Pan American Silver's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Pan American Silver (PAAS) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Pan American Silver vs Its Competitors
- TTM: Trailing 12-month revenue of 3,619M vs -M combined for its competitors (100.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months).
- Scale: Pan American Silver ranks #16 of 155 companies by market capitalization in the Metal Mining industry, holding 1.2% of industry market cap.
- Peer revenue share: Pan American Silver accounted for 100.0% of combined revenue among its tracked peer group, up from 100.0% a year earlier.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
PAAS Sales vs. its Competitors, Q4 2025
Pan American Silver generated 100.00 % of the combined sales of its peer group, up from 100.00 % a year earlier.
API endpoints for this dataset
For context: the Metal Mining industry grew revenue 21.2% year over year, combined, vs 28.4% for Pan American Silver. Pan American Silver's share of combined industry revenue moved from 1.11% to 1.17%, a gain of 0.07 percentage points.
Pan American Silver's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Pan American Silver Corp | Yes | Yes | No | No |
| Competitors combined (1) | ||||
| High-Confidence Competitors (2) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 87.50 % (7 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 0.00 % (0 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
PAAS Stock Performance relative to its Competitors
PAAS Stock Performance relative to High-Confidence Competitors
PAAS Stock Performance relative to Similar-Size Competitors
PAAS Stock Performance relative to Similar Growth & Profitability Competitors
Publicly Traded Peers of Pan American Silver Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Pan American Silver Corp |
15,709.53 | 3,619.00 |
 Sunstock Inc |
0.10 | 7.53 |
| SUBTOTAL | 15,709.62 | 3,626.53 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Pan American Silver Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Pan American Silver's Competitors Named by the Company
Competitive relationships identified from Pan American Silver reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Anglogold Ashanti Plc | Company report | 85% |
| Gatos Silver Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Pan American Silver's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Pan American Silver's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Pan American Silver Corp | 15,710 | 1,096,667 | 296,970 |
| Sunstock Inc | 0 | - | - |
| PEERS TOTAL | 0 | - | - |
Pan American Silver's Position in Industry Market Structure
Market-capitalization share and concentration across all 130 companies in Pan American Silver's industry classification, broader than the peer set above. Market cap in millions of $.Pan American Silver ranks #16 of 130 companies by market capitalization in its industry, holding 1.23 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 733, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Bhp Group Limited | 202,859 | 15.92 % |
| 2 | Southern Copper Corp | 140,154 | 11.00 % |
| 3 | Newmont Corporation | 129,011 | 10.13 % |
| 4 | Rio Tinto Plc | 105,160 | 8.25 % |
| 5 | Agnico Eagle Mines Limited | 1,234 | 5.2% |
| 6 | Freeport mcmoran Inc | 1,234 | 5.2% |
| 7 | Wheaton Precious Metals Corp | 1,234 | 5.2% |
| 8 | Franco nevada Corporation | 1,234 | 5.2% |
| 9 | Anglogold Ashanti Plc | 1,234 | 5.2% |
| 10 | Gold Fields Limited | 1,234 | 5.2% |
| 16 | Pan American Silver Corp | 15,710 | 1.23 % |
Market cap and industry share for the rest of Pan American Silver's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Pan American Silver's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 11 | Cameco Corporation | 30,998 | -27.86 % |
| 12 | Kinross Gold Corp | 27,235 | -11.92 % |
| 13 | Sibanye Stillwater Limited | 26,899 | -7.59 % |
| 14 | Royal Gold Inc | 22,608 | 49.66 % |
| 15 | Coeur Mining Inc | 1,234 | 12.3% |
| 16 | Pan American Silver Corp | 15,710 | 18.54 % |
| 17 | Alamos Gold Inc | 1,234 | 12.3% |
| 18 | Iamgold Corporation | 1,234 | 12.3% |
| 19 | Hudbay Minerals Inc | 1,234 | 12.3% |
| 20 | B2gold Corp | 1,234 | 12.3% |
| 21 | First Majestic Silver Corp | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Pan American Silver's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Pan American Silver's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Metal Mining industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (111 companies). See the full Metal Mining industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 38.82 % | 27.82 % (avg) | +11.0 pp |
| Operating Margin | 34.07 % | industry median | -0.4 pp |
| EBITDA Margin | 34.21 % | 20.79 % (avg) | +13.4 pp |
| Capital Intensity (Capex / Revenue) | 8.68 % | 15.64 % (avg) | -7.0 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Pan American Silver's Valuation vs Competitive Position
Valuation multiples vs the Metal Mining industry average (111 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Metal Mining industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 16.4x | 24.0x | -7.7x |
| EV / EBITDA | 11.9x | 14.7x | -2.8x |
| P/B | 2.3x | 3.4x | -1.1x |
| Return on Equity | 14.00 % | industry aggregate | -1.12 % |
| Return on Invested Capital | 8.16 % | 6.09 % (avg) | 2.07 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Pan American Silver's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | 54.95 % | 21.71 % | 28.38 % |
| Operating Margin | 1.65 % | 18.84 % | 34.07 % |
| Return on Invested Capital | 0.36 % | 5.09 % | 8.16 % |
| P/E | - | 72.2x | 16.4x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Pan American Silver's Strategic Group Map
Pan American Silver is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Pan American Silver's trailing-12-month revenue growth of 28.4% and operating margin of 34.1% compares with an average of 33.2% growth and 34.7% margin across its 8 closest peers by combined growth, margin and ROIC -- Pan American Silver sits below that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Pan American Silver's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Pan American Silver falls in the Question Mark quadrant: relative market share of 0.08x vs its largest competitor, in an industry growing revenue 30.1% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Pan American Silver's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 733 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 8.68 % vs industry average 15.64 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Pan American Silver's dedicated Suppliers and Customers pages, not here.
Pan American Silver's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Pan American Silver falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Pan American Silver's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.08x).
Opportunities
- Industry revenue growing at a healthy 30.1% median pace.
- Trades at a lower P/E than the industry average (16.4x vs 24.0x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Pan American Silver's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Pan American Silver Corp | 1.49 | 2.69 | 0.00 |
| Sunstock Inc | 0.02 | 3.62 | 0.09 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Pan American Silver's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Pan American Silver Corp | Q4 2025 | +28.4 % | +767.3 % |
| Sunstock Inc | Q3 2024 | +6.0 % | - |
| PEERS TOTAL | +28.4 % | +768.1 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Pan American Silver's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Pan American Silver Corp | Q4 2025 | -2.5 % | -2.8 % |
| Sunstock Inc | Q3 2024 | +0.0 % | - |
Pan American Silver's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Pan American Silver Corp | 10.06% | 12.08% | 14.00% |
| Sunstock Inc | 30.59% | 42.07% | 46.22% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Pan American Silver's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Pan American Silver Corp | 16.08 | 4.34 |
| Sunstock Inc | - | 0.01 |
| PEERS AVERAGE | 16.02 | 4.33 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.