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PAN American Silver vs Wheaton Precious Metals: PAAS and WPM compared
PAN American Silver is the larger company: $1.2B of revenue in its latest quarter (Q4 2025) against $772M for Wheaton Precious Metals (Q3 2026). Wheaton Precious Metals is more profitable, with an operating margin of 66.2% against 43.4%.
Where the money goes: PAAS and WPM
PAN American Silver (PAAS) · Q4 2025
PAN American Silver, Q4 2025: revenue $1.2B, operating margin 43.4%, net earnings $452M, operating cash flow $554M. The chart follows the revenue to costs, profit and cash.
Wheaton Precious Metals (WPM) · Q3 2026
Wheaton Precious Metals, Q3 2026: revenue $772M (+62% year over year), operating margin 66.2%, net earnings $410M. The chart follows the revenue to costs, profit and cash.
| PAN American Silver (PAAS) | Wheaton Precious Metals (WPM) | |
|---|---|---|
| Latest quarter | Q4 2025 | Q3 2026 |
| Revenue | $1.2B | $772M |
| Revenue growth, Y/Y | — | +62% |
| Gross margin | — | 69.8% |
| Operating margin | 43.4% | 66.2% |
| Net earnings | $452M | $410M |
| Net margin | 38.3% | 53.2% |
| Operating cash flow | $554M | — |
| Market value | — | $61.9B |
| P/E | — | 42.1× |
| Analysts’ mean target | — | $172.22 |
Questions
Which is bigger, PAN American Silver or Wheaton Precious Metals?
PAN American Silver is the larger company: $1.2B of revenue in its latest quarter (Q4 2025) against $772M for Wheaton Precious Metals (Q3 2026).
Is PAN American Silver or Wheaton Precious Metals growing faster?
Wheaton Precious Metals is more profitable, with an operating margin of 66.2% against 43.4%.
More: PAN American Silver earnings · how PAN American Silver makes money · Wheaton Precious Metals earnings · how Wheaton Precious Metals makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Feb 18, 2026; 6-K filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.