Core Insights - The article discusses the performance and outlook of three silver mining companies: First Majestic Silver (AG), Pan American Silver (PAAS), and Wheaton Precious Metals (WPM), highlighting their financial results and market positioning amid rising silver prices and geopolitical tensions. Company Performance - First Majestic Silver reported an EPS of $0.07, missing the consensus of $0.11 by $0.04, resulting in a -36% earnings surprise. Sales were $285.1 million, up 8% YOY, but net income fell 49% YOY to $26.98 million due to cost pressures [2][3] - Pan American Silver's latest earnings showed an EPS of $0.48, slightly below the consensus of $0.49, translating to a -2% earnings surprise. Sales reached $854.6 million, up 5% YOY, while net income decreased 11% YOY to $168.6 million [11] - Wheaton Precious Metals achieved an EPS of $0.62, beating the estimate of $0.59 by $0.03, resulting in a 5% earnings surprise. Net income was $367.2 million, up 26% YOY, driven by higher realized prices [16] Market Valuation - First Majestic Silver trades at a forward P/E ratio of 48.5 and a price-to-sales multiple of 8.4, both significantly above sector medians. The stock is currently priced at $17.51 with a market cap of approximately $7.9 billion [3] - Pan American Silver has a trailing earnings multiple of 30.8, compared to a sector median of 18.6, indicating a premium valuation. The stock is priced at $53 with a market cap of $21.5 billion [10] - Wheaton Precious Metals has a trailing earnings multiple of 52.4 and a forward multiple of 35.8, reflecting a strong premium. The stock is currently at $123 with a market cap of $53.5 billion [14][15] Future Expectations - First Majestic Silver's next earnings release is expected on February 19, with estimates of EPS at $0.16 for the December quarter, implying a growth rate of 433% YOY [7] - Pan American Silver's next earnings date is set for February 18, with projected EPS of $0.88 for the quarter, indicating a growth rate of 151% YOY [12] - Wheaton Precious Metals is scheduled to report earnings on March 12, with an expected EPS of $0.84 for the December quarter, suggesting a growth rate of 91% YOY [17] Analyst Ratings - First Majestic Silver has a consensus "Moderate Buy" rating with an average price target of $16.65, indicating a potential downside of 5% from current levels [8] - Pan American Silver also holds a "Moderate Buy" rating, with an average price target of $50.10, suggesting a potential downside of nearly 6% [13] - Wheaton Precious Metals has a "Strong Buy" rating based on 16 analysts, with an average price target of $132.86, implying an 8% potential upside [18] Industry Outlook - The silver market is expected to benefit from safe-haven flows, dollar weakness, and solid industrial demand, with a bullish trend anticipated heading into 2026 [19]