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First Majestic Silver Corp.

AG Basic Materials Silver

First Majestic Silver Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 124.3% from fiscal 2024.

Revenue
+57.3%
EPS
+100.0%
Free cash flow
+268.1%
Total debt
+41.9%

Quarter to June 2026, against a year earlier

14.98 0.41 −2.66%
Market cap
$7.3B
P/E
21.1×
Fwd P/E
17.7×
Dividend yield
0.31%
F-score
8/9
Altman Z
3.72
Beneish M
−1.75
Dividend safety
70/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.45%

Capital & Financial Ratios $m

Size
Market Cap 7,340.00
Revenue ttm 1,641.15
Net income ttm 421.54
Free cash flow ttm 614.08
Net debt Q (932.76)
Valuation
P/E 21.10
Forward P/E 17.70
Price / sales 4.50
Forward P/S Powerpack
Price / FCF 12.03
Price / book 2.19
Financial health
Current ratio Q 2.57 (at or above 1.5: strong)
Debt / equity Q 0.09 (at or below 0.5: strong)
Interest coverage Q 20.59
Growth
Revenue growth Q +57.25% (above 0%: growing)
Operating income growth Q +400.34% (above 0%: growing)
EPS, this year +83.32% (at or above 15%: strong)
EPS, next year A +15.50% (at or above 15%: strong)
Revenue, next year A −65.18% (below 0%: weak)
EPS, past 5 yrs +25.32% (at or above 15%: strong)
EPS, next 5 yrs A +31.35% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.9×, against a ten-year median of 4.3×; over the ten years it ranged from 2.0× in 2016 to 11.7× in 2026.
P/E against its own 10 years 0.77%
10-year low 10-year high
P/S against its own 10 years 47.12%
10-year low 10-year high
P/B against its own 10 years 61.02%
10-year low 10-year high
EV/Sales against its own 10 years 36.49%
10-year low 10-year high
EV/FCF against its own 10 years 0.62%
10-year low 10-year high

Dividends

Yield
0.31%
Annual rate
0.05
Payout ratio
6.45%
Growth, 2021–25
+7.02%/yr
  1. 0.02 ’21
  2. 0.03 ’22 +69
  3. 0.02 ’23 −20
  4. 0.02 ’24 −14
  5. 0.02 ’25 +13
  6. 0.01 ’26e −47
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 188 252 974 1,248
Receivables 49 46 122 56
Inventory 64 63 85 106
Other — — — —
309 369 1,193 1,435
2023 2024 2025 Q'26
Payables 94 104 208 202
ST’ Debt 1 1 0 55
Other 2 1 1 —
120 144 459 559

Compound Annual Growth %

10y 5y 3y
Sales 19.07% 28.14% 26.28%
Cash Flow 25.09% 45.85% 202.58%
Earnings 0.00% 48.18% 0.00%
Book Value 19.27% 30.13% 31.00%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.25 Actual 0.21

