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) Beneish M-score
First Majestic Silver Corp.'s Beneish M-score for fiscal 2025 is −1.75; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.75 | 1.66 |
| FY2024 | −3.41 | (0.72) |
| FY2023 | −2.69 | 0.08 |
| FY2022 | −2.77 | (0.67) |
| FY2021 | −2.10 | 0.15 |
| FY2020 | −2.25 | 1.57 |
| FY2019 | −3.82 | (1.79) |
| FY2018 | −2.03 | 0.85 |
| FY2017 | −2.87 | 0.22 |
| FY2016 | −3.09 | (2.42) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.18 | — | 1.09 | |
| Gross margin index | 0.68 | — | 0.36 | |
| Asset quality index | 0.56 | — | 0.23 | |
| Sales growth index | 2.24 | — | 2.00 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 0.58 | — | −0.10 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 0.88 | — | −0.29 | |
| Beneish M-score | Flagged by the model | −1.75 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CTVA Corteva, Inc. compare | −2.7× |
| EMN Eastman Chemical Company compare | −2.7× |
| NEU NewMarket Corporation compare | −2.5× |
| WLK Westlake Corporation compare | −2.4× |
| ESI Element Solutions Inc. compare | −2.4× |
| SQM Sociedad Quimica y Minera S.A. compare | −2.1× |
| AG First Majestic Silver Corp. | −1.7× |
| BVN Buenaventura Mining Company Inc. compare | −1.6× |
| MP MP Materials Corp. compare | −0.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI