Pan American SilverTSX:PAAS +3.43%81 Return-on-Tangible-Equity is 25.41% as of Mar. 2026, which is 448% above its 10-year median of 4.64. GuruFocus rates TSX:PAAS with a GF Score™ of 81/100 and a GF Value™ of C$46.47 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 2,378 Metals & Mining companies, Pan American Silver ranks better than 88.35% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Pan American Silver's annualized net income for the quarter that ended in Mar. 2026 was C$2,508 Mil. Pan American Silver's average shareholder tangible equity for the quarter that ended in Mar. 2026 was C$9,871 Mil. Therefore, Pan American Silver's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 25.41%.
The historical rank and industry rank for Pan American Silver's Return-on-Tangible-Equity or its related term are showing as below:
TSX:PAAS'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -14.63 Med: 4.64 Max: 20.45
Current: 20.45
During the past 13 years, Pan American Silver's highest Return-on-Tangible-Equity was 20.45%. The lowest was -14.63%. And the median was 4.64%.
TSX:PAAS's Return-on-Tangible-Equity is ranked better than 88.35% of 2378
companies
in the Metals & Mining industry
Industry Median: -16.365
vs TSX:PAAS: 20.45
Pan American Silver (TSX:PAAS) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Pan American Silver Return-on-Tangible-Equity Related Terms
Pan American Silver Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Pan American Silver's Return-on-Tangible-Equity 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.
Pan American Silver Return-on-Tangible-Equity Chart
TSX:PAAS vs NEM, AU: Return-on-Tangible-Equity Comparison
For the Gold subindustry, Pan American Silver's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Pan American Silver's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Pan American Silver's Return-on-Tangible-Equity 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 25.41% mean?
Pan American Silver (TSX:PAAS) has a Return-on-Tangible-Equity of 25.41% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Pan American Silver and its competitors. This is 448% above median its historical median of 4.64. According to the industry distribution chart, Pan American Silver ranks #277 out of 2378 companies in the Metals & Mining industry, placing it in the top 11.6%.
Is Pan American Silver's Return-on-Tangible-Equity too high?
Pan American Silver's current Return-on-Tangible-Equity of 25.41% is 448% above median its 10-year median of 4.64. Based on the distribution chart, Pan American Silver ranks #277 out of 2378 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 Return-on-Tangible-Equity compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Pan American Silver ranks #277 out of 2378 companies for Return-on-Tangible-Equity. This places Pan American Silver in the top 12% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a Metals & Mining company?
A good Return-on-Tangible-Equity depends on the Metals & Mining industry context. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Pan American Silver and its competitors. Pan American Silver's current Return-on-Tangible-Equity is 25.41%, which is 448% above median its own 10-year median of 4.64. 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$46.47, compared to a current price of C$67.92 — trading 46.2% above its estimated fair value. The current Return-on-Tangible-Equity is 25.41%, which is 448% above median its 10-year median of 4.64. 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 Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Pan American Silver (TSX:PAAS), the current Return-on-Tangible-Equity is 25.41% 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$67.92 is trading 46.2% above its estimated GF Value™ of C$46.47.
GuruFocus considers Pan American Silver to be Significantly Overvalued.
Key valuation signals for TSX:PAAS:
Return-on-Tangible-Equity: 25.41% (448% above median its 10-year median of 4.64)
GF Value™: C$46.47 vs. price of C$67.92 (46.2% above fair value)
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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