FSM vs PAAS: How FSM and Pan American Silver Compare (2026)
Last updated July 2026
Short answer
PAAS is the larger of the two ($18.68B market cap): the incumbent the market prices for continued execution (8.75x forward earnings, beta 1.50). FSM is the smaller challenger ($2.58B), cheaper on forward earnings (5.09x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
FSM 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 | FSM | PAAS | What it tells you |
|---|---|---|---|
| Market cap | $2.58B | $18.68B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 5.09 | 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 | 7.89 | 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 | 2.12 | 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 | 31% 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 | 1.46 | 2.54 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: FSM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how FSM 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. FSM 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 FSM 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 FSM (FSM) do?
Fortuna Mining Corp. (formerly Fortuna Silver Mines) is a Canada-based, mid-tier precious and base metals producer that trades on the NYSE and TSX. Its ongoing operations are the Seguela gold mine in Cote d'Ivoire (its flagship, lowest-cost asset), the Lindero gold heap-leach mine in Argentina, and the Caylloma silver, zinc and lead mine in Peru. Over 2025 the company reshaped its portfolio, selling the San Jose silver mine in Mexico and the Yaramoko gold mine in Burkina Faso to shed higher-cost, shorter-life assets and concentrate on lower-cost gold ounces. It is also advancing the Diamba Sud gold project in Senegal as its next growth engine.
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.
FSM 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.
- FSM drivers: Gold price leverage and record cash flow; Seguela as the low-cost flagship.
- 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: FSM's mines sit in jurisdictions with meaningful political, tax and regulatory risk, including Argentina, Peru, Cote d'Ivoire and Senegal, where currency controls, permitting delays or fiscal changes can hit economics. 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.
FSM or PAAS: which should you pick?
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 FSM 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 FSM and PAAS guides.
FSM vs PAAS: the full fundamentals
FSM. FSM trades at a low single-digit to high single-digit earnings multiple, a discount to the roughly 14x average for US metals and mining, reflecting both jurisdictional risk and the market's tendency to price gold miners cautiously into a high gold-price cycle. The company carries net cash of about ~$493 million and generates strong free cash flow, but pays no dividend, so returns depend on the gold price and execution of its production growth plan. Valuation multiples for gold miners can compress fast if gold prices fall, so the low multiple reflects cyclicality rather than a simple bargain.
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): FSM shows revenue (ttm) ~$1.09 billion, q1 2026 revenue ~$342 million (record), net income (ttm) ~$340 million, market cap ~$2.5 billion; 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: FSM vs PAAS
FSM 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 FSM and PAAS exposure against your real portfolio. It is not an investment adviser.
Build a basket around FSM with Walnut
Use FSM 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 FSM and PAAS?
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Fortuna Mining Corp. 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 FSM or PAAS the better stock?
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Neither is universally better. PAAS is the larger incumbent; FSM is the smaller challenger and looks cheaper on forward earnings. 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, FSM or PAAS?
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On forward P/E (as of July 2026), FSM trades at 5.09x and PAAS at 8.75x, so FSM 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 FSM 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 FSM vs PAAS?
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FSM: FSM's mines sit in jurisdictions with meaningful political, tax and regulatory risk, including Argentina, Peru, Cote d'Ivoire and Senegal, where currency controls, permitting delays or fiscal changes can hit economics. The stock is highly sensitive to the gold price, so a sustained pullback in gold would compress margins and cash flow quickly. Mine depletion is an ongoing concern; each asset has a finite reserve life, and the growth plan depends on successful exploration and project execution. Concentration in a small number of mines means a single operational disruption, strike or grade shortfall can move consolidated results materially. As a metals producer, it also faces rising labor, energy and input costs that can erode the benefit of high gold prices. 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 FSM or PAAS; figures are approximate and dated (as of July 2026). Verify current data before investing.