Silvercorp’s fiscal second-quarter adjusted EPS missed the calendar estimate. Safety work at its Ying Mining District reduced production, even as realized silver prices rose sharply.
Silvercorp Metals Inc. (TSX: SVM) reported results after market close on November 5 for the quarter ended September 30, 2026. Calendar EPS was US$0.07, below the US$0.08 estimate, a 12.5% miss. The company reported adjusted earnings of US$0.08 per share, down from US$0.10 a year earlier. Revenue fell 13% to US$72.1 million as lower production outweighed higher realized metal prices. For Canadian investors, the quarter shows how operational disruptions and growth spending can offset gains from higher silver prices. See the SVM stock page for more on the company.
Recent earnings trend
Silvercorp Metals Inc
SVM.TO
SVM.TO
Silvercorp Metals Inc
WealthAwesomeMarket cap
$2.78B
P/E
50.3x
Div. yield
0.21%
Div. / share
$0.03
52W high
$21.59
52W low
$8.61
1W change
+13.54%
Beta
2.05
Analyst Price Targets
Based on analyst covering SVM · as of Nov 9, 2026
Wall Street analysts forecast SVM stock price to rise 68.1% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$21.15
+68.1% Upside
Previously C$21.03 on Nov 6, 2026
Current Price
C$12.58
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on SVM's historical volatility
30-Day Vol
60.7%
Annualized
90-Day Vol
62.2%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$10.52
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$11.85 | C$9.61 – C$14.62 |
| 60 trading days | C$11.17 | C$8.30 – C$15.02 |
| 90 trading days | C$10.52 | C$7.32 – C$15.12 |
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.
Analyst coverage: 1 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 |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-08 | — | 0.2300 | — |
| 2026-09-30 | 2026-11-05 | 0.0700 | 0.0800 | -12.5% |
| 2026-06-30 | 2026-08-11 | 0.2100 | 0.2333 | -10.0% |
| 2026-03-31 | 2026-05-26 | 0.2700 | 0.2600 | +3.8% |
| 2025-12-31 | 2026-02-09 | 0.2200 | 0.0900 | +144.4% |
| 2025-09-30 | 2025-11-07 | 0.1000 | 0.1000 | +0.0% |
Investor takeaway: Required safety improvements at Ying reduced production and sales. Silvercorp says the work is substantially complete and has been inspected and approved, allowing operations to resume. That could ease the immediate production constraint. But lower output came at a cost: all-in sustaining cost was US$24.13 per silver ounce, and free cash flow fell year over year as the company invested in mine development. Investors should consider the recovery alongside execution, spending and commodity-price risks.
US$0.07 calendar EPS versus US$0.08 estimated
Calendar EPS was 12.5% below the estimate. Silvercorp reported adjusted earnings of US$0.08 per share, compared with US$0.10 a year earlier. These are different measures: the calendar estimate comparison is not the same as the company’s adjusted-earnings figure.
Bull case
Silvercorp generated US$62.7 million in operating cash flow, up 60% from a year earlier, and ended the quarter with US$383.7 million in cash, cash equivalents and short-term investments. The realized silver price rose 82% to US$61.83 per ounce, helping the company earn US$39.9 million from mine operations despite lower revenue. Silvercorp is also investing in projects in China, Ecuador and elsewhere. If development stays on track, these projects could expand its production base. The analyst-ratings section shows an average target of C$21.15, compared with the last close of C$12.58.
Bear case
Silver sales fell 47% year over year to 0.9 million ounces, and revenue declined despite much higher realized silver and gold prices. Adjusted earnings attributable to shareholders fell 19% to US$18.4 million, or US$0.08 per share. Free cash flow dropped 59% to US$4.7 million. Silvercorp spent US$43.4 million on growth projects during the quarter and later drew about US$112 million under a syndicated term loan. The safety work has been approved, but the pace of production recovery and execution on new projects remain uncertain. The shares also closed below their 50-day and 200-day moving averages.
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