Silvercorp Metals Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Buy today and you are buying the silver price first of all, refined by one of the lowest cost bases in the industry and a balance sheet with $422.3 million of cash. The bet is that the safety-retrofit outage stays a one-quarter problem, that El Domo starts on schedule in July 2027, and that growth outruns the 14.7 percent of dilution sitting in the convertible notes. If you wait, check exactly three numbers in the coming releases: how deep was the production hit in the July-to-September 2026 quarter really? Does all-in sustaining cost stay near $14.25 per ounce after the retrofit? And where do the distributions to non-controlling interests go, which at $24.9 million were four times the dividend paid to shareholders? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Silvercorp is the bottom-line trap in its purest form: fiscal 2026 (ended March 31, 2026) delivered the highest revenue in company history at $438.1 million and doubled income from mine operations to $253.7 million — and still a $9.9 million loss for shareholders, because the conversion feature of the notes had to be marked $178.5 million higher after the company's own stock rose from $3.87 to $10.06. That item is over as of March 18, 2026; in exchange the principal is now settled exclusively in shares (32.4 million of them, or 14.7 percent). Against that stand $422.3 million of cash, a cash cost of negative $0.94 per ounce — and two mines in a country that stopped production in June 2026. Not investment advice.
Cost position
The companion metals lead, zinc and gold covered the entire operation in fiscal 2026: cash cost per ounce of silver was negative $0.94 (prior year negative $0.54). Even including sustaining capital and taxes, Silvercorp landed at $14.25 per ounce — against a realized silver price of $46.44. Income from mine operations doubled to $253.7 million and free cash flow rose to $181.3 million.
Balance sheet
As of March 31, 2026, $422.3 million of cash and short-term investments stood against $117.2 million of convertible notes as the only meaningful debt; equity attributable to shareholders was $941.0 million on $1,464.2 million of total assets, or 64.3 percent. The notes carry no financial covenants. The Altman Z-Score of 4.87 sits far above the safety threshold of 2.6 (variant Altman Z″; data as of July 24, 2026).
Country and customer risk
All current production comes from two operations in China. After the Shanxi accident Silvercorp suspended Ying and GC itself in June 2026; for July through September 2026 it expects a 40 to 50 percent production hit at Ying and roughly 50 percent at the GC Mine. Add five customers supplying 77 percent of revenue, $8.4 million of withholding tax on dividends out of China, and a dedicated risk section on Chinese currency controls.
Capital structure and dilution
Since the supplemental indenture of March 18, 2026 the principal of the convertible notes is settled exclusively in shares: 32,411,415 of them, or 14.7 percent of the 220,910,911 shares outstanding on March 31, 2026. They are not in the reported diluted count (219,425,164), because a loss was reported. On top of that, $42.9 million of the $32.9 million group profit belonged to the minority holders of the Chinese subsidiaries.
Growth and information base
The 47 percent revenue gain came purely from the silver price — output fell 2 percent. Three growth sites are meant to change that: El Domo in Ecuador (targeted for July 2027 at $283.6 million), Condor, and the Kyrgyz Chaarat ZAAV complex ($92 million in cash plus up to $70 million contingent). Set against them are the terms of the Wheaton stream on El Domo and a thinner information base: no 10-K, no 10-Q, interim figures only as unaudited 6-K exhibits.
Worth Noting
Silvercorp did not reach our research list through a scanner hit but through the Form 13F-HR of Helikon Investments Ltd (London) as of March 31, 2026: 16,115,414 shares worth $173,079,547, a brand-new position and roughly 7.3 percent of the company. A 13F shows only U.S.-listed long positions with a 35- to 45-day delay, without shorts or derivatives — a rear-view mirror, not a road map.
Silvercorp is a Canadian issuer under the multijurisdictional disclosure system with the United States: there is no 10-K and no 10-Q. Audited figures arrive once a year on Form 40-F (for fiscal 2026 filed June 30, 2026); interim numbers are furnished only as an unaudited exhibit to a Form 6-K. The books are kept under IFRS and reported in U.S. dollars. The fiscal year ends March 31, which is why every annual figure here is labeled with its fiscal year.
