First Majestic Silver Corp.
First Majestic Silver Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 124.3% from fiscal 2024. In the quarter to June 2026, revenue grew 57.3%, EPS grew 100.0%, free cash flow grew 268.1% and total debt rose 41.9%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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First Majestic Silver Corp. (AG) Altman Z-score
First Majestic Silver Corp.'s Altman Z-score for fiscal 2025 is 3.72, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.72 | 2.26 |
| FY2024 | 1.45 | 0.09 |
| FY2023 | 1.36 | (0.56) |
| FY2022 | 1.92 | (0.61) |
| FY2021 | 2.53 | (2.18) |
| FY2020 | 4.72 | 0.53 |
| FY2019 | 4.19 | 3.14 |
| FY2018 | 1.05 | (2.30) |
| FY2017 | 3.35 | (0.29) |
| FY2016 | 3.64 | 2.94 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | (0.12) | — | −0.17 | |
| EBIT / total assets | 0.08 | — | 0.28 | |
| Market value of equity / total liabilities | 5.25 | — | 3.15 | |
| Sales / total assets | 0.27 | — | 0.27 | |
| Altman Z-score | Safe zone | 3.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.39 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NEU NewMarket Corporation compare | 4.4× |
| MP MP Materials Corp. compare | 4.1× |
| BVN Buenaventura Mining Company Inc. compare | 3.8× |
| AG First Majestic Silver Corp. | 3.7× |
| SQM Sociedad Quimica y Minera S.A. compare | 3.1× |
| EMN Eastman Chemical Company compare | 2.3× |
| ESI Element Solutions Inc. compare | 2.2× |
| WLK Westlake Corporation compare | 1.6× |
| CTVA Corteva, Inc. compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets