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ZYBERNO

Stock Report

Updated Aug 29, 2026

Pan American Silver Corp. (PAAS)

Materials • NYSE

$54.45

Pan American Silver Corp. is a Canadian primary silver mining company headquartered in Vancouver, British Columbia, and the world's second-largest primary silver producer. Following the acquisition of Yamana Gold in 2023, Pan American operates gold and silver mines primarily in Mexico, Peru, Bolivia, Canada, Argentina, Brazil, and Chile, with a diversified precious metals portfolio.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

41.0/100

WEAK BUSINESS

Pan American Silver Corp. (PAAS) scores 41/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full PAAS quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-12.8%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full PAAS valuation analysis · → View full PAAS Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.10x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):AVERAGE (14.2%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Pan American Silver Corp. (PAAS) stock report — Zyberno Score 41/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, Pan American Silver Corp. (PAAS) shows a Brina Gap of -12.8%, which weakens the case: based on the company's ROIC (14.2%) and reinvestment rate (-19.8%), the business can fundamentally grow at -2.8% — but the current enterprise value implies the market expects 10.0%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:54.45

Market Cap:$22.97B

Valuation Multiples (2)

P/B Ratio:3.28x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$22.46B

Ev Ebitda Ratio:12.98x

Pfcf Ratio:22.54x

Price Action & Momentum (3)

12-1 Momentum:

+63.9% (84th pctile)

📈 Click to view full PAAS Momentum analysis →

Momentum Percentile:84 / 100

% of 52-Week High:57.1%

B. Profitability Assessment

Return Metrics (5)

Roic:

14.2%

📊 Click to view full PAAS ROIC analysis →

Reinvestment Rate:-19.8%

Fundamental Growth Rate (g):-2.8%

Market-Implied Growth Rate:10.0%

Brina Gap:

-12.8%

☷ Click to view full PAAS Brina Gap analysis →

Margin Analysis (1)

Ebitda Margin:47.8%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:0.8%

C. Log-Linear Regression Growth Trends

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.69x

Quick Ratio:1.97x

Cash Ratio:1.49x

Leverage Analysis (3)

Debt To Equity Ttm:0.10x

Debt-to-Equity Ratio:0.10x

Debt To Ebitda:0.41x

Coverage Ratios (2)

Interest Coverage Ratio:22.42x

Times Interest Earned:22.42

Capital Structure (4)

Working Capital:1,379,000,000.00

Cash And Cash Equivalents:1,215,000,000.00

Long Term Debt:$709.00M

Net Debt:-$506.00M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

$3.62B

Cost Of Revenue Ttm:$2.21B

Profitability Breakdown (2)

$1.41B$1.23B

Bottom Line Performance (3)

$980.00M

Income Before Tax:$0.00

Ebitda Ttm:1,730,000,000.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:$258.00M

Interest Expense:55,000,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:47.8%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$9.74B

Current Assets:$2.20B

Ppe Net:5,338,000,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:2,741,000,000.00

Current Liabilities:817,000,000.00

Long Term Debt:$709.00M

Short Term Debt:$0.00

Equity & Capital (3)

Equity:$7.00B

Retained Earnings:$0.00

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:232,000,000.00

Inventory:588,000,000.00

Accounts Payable:549,000,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

$1.33B$1.02B

Investment Activities (1)

Investing Cash Flow:-$706.00M

Financing Activities (3)

Financing Cash Flow:-$278.00M

Dividends Paid Ttm:175,000,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$2.32

Revenue & Cash Per Share (2)

Sales Per Share Ttm:8.58

Operating Cash Flow Per Share:$3.16

Book Value & Capital (2)

Book Value Per Share:$16.60

Cash Per Share:2.88

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.37x

Working Capital Turnover Ttm:2.62x

Receivables Management (2)

Receivables Turnover Ttm:15.60x

Days Sales Outstanding Ttm:23.40

Inventory Management (2)

Inventory Turnover Ttm:3.77x

Days Inventory Outstanding Ttm:96.94

Payables & Cash Cycle (2)

Days Payable Outstanding:90.51

Cash Conversion Cycle:29.83

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:100.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-19.8%

Fundamental Growth Rate (g):-2.8%

Market-Implied Growth Rate:10.0%

Brina Gap:

-12.8%

☷ Click to view full PAAS Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

C. Company Profile & Context

Corporate Information (6)

Symbol:PAAS

Company Name:Pan American Silver Corp.

Sector:Materials

Industry:Gold and Silver Ores

Exchange:NYSE

Country:Canada

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:421.85M

Shares Outstanding Basic:0

Shares Outstanding Diluted:0

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-29 01:56:59 UTC

Data Timestamp:2026-08-29T01:56:59.317305