A price-to-earnings ratio is deliberately not shown: fiscal 2026 closed with a $9.9 million loss attributable to shareholders. The calculated price of $10.74 per share comes from the 13F filing as of March 31, 2026 and serves as a dated order of magnitude, not as a daily price. Analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SVM since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.20 $ to 15.70 $ · Last price: 12.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Sector comparison: Basic Materials
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Silvercorp Metals Inc. SVM | 2.7 | – | 12.1 | 74.8 | 62.6 | 46.6 | 136.1 |
| Linde plc LIN | 212.0 | 30.6 | 17.5 | 48.4 | 28.5 | 3.0 | -3.2 |
| Southern Copper Corporation SCCO | 174.0 | 32.1 | 16.4 | 64.5 | 58.3 | 17.4 | 92.5 |
| Newmont Goldcorp Corp NEM | 132.8 | 16.0 | 7.9 | 68.0 | 61.4 | 19.1 | 59.6 |
| Freeport-McMoran Copper & Gold Inc FCX | 102.2 | 37.9 | 11.7 | 38.3 | 31.1 | 1.1 | 58.8 |
| Sherwin-Williams Co SHW | 77.7 | 31.5 | 19.5 | 49.0 | 14.2 | 2.1 | -7.5 |
| Ecolab Inc ECL | 76.7 | 37.6 | 21.6 | 44.2 | 16.9 | 2.2 | 3.5 |
| Barrick Mining Corporation B | 72.0 | 12.3 | 5.0 | 56.3 | 56.3 | 31.2 | 50.6 |
| Air Products and Chemicals Inc APD | 64.1 | 30.2 | 48.8 | 32.1 | 23.6 | -0.5 | 1.1 |
| Median of companies shown | 77.7 | 31.1 | 16.4 | 49.0 | 31.1 | 3.0 | 50.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 163 | 73 | 44 | 0.25 | 80 | 263 | 398 |
| 2018 | 170 | 75 | 47 | 0.27 | 68 | 329 | 477 |
| 2019 | 171 | 70 | 40 | 0.23 | 68 | 347 | 499 |
| 2020 | 159 | 52 | 34 | 0.20 | 77 | 369 | 513 |
| 2021 | 192 | 72 | 46 | 0.26 | 86 | 468 | 653 |
| 2022 | 218 | 63 | 31 | 0.17 | 107 | 512 | 724 |
| 2023 | 208 | 34 | 21 | 0.12 | 86 | 489 | 677 |
| 2024 | 215 | 64 | 36 | 0.20 | 92 | 507 | 703 |
| 2025 | 299 | 103 | 58 | 0.28 | 139 | 703 | 1,139 |
| 2026 | 438 | 227 | -10 | -0.05 | 311 | 941 | 1,464 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.12 | 71.40 | 72 | 20.30 | 30.40 | 40 | 24 |
| 2024: Q3 | 0.09 | 50.00 | 68 | 26.00 | 26.00 | 23 | -4 |
| 2024: Q4 | 0.10 | 66.70 | 84 | 42.90 | 31.30 | 45 | 36 |
| 2025: Q1 | 0.07 | 250.00 | 75 | 76.00 | -10.10 | 31 | -33 |
| 2025: Q2 | 0.10 | -16.70 | 81 | 12.70 | 22.30 | 48 | 23 |
| 2025: Q3 | 0.10 | 11.10 | 82 | 21.20 | -13.80 | 39 | 11 |
| 2025: Q4 | 0.22 | 120.00 | 128 | 53.10 | -12.60 | 131 | 87 |
| 2026: Q1 | 0.27 | 285.70 | 145 | 93.50 | -0.50 | 90 | -29 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | 0.85 | 0.73 – 0.93 | 478 | 23.2% | 4 |
| 03/31/2028 | 1.55 | 1.28 – 2.07 | 827 | 82.7% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 26.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $34.9M |
|---|---|
| Market cap | $2.67B |
| Free cash flow in year ten | $355.8M |
| Terminal value as a share of market value | 70.1% |
For comparison: over the past five years free cash flow grew by 40.0% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 24.07.2026 gegen die Jahresberichte auf Formular 40-F für die Geschäftsjahre 2026 (eingereicht 30.06.2026) und 2025 (05.06.2025) — jeweils samt Annual Information Form (Anhang 99.1) und Lagebericht/MD&A (Anhang 99.2) — sowie gegen die jüngsten Zwischenmeldungen als 6-K (China-Update vom 30.06.2026, Produktionsmeldung zum ersten Quartal des Geschäftsjahres 2027 vom 16.07.2026). Silvercorp ist kanadischer MJDS-Filer: Es gibt kein 10-K und kein 10-Q, die Belegkette ist deshalb 40-F plus 6-K-Anhänge. Befund: dokumentierter Negativ-Befund. In keinem der ausgewerteten Dokumente kommen die Begriffe „artificial intelligence“, „AI“, „machine learning“ oder „algorithm“ vor — auch nicht im Risikoteil des Annual