Analyst Consensus ?
ConsensusHold23 ratings
Bullish1356.5%
Neutral834.8%
Bearish28.7%
Pan American Silver Corp. · PAAS · FY2025 Q4 · Calendar Q1 2026
Pan American Silver: Record Results, 2026 Plans, Escobal Uncertainty
Pan American Silver’s supplied analysis supports a constructive operating picture: higher metal prices, low-cost Juanicipio production, and project development underpin the 2026 outlook. The main offsets are cost inflation tied to higher prices, commodity volatility, and unresolved Escobal timing.
Reported After market closeNYSEBasic Materials
$18.95B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.11
Consensus $0.90
EPS surprise
+23.3%
Reported versus consensus
Reported revenue
$1.17B
Consensus $1.11B
Revenue surprise
+5.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+5.5%
Event window
SPY move
-0.3%
Same window
Abnormal move
+5.8%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
-21.0%
Up to 20 sessions
PAASSPY benchmark
Ask FN2 about PAAS FY2025 Q4
Transcript, numbers and history already loaded
Why did PAAS rise 5.5% after beating EPS estimates in FY2025 Q4?What changed in PAAS's guidance and outlook in FY2025 Q4?Give me the bull and bear case for PAAS after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis describes record Q4 and full-year 2025 results, a third consecutive dividend increase to $0.18 per share, maintained 2026 guidance, and a larger project and exploration program. Compared with the prior quarter, the analysis adds full-year results, a 2026 production outlook, and continued uncertainty around Escobal’s restart timeline.
Guidance delta
2026 guidance was maintained: 25–27 million ounces of silver and 700–750 thousand ounces of gold, with all-in sustaining costs reflecting higher metal-price assumptions.
Key takeaways
- Record Q4 and full-year 2025 earnings and free cash flow were driven by higher metal prices and low-cost Juanicipio output.
- The company raised its dividend to $0.18 per share, its third consecutive increase.
- Management highlighted the La Colorada Skarn phased plan, Jacobina optimization, and expanded exploration.
- Escobal’s restart remains uncertain while the ILO-169 consultation process continues without a defined timeline.
Management priorities
- Release an updated La Colorada Skarn PEA in Q2 2026.
- Complete the Jacobina optimization study and implement plant upgrades.
- Maintain capital spending similar to 2025, with added investment in Juanicipio, La Colorada Skarn, and Timmins satellite deposits.
- Increase exploration spending in 2026, including Cerro Moro.
- Continue generating free cash flow to support shareholder returns.
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Beat
Miss
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Analyst 52W Price Targets
$45.28Current
$22Low
$58.44Average
$94High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 2, 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 $45.28. 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 | +17.0% | Jul 6, 2026 |
| TD Securities | Wayne Lam | $72 | $59.14 | +59.0% | May 11, 2026 |
| UBS | Analyst unavailable | $94 | $49.65 | +107.6% | Mar 26, 2026 |
| CIBC | Cosmos Chiu | $88 | $55.63 | +94.3% | Feb 4, 2026 |
| Scotiabank | Analyst unavailable | $64 | $67.54 | +41.3% | Jan 26, 2026 |
| Jefferies | Analyst unavailable | $54 | $57.68 | +19.3% | Jan 21, 2026 |
| Jefferies | Analyst unavailable | $50 | $44.39 | +10.4% | Dec 7, 2025 |
| Scotiabank | Ovais Habib | $47 | $36.47 | +3.8% | Oct 23, 2025 |
| CIBC | Analyst unavailable | $62 | $38.5 | +36.9% | Oct 10, 2025 |
| CIBC | Cosmos Chiu | $46 | $29.69 | +1.6% | Jul 15, 2025 |
| Jefferies | Matthew Murphy | $24 | $21.24 | -47.0% | Jan 7, 2025 |
| Scotiabank | Ovais Habib | $23 | $19.93 | -49.2% | Jun 18, 2024 |
| CIBC | Cosmos Chiu | $30 | $21.84 | -33.7% | May 22, 2024 |
| RBC Capital | Analyst unavailable | $22 | $18.09 | -51.4% | 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 |
|---|---|---|---|---|
| HMY Harmony Gold Mining Company Limited | FY2026 Q4 · Calendar Q3 2026 | 0.0% | -6.2% | Harmony Gold posts record FY2026 while Eva Copper risks remain |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the PAAS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
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 · 2026-10-02T18:36:10.891571+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T18:36:10.887801+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 2026-10-02. For educational purposes only; not investment advice.