Stock fact sheet · data as of
Pan American Silver Corp. (PAAS): fair value, margin of safety and Wheel Score
Ticker symbol PAAS · Basic Materials · Gold · Canada · Growth
Is PAAS undervalued?
At 41.49 (close of 5 Nov 2026), PAAS trades 36% below the GLS average fair value of 64.66. That average comes from 9 models run on the latest filings, and 3 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Pan American Silver Corp. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between Lynch (2.75) and GLS Growth (201.07). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, PAAS is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 53, growth score 86, out of 100).
Nine valuation models for PAAS
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 14.56 | -65% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 35.95 | -13% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 32.67 | -21% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 2.75 | -93% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 201.07 | +385% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 103.77 | +150% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 144.63 | +249% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 10.06 | -76% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 36.49 | -12% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -1.31 | -103% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 62.50 | +51% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Pan American Silver Corp. scores 6 of 9 on the Piotroski F-score: a middling result that passes the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 3.7/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, so the Moat part of the Wheel Score contributes little.
Returns on capital are high - ROIC 12.6%, ROE 14.2%, ROA 10.2% - with debt at 0.13 times equity and a free-cash-flow yield of 8.9%.
The dividend yield is 1.65% at a payout ratio of 18%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Refined Silver and Gold 81%, Lead Concentrate 11%, Zinc Concentrate 4% (fiscal year FY2025).
Institutional ownership scores 6/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 12.6% |
|---|---|---|---|
| GLS Moat | 3.7 / 10 | ROE | 14.2% |
| Debt / equity | 0.13 | ROA | 10.2% |
| Free-cash-flow yield | 8.9% | Payout ratio | 18% |
| Institutions | 6 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 82: Good
With a Wheel Score of 82 - the Good band - Pan American Silver Corp. passes all 9 Wheel Trade Filters. How it ranks: value strong, premium strong, moat fair, health good, red flags good, option trading strong, stability fair. Moat (fair) is the part keeping it out of the Prime band.
Implied volatility is 51% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. The option chain is deep: 83,535 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 6.9M shares a day on a market cap of $17.2B, with a beta of 1.58 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 36% below fair value | |
| Premium | Strong | implied volatility 51% | |
| Moat | Fair | moat 3.7/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Good | Red Flags score 80/100 | |
| Option trading | Strong | 12,056 contracts a day, 83,535 open interest | |
| Stability | Fair | beta 1.58, $17.2B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for PAAS in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Gold
The 12 companies below are the closest to Pan American Silver Corp. by market cap within the Gold industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| CDE Coeur Mining, Inc. | 14.58 | 29.40 | +50% | 48Weak | $15.1B |
| RGLD Royal Gold, Inc. | 246.08 | 246.80 | +0% | 37Weak | $20.9B |
| EQX Equinox Gold Corp. | 11.28 | 19.95 | +43% | 80Good | $13.2B |
| AGI Alamos Gold Inc. | 30.00 | 55.98 | +46% | 83Good | $12.6B |
| KGC Kinross Gold Corporation | 21.42 | 50.99 | +58% | 87Prime | $25.4B |
| HMY Harmony Gold Mining Company Limited | 16.41 | 46.62 | +65% | 85Prime | $10.3B |
| IAG Iamgold Corporation | 17.47 | 54.47 | +68% | 82Good | $10.0B |
| GFI Gold Fields Limited | 36.75 | 95.99 | +62% | 55Fair | $33.0B |
| EGO Eldorado Gold Corporation | 33.54 | 66.63 | +50% | 52Fair | $8.8B |
| BTG B2Gold Corp. | 5.11 | 7.24 | +29% | 83Good | $6.8B |
| AU AngloGold Ashanti Plc | 87.95 | 173.18 | +49% | 86Prime | $44.5B |
| OR OR Royalties Inc. | 34.50 | 33.79 | -2% | 39Weak | $6.5B |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about PAAS
Is PAAS undervalued right now?
By the GLS models, yes: at 41.49 the stock is 36% below the average fair value of 64.66 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of PAAS and what does it mean?
PAAS scores 82 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for PAAS?
64.66 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Pan American Silver Corp. report earnings next?
No upcoming earnings date is recorded for PAAS in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does PAAS have listed options, and how liquid are they?
Yes. The nightly snapshot found 476 listed contracts with 83,535 open interest across all expiries and implied volatility of 51% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.