Pan American Silver Corp.

PAAS.TOTSXBasic Materials● Active

$67.02

+$0.78(+1.18%)

Market Cap$28.2B

P/E Ratio—

52W High$95.39

52W Low$36.96

Avg Volume1.0M

Open$66.64

Beta1.50

Free Cash Flow Financials Revenue

Pan American Silver Corp. (PAAS.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

PAAS.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

PAAS.TO · FCF · TTM · margin & CAGR

Free cash flow was $1.08B for FY2025 (fiscal year ending 2025-12-31), up 169.9% year-over-year The FCF margin was 29.4%. Five-year CAGR stands at +30.7%.

FY2025 Free Cash Flow$1.08B▲ +169.9% YoY

Trailing 12M (TTM)$1.36Btrailing 4 quarters sum

FCF Margin29.4%$1.08B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGR+30.7%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

PAAS.TO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.40B(319M)$1.08B▲ +169.9%29.4%

FY2024$724.1M(323M)$400.8M▲ +462.9%14.2%

FY2023$450.2M(379M)$71.2M▲ +129.3%3.1%

FY2022$31.9M(275M)−$242.8M▼ 263.3%-16.2%

FY2021$392.1M(243M)$148.6M▼ 47.6%9.1%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

PAAS.TO · P/FCF · FCF yield · FCF per share

Pan American Silver Corp. (PAAS.TO) trades at a FCF yield of 6.81% and a price-to-free-cash-flow ratio of 18.7x. FCF per share stands at $3.58, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

6.81%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$3.58

TTM FCF ÷ Shares Outstanding

Price / FCF

x18.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x14.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

PAAS.TO · cash flow statement · operating / investing / financing

For FY2025, Pan American Silver Corp. generated $1.40B in operating cash flow and spent 319M in capital expenditures, yielding $1.08B in free cash flow.

Operating Activities

+$1.40B

Cash from core business operations

2025-12-31

Investing Activities

−$763.1M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$282.9M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.40B) − |CapEx| (319M) = FCF ($1.08B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Basic Materials)

PAAS.TO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Pan American Silver Corp.YOU

PAAS.TO

$1.08B+169.9%29.4%

12%

Southern Copper Corporation

Basic Materials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Pan American Silver Corp. (PAAS.TO) reported free cash flow of $1.08B for FY2025 (fiscal year ending 2025-12-31), up 169.9% year-over-year. The FCF margin was 29.4%.

Based on available data, Pan American Silver Corp. has maintained positive free cash flow for at least 11 fiscal year(s). FCF peaked at $1.08B in FY2025. The 5-year CAGR stands at +30.7%.

Pan American Silver Corp.'s FCF yield is 6.81% and price-to-FCF ratio is 18.7x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

PAAS.TO free cash flow · 8 questions

Pan American Silver Corp. free cash flow was $1.08B for FY2025, up 169.9% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.36B.

PAAS.TO free cash flowPAAS.TO FCFPAAS.TO FCF 2025PAAS.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Pan American Silver Corp. · Pan American Silver Corp. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026