First Majestic Silver (AG) AI Stock Analysis

• Market Cap: C$5.98B
• Dividend Yield: 0.22%
• Average Volume (3M): 1.30M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.96
• Revenue Growth: 38.49%
• EPS Growth: -77.99%
• Country: CA
• Employees: 4,000
• Sector: Basic Materials
• Sector Strength: 66
• Industry: Silver
• EPS (TTM): 0.06
• Shares Outstanding: 484,590,480
• 10 Day Avg. Volume: 1,226,396
• 30 Day Avg. Volume: 1,300,407
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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$21.49
• Price Target Upside: 74.70% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5

• Rating: 70 Outperform
• Price Target: C$13.50 ▲(9.76% Upside)

First Majestic Silver's strong financial performance and positive corporate events are key strengths, driving the overall score. However, valuation concerns due to negative earnings impact the score negatively. The technical analysis supports a bullish outlook, further contributing to the positive assessment.

Positive Factors

Financial Performance

First Majestic's record financial results and strengthened liquidity position significantly improve its strategic flexibility.

Operational Efficiency

Management increased its production forecast for Los Gatos, Santa Elena, and San Dimas due to higher throughput rates and better recovery rates, indicating improved operational efficiency.

Production Growth

The company produced 7.9M Silver Equivalent Ounces, marking a significant 48% year-over-year growth, largely due to the acquisition of 70% ownership in the Cerro Los Gatos mine.

Negative Factors

Production Decline

Production at Santa Elena decreased 10% year-over-year due to lower grade ores from the Ermitaño mine.

Silver Grade Issues

Lower silver grade at Encantada resulted in silver production of 561koz, which was 26% below the estimate.

Valuation Concerns

First Majestic shares are viewed as appropriately priced given its elevated relative valuation compared with peers, forming the basis of a Market Perform rating.

First Majestic Silver Business Overview & Revenue Model

Company Description

First Majestic Silver Corp. is a Canadian mining company focused on silver production in Mexico. Established in 2002, the company operates several silver mines, including well-known properties such as the La Encantada, La Parrilla, San Dimas, and Santa Elena mines. First Majestic Silver is dedicated to sustainable mining practices and aims to increase its silver production while maintaining low costs. The company primarily produces silver but also extracts other metals, such as gold and lead, as by-products of its mining operations.

How the Company Makes Money

First Majestic Silver generates revenue primarily through the sale of silver and other precious metals extracted from its mining operations. The company engages in both the direct sale of its mined silver and the sale of by-product metals such as gold, which further diversifies its income. Key revenue streams include the sale of silver bullion, concentrate sales, and the processing of ore from its mines. Additionally, First Majestic may enter into contracts with customers to secure pricing and volume, enhancing revenue stability. The company also benefits from rising silver prices, which can significantly impact profit margins. Strategic partnerships with suppliers and customers can further contribute to its revenue, especially in securing favorable terms for metal sales and resource procurement.

First Majestic Silver Financial Statement Overview

Summary

The company shows strong revenue growth and cash flow management, but persistent net losses and negative ROE are significant concerns. The balance sheet is stable with reduced leverage.

Income Statement

The income statement shows mixed results with strengths in revenue growth and gross profit margin. Total revenue increased from $563.6M to $703.1M TTM, indicating a solid growth trajectory. Gross profit margin improved to 22.2% in TTM from 16.3% in 2024. However, the company has been struggling with net losses over the past years, with a net loss of $82.1M in TTM, indicating challenges in cost management or market conditions. EBIT and EBITDA margins of 7.3% and 29.3% respectively in TTM suggest operational efficiency improvements, but negative net profit margin needs addressing.

Balance Sheet

The balance sheet reflects a stable financial position with a strong equity base. The debt-to-equity ratio improved to 0.10 in TTM from 0.17 in 2024, indicating a decrease in leverage. Return on Equity (ROE) remains negative due to ongoing net losses, pointing to challenges in generating returns for shareholders. The equity ratio of 60.0% in TTM suggests a solid asset base supported by equity, providing financial stability. The company appears well-positioned to meet its obligations with a cash reserve of $417.4M in TTM.

Cash Flow

Cash flow analysis shows positive trends with operating cash flow rising to $195.0M in TTM from $152.0M in 2024, indicating improved cash generation. Free cash flow grew substantially by 33.3% to $49.1M in TTM. The operating cash flow to net income ratio is strong, reflecting effective cash management despite net losses. However, the free cash flow to net income ratio is impacted by negative net income. Overall, the company demonstrates robust cash flow management, enhancing financial flexibility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	703.06M	563.63M	576.38M	626.85M	587.23M	366.68M
Gross Profit	156.03M	91.90M	25.64M	16.75M	205.98M	105.05M
EBITDA	206.31M	114.47M	-54.50M	88.95M	156.09M	98.08M
Net Income	-82.08M	-101.89M	-135.11M	-114.28M	-4.92M	23.09M
Balance Sheet
Total Assets	4.03B	1.98B	1.98B	2.11B	2.12B	1.24B
Cash, Cash Equivalents and Short-Term Investments	417.38M	251.96M	187.96M	185.97M	264.41M	274.90M
Total Debt	234.37M	236.62M	256.51M	247.94M	221.09M	173.28M
Total Liabilities	1.20B	628.72M	618.24M	698.71M	714.02M	387.28M
Stockholders Equity	2.42B	1.35B	1.36B	1.41B	1.41B	850.24M
Cash Flow
Free Cash Flow	49.08M	36.85M	-90.37M	-198.69M	-120.24M	-34.78M
Operating Cash Flow	195.03M	151.97M	55.61M	18.99M	68.72M	79.71M
Investing Cash Flow	9.99M	-114.16M	-154.00M	-213.80M	-180.75M	-127.11M
Financing Cash Flow	47.78M	42.41M	64.65M	113.89M	111.82M	116.57M

