Pan American SilverTSX:PAAS -3.84%81 PB Ratio is 2.64 as of Jun. 25, 2026, which is 50% above its 10-year median of 1.76. 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 2,358 Metals & Mining companies, Pan American Silver ranks worse than 55.85% on this metric.
The historical rank and industry rank for Pan American Silver's PB Ratio or its related term are showing as below:
TSX:PAAS'
s PB Ratio Range Over the Past 10 Years
Min: 0.92 Med: 1.76 Max: 4.09
Current: 2.64
During the past 13 years, Pan American Silver's highest PB Ratio was 4.09. The lowest was 0.92. And the median was 1.76.
TSX:PAAS's PB Ratio is ranked worse than 55.85% of 2358
companies
in the Metals & Mining industry
Industry Median: 2.27
vs TSX:PAAS: 2.64
During the past 12 months, Pan American Silver's average Book Value Per Share Growth Rate was 25.40% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 17.40% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 7.30% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 5.80% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Pan American Silver was 33.30% per year. The lowest was -22.90% per year. And the median was 7.30% per year.
Back to Basics: PB Ratio
Pan American Silver (TSX:PAAS) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Pan American Silver PB Ratio Related Terms
Pan American Silver PB Ratio Historical Data
* Premium members only.
The historical data trend for Pan American Silver's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Pan American Silver's PB Ratio distribution charts can be found below:
* The bar in red indicates where Pan American Silver's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Pan American Silver (TSX:PAAS) has a PB Ratio of 2.64 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Pan American Silver and its competitors. This is 50% above median its historical median of 1.76. Over the past decade, Pan American Silver's PB Ratio has ranged from 0.92 to 4.09. According to the industry distribution chart, Pan American Silver ranks #1317 out of 2358 companies in the Metals & Mining industry, placing it in the top 55.9%.
Is Pan American Silver's PB Ratio too high?
Pan American Silver's current PB Ratio of 2.64 is 50% above median its 10-year median of 1.76. Over the past 10 years, this metric has ranged from a low of 0.92 to a high of 4.09. The Metals & Mining industry median PB Ratio is 2.27. Pan American Silver's value of 2.64 is 16.3% above this industry median. Based on the distribution chart, Pan American Silver ranks #1317 out of 2358 companies in the Metals & Mining industry, which is below the industry midpoint. 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 PB Ratio compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Pan American Silver ranks #1317 out of 2358 companies for PB Ratio. This places Pan American Silver in the lower half of its industry. The industry median PB Ratio is 2.27. Pan American Silver's value of 2.64 is 16.3% above this benchmark. Historically, Pan American Silver's own PB Ratio has ranged from 0.92 to 4.09 over the past decade. While the company's 10-year median is 1.76 vs. the industry median of 2.27, 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 PB Ratio for a Metals & Mining company?
The median PB Ratio among Metals & Mining companies is 2.27, based on 2,358 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Pan American Silver's current PB Ratio of 2.64 is 16.3% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Pan American Silver and its competitors. For the Metals & Mining industry, the median PB Ratio is 2.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pan American Silver's current PB Ratio is 2.64, which is 50% above median its own 10-year median of 1.76. 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 PB Ratio is 2.64, which is 50% above median its 10-year median of 1.76 and 16.3% above the Metals & Mining industry median of 2.27. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Pan American Silver (TSX:PAAS), the current PB Ratio is 2.64 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:
PB Ratio: 2.64 (50% above median its 10-year median of 1.76)
GF Value™: C$45.86 vs. price of C$63.15 (37.7% above fair value)
Industry Position: 16.3% above the Metals & Mining median (#1317 of 2358)
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
Get the complete analysis for TSX:PAAS
PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSX:PAAS has been successfully added to your 
