First Majestic Silver (TSE:AG)
NYSE:AG
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First Majestic Silver
(NYSE:AG)
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Rating:80Outperform
Price Target:
C$32.00
▲(8.55% Upside)
Action:Reiterated
Date:05/16/26
Overall score reflects strong fundamentals and cash generation with low leverage, reinforced by a very positive earnings call (record revenue, strong cash flows, and ample liquidity). Offsetting factors are a softer near-term technical trend (below key short/mid-term moving averages) and the inherent cyclicality/execution risk tied to costs and the Jerritt Canyon restart.
Positive Factors
Cash generation & liquidity
Sustained, high operating and free cash flow plus a >$1.1B treasury provide durable funding for reinvestment, dividends, and project spend. Strong cash conversion improves flexibility through cycles, enabling capex for expansions and optionality on capital allocation without relying on debt markets.
Negative Factors
Commodity sensitivity
Profitability and cash generation remain materially leveraged to silver and gold prices; historic swings from losses to profits show earnings volatility. Over a 2–6 month horizon, sustained price weakness or adverse ratios (Ag:Au) can quickly erode margins and free cash flow, stressing capital plans and payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & liquidity
Sustained, high operating and free cash flow plus a >$1.1B treasury provide durable funding for reinvestment, dividends, and project spend. Strong cash conversion improves flexibility through cycles, enabling capex for expansions and optionality on capital allocation without relying on debt markets.
Read all positive factors
First Majestic Silver (AG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$13.56B
Dividend Yield0.12%
Average Volume (3M)1.54M
Price to Earnings (P/E)33.5
Beta (1Y)3.26
Revenue Growth110.86%
EPS GrowthN/A
CountryCA
Employees5,100
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)0.60
Shares Outstanding493,724,640
10 Day Avg. Volume1,447,269
30 Day Avg. Volume1,535,058
Financial Highlights & Ratios
PEG Ratio-0.24
Price to Book (P/B)2.90
Price to Sales (P/S)6.25
P/FCF Ratio22.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$36.29Price Target Upside23.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.9
Revenue Forecast (FY)C$1.62B
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 approxi...
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...
First Majestic Silver Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: record revenue, materially higher realized silver prices, production ahead of guidance, large operating and free cash flows, improved margins and aggressive exploration/resource growth. Challenges cited were manageable in scope — higher per-ounce costs from strategic lower cutoff grades, increased profit-sharing/royalties, a sizable tax payment, and the capital and timing requirements to restart Jerritt Canyon (including long lead times on equipment). Overall the positives (revenue, margins, cash, resource growth, liquidity and expansions) materially outweigh the listed lowlights.Positive Updates
Record Revenue and Strong Metal Prices
Q1 revenue of $477 million, up 95% year-over-year; average realized silver price $86.35 vs $33.10 in Q1 2025 (≈+161% YoY).
Negative Updates
Higher Per-Ounce Costs Driven by Lower Cutoff Grades
Per-ounce production costs increased in Q1 due to higher throughput and a deliberate reduction in cutoff grades (wider mining, lower grades) — trade-off to extend mine life.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue and Strong Metal Prices
Q1 revenue of $477 million, up 95% year-over-year; average realized silver price $86.35 vs $33.10 in Q1 2025 (≈+161% YoY).
