Pan American Silver Corp's recent earnings report shows a significant miss on estimates, raising concerns among investors about its operational efficiency and future outlook.
On August 12, 2026, Pan American Silver Corp (TSX: PAAS) reported its Q2 2026 earnings, revealing an EPS of $0.73 that fell short of the consensus estimate of $0.84 by 13.1%. This disappointing performance has prompted a closer look at the company's financial health and operational challenges.
Recent earnings trend
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Pan American Silver Corp
PAAS.TO
PAAS.TO
Pan American Silver Corp
WealthAwesomeMarket cap
$28.84B
P/E
14.8x
Div. yield
0.86%
Div. / share
$0.62
52W high
$94.49
52W low
$45.48
1W change
-2.38%
Beta
1.55
Analyst Price Targets
Based on analyst covering PAAS
Wall Street analysts forecast PAAS stock price to rise 30.5% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$93.08
+30.5% Upside
Current Price
C$71.33
Last close
Analyst ratings and price targets are updated periodically. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on PAAS's historical volatility
30-Day Vol
56.9%
Annualized
90-Day Vol
59.0%
Annualized
Trend (90d)
+33.7%
Annualized drift
90d Mean
C$80.45
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$74.25 | C$61.02 – C$90.34 |
| 60 trading days | C$77.29 | C$58.56 – C$102.00 |
| 90 trading days | C$80.45 | C$57.28 – C$113.01 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
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Analyst coverage: 4 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-12 | 0.7300 | 0.8400 | -13.1% |
| 2026-03-31 | 2026-05-05 | 1.0900 | 1.0600 | +2.8% |
| 2025-12-31 | 2026-02-18 | 1.1100 | 0.8900 | +24.7% |
| 2025-09-30 | 2025-11-12 | 0.4800 | 0.4900 | -2.0% |
| 2025-06-30 | 2025-08-06 | 0.4300 | 0.4000 | +7.5% |
| 2025-03-31 | 2025-05-07 | 0.4200 | 0.2100 | +100.0% |
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Investor takeaway: The earnings miss, along with lower production costs and rising operational expenses, raises questions about Pan American Silver's ability to maintain its growth trajectory. Investors should keep an eye on upcoming earnings revisions and the company's strategic responses to these challenges.
Q2 Earnings Miss by 13.1%, Revenue Growth of 38.4%
Pan American Silver's reported revenue of $1.12 billion represents a growth of 38.4% from the previous year, despite missing the estimate by 3.36%. This discrepancy highlights the challenges the company faces in balancing production costs with revenue growth.
Bull case
Even with the earnings miss, Pan American Silver's year-over-year revenue growth of 38.4% shows strong demand for silver. The company has also returned $300 million to shareholders, demonstrating its commitment to shareholder value.
Bear case
The significant earnings miss and higher-than-expected cash costs could indicate deeper operational issues. With a Zacks Rank of 4 (Sell), analysts are cautious about the stock's near-term performance, suggesting potential challenges ahead.
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