reports fourth-quarter earnings Wednesday after market close, with investors eager to see whether record production and surging translated into a financial windfall. Analysts expect the company to post earnings of $0.85 per share on revenue of $1.1 billion, representing substantial sequential improvement from the third quarter’s $0.48 per share and $854.6 million in revenue.
The Vancouver-based miner already disclosed preliminary fourth-quarter production of 7.3 million ounces of silver and 197.8 thousand ounces of gold, with the silver output marking a company record. Those results come amid an extraordinary rally in silver prices, which jumped from $28.92 to over $70 in 2025 due to record industrial demand, shrinking inventories, and a fifth consecutive global supply deficit.
The consensus calls for year-over-year revenue growth of 34.95% and earnings per share growth of 143.49%. EPS estimates have risen 5.8% over the past 60 days, though they’ve edged down 0.81% in the past week. Revenue estimates have remained flat over the past week but have declined 3.66% over the past two months.
Analysts have grown increasingly bullish on the stock. BofA Securities raised its price target to $73 from $68 while maintaining a Buy rating, citing better-than-expected 2026 production and cost guidance. Scotiabank initiated coverage with a Buy rating and $64 price target in late January. At Wednesday’s close of $56.09, the stock trades well below its 52-week high of $69.99, potentially offering upside if results impress.
What Investors Are Watching
Management’s capital allocation plans top the list of investor priorities. Analysts see potential for a dividend increase or share buyback announcement, particularly given the company’s strong cash position. Pan American reported estimated year-end cash and short-term investments of $1.32 billion with total available liquidity of approximately $2.07 billion.
Growth project updates will also draw scrutiny. Investors want details on the La Colorada Skarn phased development study and the Jacobina mine plan optimization—both potential catalysts that could drive future production higher.
The broader silver demand outlook remains critical. Industrial uses like solar, EVs, electronics, and AI hardware now make up over half of global silver demand, with solar alone projected to consume more silver each year. Whether Pan American can maintain strong margins amid rising costs while capitalizing on elevated prices will help determine the stock’s trajectory.
The company’s last earnings report in November showed a slight miss, with EPS of $0.48 falling short of the $0.51 consensus. Revenue also came in below expectations. A stronger performance this quarter could help restore momentum for shares that have gained 173% over the past year but remain 20% below recent highs.
Fourth-quarter results will set the tone for 2026, a year in which Pan American’s production is expected to be weighted to the second half. If management can demonstrate that record output and favorable commodity prices are translating into sustainable earnings growth, the stock could find renewed upside in a market hungry for ways to play the silver supercycle.
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