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Newmont vs PAN American Silver: NEM and PAAS compared
Newmont is the larger company: $6.4B of revenue in its latest quarter (Q3 2026) against $3.6B for PAN American Silver (FY2025). PAN American Silver is growing faster (+28% against +15% a year earlier). Newmont is more profitable, with an operating margin of 49.7% against 34.1%.
Where the money goes: NEM and PAAS
Newmont (NEM) · Q3 2026
Newmont, Q3 2026: revenue $6.4B (+15% year over year), operating margin 49.7%, net earnings $2.5B, operating cash flow $2.8B. The chart follows the revenue to costs, profit and cash.
PAN American Silver (PAAS) · FY2025
PAN American Silver, FY2025: revenue $3.6B (+28% year over year), operating margin 34.1%, net earnings $980M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Newmont (NEM) | PAN American Silver (PAAS) | |
|---|---|---|
| Latest quarter | Q3 2026 | FY2025 |
| Revenue | $6.4B | $3.6B |
| Revenue growth, Y/Y | +15% | +28% |
| Gross margin | — | 38.8% |
| Operating margin | 49.7% | 34.1% |
| Net earnings | $2.5B | $980M |
| Net margin | 38.9% | 27.1% |
| Operating cash flow | $2.8B | $1.3B |
| Free cash flow | $1.9B | $1.0B |
| Market value | $125.8B | — |
| P/E | 13.9× | — |
| Analysts’ mean target | $135.47 | — |
Where the revenue comes from
Newmont
- Gold Sales from Doré Production: $4.1B (65%)
- Sales from Concentrate and Other Production: $2.2B (35%)
Questions
Which is bigger, Newmont or PAN American Silver?
Newmont is the larger company: $6.4B of revenue in its latest quarter (Q3 2026) against $3.6B for PAN American Silver (FY2025).
Is Newmont or PAN American Silver growing faster?
PAN American Silver is growing faster (+28% against +15% a year earlier).
Which is more profitable, Newmont or PAN American Silver?
Newmont is more profitable, with an operating margin of 49.7% against 34.1%.
More: Newmont earnings · how Newmont makes money · PAN American Silver earnings · how PAN American Silver makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 40-F filed Feb 18, 2026). Fiscal quarters can end on different dates. Not investment advice.