First Majestic Silver Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 12.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AG, the sentiment is Positive. The current price of 12.3 is above the 20-day moving average (MA) of 11.70, above the 50-day MA of 11.51, and above the 200-day MA of 9.35, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 59.97 is Neutral, neither overbought nor oversold. The STOCH value of 94.09 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AG.

First Majestic Silver Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FVI	77 Outperform	C$2.97B	13.14	11.63%	―	13.55%	5720.77%
PAAS	75 Outperform	$15.97B	21.83	10.91%	1.29%	24.68%	―
AG	70 Outperform	C$5.98B	―	-4.57%	0.22%	38.49%	-77.99%
Sector *	61 Neutral	$10.08B	5.95	0.94%	3.00%	3.04%	-41.02%
MAG	57 Neutral	$3.31B	22.89	17.75%	1.70%	―	73.65%
AYA	54 Neutral	C$1.69B	152.08	-4.59%	―	88.60%	-684.16%
DSV	48 Neutral	$3.13B	―	-3.52%	―	―	-16.28%

First Majestic Silver Corporate Events

First Majestic Silver Achieves Record Financial Results in Q2 2025

First Majestic Silver Corp. reported record financial results for the second quarter of 2025, with a 48% increase in silver equivalent production and a 94% rise in quarterly revenue compared to the previous year. The company’s robust performance was driven by higher mine operating earnings, record EBITDA, and significant cash flow generation, highlighting its strong market positioning and operational efficiency. The integration of the Los Gatos Silver Mine is expected to bring further synergies and cost reductions, benefiting stakeholders and enhancing the company’s future prospects.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$10.25 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 to Discuss Q2 2025 Results in Upcoming Conference Call

First Majestic Silver Corp. announced it will host a conference call and webcast to discuss its second quarter 2025 production and earnings results, along with updated guidance. This announcement is significant for stakeholders as it provides insights into the company’s operational performance and future outlook, potentially impacting its market positioning and investor decisions.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$10.25 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 Reports Strong Q2 2025 Production and Positive Outlook

First Majestic Silver Corp. reported a significant increase in production for Q2 2025, with 7.9 million silver equivalent ounces produced, marking a 48% year-over-year growth. This increase was driven by a 76% rise in silver production and a 17% increase at San Dimas, despite weather-related disruptions. The company has revised its 2025 guidance positively, reflecting improved production and cost targets, and has announced a new high-grade gold and silver discovery at the Santa Elena property. The integration of the Los Gatos mine is progressing well, contributing to the company’s strong operational performance and positioning it favorably in the current metal price environment.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$11.25 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 Unveils New Gold-Silver Discoveries at Santa Elena

First Majestic Silver Corp. has announced a second significant discovery of gold-silver mineralization at the Santa Elena property in Sonora, Mexico, with the identification of the Santo Niño vein. This discovery, along with expanded drilling results from the Navidad discovery, highlights the growing potential of the Santa Elena district. The new findings are expected to extend the mine life and add value to First Majestic’s portfolio, reinforcing the district’s status as a prolific area for precious metal deposits.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$11.25 price target. To see the full list of analyst forecasts on First Majestic Silver stock, see the TSE:AG Stock Forecast page.

First Majestic Announces AGM Results and New Board Appointment

First Majestic Silver Corp. announced the results of its 2025 Annual General Meeting, where shareholders voted in favor of all matters except the non-binding Say on Pay Advisory Vote. Ayesha Hira, a seasoned mining executive, was appointed to the Board of Directors, bringing extensive experience in the mining sector and capital markets. This appointment is expected to strengthen the company’s strategic growth and industry positioning.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$11.25 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 Announces 2025 AGM and Urges Shareholder Participation

First Majestic Silver Corp. has announced its upcoming Annual General Meeting (AGM) scheduled for May 20, 2025, in Vancouver, British Columbia. The company encourages shareholders to vote on the resolutions presented, with the Board of Directors recommending a ‘FOR’ vote on all resolutions. The meeting is significant for stakeholders as it involves decisions that could impact the company’s future operations and strategic direction. Shareholders are urged to participate either in person or through proxy voting, with assistance available from Kingsdale Advisors to facilitate the voting process.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$11.25 price target. To see the full list of analyst forecasts on First Majestic Silver stock, see the TSE:AG Stock Forecast page.