First Majestic Silver (AG) AI Stock Analysis

• Market Cap: C$12.36B
• Dividend Yield: 0.12%
• Average Volume (3M): 1.86M
• Price to Earnings (P/E): 47.7
• Beta (1Y): 3.45
• Revenue Growth: 88.70%
• EPS Growth: N/A
• Country: CA
• Employees: 4,000
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Silver
• EPS (TTM): 0.41
• Shares Outstanding: 493,137,300
• 10 Day Avg. Volume: 1,785,476
• 30 Day Avg. Volume: 1,863,925
• PEG Ratio: -0.24
• Price to Book (P/B): 2.90
• Price to Sales (P/S): 6.25
• P/FCF Ratio: 22.75
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$33.63
• Price Target Upside: 34.21% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.81
• Revenue Forecast (FY): C$1.72B

• Rating: 67 Neutral
• Price Target: C$28.00 ▲(11.73% Upside)
• Action: Downgraded Date: 03/20/26
• Date: Action: Downgraded 03/20/26

The score is led by improved 2025 financial performance and a strong balance sheet with low leverage. Offsetting this are weak technicals (below key moving averages with negative MACD) and a rich P/E multiple despite a high dividend yield.

Positive Factors

Improved Cash Generation

A materially stronger operating cash flow and substantial positive free cash flow in 2025 provide durable funding for sustaining capex, working capital and shareholder returns. This reduces refinancing risk and gives management flexibility to invest, pay dividends or withstand commodity downcycles over the next several months.

Conservative Leverage

Very low debt-to-equity gives structural resilience in a cyclical mining sector, lowering interest burden and default risk. That balance-sheet flexibility supports continued investment in production, smoother capital allocation through commodity cycles, and ability to pursue opportunistic M&A over the medium term.

Revenue and Margin Recovery

Sizable revenue growth and improved margins indicate better production, recoveries or cost control rather than transient gains. If sustainable, higher top-line and margin structure enhance free cash flow potential and operational resilience, supporting longer-term project economics and payout capacity over the coming months.

Negative Factors

Earnings Volatility

Historical multi-year swings and prior losses show underlying earnings are swing-prone given metal cycles and operational variability. That makes forecasting cashflow and returns difficult and increases the risk that recent improvements could reverse within a 2–6 month horizon if volumes, grades or commodity prices deteriorate.

Cash Conversion Gap

A material gap between net income and free cash flow suggests earnings include non-cash items or that significant reinvestment/working capital uses persist. This weakens the reliability of reported profits to generate distributable cash and may constrain debt reduction, dividends or growth spending over the medium term.

Commodity Price Exposure

Revenue and margins are structurally exposed to volatile silver and gold prices, making cashflow and profitability highly cyclical. Without durable hedges or fixed offtakes, metal-price swings remain a persistent risk to operational planning, capital allocation and shareholder returns across 2–6 months.

First Majestic Silver Business Overview & Revenue Model

Company Description

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. Its projects include the San Dimas mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena that covers an area of approximately 102,244 hectares located in Sonora State, México; and the La Encantada covering an area of approximately 4,076 hectares located in Coahuila State, México. The company was formerly known as First Majestic Resource Corp. and changed its name to First Majestic Silver Corp. in November 2006. First Majestic Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.

How the Company Makes Money

First Majestic primarily makes money by producing and selling precious metals it mines and processes. Its core revenue stream is the sale of silver, supplemented by sales of by-product metals (notably gold, and other metals if present in mined ore) that are recovered during processing. Revenue is generally recognized when metal is delivered/sold under sales contracts, with realized prices tied to prevailing market spot prices (or contracted pricing terms) for silver and gold, meaning earnings are highly sensitive to commodity price movements. Operationally, the company generates cash flow by extracting ore, processing it into saleable products (such as silver-rich/gold-rich concentrates and/or doré depending on the mine’s flowsheet), and selling these products to external purchasers (e.g., metal traders, refiners, or smelters); the company’s margins depend on production volumes, metallurgical recoveries, operating costs (mining, milling, refining, transport), and any treatment/refining charges and payable-metal terms associated with concentrates. Additional factors that can materially affect earnings include reserve and resource quality, mine life and grades, sustaining and growth capital spending, currency movements (because many costs are incurred in local currency while metals are sold in USD), and the company’s use of any hedging/derivative positions or offtake arrangements; specific partnership/offtake counterparty details are null.

First Majestic Silver Financial Statement Overview

Summary

Strong 2025 rebound with sharply improved profitability and materially better operating and free cash flow, supported by conservative leverage (low debt-to-equity). The key constraint is cyclicality and multi-year volatility, including losses and weak cash generation in several prior years, plus moderate cash conversion in 2025 (FCF below net income).

Income Statement

Profitability improved sharply in 2025, with revenue up strongly (+32.4%) and healthy margins (gross margin ~34.8%, net margin ~13.1%) versus sizable losses and weak margins across 2022–2024. That said, results have been volatile over the cycle (multiple years of negative net margins), so the quality of earnings looks more “swing” than consistently compounding.

