0%	900K YoY+45.4%	619K YoY-86.9%
Common stock repurchased	46.0M YoY+91.7%	24.0M	0.00	0.00	0.00
Dividends paid	175M YoY+20.7%	145M YoY+11.2%	130M YoY+37.7%	94.7M YoY+32.4%	71.5M YoY+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 YoY+169.3%	7.34B YoY+113.4%	3.44B YoY+0.0%	3.44B YoY-34.6%	5.26B YoY-27.6%
P/E	20.2× YoY-68.9%	65.0×	—	34.9× YoY-34.6%	53.3× YoY+29.7%
P/S	5.5× YoY+109.8%	2.6× YoY+13.1%	2.3× YoY+9.3%	2.1× YoY-34.6%	3.2× YoY-40.6%
P/B	2.8× YoY+81.1%	1.6× YoY-0.4%	1.6× YoY+19.9%	1.3× YoY-34.6%	2.0× YoY-28.4%
	5.0% YoY+222.0%	1.5%	—	2.9% YoY+52.8%	1.9% YoY-22.9%
	0.80% YoY-59.5%	2.0% YoY-9.8%	2.2% YoY-20.4%	2.8% YoY+102.2%	1.4% YoY+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.