Silvercorp Metals (TSE:SVM)
XASE:SVM
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Silvercorp Metals
(NYSE MKT:SVM)
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Rating:69Neutral
Price Target:
C$16.00
▼(-8.94% Downside)
Action:Downgraded
Date:05/28/26
Score is driven primarily by solid financial fundamentals (low leverage and strong cash generation) and a generally positive earnings-call outlook on operations and growth. Offsetting factors are earnings volatility/negative P/E and a mixed near-term technical picture with recent softness versus the 20-day trend.
Positive Factors
Strong Cash Generation
Substantially stronger operating and free cash flow provides durable internal funding for growth projects, capital programs and working capital needs. Robust cash conversion reduces reliance on external capital, supports project timing, and gives flexibility to fund El Domo, Kuanping and acquisitions without immediate dilutive financing.
Negative Factors
Earnings Volatility
Large noncash derivative fair-value swings can materially distort reported earnings and reduce visibility into recurring profitability. This earnings volatility complicates comparability, may trigger covenant or tax implications, and makes performance assessment more reliant on cash metrics rather than net income.
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Positive Factors
Negative Factors
Strong Cash Generation
Substantially stronger operating and free cash flow provides durable internal funding for growth projects, capital programs and working capital needs. Robust cash conversion reduces reliance on external capital, supports project timing, and gives flexibility to fund El Domo, Kuanping and acquisitions without immediate dilutive financing.
Read all positive factors
Silvercorp Metals (SVM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.91B
Dividend Yield0.29%
Average Volume (3M)893.92K
Price to Earnings (P/E)―
Beta (1Y)2.84
Revenue Growth45.46%
EPS Growth-115.31%
CountryCA
Employees1,207
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)-0.04
Shares Outstanding221,202,530
10 Day Avg. Volume885,846
30 Day Avg. Volume893,917
Financial Highlights & Ratios
PEG Ratio2.07
Price to Book (P/B)2.51
Price to Sales (P/S)5.43
P/FCF Ratio13.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$23.88Price Target Upside35.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.06
Revenue Forecast (FY)C$611.00M
Silvercorp Metals Business Overview & Revenue Model
Company Description
Silvercorp Metals Inc., along with its affiliated companies, operates in the mining sector, focusing on acquiring, exploring, developing, and extracting minerals from properties situated in China and Mexico. The firm's principal activities involve...
How the Company Makes Money
Silvercorp makes money primarily by mining and processing ore and selling the resulting metal-bearing concentrates. Its key revenue streams are: (1) Sales of concentrates containing silver, lead, and zinc: The company extracts ore, processes it at...
Silvercorp Metals Earnings Call Summary
Earnings Call Date:Feb 09, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call was broadly positive: record revenue, materially higher realized silver prices, strong operating cash flow and free cash flow growth, improved adjusted profitability, lower unit costs at Ying and clear progress on multiple growth projects (mill #3, El Domo, Condor and Kyrgyzstan). Key near-term negatives include a one-time $60M noncash derivative charge that produced a small GAAP net loss, modest declines in some metal production due to lower grades and higher dilution, elevated sustaining/tunneling costs in Q4, and substantial near-term capital and acquisition cash outlays that increase deployment risk. Overall, the positives—especially cash generation, margin expansion, balance sheet strength and development progress—significantly outweigh the lowlights.Positive Updates
Record Quarterly Revenue
Q4 revenue of $147 million, up 96% year-over-year, driven mainly by a 183% increase in realized silver selling price (averaging just above $78/oz) and silver representing 78% of Q4 revenue.
Negative Updates
GAAP Net Income Impacted by Noncash Derivative Charge
Reported unadjusted Q4 net loss of $0.7 million (negative $0.03/share) primarily due to a $60 million noncash fair-value charge on derivative liabilities tied to convertible notes; company removed cash settlement option to reclassify conversion feature to equity to eliminate future income statement volatility.
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Q4-2026 Updates
Positive
Negative
Record Quarterly Revenue
Q4 revenue of $147 million, up 96% year-over-year, driven mainly by a 183% increase in realized silver selling price (averaging just above $78/oz) and silver representing 78% of Q4 revenue.
