Pan American SilverTSX:PAAS -3.84%81 Net Margin % is 39.60% as of Mar. 2026, which is 459% above its 10-year median of 7.09. 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 843 Metals & Mining companies, Pan American Silver ranks better than 86.6% on this metric.
The historical rank and industry rank for Pan American Silver's Net Margin % or its related term are showing as below:
TSX:PAAS'
s Net Margin % Range Over the Past 10 Years
Min: -22.86 Med: 7.09 Max: 31.66
Current: 31.66
TSX:PAAS's Net Margin % is ranked better than 86.6% of 843
companies
in the Metals & Mining industry
Industry Median: 3.41
vs TSX:PAAS: 31.66
Pan American Silver (TSX:PAAS) Net Margin % Explanation
Although Net Income and Earnings-per-Share (EPS) are the most widely used parameter in measuring a company's profitability and valuation, it is the least reliable. The reason is that reported earnings can be manipulated easily by adjusting any numbers such as Depreciation, Depletion and Amotorization and non-recurring items.
But the long term trend of the net margin is a good indicator of the competitiveness and health of the business.
Pan American Silver Net Margin % Related Terms
Pan American Silver Net Margin % Historical Data
* Premium members only.
The historical data trend for Pan American Silver's Net Margin % 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.
For the Gold subindustry, Pan American Silver's Net Margin %, along with its competitors' market caps and Net Margin % 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 Net Margin % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Pan American Silver's Net Margin % distribution charts can be found below:
* The bar in red indicates where Pan American Silver's Net Margin % 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.
Pan American Silver (TSX:PAAS) has a Net Margin % of 39.60% as of Mar. 2026. Net margin is the ratio of total net income to net sales. View historical data on Pan American Silver and its competitors. This is 459% above median its historical median of 7.09. According to the industry distribution chart, Pan American Silver ranks #113 out of 843 companies in the Metals & Mining industry, placing it in the top 13.4%.
Is Pan American Silver's Net Margin % too high?
Pan American Silver's current Net Margin % of 39.60% is 459% above median its 10-year median of 7.09. The Metals & Mining industry median Net Margin % is 3.41. Pan American Silver's value of 39.60% is 1061.3% above this industry median. Based on the distribution chart, Pan American Silver ranks #113 out of 843 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 Net Margin % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Pan American Silver ranks #113 out of 843 companies for Net Margin %. This places Pan American Silver in the top 13% of its industry — outperforming the majority of peers. The industry median Net Margin % is 3.41. Pan American Silver's value of 39.60% is 1061.3% above this benchmark. While the company's 10-year median is 7.09 vs. the industry median of 3.41, 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 Net Margin % for a Metals & Mining company?
The median Net Margin % among Metals & Mining companies is 3.41, based on 843 companies in the industry. Companies in the top quartile (top 25%) have a Net Margin % significantly above this median, while those in the bottom quartile fall well below. However, Net Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Pan American Silver's current Net Margin % of 39.60% is 1061.3% 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 Net Margin % mean?
A high Net Margin % can signal that a stock is expensive relative to its fundamentals. Net margin is the ratio of total net income to net sales. View historical data on Pan American Silver and its competitors. For the Metals & Mining industry, the median Net Margin % is 3.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pan American Silver's current Net Margin % is 39.60%, which is 459% above median its own 10-year median of 7.09. 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 Net Margin % is 39.60%, which is 459% above median its 10-year median of 7.09 and 1061.3% above the Metals & Mining industry median of 3.41. 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 Net Margin % calculated?
Net Margin % is calculated from a company's financial statements. For Pan American Silver (TSX:PAAS), the current Net Margin % is 39.60% as of Mar. 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:
Net Margin %: 39.60% (459% above median its 10-year median of 7.09)
GF Value™: C$45.86 vs. price of C$63.15 (37.7% above fair value)
Industry Position: 1061.3% above the Metals & Mining median (#113 of 843)
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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