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Side-by-side financial comparison of PAN AMERICAN SILVER CORP (PAAS) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $2.8B, roughly 1.7× PAN AMERICAN SILVER CORP).
Pan American Silver Corporation is a mining company based in Canada with operations in Latin America. The company has mines and other projects in Mexico, Peru, Bolivia, and Argentina.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
PAAS vs VST — Head-to-Head
Income Statement — Q3 FY2022 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8B | $4.8B |
| Net Profit | — | $233.0M |
| Gross Margin | 27.0% | — |
| Operating Margin | — | 9.9% |
| Net Margin | — | 4.8% |
| Revenue YoY | — | 31.2% |
| Net Profit YoY | — | -47.2% |
| EPS (diluted) | $-1.05 | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $4.8B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | — | $233.0M | ||
| Q3 25 | — | $652.0M | ||
| Q2 25 | — | $327.0M | ||
| Q1 25 | — | $-268.0M | ||
| Q4 24 | — | $441.0M | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $365.0M | ||
| Q1 24 | — | $-35.0M |
| Q4 25 | — | 9.9% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | -2.8% | ||
| Q4 24 | — | 16.4% | ||
| Q3 24 | — | 59.6% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 13.6% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | — | -6.3% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 43.5% | ||
| Q2 24 | — | 10.1% | ||
| Q1 24 | — | -1.1% |
| Q4 25 | — | $0.55 | ||
| Q3 25 | — | $1.75 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | — | $5.25 | ||
| Q2 24 | — | $0.90 | ||
| Q1 24 | — | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | — | $5.1B |
| Total Assets | — | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | — | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | — | $5.7B |
| Q4 25 | — | $41.5B | ||
| Q3 25 | — | $38.0B | ||
| Q2 25 | — | $38.1B | ||
| Q1 25 | — | $38.2B | ||
| Q4 24 | — | $37.8B | ||
| Q3 24 | — | $37.9B | ||
| Q2 24 | — | $39.1B | ||
| Q1 24 | — | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue | — | 17.4% |
| Cash ConversionOCF / Net Profit | — | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $572.0M | ||
| Q1 25 | — | $599.0M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $312.0M |
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M | ||
| Q1 24 | — | $-153.0M |
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | -4.8% |
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 14.7% |
| Q4 25 | — | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 3.28× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PAAS
Segment breakdown not available.
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