Read all positive updates
Company Guidance
Guidance from the call stressed a strong start to 2026: Q1 produced 3.5 million oz Ag (26% of 2026 midpoint guidance) and gold at 28% of midpoint, with an average realized silver price of $86.35 driving record revenue of $477 million (+95% y/y); the company retained 676k oz Ag and 2.7k oz Au in inventory (value $63M). Q1 operating cash flow was $311M ($0.63/share) and free cash flow $224M after a $95M tax payment; treasury exceeds $1.1B. Operational metrics included silver purity 66% (vs 60% in 2025), margins up to $52/oz from $13/oz year‑over‑year, cost/ton $170, profit‑sharing ~ $2/oz, diesel exposure ~5%, and a 75:1 Ag:Au price ratio (adding ≈$3/oz to AISC vs 2025 ratio). Capital and development guidance: $75M into Jerritt Canyon in 2026 with restart targeted H2 2027 and a PFS in early 2027, >300k m of drilling this year (266k m + 42k m at Jerritt), Santa Elena mill expansion to 3.5k tpd (from 3.2k) and Los Gatos ramp to 4k tpd, while resource updates included +90M oz at Santa Elena and 7.8M oz Au at Jerritt.First Majestic Silver Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.49B | 1.28B | 533.69M | 583.10M | 605.64M | 574.31M |
| Gross Profit | 643.28M | 445.25M | 76.92M | 16.07M | 8.75M | 94.90M |
| EBITDA | 826.21M | 636.78M | 118.13M | -46.92M | 92.22M | 161.20M |
| Net Income | 290.57M | 167.81M | -96.99M | -137.30M | -110.87M | -4.84M |
Balance Sheet | ||||||
| Total Assets | 4.82B | 4.69B | 1.98B | 1.96B | 2.13B | 2.10B |
| Cash, Cash Equivalents and Short-Term Investments | 1.14B | 972.05M | 251.81M | 186.61M | 187.79M | 274.38M |
| Total Debt | 314.26M | 313.69M | 236.88M | 254.67M | 250.38M | 219.01M |
| Total Liabilities | 1.50B | 1.52B | 628.34M | 613.79M | 705.56M | 707.30M |
| Stockholders Equity | 2.90B | 2.76B | 1.35B | 1.35B | 1.43B | 1.40B |
Cash Flow | ||||||
| Free Cash Flow | 554.70M | 351.58M | 8.17M | -100.05M | -198.17M | -75.27M |
| Operating Cash Flow | 756.77M | 565.92M | 117.76M | 48.29M | 13.03M | 110.52M |
| Investing Cash Flow | -168.14M | -28.67M | -108.68M | -156.50M | -207.43M | -177.72M |
| Financing Cash Flow | 94.87M | 98.33M | 48.72M | 74.31M | 113.57M | 114.19M |
First Majestic Silver Technical Analysis
Negative
29.48
Price Trends
28.54
Negative
30.66
Negative
24.35
Positive
Market Momentum
-0.24
Positive
45.56
Neutral
51.17
Neutral
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 29.48 is above the 20-day moving average (MA) of 28.87, above the 50-day MA of 28.54, and above the 200-day MA of 24.35, indicating a neutral trend. The MACD of -0.24 indicates Positive momentum. The RSI at 45.56 is Neutral, neither overbought nor oversold. The STOCH value of 51.17 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$13.56B | 33.46 | 10.82% | 0.12% | 110.86% | ― | |
78 Outperform | C$3.97B | 8.46 | 20.79% | ― | -4.16% | 116.44% | |
78 Outperform | C$30.83B | 17.58 | 19.65% | 0.88% | 32.74% | 255.77% | |
76 Outperform | C$6.67B | 20.32 | 36.88% | ― | ― | ― | |
74 Outperform | C$3.91B | 32.42 | 20.80% | ― | 313.42% | ― | |
69 Neutral | C$3.75B | -271.42 | -1.29% | 0.29% | 45.46% | -115.31% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:AG
First Majestic Silver
27.43
15.98
139.46%
TSE:FVI
Fortuna Mining Corp
13.14
3.03
29.97%
TSE:PAAS
Pan American Silver
73.77
35.08
90.66%
TSE:SVM
Silvercorp Metals
17.18
11.29
191.58%
TSE:AYA
Aya Gold & Silver
27.12
12.67
87.68%
TSE:DSV
Discovery Silver
8.29
4.74
133.52%
First Majestic Silver Corporate Events
Business Operations and StrategyFinancial Disclosures
First Majestic Q1 Output Tracks Guidance as Resource Growth Spurs Jerritt Canyon Restart
Positive
Apr 9, 2026
First Majestic Silver reported first-quarter 2026 output of 3.5 million ounces of silver and 34,341 ounces of gold, alongside higher zinc, lead, and copper production from its four operating Mexican mines, tracking roughly a quarter of its full-ye...
Business Operations and Strategy
First Majestic Boosts 2025 Mineral Resources on Exploration Success
Positive
Apr 1, 2026
First Majestic Silver reported strong growth in its 2025 mineral reserves and resources across its Mexican operations and the Jerritt Canyon asset in Nevada. The company achieved a 4% year-over-year increase in silver-equivalent proven and probabl...
Business Operations and Strategy
First Majestic Drilling at Jerritt Canyon Points to Expanded Gold Resource Potential
Positive
Mar 10, 2026
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...
Business Operations and StrategyDividendsFinancial Disclosures
First Majestic Silver Posts Record 2025 Results and Boosts Balance Sheet
Positive
Feb 19, 2026
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 pric...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.