Silvercorp Metals Inc. (SVM)
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In fiscal 2026 Silvercorp Metals pulled $438.1 million of revenue out of two mines in China, more than in any year before. Income from mine operations came to $253.7 million, more than double the prior year. The bottom line for shareholders is still a loss of $9.9 million. The culprit is not a mine but a convertible note: a $178.5 million mark-to-market charge, triggered because the company's own share price climbed from $3.87 to $10.06 and made the holders' conversion right more valuable. Not one dollar of it left the building. Weeks before the year ended, a London hedge fund opened a brand-new position of 16.1 million shares. At the end there is no advice, just one question: how much of what comes out of the ground actually reaches you?
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralGeprüft 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
Quarterly Figures
| 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 |
- 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.
Assessment: Opportunities & Risks
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.
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).
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.
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.
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.
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.
- 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.
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.
| IPO Year | 2005 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 30, 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.