Read all positive updates
Company Guidance
The company provided clear near‑ and medium‑term guidance with many quantifiable targets: Ying’s FY production‑cost and AISC guidance were $87–$88/tonne and $158–$161/tonne (management achieved $80/tonne and $134/tonne FY2026), Ying invested $29M in FY2026 for ramp/tunnel development and is budgeting $37M this year, and approved capacity across four Ying permits rose to 1.32M tpa (with total Ying capacity expected to be ~1.5M tpa including Kuanping’s 200k tpa); mill #3 has a $31.6M budget to add 3,000 tpd (commission Q1 FY2028) lifting net milling to ~6,500 tpd from 4,000 tpd today; El Domo’s updated budget is $284M with ~$60M spent (~21%) and construction now active; Condor will develop two 1,500 m tunnels with environmental and water permits in hand and a small‑scale mining license targeted for Q2 FY2027; Tulkubash/Kyzyltash was acquired for $92M, converted to a JV (Silvercorp 72%, Kyrgyzaltyn 30%), paid $60M for a 30‑year license extension to June 2062, and targets pre‑stripping for Tulkubash in Q2 FY2027; balance sheet and financing guidance included cash of $422M, associate investments valued at $275M (Mar 31), and undrawn RMB term loans of ~ $220M, and management expects a Hong Kong listing later in the year.Silvercorp Metals Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
84
Very Positive
Cash Flow
78
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 434.22M | 298.89M | 215.19M | 208.13M | 217.92M |
| Gross Profit | 249.52M | 123.55M | 125.81M | 115.92M | 128.47M |
| EBITDA | 267.32M | 142.76M | 99.14M | 64.80M | 95.21M |
| Net Income | -9.86M | 58.19M | 36.31M | 20.61M | 30.63M |
Balance Sheet | |||||
| Total Assets | 1.47B | 1.14B | 702.82M | 676.80M | 723.54M |
| Cash, Cash Equivalents and Short-Term Investments | 422.63M | 369.06M | 184.89M | 203.32M | 212.93M |
| Total Debt | 118.48M | 111.98M | 1.31M | 583.00K | 1.26M |
| Total Liabilities | 358.81M | 305.55M | 105.81M | 96.97M | 103.42M |
| Stockholders Equity | 941.67M | 702.73M | 507.25M | 489.05M | 512.40M |
Cash Flow | |||||
| Free Cash Flow | 172.24M | 52.60M | 28.10M | 30.69M | 40.17M |
| Operating Cash Flow | 300.34M | 138.63M | 91.57M | 85.64M | 107.38M |
| Investing Cash Flow | -227.29M | -44.67M | -65.71M | -26.52M | -106.63M |
| Financing Cash Flow | -24.12M | 115.12M | -16.80M | -17.98M | -7.43M |
Silvercorp Metals Technical Analysis
Positive
17.57
Price Trends
16.98
Negative
16.18
Positive
13.19
Positive
Market Momentum
-0.27
Negative
51.02
Neutral
80.91
Negative
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 17.57 is above the 20-day moving average (MA) of 16.39, above the 50-day MA of 16.98, and above the 200-day MA of 13.19, indicating a neutral trend. The MACD of -0.27 indicates Negative momentum. The RSI at 51.02 is Neutral, neither overbought nor oversold. The STOCH value of 80.91 is Negative, 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$4.11B | 8.44 | 20.79% | ― | -4.16% | 116.44% | |
78 Outperform | C$976.91M | 4.02 | 20.32% | ― | 67.83% | 342.70% | |
70 Outperform | C$1.04B | 11.29 | 33.35% | ― | 26.70% | 31.54% | |
69 Neutral | C$3.91B | -261.09 | -1.30% | 0.29% | 45.46% | -115.31% | |
67 Neutral | C$4.23B | 33.52 | 20.80% | ― | 313.42% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:SVM
Silvercorp Metals
16.77
10.94
187.50%
TSE:FVI
Fortuna Mining Corp
13.33
3.95
42.11%
TSE:AYA
Aya Gold & Silver
28.45
15.59
121.23%
TSE:SCZ
Santacruz Silver Mining
10.58
6.58
164.50%
TSE:APM
Andean Precious Metals
6.28
3.51
126.71%
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.