First Majestic Silver (AG) AI Stock Analysis

• Market Cap: C$19.04B
• Dividend Yield: 0.12%
• Average Volume (3M): 2.41M
• Price to Earnings (P/E): 47.7
• Beta (1Y): 3.17
• 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: 491,228,850
• 10 Day Avg. Volume: 2,310,626
• 30 Day Avg. Volume: 2,406,268
• 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$33.58
• Price Target Upside: -13.33% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.81
• Revenue Forecast (FY): C$1.72B

• Rating: 74 Outperform
• Price Target: C$48.00 ▲(23.87% Upside)
• Action: Upgraded Date: 02/21/26
• Date: Action: Upgraded 02/21/26

The score is driven primarily by improved 2025 financial performance (profitability and free cash flow rebound with low leverage) and strong bullish technical trend signals. These positives are meaningfully offset by expensive valuation (very high P/E), which raises sensitivity to any earnings or commodity-cycle reversal.

Positive Factors

2025 profitability rebound

The sharp 2025 revenue and margin recovery improves the company’s ability to self-fund sustaining and growth capex and supports consistent operating cash flow. If maintained, higher margins reduce sensitivity to cost inflation and improve resilience across commodity cycles.

Conservative leverage

Very low debt-to-equity gives the company flexibility to withstand metal-price shocks, fund mine development, and prioritize deleveraging or shareholder returns. A conservative balance sheet materially lowers refinancing and liquidity risk through cyclical downturns.

Stronger cash generation

Material operating and free cash flow in 2025 increases the firm’s capacity to reinvest in mining projects, cover sustaining capex, and build cash buffers. Sustainable cash generation is key for funding exploration and maintaining operations during lower-price periods.

Negative Factors

Earnings volatility

Historical swings from losses to profits indicate earnings are driven by commodity cycles, reserve grades and episodic costs. This volatility undermines long-term earnings predictability, complicates capital allocation and can pressure investor returns during multi-year downturns.

Weak FCF conversion

Sub‑one free cash flow to net income ratio shows earnings do not fully convert to cash after reinvestment and working capital. That limits durable cash available for debt reduction, dividends or growth during weaker commodity phases and raises capital‑need risk.

Commodity price exposure

Revenue and margins depend on spot silver and gold pricing and payable terms; absent structural hedging/offtake details, earnings and cash flow remain exposed to prolonged metal-price declines. This structural sensitivity constrains forecast certainty and strategic planning.

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 Silver generates revenue primarily through the sale of silver and other precious metals produced at its mining operations. The company has a diversified revenue model that includes the sales of silver bullion, gold, and by-products like lead and zinc. The price of silver is a significant driver of revenue, as the company sells its output on the open market, where prices can fluctuate based on global demand and supply dynamics. Additionally, First Majestic may enter into hedging contracts to manage price volatility and secure revenue streams. The company also benefits from partnerships and agreements with other mining firms for processing and distribution, further contributing to its earnings. Key factors influencing its revenue include operational efficiency, production levels, metal prices, and the overall economic environment affecting mining operations.

First Majestic Silver Financial Statement Overview

Summary

2025 showed a strong rebound with sharply improved profitability (revenue +32.4%, net margin ~13.1%) and much better cash generation (positive operating cash flow and free cash flow). Balance sheet leverage is conservative (debt-to-equity ~0.11), but results have been volatile across 2022–2024 with losses and weaker cash flow, making sustainability the key risk.

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: Positive
• Last Price: 38.75
• 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 38.75 is above the 20-day moving average (MA) of 34.80, above the 50-day MA of 30.54, and above the 200-day MA of 18.42, indicating a bullish trend. The MACD of 3.33 indicates Negative momentum. The RSI at 58.58 is Neutral, neither overbought nor oversold. The STOCH value of 85.63 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
PAAS	76 Outperform	C$35.62B	11.93	16.72%	0.88%	25.04%	―
AG	74 Outperform	C$19.04B	47.66	8.02%	0.12%	88.70%	―
FVI	73 Outperform	C$5.15B	9.95	19.10%	―	7.61%	915.74%
SVM	71 Outperform	C$3.71B	-29.08	-2.37%	0.29%	37.50%	-60.92%
DSV	66 Neutral	C$7.95B	52.99	30.29%	―	―	―
AYA	62 Neutral	C$3.77B	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 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.

First Majestic Silver Announces $60M Sale of Del Toro Mine

First Majestic Silver Corp. has entered an agreement to sell its 100%-owned Del Toro Silver Mine in Zacatecas, Mexico, to Sierra Madre Gold & Silver Ltd. for up to $60 million through a combination of cash and shares. This transaction allows First Majestic to streamline its operations while providing Sierra Madre with an opportunity to enhance its asset base through a significant mining project, subject to several conditions including private placement financing and regulatory approvals.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$23.00 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 Completes $350 Million Convertible Notes Offering

First Majestic Silver Corp. has successfully completed a US$350 million offering of convertible senior notes, which includes an additional US$50 million from an over-allotment option. The proceeds will partially be used to repurchase existing notes due in 2027, with the remainder allocated for general corporate purposes and strategic opportunities. This financial maneuver aims to optimize the company’s capital structure and support its growth initiatives, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$23.00 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 Announces Pricing of $300 Million Convertible Notes Offering

First Majestic Silver Corp. has announced the pricing of its offering of unsecured convertible senior notes due 2031, aiming to raise $300 million, with an option to increase to $350 million. The proceeds will be used to repurchase a portion of its existing convertible notes due 2027 and for general corporate purposes, potentially impacting its financial flexibility and strategic positioning.

The most recent analyst rating on (TSE:AG) stock is a Buy with a C$21.00 price target. To see the full list of analyst forecasts on First Majestic Silver stock, see the TSE:AG Stock Forecast page.