CDE vs PAAS: How Coeur Mining and Pan American Silver Compare (2026)
Last updated July 2026
Short answer
CDE (Coeur Mining) and PAAS (Pan American Silver) share investment themes but are different businesses. The right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme.
CDE vs PAAS: the tie-breaker metrics
Same yardstick, side by side (as of July 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.
| Metric | CDE | PAAS | What it tells you |
|---|---|---|---|
| Market cap | $16.47B | $18.68B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 7.77 | 8.75 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 12.89 | 13.98 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 1.30 | 1.50 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 39% of range | 41% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.59 | 2.54 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how CDE and PAAS affect your concentration
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. CDE 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 CDE 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.
What does Coeur Mining (CDE) do?
Coeur Mining is a US-headquartered precious-metals company that operates gold and silver mines across North America, including the Rochester silver and gold mine in Nevada, the Palmarejo and Las Chispas mines in Mexico, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. Las Chispas came from its roughly $1.7 billion all-stock acquisition of SilverCrest Metals, which closed in February 2025 and reshaped Coeur into one of the larger silver-focused producers. The company sells its metal into the open market, so its revenue and margins track the price of silver and gold far more than any pricing power of its own.
What does Pan American Silver (PAAS) do?
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.
CDE vs PAAS: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- CDE drivers: Leverage to silver and gold prices; SilverCrest and Las Chispas integration.
- PAAS drivers: Silver-price leverage; MAG Silver and Juanicipio.
Which fits which kind of investor
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: Coeur is a price taker, so a sustained decline in silver or gold prices would compress margins quickly given its high operating leverage. 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.
CDE or PAAS: which should you pick?
CDE vs PAAS: the full fundamentals
CDE. Coeur posted record first-quarter 2026 results with about $856 million in revenue and roughly $475 million in adjusted EBITDA, helped by high metal prices. The trailing valuation looks reasonable for a miner in an up-cycle, but earnings are cyclical and can compress fast if silver and gold prices fall. Figures are approximate and move with the metals market.
PAAS. Pan American's financials are commodity-driven: revenue, earnings, and valuation are dominated by silver and gold prices and by how many ounces it produces relative to its costs. Because it is a primary silver producer with byproduct gold and base metals, it offers operating leverage to the silver price in particular, so earnings can rise or fall faster than the metal itself. Precious-metals producer multiples often look elevated or depressed at different points in the cycle, so reading PAAS means weighing production growth, all-in sustaining costs, and the metal-price environment together rather than a single multiple.
Headline figures (approximate, JULY 2026): CDE shows share price ~$16, market cap ~$16.5B, revenue (ttm) ~$3B, q1 2026 revenue ~$856M; PAAS shows silver production (2025) ~22.8 million ounces attributable, exceeding annual guidance, gold production (2025) ~742,000 ounces attributable, within guidance, revenue (2025 full year) ~$3.6 billion (record), with net earnings around $980 million, all-in sustaining costs Silver segment ~$14.50 to $16.00 per ounce; gold segment ~$1,700 to $1,850 per ounce.
The bottom line: CDE vs PAAS
CDE 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 CDE and PAAS exposure against your real portfolio. It is not an investment adviser.
Build a basket around CDE with Walnut
Use Coeur Mining as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is the difference between CDE and PAAS?
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Coeur Mining is a US-headquartered precious-metals company that operates gold and silver mines across North America, including the Rochester silver and gold mine in Nevada, the Palmarejo and Las Chispas mines in Mexico, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. 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. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CDE or PAAS the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, CDE or PAAS?
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On forward P/E (as of July 2026), CDE trades at 7.77x and PAAS at 8.75x, so CDE is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both CDE and PAAS?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of CDE vs PAAS?
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CDE: Coeur is a price taker, so a sustained decline in silver or gold prices would compress margins quickly given its high operating leverage. Mining is operationally risky: lower ore grades, cost inflation, equipment failures, labor issues, and permitting delays can all cut production or raise costs. Mexican operations at Palmarejo and Las Chispas carry country, tax, and security risk, while US mines face their own regulatory and environmental scrutiny. The company has a long history of share dilution and past balance-sheet strain, and results can be volatile quarter to quarter. Reserve replacement and reliance on a handful of aging assets add longer-term uncertainty. 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. Jurisdictional and political risk is significant because its mines are concentrated across Latin America (Mexico, Peru, Bolivia, Argentina, and more), where tax, permitting, community-relations, and resource-nationalism risks recur. The Escobal mine in Guatemala remains suspended since 2017 with the Xinka Parliament having denied consent in 2025 and no restart timeline, capping a large silver asset. Cost inflation and rising all-in sustaining costs can erode margins, and integrating large acquisitions such as MAG Silver and Yamana carries execution risk.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CDE or PAAS; figures are approximate and dated (as of July 2026). Verify current data before investing.