Silvercorp Metals (TSE:SVM)
XASE:SVM
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Silvercorp Metals
(NYSE MKT:SVM)
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Rating:71Outperform
Price Target:
C$15.00
▲(5.49% Upside)
Action:UpgradedDate:02/18/26
Score is driven primarily by strong cash generation and a conservatively leveraged balance sheet, partially offset by earnings volatility (TTM net loss/negative ROE). Technicals are mixed (near-term weakness but longer-term trend support), while valuation is constrained by a negative P/E and a modest dividend yield. Earnings call commentary was supportive overall, highlighting strong operational/cash results and project progress despite guidance and grade risks.
Positive Factors
Strong cash generation and FCF growth
Sustained high operating cash flow and large free cash flow growth provide durable internal funding for sustaining capex, project development and optional M&A without persistent reliance on equity markets. This cash resilience cushions commodity-driven earnings swings and supports reinvestment and dividend capacity over the medium term.
Negative Factors
Earnings volatility from derivative mark-to-market
Large noncash derivative charges produce volatile reported earnings and negative ROE despite strong cash flow. Mark-to-market swings tied to financing instruments can recur with rate and share-price moves, complicating profitability metrics, investor comparability and possibly influencing covenant tests or future financing costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and FCF growth
Sustained high operating cash flow and large free cash flow growth provide durable internal funding for sustaining capex, project development and optional M&A without persistent reliance on equity markets. This cash resilience cushions commodity-driven earnings swings and supports reinvestment and dividend capacity over the medium term.
Read all positive factors
Silvercorp Metals (SVM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.13B
Dividend Yield0.29%
Average Volume (3M)1.56M
Price to Earnings (P/E)―
Beta (1Y)2.90
Revenue Growth37.50%
EPS Growth-60.92%
CountryCA
Employees1,207
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)-0.10
Shares Outstanding220,311,280
10 Day Avg. Volume2,164,727
30 Day Avg. Volume1,555,228
Financial Highlights & Ratios
PEG Ratio0.35
Price to Book (P/B)1.12
Price to Sales (P/S)2.63
P/FCF Ratio14.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$18.86Price Target Upside32.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.38
Revenue Forecast (FY)C$406.05M
Silvercorp Metals Business Overview & Revenue Model
Company Description
Silvercorp Metals Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and mining of mineral properties in China and Mexico. The company primarily explores for silver, gold, lead, and zinc metals. It holds in...
How the Company Makes Money
Silvercorp makes money primarily by producing and selling concentrates and/or refined forms of silver, lead, and zinc extracted from its mines. Revenue is generated from (1) silver sales, which are the company’s primary value driver, and (2) sales...
Silvercorp Metals Earnings Call Summary
Earnings Call Date:Feb 09, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The call communicated strong operational and financial performance driven largely by higher realized silver prices, record revenue (+51%), and exceptional cash generation (operating cash flow +196%, free cash flow +336%). Operational productivity gains at Ying, lower unit costs, expanding permitted capacity, progress at El Domo and Kuanping, a constructive PEA and permitting progress at Condor, and a strategic gold acquisition all support a growth and diversification narrative. Offsetting these positives were a reported net loss driven by a $60M noncash derivative charge, lower head grades and some metal-specific weakness (zinc −6% YTD), guidance uncertainty with potential to track at the lower end, and increased near-term cash deployment (streaming draw and Kyrgyzstan payment) that inflate operating cash metrics and raise financing considerations. On balance the positives materially outweigh the negatives.Positive Updates
Record Revenue and Strong Cash Generation
Revenue of $126 million, up 51% year-over-year; cash flow from operating activities $133 million, up 196% YoY; free cash flow $90 million, up 336% YoY.
Negative Updates
Reported Net Loss Due to Noncash Derivative Charge
Reported net loss of $15.8 million (−$0.07 per share) for the quarter driven by a significant $60 million noncash fair value charge on derivative liabilities related to convertible notes.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Revenue and Strong Cash Generation
Revenue of $126 million, up 51% year-over-year; cash flow from operating activities $133 million, up 196% YoY; free cash flow $90 million, up 336% YoY.
