Is the business good?
How good a business is PAAS?
Pan American Silver Corp. earns 15% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
15%
Return on invested capital · cost of capital 9.0% · 6.0 points above what the capital costs: growth creates value
- Operating margin
- 34%
Operating margin · Gold median 39% · fiscal year to FY2025
- Cash conversion
- 1.04×
Cash conversion · 3.55× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +5.0%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 16% |
| FY2021 | 20% |
| FY2022 | −18% |
| FY2023 | 1.7% |
| FY2024 | 19% |
| FY2025 | 34% |
Details›
- Gross marginfiscal year to FY2025
- 39%
- Operating marginfiscal year to FY2025
- 34%
- Net marginfiscal year to FY2025
- 27%
- Free cash flow margin
- 28%
- Revenue, trailing twelve months
- $3.62B
- Free cash flow, trailing twelve months
- $1.02B
- Net income, trailing twelve months
- $980M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 15%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.