Pan American Silver (PAAS) Gross Margin (2009 - 2026)
Pan American Silver's Gross Margin was 37.08% in Q3 2026, up 0.47 percentage points from 36.61% a year earlier and up 37.04 percentage points from the prior quarter.
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Analysis
Pan American Silver (PAAS) Gross Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Pan American Silver's Gross Margin was 34.03% through Sep 30, 2026, up 2.63 percentage points year-over-year; for FY2025, it came in at 38.82%, up 19.35 percentage points from FY2024.
- Gross Margin has now increased for three consecutive years, with a five-year change of +11.92 percentage points (FY2020 to FY2025).
- In earlier years, Gross Margin was 19.47% in FY2024 (+6.66 pp), 12.81% in FY2023 (+9.58 pp), 3.24% in FY2022 (-19.30 pp) and 22.53% in FY2021 (-4.37 pp).
- Quarterly Gross Margin has moved between -9.28% (Q2 2022) and 52.69% (Q1 2026) over five years.
- Compared with a year earlier, Gross Margin was higher in seven of the last eight quarters, with an average year-over-year change of +9.36 percentage points.
- The best year-over-year quarter for Gross Margin over five years was Q4 2025 (a gain of 25.48 percentage points); the worst was Q2 2022 (a drop of 36.25 percentage points).
- Per Business Quant data, PAAS's Gross Margin in the three quarters before Q3 2026 was 0.04% (Q2 2026), 52.69% (Q1 2026) and 48.18% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Rio Tinto | 170.99 Bn | 133.79 Bn | - | - |
| 2 | Southern Copper | 138.52 Bn | 113.25 Bn | 3.10 Bn | 65.95% |
| 3 | Rio Tinto | 135.90 Bn | 96.73 Bn | - | - |
| 4 | Newmont | 126.75 Bn | 91.89 Bn | 4.22 Bn | 66.32% |
| 5 | Ternium | 96.55 Bn | 64.81 Bn | 1.04 Bn | 22.32% |
| 6 | Agnico Eagle Mines | 96.18 Bn | 83.12 Bn | 2.15 Bn | 60.10% |
| 7 | Freeport-Mcmoran | 85.33 Bn | 69.37 Bn | 2.19 Bn | 31.10% |
| 8 | Barrick Mining | 69.13 Bn | 44.33 Bn | 2.90 Bn | 54.74% |
| 9 | Nucor | 55.83 Bn | 45.21 Bn | 2.03 Bn | 19.56% |
| 10 | Pan American Silver | 15.72 Bn | 9.93 Bn | 373,000.00 | 37.08% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 37.08% |
| Jun 30, 2026 | 40.66% |
| Mar 31, 2026 | 0.05% |
| Dec 31, 2025 | 48.18% |
| Sep 30, 2025 | 36.63% |
| Jun 30, 2025 | 33.62% |
| Mar 31, 2025 | 32.47% |
| Dec 31, 2024 | 22.70% |
| Sep 30, 2024 | 24.54% |
| Jun 30, 2024 | 17.03% |
| Mar 31, 2024 | 11.81% |
| Dec 31, 2023 | 9.69% |
| Sep 30, 2023 | 0.01% |
| Jun 30, 2023 | 0.01% |
| Mar 31, 2023 | 19.78% |
| Dec 31, 2022 | 9.35% |
| Sep 30, 2022 | -6.43% |
| Jun 30, 2022 | -9.28% |
| Mar 31, 2022 | 15.19% |
| Dec 31, 2021 | 18.01% |
API Access
Pan American Silver Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=PAAS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "PAAS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=PAAS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();