Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Pan American Silver's Sloan Ratio for the quarter that ended in Mar. 2026 was 3.34%.
As of Mar. 2026, Pan American Silver has a Sloan Ratio of 3.34%, indicating the company is in the safe zone and there is no funny business with accruals.
Pan American Silver (XSWX:PAAS) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, Pan American Silver has a Sloan Ratio of 3.34%, indicating the company is in the safe zone and there is no funny business with accruals.
Pan American Silver Sloan Ratio % Related Terms
Pan American Silver Sloan Ratio % Historical Data
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The historical data trend for Pan American Silver's Sloan 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 Sloan Ratio %, along with its competitors' market caps and Sloan 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 Sloan Ratio % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Pan American Silver's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Pan American Silver's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Pan American Silver's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
Pan American Silver's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 153.857 (Jun. 2025 ) + 134.222 (Sep. 2025 ) + 359.8 (Dec. 2025 ) + 359.796 (Mar. 2026 ) = CHF1,008 Mil.
Pan American Silver's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 238.593 (Jun. 2025 ) + 245.756 (Sep. 2025 ) + 443.156 (Dec. 2025 ) + 397.587 (Mar. 2026 ) = CHF1,325 Mil.
Pan American Silver's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -42.856 (Jun. 2025 ) + -367.798 (Sep. 2025 ) + -98.337 (Dec. 2025 ) + -74.794 (Mar. 2026 ) = CHF-584 Mil.
* 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 (XSWX:PAAS) has a Sloan Ratio % of 3.34% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Pan American Silver and its competitors.
Is Pan American Silver's Sloan Ratio % too high?
Pan American Silver's current Sloan Ratio % is 3.34%. Overall, Pan American Silver has a GF Score™ of 80/100, reflecting its overall financial health beyond just this single metric.
How does Pan American Silver's Sloan Ratio % compare to NEM and AU?
Pan American Silver's Sloan Ratio % of 3.34% can be compared against companies in the Metals & Mining industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Metals & Mining company?
A good Sloan Ratio % depends on the Metals & Mining industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Pan American Silver and its competitors. Pan American Silver's current Sloan Ratio % is 3.34%. 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?
Pan American Silver (XSWX:PAAS) has a current Sloan Ratio % of 3.34%. The stock's GF Value™ is CHF15.66, compared to a current price of CHF37.73 — trading 140.9% above its estimated fair value. The current Sloan Ratio % is 3.34%. Pan American Silver's overall GF Score™ is 80/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Pan American Silver (XSWX:PAAS), the current Sloan Ratio % is 3.34% 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 (XSWX:PAAS) Overvalued in 2026?
Based on GuruFocus' analysis, Pan American Silver stock appears to be overvalued.
The current stock price of CHF37.73 is trading 140.9% above its estimated GF Value™ of CHF15.66.
Key valuation signals for XSWX:PAAS:
Sloan Ratio %: 3.34%
GF Value™: CHF15.66 vs. price of CHF37.73 (140.9% above fair value)
No single metric tells the full story. See the XSWX: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.
80GF Score
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