Read all positive updates
Company Guidance
Management said they made no changes to formal guidance but signaled mixed trends: Ying is tracking toward higher-than-expected throughput (tonnes mined and milled +23% and +18% YoY) aided by a >61,000‑tonne stockpile to be processed over Chinese New Year, yet head grades are lower (XRT maintenance and higher dilution), so overall guidance is expected to be at the lower end and could remain challenging. Supporting metrics cited on the call include Q3 production of ~1.9M oz Ag, ~2,000 oz Au, 16M lb Pb and 7M lb Zn (YTD: 5.3M oz Ag, 6,231 oz Au, 46M lb Pb, 18M lb Zn), Ying Q3 production cost $76/tonne (−11% YoY) and YTD $80/tonne (below annual guidance $87–$88/tonne), Ying cash cost −$1.22/oz Ag and Q3 AISC $11.32/oz Ag, plus permit-driven capacity growth to 1.32M tpa (and to 1.52M tpa including Kuanping’s 200k tpa), with Kuanping construction at 3 km of ramp and 693 m of exploration tunnelling and ore expected to begin in June.Silvercorp Metals Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 364.97M | 298.89M | 215.19M | 208.13M | 217.92M | 192.10M |
| Gross Profit | 224.74M | 123.55M | 125.81M | 70.78M | 128.47M | 84.16M |
| EBITDA | 93.27M | 142.76M | 99.14M | 64.80M | 95.21M | 97.07M |
| Net Income | -16.68M | 58.19M | 36.31M | 20.61M | 30.63M | 46.38M |
Balance Sheet | ||||||
| Total Assets | 1.37B | 1.14B | 702.82M | 676.80M | 723.54M | 652.64M |
| Cash, Cash Equivalents and Short-Term Investments | 462.84M | 369.06M | 184.89M | 203.32M | 212.93M | 199.09M |
| Total Debt | 114.90M | 111.98M | 1.31M | 583.00K | 1.26M | 1.74M |
| Total Liabilities | 506.01M | 305.55M | 105.81M | 96.97M | 103.42M | 86.91M |
| Stockholders Equity | 710.59M | 702.73M | 507.25M | 489.05M | 512.40M | 467.57M |
Cash Flow | ||||||
| Free Cash Flow | 129.49M | 52.60M | 28.10M | 30.69M | 40.17M | 33.71M |
| Operating Cash Flow | 250.66M | 138.63M | 91.57M | 85.64M | 107.38M | 85.91M |
| Investing Cash Flow | -118.20M | -44.67M | -65.71M | -26.52M | -106.63M | -40.97M |
| Financing Cash Flow | -21.30M | 115.12M | -16.80M | -17.98M | -7.43M | -1.45M |
Silvercorp Metals Technical Analysis
Positive
14.22
Price Trends
15.58
Negative
13.28
Positive
10.25
Positive
Market Momentum
-0.62
Positive
46.59
Neutral
54.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SVM, the sentiment is Positive. The current price of 14.22 is below the 20-day moving average (MA) of 15.08, below the 50-day MA of 15.58, and above the 200-day MA of 10.25, indicating a neutral trend. The MACD of -0.62 indicates Positive momentum. The RSI at 46.59 is Neutral, neither overbought nor oversold. The STOCH value of 54.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SVM.
Silvercorp Metals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$952.69M | 5.08 | 26.07% | ― | 33.21% | 47.22% | |
73 Outperform | C$4.03B | 9.95 | 18.47% | ― | 7.61% | 915.74% | |
73 Outperform | C$981.90M | 10.91 | 49.53% | ― | 21.03% | -48.39% | |
71 Outperform | C$3.13B | -29.08 | -2.37% | 0.29% | 37.50% | -60.92% | |
62 Neutral | C$2.61B | 32.28 | 0.76% | ― | 241.04% | -80.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
43 Neutral | C$342.24M | -15.97 | -27.31% | ― | ― | -5.25% |
* Basic Materials Sector Average
TSE:SVM
Silvercorp Metals
14.22
8.70
157.42%
TSE:FVI
Fortuna Mining Corp
13.19
4.44
50.74%
TSE:DV
Dolly Varden Silver
3.72
-0.44
-10.58%
TSE:AYA
Aya Gold & Silver
18.25
7.13
64.12%
TSE:SCZ
Santacruz Silver Mining
10.67
8.51
393.98%
TSE:APM
Andean Precious Metals
6.36
4.75
295.03%
Silvercorp Metals Corporate Events
Business Operations and Strategy
Silvercorp Lifts El Domo Budget to $284 Million and Delays Startup to Mid‑2027
Negative
Feb 5, 2026
Silvercorp Metals has raised the construction budget for its El Domo Project to $284 million from a prior estimate of $240 million and pushed back the planned start of production to July 1, 2027, a six‑month delay. The higher capital cost is...
Business Operations and StrategyRegulatory Filings and Compliance
Silvercorp Files NI 43-101 PEA for Condor Gold Project in Ecuador
Positive
Feb 3, 2026
Silvercorp Metals has filed a Preliminary Economic Assessment and associated independent technical report for its Condor gold project in Ecuador, prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101 standards and now available on ...
Business Operations and StrategyM&A Transactions
Silvercorp Closes Acquisition of Kyrgyz Tulkubash and Kyzyltash Gold Projects
Positive
Jan 27, 2026
Silvercorp Metals has completed the US$92 million acquisition of Chaarat ZAAV CJSC, gaining full ownership of the mining licence that hosts the fully permitted Tulkubash and Kyzyltash gold projects, along with surrounding exploration licences in t...
Business Operations and StrategyM&A Transactions
Silvercorp Buys Majority Stake in Major Kyrgyz Gold Projects in US$162 Million Deal
Positive
Jan 20, 2026
Silvercorp Metals has agreed to acquire a 70% interest in Chaarat ZAAV CJSC, owner of the fully permitted Tulkubash and Kyzyltash gold projects and nearby exploration licenses in Kyrgyzstan’s Tian Shan region, for total cash consideration of...
Business Operations and StrategyFinancial Disclosures
Silvercorp Delivers Record Revenue Despite Mixed Metal Output in Q3 FY2026
Positive
Jan 15, 2026
Silvercorp Metals reported record quarterly revenue of approximately $126.1 million for its third quarter of fiscal 2026, up 51% year-on-year, despite modest declines in silver and lead output and flat overall silver-equivalent production. Group s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.