Pan American SilverTSX:PAAS -3.84%81 Piotroski F-Score is 7 as of Jun. 25, 2026, which is 17% above its 10-year median of 6.00. GuruFocus rates TSX:PAAS with a GF Score™ of 81/100 and a GF Value™ of C$45.86 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 2,511 Metals & Mining companies, Pan American Silver ranks better than 95.5% on this metric.
Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Pan American Silver has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Pan American Silver's Piotroski F-Score or its related term are showing as below:
TSX:PAAS'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 8
Current: 7
During the past 13 years, the highest Piotroski F-Score of Pan American Silver was 8. The lowest was 2. And the median was 6.
Pan American Silver (TSX:PAAS) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Pan American Silver Piotroski F-Score Related Terms
Pan American Silver Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Pan American Silver's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSX:PAAS vs NEM, AU, CDE: Piotroski F-Score Comparison
For the Gold subindustry, Pan American Silver's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Pan American Silver Piotroski F-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Pan American Silver's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Pan American Silver's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 258.599 + 233.241 + 622.844 + 627.004 = C$1,742 Mil. Cash Flow from Operations was 401.019 + 427.056 + 767.14 + 692.86 = C$2,288 Mil. Revenue was 1109.705 + 1182.254 + 1626.844 + 1583.288 = C$5,502 Mil. Gross Profit was 373.546 + 433.004 + 783.418 + 834.176 = C$2,424 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(10344.359 + 10060.195 + 12654.513 + 13439.089 + 13901.104) / 5 = C$12079.852 Mil. Total Assets at the begining of this year (Mar25) was C$10,344 Mil. Long-Term Debt & Capital Lease Obligation was C$1,084 Mil. Total Current Assets was C$3,492 Mil. Total Current Liabilities was C$1,229 Mil.
Net Income was -30.014 + 76.806 + 154.01 + 242.616 = C$443 Mil.
Revenue was 940.574 + 970.029 + 1161.415 + 1109.719 = C$4,182 Mil. Gross Profit was 160.211 + 238.003 + 264.139 + 360.336 = C$1,023 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(9583.488 + 9653.665 + 9688.099 + 10262.114 + 10344.359) / 5 = C$9906.345 Mil. Total Assets at the begining of last year (Mar24) was C$9,583 Mil. Long-Term Debt & Capital Lease Obligation was C$1,087 Mil. Total Current Assets was C$2,531 Mil. Total Current Liabilities was C$863 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Pan American Silver's current Net Income (TTM) was 1,742.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Pan American Silver's return on assets of this year was 0.1683708. Pan American Silver's return on assets of last year was 0.04626896.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Pan American Silver's gearing of this year was 0.08972626. Pan American Silver's gearing of last year was 0.10973129.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Pan American Silver's current ratio of this year was 2.84040179. Pan American Silver's current ratio of last year was 2.93343318.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Pan American Silver's number of shares in issue this year was 421.93. Pan American Silver's number of shares in issue last year was 362.52.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Pan American Silver's gross margin of this year was 0.44058595. Pan American Silver's gross margin of last year was 0.24456081.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Pan American Silver's asset turnover of this year was 0.53189289. Pan American Silver's asset turnover of last year was 0.43634812.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Pan American Silver has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Pan American Silver (TSX:PAAS) has a Piotroski F-Score of 7 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Pan American Silver and its competitors. This is 17% above median its historical median of 6.00. Over the past decade, Pan American Silver's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, Pan American Silver ranks #113 out of 2511 companies in the Metals & Mining industry, placing it in the top 4.5%.
Is Pan American Silver's Piotroski F-Score too high?
Pan American Silver's current Piotroski F-Score of 7 is 17% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 8.00. The Metals & Mining industry median Piotroski F-Score is 3.00. Pan American Silver's value of 7 is 133.3% above this industry median. Based on the distribution chart, Pan American Silver ranks #113 out of 2511 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Pan American Silver has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pan American Silver's Piotroski F-Score compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Pan American Silver ranks #113 out of 2511 companies for Piotroski F-Score. This places Pan American Silver in the top 5% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 3.00. Pan American Silver's value of 7 is 133.3% above this benchmark. Historically, Pan American Silver's own Piotroski F-Score has ranged from 2.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 3.00, Pan American Silver has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Metals & Mining company?
The median Piotroski F-Score among Metals & Mining companies is 3.00, based on 2,511 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Pan American Silver's current Piotroski F-Score of 7 is 133.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Pan American Silver and its competitors. For the Metals & Mining industry, the median Piotroski F-Score is 3.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pan American Silver's current Piotroski F-Score is 7, which is 17% above median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pan American Silver stock overvalued right now?
Based on GuruFocus' analysis, Pan American Silver (TSX:PAAS) is currently considered Significantly Overvalued. The stock's GF Value™ is C$45.86, compared to a current price of C$63.15 — trading 37.7% above its estimated fair value. The current Piotroski F-Score is 7, which is 17% above median its 10-year median of 6.00 and 133.3% above the Metals & Mining industry median of 3.00. Pan American Silver's overall GF Score™ is 81/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Pan American Silver (TSX:PAAS), the current Piotroski F-Score is 7 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Pan American Silver (TSX:PAAS) Overvalued in 2026?
Based on GuruFocus' analysis, Pan American Silver stock appears to be overvalued.
The current stock price of C$63.15 is trading 37.7% above its estimated GF Value™ of C$45.86.
GuruFocus considers Pan American Silver to be Significantly Overvalued.
Key valuation signals for TSX:PAAS:
Piotroski F-Score: 7 (17% above median its 10-year median of 6.00)
GF Value™: C$45.86 vs. price of C$63.15 (37.7% above fair value)
Industry Position: 133.3% above the Metals & Mining median (#113 of 2511)
No single metric tells the full story. See the TSX:PAAS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pan American Silver Corp is a mining company principally engaged in the operation and development of, and exploration for, silver and gold-producing properties and assets. The company's principal products are silver and gold, although it also produces and sells zinc, lead, and copper. Its operating mines comprise La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, and San Vicente mines.
81GF Score
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