Analyst Consensus ?
ConsensusHold23 ratings
Bullish1356.5%
Neutral834.8%
Bearish28.7%
Pan American Silver Corp. · PAAS · FY2025 Q2 · Calendar Q3 2025
Pan American Silver Maintains Guidance as Silver Operations Stay on Track
The supplied analysis supports a constructive but conditional view: strong silver operations, low costs, cash generation and the potential Juanicipio addition support the operating narrative, while gold execution, regulatory approvals and project delivery remain important tests.
Reported After market closeNYSEBasic Materials
$19.50B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.43
Consensus $0.40
EPS surprise
+7.5%
Reported versus consensus
Reported revenue
$811.9M
Consensus $860.8M
Revenue surprise
-5.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+7.1%
Event window
SPY move
-0.1%
Same window
Abnormal move
+7.2%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
+10.1%
Up to 20 sessions
PAASSPY benchmark
Ask FN2 about PAAS FY2025 Q2
Transcript, numbers and history already loaded
Why did PAAS rise 7.1% after beating EPS estimates in FY2025 Q2?What changed in PAAS's guidance and outlook in FY2025 Q2?Give me the bull and bear case for PAAS after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current analysis adds record Q2 performance and a raised dividend to the narrative, while keeping guidance maintained. Silver remained on target, but gold production was slightly below guidance and shifted toward Q4; the MAG Silver transaction remained pending Mexican antitrust clearance.
Guidance delta
Maintained. Silver production was described as on target, while gold production was slightly below guidance and weighted toward Q4.
Key takeaways
- Management described record Q2 2025 results, strong cash generation and a raised dividend.
- Silver production was on target at low costs; gold production was slightly below guidance and shifted toward Q4.
- The MAG Silver acquisition, La Colorada Skarn development and a strong balance sheet remain central to the growth narrative.
Management priorities
- Progress the MAG Silver acquisition, subject to Mexican antitrust clearance.
- Advance the La Colorada Skarn project, including resource updates and potential partnership discussions.
- Address grade reconciliation and geotechnical issues while executing capital projects and maintaining shareholder returns.
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Estimate
Beat
Miss
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Analyst 52W Price Targets
$46.27Current
$22Low
$58.44Average
$94High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Sep 16, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 9, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 6, 2026 |
| TD Cowen | Buy | Hold | Upgrade | May 12, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jan 26, 2026 |
| CIBC | Outperform | Outperform | Maintain | Oct 10, 2025 |
| TD Securities | Buy | Buy | Maintain | Feb 27, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Jan 18, 2024 |
| Canaccord Genuity | Buy | Hold | Upgrade | May 12, 2022 |
| National Bank Of Canada | Outperform | Sector Perform | Upgrade | May 17, 2021 |
| Deutsche bank | Hold | Buy | Downgrade | Jan 13, 2021 |
| B. Riley Securities | Neutral | Neutral | Maintain | May 19, 2020 |
| B. Riley FBR | Neutral | Neutral | Maintain | May 19, 2020 |
| FBR Capital | Neutral | Neutral | Maintain | May 8, 2020 |
| B. Riley | Neutral | Neutral | Maintain | Oct 21, 2019 |
| National Bank Financial Inc | Outperform | Sector Perform | Upgrade | Aug 30, 2019 |
| National Bank Financial | Outperform | Sector Perform | Upgrade | Aug 30, 2019 |
| Bank of America | Underperform | Neutral | Downgrade | Nov 19, 2018 |
| Credit Suisse | Outperform | Neutral | Upgrade | Nov 22, 2017 |
| Raymond James | Outperform | Market Perform | Upgrade | Jun 27, 2016 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 8, 2015 |
| Goldman Sachs | Sell | Neutral | Downgrade | Feb 25, 2014 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Jun 25, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $46.27. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $53 | $46.29 | +14.5% | Jul 6, 2026 |
| TD Securities | Wayne Lam | $72 | $59.14 | +55.6% | May 11, 2026 |
| UBS | Analyst unavailable | $94 | $49.65 | +103.2% | Mar 26, 2026 |
| CIBC | Cosmos Chiu | $88 | $55.63 | +90.2% | Feb 4, 2026 |
| Scotiabank | Analyst unavailable | $64 | $67.54 | +38.3% | Jan 26, 2026 |
| Jefferies | Analyst unavailable | $54 | $57.68 | +16.7% | Jan 21, 2026 |
| Jefferies | Analyst unavailable | $50 | $44.39 | +8.1% | Dec 7, 2025 |
| Scotiabank | Ovais Habib | $47 | $36.47 | +1.6% | Oct 23, 2025 |
| CIBC | Analyst unavailable | $62 | $38.5 | +34.0% | Oct 10, 2025 |
| CIBC | Cosmos Chiu | $46 | $29.69 | -0.6% | Jul 15, 2025 |
| Jefferies | Matthew Murphy | $24 | $21.24 | -48.1% | Jan 7, 2025 |
| Scotiabank | Ovais Habib | $23 | $19.93 | -50.3% | Jun 18, 2024 |
| CIBC | Cosmos Chiu | $30 | $21.84 | -35.2% | May 22, 2024 |
| RBC Capital | Analyst unavailable | $22 | $18.09 | -52.5% | Jan 11, 2023 |
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Start freeCompany context
Snapshot as of publicationPan American Silver Corp. is a mining enterprise dedicated to the full spectrum of metal operations, from discovery and site development to extraction, refinement, and environmental reclamation. The company focuses on precious and base metals including silver, gold, zinc, lead, and copper. Its extensive operations are situated across several countries, specifically Canada, Mexico, Peru, Argentina, and Bolivia, where it manages key mining properties such as La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, San Vicente, Joaquin, Cap-Oeste Sur Este, and Navidad. Founded in 1979 as Pan American Minerals Corp., the firm officially changed its name to Pan American Silver Corp. in April 1995 and is headquartered in Vancouver, Canada.
Historical context
All PAAS earningsBasic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RPM RPM International Inc. | FY2027 Q1 · Calendar Q4 2026 | +1.5% | +3.2% | RPM posts record quarter, but input costs narrow the outlook |
Latest beats and misses
Who reports nextBeat on EPS
Get the PAAS recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-11T12:00:43.799474+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T12:00:43.796543+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.