B vs PAAS: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. B and PAAS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined B and PAAS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Barrick Mining Corporation (B) is one of the world's largest gold producers and, increasingly, a major copper producer. It mines and sells gold and copper from a portfolio of large, long-life operations spread across the Americas, Africa, and the Middle East, including Nevada Gold Mines (a joint venture in the United States), Pueblo Viejo in the Dominican Republic, Kibali in the Democratic Republic of Congo, North Mara in Tanzania, and the Loulo-Gounkoto complex in Mali. The company changed its name from Barrick Gold Corporation to Barrick Mining Corporation and switched its NYSE ticker from GOLD to B in May 2025, as part of its push to grow copper alongside gold. Its growth pipeline includes the Fourmile gold project in Nevada and the large Reko Diq copper-gold project in Pakistan. As a commodity producer, Barrick's revenue and profits swing with gold and copper prices, which it does not control. Its shares also trade on the Toronto Stock Exchange under ABX. Headquartered in Toronto, Barrick is widely viewed as a large-cap way to gain exposure to gold as a store of value, with growing copper leverage to electrification.

Full B guide

Pan American Silver Corp (PAAS) is a Vancouver-based precious-metals mining company and one of the largest primary silver producers in the world, with significant gold output alongside the silver. It operates a portfolio of mines spread across the Americas, including Mexico, Peru, Bolivia, Argentina, Canada, Brazil, and Chile. The company makes money by mining and selling silver and gold (plus byproducts such as zinc, lead, and copper at some operations), so its revenue and margins are driven by how many ounces it produces relative to its mining costs and the prevailing silver and gold prices. In 2025 Pan American produced roughly 22.8 million ounces of silver and about 742,000 ounces of gold and reported record annual revenue of around $3.6 billion.

Full PAAS guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• B drivers: Large-cap gold exposure; Growing copper and the energy transition.
• PAAS drivers: Silver-price leverage; MAG Silver and Juanicipio.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Barrick is a commodity producer, so its revenue and profits swing sharply with gold and copper prices, which it does not control and which can fall in stronger-growth or higher-real-rate environments; gold's slide to a two-month low in early October 2026 on expectations of further Federal Reserve tightening is a recent example, and the stock fell about 6% over the following month. For PAAS, pan American's results are highly cyclical and move with silver and gold prices, which are volatile and outside the company's control, so margins and the share price can swing sharply.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick B if you believe its drivers more; PAAS if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the B and PAAS guides.

B. Barrick's valuation is inherently cyclical because earnings move with gold and copper prices the company does not control. At about 10.5 times trailing and 9.3 times forward earnings, and under 6 times EV/EBITDA, the stock prices in some doubt that 2026's metal prices will last, which is typical near strong points in the metals cycle. Consensus expects 2026 EPS of about $3.63 on about $21.5 billion of revenue and 2027 EPS of about $4.37. Q3 2026 results are due November 9, 2026. Figures are approximate and move sharply with commodity prices; verify current numbers before relying on them.

PAAS. At $44.06 on October 16, 2026, PAAS trades near 13 times trailing and 10 times forward earnings, cheaper than earlier in the year because the share price fell faster than earnings estimates during the late-September metals slump. Pan American's financials are commodity-driven, and as a primary silver producer it offers operating leverage to the silver price in particular, so earnings can rise or fall faster than the metal itself. Reading PAAS means weighing production growth, all-in sustaining costs, and the metal-price environment together rather than a single multiple.

Headline figures (approximate, October 2026): B shows revenue (ttm) ~$20.7 billion (latest quarter up ~44% YoY; FY2025 ~$17 billion), net income (ttm) ~$6.5 billion (~32% net margin), eps (ttm / q2 2026) ~$3.87 / $0.82 (in line with estimates), p/e (trailing / forward) ~10.5x / ~9.3x; PAAS shows silver production (2025) ~22.8 million ounces attributable; 2026 guidance ~25.0 to 27.0 million, gold production (2025) ~742,000 ounces attributable; 2026 guidance ~700,000 to 750,000, revenue (ttm) ~$4.3 billion; Q2 2026 ~$1.12 billion (up ~38% YoY), net income (ttm) ~$1.38 billion, EPS ~$3.38; operating margin ~38%.

B and PAAS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined B and PAAS exposure against your real portfolio. It is not an investment adviser.