Information Form, der ansonsten sehr ausführlich Länder-, Genehmigungs-, Sicherheits- und Devisenrisiken behandelt. Der einzige Treffer auf „Automation“ im gesamten Bestand steht im Lagebericht für das Geschäftsjahr 2025 in einer Investitionstabelle zum Bau der Aufbereitungsanlage El Domo als Kostenposition „Laboratory/Maintenance/Electrical/Automation“ (4,4 Mio. US-Dollar über zwei Geschäftsjahre) und beschreibt Anlagentechnik, nicht Künstliche Intelligenz. Das Geschäftsmodell ist klassischer Untertagebergbau auf Silber, Blei, Zink und Gold in China mit Entwicklungsprojekten in Ecuador und der Kirgisischen Republik; KI ist weder Umsatzquelle noch als operatives Werkzeug beschrieben noch im Risikoteil als konkrete Bedrohung des eigenen Geschäftsmodells benannt. Nach dem Kriterienkatalog greift damit weder „verkauft“ noch „bedroht“ noch „nutzt“ — die Einstufung lautet „neutral“, belegt durch die Liste der geprüften Filings.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 40-F 2026-06-30 · 40-F Anhang 99.1 (Annual Information Form GJ 2026) 2026-06-30 · 40-F Anhang 99.2 (Lagebericht/MD&A GJ 2026) 2026-06-30 · 40-F 2025-06-05 · 40-F Anhang 99.1 (Annual Information Form GJ 2025) 2025-06-05 · 40-F Anhang 99.2 (Lagebericht/MD&A GJ 2025) 2025-06-05 · 6-K (China-Betriebe, Mitteilung vom 29.06.2026) 2026-06-30 · 6-K (Produktion Q1 Geschäftsjahr 2027, Mitteilung vom 15.07.2026) 2026-07-16
Rated on July 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 28.2%
- More than 10% revenue growth is expected for the coming year -86.6%
- Share count grows by less than 3% a year 7.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 88.0%
- Gross margin at 40% or higher and without meaningful erosion 57.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 304 m net cash
- Operating cash flow covers the profits of the last three years 456 m
- Return on capital at 15% or higher, or up versus two years ago 17.0%
- Insiders hold at least 10% or are net buyers 3.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 11.6%
- Exp. sales growth 3Y > 5% 37.4%
- EBIT growth 10Y > 5% 13.4%
- Exp. EBIT growth 3Y > 5% 37.4%
- Net debt < 4x EBIT -1.3x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 55.3%
- Return on equity > 15% -1.1%
- ROCE > 15% 17.0%
- Expected return > 10% 46.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Silvercorp Metals Inc., together with its subsidiaries, acquires, explores, develops, and mines mineral properties in China. It explores for copper, silver, gold, lead, and zinc metals. The company was formerly known as SKN Resources Ltd. and changed its name to Silvercorp Metals Inc. in May 2005. Silvercorp Metals Inc. was founded in 2003 and is headquartered in Vancouver, Canada.
- Employees
- 372
- Headquarters
- Vancouver, BC
- Address
- 1066 West Hastings Street, V6E 3X1 Vancouver, Canada
- Phone
- 604 669 9397
- Website
- silvercorpmetals.com
- IPO Date
- 05/02/2005
- ISIN
- CA82835P1036
- Stock Split
- 3:1 on 10/29/2007
Management
| Name | Title | Birth Year |
|---|---|---|
| Rui Feng Ph.D. | Chairman & CEO | 1963 |
| Lon Eric Shaver B.Com., C.F.A. | President | 1970 |
| Winnie Wang | Interim Chief Financial Officer | – |
| Jonathan Hoyles | General Counsel & Corporate Secretary | – |
| Lichang Peng | General Manager of China Operations | – |
| Peter Lekich | Director of Corporate Development & Investor Relations | – |
| Yongming Zhang M.Eng, M.Sc., M.Sci, P.Geo. | Vice President of Exploration | – |
| Y Wang | Chief Environment Engineer of Ying Mines | – |
| Leon Ma | Senior Resources Geologist | – |
| Luke Sun | Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.