First Majestic Silver (TSE:AG)
TSX:AG
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First Majestic Silver
(TSX:AG)
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Rating:72Outperform
Price Target:
C$33.00
▲(11.94% Upside)
Action:UpgradedDate:04/01/26
The score is driven primarily by improved 2025 financial performance and a constructive earnings-call outlook (strong cash, free-cash-flow momentum, and growth plans). Offsetting factors are a weaker near-term technical picture and a demanding P/E despite the high dividend yield.
Positive Factors
Conservative leverage and strong liquidity
Low debt (debt-to-equity ~0.11) and a large cash/working-capital buffer give First Majestic durable financial flexibility. This reduces refinancing and liquidity risk across commodity cycles, supports sustaining/growth capex, and underpins the company’s ability to fund operations, dividends, or opportunistic M&A without heavy external borrowing.
Negative Factors
Cyclical and volatile historical profitability
Historic swings to losses and negative ROE indicate earnings are highly cyclical and commodity-dependent. Even with a 2025 rebound, recurring volatility undermines predictability of cash flow, makes multi-year planning harder, and raises the risk that downturns could materially compress margins, dividends, and reinvestment capacity.
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Positive Factors
Negative Factors
Conservative leverage and strong liquidity
Low debt (debt-to-equity ~0.11) and a large cash/working-capital buffer give First Majestic durable financial flexibility. This reduces refinancing and liquidity risk across commodity cycles, supports sustaining/growth capex, and underpins the company’s ability to fund operations, dividends, or opportunistic M&A without heavy external borrowing.
Read all positive factors
First Majestic Silver (AG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$14.36B
Dividend Yield0.12%
Average Volume (3M)1.90M
Price to Earnings (P/E)47.7
Beta (1Y)3.37
Revenue Growth88.70%
EPS GrowthN/A
CountryCA
Employees5,100
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)0.41
Shares Outstanding493,724,640
10 Day Avg. Volume1,552,866
30 Day Avg. Volume1,900,191
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$35.80Price Target Upside21.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.06
Revenue Forecast (FY)C$1.66B
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:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call presented multiple clear operational and financial positives: higher production, strong realized silver prices in Q4, record revenue near $1.2–$1.3 billion, a substantial cash balance (~$940M), stepped-up free cash flow, rapid ramp and high profitability from the new Mint, successful integration of the Gatos acquisition, declared expansion projects, and a doubled dividend policy. These highlights outweigh the manageable negatives disclosed: a modest AISC miss (~$1/oz) driven by a late-year collapse in byproduct conversion (reducing ~1.4M AgEq ounces), an unresolved tax provision with SAT, some year-end inventory timing effects, and market-level refinery financing/price volatility risks. Overall, the positives (strong cash generation, balance sheet strength, growth projects and shareholder returns) materially exceed the lowlights.Positive Updates
Strong Production Volumes
Q4 produced 4.2 million pure silver ounces and the company produced just over 15 million pure silver ounces for FY2025. On a silver-equivalent basis the company delivered just over 31 million ounces for the year, coming in at or above revised guidance.
Negative Updates
All-in Sustaining Cost (AISC) Miss
AISC came in about $1/oz higher than guidance assumptions. Management attributed the miss primarily to the collapse in the byproduct conversion ratio late in the year; they estimate that, under guidance conversion assumptions, AISC would have been in the ~$20 range (per silver-equivalent).
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Q4-2025 Updates
Positive
Negative
Strong Production Volumes
Q4 produced 4.2 million pure silver ounces and the company produced just over 15 million pure silver ounces for FY2025. On a silver-equivalent basis the company delivered just over 31 million ounces for the year, coming in at or above revised guidance.
Read all positive updates
Company Guidance
On guidance, First Majestic set 2026 targets of about 13–14 million pure silver ounces and 110,000–130,000 ounces of gold (the remainder in lead and zinc), locked the silver:gold conversion at 75:1 to reduce volatility, and committed to ~266 kilometers of drilling while expanding throughput (Santa Elena to ~3,500 tpd in H2 2026; Gatos to ~4,000 tpd); they are targeting continued strong free cash flow, have doubled the dividend policy from 1% to 2% of revenue effective Q1 2026, and remain open to capital-allocation options. For context, 2025 produced ~15 million pure silver ounces (4.2M in Q4) and ~31M silver‑equivalent ounces, delivered roughly $1.2–$1.3 billion in revenue, a Q4 realized silver price just under $59/oz (year average $41.52/oz), Mint results of ~ $23M in Q4 and ~ $50M revenue / ~$24M profit for the year, cash of ~ $940M and working capital of ~$733M; management noted AISC was about $1/oz above guidance due to conversion effects (≈1–1.4M Ag‑eq oz reduction) and said AISC would have been in the ~$20/oz range otherwise.First Majestic Silver Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
77
Positive
| 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
Positive
29.48
Price Trends
32.06
Negative
28.71
Positive
21.64
Positive
Market Momentum
-0.66
Negative
48.32
Neutral
31.62
Neutral
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 29.48 is above the 20-day moving average (MA) of 28.63, below the 50-day MA of 32.06, and above the 200-day MA of 21.64, indicating a neutral trend. The MACD of -0.66 indicates Negative momentum. The RSI at 48.32 is Neutral, neither overbought nor oversold. The STOCH value of 31.62 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$33.27B | 11.93 | 16.85% | 0.88% | 25.04% | ― | |
73 Outperform | C$4.38B | 9.95 | 18.47% | ― | 7.61% | 915.74% | |
72 Outperform | C$14.36B | 47.66 | 6.49% | 0.12% | 88.70% | ― | |
71 Outperform | C$3.74B | -29.08 | -2.37% | 0.29% | 37.50% | -60.92% | |
66 Neutral | C$8.29B | 38.62 | 29.78% | ― | ― | ― | |
65 Neutral | C$3.50B | 43.08 | 12.50% | ― | 241.04% | -80.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:AG
First Majestic Silver
29.48
20.58
231.20%
TSE:FVI
Fortuna Mining Corp
14.90
6.16
70.48%
TSE:PAAS
Pan American Silver
80.95
44.21
120.35%
TSE:SVM
Silvercorp Metals
17.57
12.31
233.71%
TSE:AYA
Aya Gold & Silver
24.82
13.71
123.40%
TSE:DSV
Discovery Silver
10.92
8.03
277.85%
First Majestic Silver Corporate Events
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.