Pan American Silver Delivers $3.62B Revenues, Hikes Dividend 29% and Production Guidance
Pan American Silver reported record 2025 revenues of $3.62 billion—up 28.4%—driving mine operating earnings to $1.4 billion and adjusted EPS to $2.54. It produced 22.8 million ounces of silver, raised 2026 output guidance to 25–27 million ounces, boosted cash flow to $1.15 billion, and hiked its dividend 29% to $0.18.
1. Strong 2025 Financial and Operational Performance
Pan American Silver achieved record revenues of $3.62 billion in 2025, a 28.4% increase year-over-year, leading to mine operating earnings of $1.4 billion and adjusted EPS of $2.54. The company produced 22.8 million ounces of silver (up 8%) and 742,200 ounces of gold, with fourth-quarter outputs of 7.3 million ounces of silver and 197,800 ounces of gold.
2. 2026 Guidance and Earnings Revisions
The company projects 2026 silver production of 25–27 million ounces (midpoint +14%) and gold output of 700,000–750,000 ounces (down 2%). Consensus earnings estimates for 2026 have risen 8.2% to $3.97 per share, while 2027 forecasts have climbed 4% to $4.14 per share.
3. MAG Silver Acquisition Boosts Reserves
In September 2025, Pan American Silver closed its acquisition of a 44% stake in the Juanicipio project, adding high-grade silver reserves in Zacatecas and gaining full ownership of the Larder exploration project plus an earn-in interest in Deer Trail. These assets are expected to enhance the company’s reserve base and long-term production profile.
4. Robust Cash Flow, Dividend Hike and Valuation
Free cash flow reached $1.15 billion in 2025, lifting cash and short-term investments to $1.3 billion. The quarterly dividend was raised by 29% to $0.18 per share. At a forward P/E of 15.1x versus the industry average of 18.2x and peer multiples of 18.7x–36.6x, Pan American Silver trades at a notable valuation discount.