Balance Sheet

Leverage appears conservative, with low debt relative to equity (debt-to-equity ~0.11 in 2025), providing flexibility through commodity and operating cycles. The main caution is that profitability has been inconsistent in prior years (negative returns on equity in 2022–2024), which can pressure equity value over time if downturn conditions persist.

Cash Flow

Cash generation strengthened materially in 2025, with solid operating cash flow (~$566M) and meaningfully positive free cash flow (~$352M), a large improvement versus negative free cash flow in 2020–2023 and minimal free cash flow in 2024. A watch item is conversion: free cash flow was well below net income in 2025 (free cash flow to net income ~0.62), indicating reinvestment and/or working-capital/capex demands that could fluctuate.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.28B	533.69M	583.10M	605.64M	574.31M
Gross Profit	445.25M	76.92M	16.07M	8.75M	94.90M
EBITDA	636.78M	118.13M	-46.92M	92.22M	161.20M
Net Income	167.81M	-96.99M	-137.30M	-110.87M	-4.84M
Balance Sheet
Total Assets	4.69B	1.98B	1.96B	2.13B	2.10B
Cash, Cash Equivalents and Short-Term Investments	972.05M	251.81M	186.61M	187.79M	274.38M
Total Debt	313.69M	236.88M	254.67M	250.38M	219.01M
Total Liabilities	1.52B	628.34M	613.79M	705.56M	707.30M
Stockholders Equity	2.76B	1.35B	1.35B	1.43B	1.40B
Cash Flow
Free Cash Flow	351.58M	8.17M	-100.05M	-198.17M	-75.27M
Operating Cash Flow	565.92M	117.76M	48.29M	13.03M	110.52M
Investing Cash Flow	-28.67M	-108.68M	-156.50M	-207.43M	-177.72M
Financing Cash Flow	98.33M	48.72M	74.31M	113.57M	114.19M

First Majestic Silver Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 25.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AG, the sentiment is Negative. The current price of 25.06 is below the 20-day moving average (MA) of 35.41, below the 50-day MA of 32.81, and above the 200-day MA of 19.97, indicating a neutral trend. The MACD of -1.74 indicates Positive momentum. The RSI at 30.05 is Neutral, neither overbought nor oversold. The STOCH value of 6.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:AG.

First Majestic Silver Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PAAS	76 Outperform	C$27.17B	11.93	16.85%	0.88%	25.04%	―
FVI	73 Outperform	C$3.60B	9.95	18.47%	―	7.61%	915.74%
SVM	71 Outperform	C$2.76B	-29.08	-2.37%	0.29%	37.50%	-60.92%
AG	67 Neutral	C$12.36B	47.66	6.49%	0.12%	88.70%	―
DSV	66 Neutral	C$6.01B	52.99	27.12%	―	―	―
AYA	62 Neutral	C$2.47B	32.28	0.71%	―	241.04%	-80.07%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

First Majestic Silver Corporate Events

First Majestic Drilling at Jerritt Canyon Points to Expanded Gold Resource Potential

First Majestic Silver reported strong results from its 2025 exploration drilling program at the Jerritt Canyon Gold Mine in Nevada, where it completed about 18,300 metres of drilling across 57 holes. The campaign targeted both underground and near-surface open-pit potential, with notable gold intercepts at the Mahala, Javelin and Saval zones supporting the view that resources could be expanded using both mining methods.

Management said the program reaffirms confidence in Jerritt Canyon’s district-scale potential, aided by a more favourable metal price environment that justified broader testing of targets. The results, including significant intercepts in a 600-by-600-metre corridor between Mahala and Javelin, are presented as an important step toward growing mineral resources at the site and unlocking more value from the company’s large Nevada land package.

The most recent analyst rating on (TSE:AG) stock is a Buy with a C$48.00 price target. To see the full list of analyst forecasts on First Majestic Silver stock, see the TSE:AG Stock Forecast page.

First Majestic Silver Posts Record 2025 Results and Boosts Balance Sheet

First Majestic Silver reported a record-breaking fourth quarter of 2025, with silver production up 77% year over year to 4.2 million ounces and revenue surging 169% to $463.9 million, driven largely by higher silver output and strong realized prices. The company posted sharp gains in operating cash flow, EBITDA, net and adjusted earnings, and free cash flow, while its First Mint unit delivered record sales and premium pricing.

For the full year 2025, the miner met or exceeded its upwardly revised production guidance, delivering 31.1 million silver-equivalent ounces and a record 15.4 million ounces of silver, largely boosted by the Los Gatos acquisition and higher output at San Dimas and La Encantada. First Majestic ended the year with a record $937.7 million in cash and declared a quarterly dividend, underscoring a strengthened balance sheet and enhanced flexibility for capital allocation and shareholder returns.

The most recent analyst rating on (TSE:AG) stock is a Buy with a C$38.00 price target. To see the full list of analyst forecasts on First Majestic Silver stock, see the TSE:AG Stock Forecast page.