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.11 0.07 Miss by 0.04
Dec 2025 0.27 0.30 Beat by 0.03
Mar 2026 0.33 0.31 Miss by 0.02
Jun 2026 0.25 0.21 Miss by 0.04
Sep 2026 0.19 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.26 0.22 — — —
’25 0.01 0.11 0.06 0.17 0.34
’24 (0.05) (0.17) (0.09) (0.04) (0.34)
’23 (0.37) (0.06) (0.09) 0.04 (0.48)
’22 0.03 (0.32) (0.08) (0.06) (0.43)
’21 0.01 0.06 (0.07) (0.02) (0.02)
’20 (0.15) (0.05) 0.14 0.15 0.11
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 477 415 — — —
’25 244 264 285 464 1,257
’24 106 136 146 172 561
’23 157 147 133 137 574
’22 157 159 160 148 624
’21 101 154 125 205 584
’20 86 35 126 117 364
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 237 209 — — —
’25 55 90 113 268 526
’24 12 17 41 82 152
’23 (5) 20 20 20 56
’22 (19) (13) 66 (15) 19
’21 7 (17) (12) 90 69
’20 12 (31) 55 43 80
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 189 149 — — —
’25 (1) 41 55 220 315
’24 (18) (10) 8 57 37
’23 (54) (17) (14) (6) (90)
’22 (57) (81) 9 (70) (199)
’21 (37) (58) (58) 32 (120)
’20 (20) (47) 25 10 (32)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 278 252 301 364 364 584 624 574 561 1,257 1,641 +18.3% 438 438 438 (29.6%)
Gross margin, % 46.32 36.87 27.17 36.21 43.82 37.33 24.44 26.19 38.51 56.75 64.52 +10.4 pt
EBT 25 (75) (263) (39) 30 25 (61) (196) (26) 395 763 +35.6%
EBT margin, % 9.17 (29.85) (87.41) (10.72) 8.17 4.32 (9.84) (34.14) (4.72) 31.42 46.49 +22.2 pt
Net income 9 (53) (204) (40) 23 (5) (114) (135) (102) 211 422 +42.7%
Per share, $
Per share, $ Revenue 1.73 1.53 1.64 1.81 1.70 2.39 2.37 2.03 1.90 2.62 3.33 +4.7%
Earnings 0.05 (0.32) (1.11) (0.20) 0.11 (0.02) (0.43) (0.48) (0.34) 0.34 0.71 +23.7%
Cash flow 0.62 0.43 0.18 0.69 0.37 0.28 0.07 0.20 0.51 1.10 1.67 +6.5%
Capex (0.39) (0.46) (0.61) (0.59) (0.52) (0.77) (0.83) (0.52) (0.39) (0.44) (0.43) +1.4%
Free cash flow 0.23 (0.03) (0.42) 0.11 (0.15) (0.49) (0.76) (0.32) 0.12 0.66 1.24 +12.2%
Book value 3.86 3.52 3.24 3.29 3.98 5.77 5.36 4.81 4.57 6.62 6.84 +6.2%
Shares, m 161 165 184 202 214 245 263 282 296 480 489 +12.9%
Valuation, ×
Valuation, × P/E 161.60 0.00 0.00 0.00 134.40 0.00 0.00 0.00 0.00 47.60 21.10 34.4
P/S 4.67 4.73 3.59 6.79 7.90 4.66 3.55 2.94 2.89 6.36 4.50 4.8
P/B 2.09 2.05 1.82 3.73 3.38 1.93 1.57 1.24 1.20 2.52 2.19 2.2
EV/Sales 4.33 4.36 3.88 6.78 7.61 4.54 3.62 3.03 2.84 5.82 3.93 4.7
EV/FCF 32.04 (217.52) (14.97) 115.15 (85.80) (22.05) (11.38) (19.25) 43.19 23.19 10.52 (15.7)
Cash, $m
Cash, $m Operating cash flow 100 70 33 140 80 69 19 56 152 526 826 +20.3%
Capex (62) (76) (111) (119) (112) (189) (218) (146) (115) (211) (212) +14.5%
Free cash flow 38 (5) (78) 21 (32) (120) (199) (90) 37 315 614 +26.7%
Balance, $m
Balance, $m Working capital 131 116 108 171 254 224 203 189 225 734 876 +21.1%
Net debt (97) (93) 87 (6) (107) (68) 48 51 (31) (676) (933) +24.1%
Shareholders’ equity 622 582 595 662 850 1,411 1,411 1,358 1,351 3,173 3,375 +19.9%
Returns, %
Returns, % ROA 1.04 (6.50) (23.91) (4.17) 2.05 (0.29) (5.40) (6.61) (5.15) 4.94 7.70 +3.9 pt
ROIC 3.36 (9.06) (22.86) (3.04) 3.39 2.29 (1.68) (7.93) (0.18) 9.94 19.36 +6.6 pt
ROE 1.47 (8.85) (34.69) (6.44) 3.05 (0.44) (8.10) (9.76) (7.52) 7.29 11.08 +5.8 pt
People
People Employees 4,012 3,900 5,131 39 5,197 5,287 4,634 3,746 3,818 5,100 — +2.7%
Revenue/emp, $m 0.07 0.06 0.06 9.33 0.07 0.11 0.13 0.15 0.15 0.25 — +15.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

First Majestic Silver Corp. vs peers in Silver (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AG First Majestic Silver Corp. $7.3B 21.1× 17.7× +57.25% (above 0%: growing) +100.00% (above 0%: growing) +268.11% (above 0%: growing) 65.47% 47.54%
AYA Aya Gold & Silver Inc. $3.5B 30.9× 19.9× +150.66% (above 0%: growing) +267.53% (above 0%: growing) +739.10% (above 0%: growing) 65.51% 54.92% Compare
SVM Silvercorp Metals Inc. $1.8B 56.1× 11.9× +70.49% (above 0%: growing) +237.50% (above 0%: growing) −239.33% (below 0%: shrinking) 61.12% 71.43% Compare
NEWP New Pacific Metals Corp. $987.3M — (loss-making) — — n/m −25.49% (below 0%: shrinking) 0.00% 0.00% Compare
HSLV Highlander Silver Corp $871.1M 153× — — n/m — 1.30% (44.85%) Compare
Median of peers $1.4B 56.1× — — — −25.49% 31.21% 27.46%

All 5 Silver stocks →

First Majestic Silver Corp. (AG) Latest News

6 Nov

Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · TMX Newsfile

13 Oct

Impact 4 · · TMX Newsfile

12 Oct

Impact 3 · · Zacks
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8 Oct

Impact 4 · · TMX Newsfile

6 Oct

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29 Sep

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28 Sep

Impact 4 · · MarketBeat

21 Sep

Impact 4 · · The Motley Fool

9 Sep

Impact 3 ·

26 Aug

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6 Aug

Impact 3 · · beincrypto.com

2 Aug

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31 Jul

Impact 3 · · MarketBeat transcript

30 Jul

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12 Jul

Impact 4 ·

11 Jul

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9 Jul

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8 Jul

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7 Jul

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25 Jun

Impact 4 · · TMX Newsfile

23 Jun

Impact 4 · · Zacks

22 Jun

Impact 4 · · TMX Newsfile

AG metrics, ten years each

stockrow.com/AG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com