First Majestic Silver (AG) AI Stock Analysis

• Market Cap: C$8.65B
• Dividend Yield: 0.15%
• Average Volume (3M): 2.82M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.82
• Revenue Growth: 66.45%
• EPS Growth: 92.96%
• Country: CA
• Employees: 4,000
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Silver
• EPS (TTM): 0.06
• Shares Outstanding: 488,551,330
• 10 Day Avg. Volume: 3,162,510
• 30 Day Avg. Volume: 2,818,727
• PEG Ratio: 0.57
• Price to Book (P/B): 1.17
• Price to Sales (P/S): 2.80
• P/FCF Ratio: 42.79
• 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$28.66
• Price Target Upside: 61.90% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5

• Rating: 70 Outperform
• Price Target: C$19.50 ▲(10.17% Upside)

First Majestic Silver's strong financial performance, particularly in revenue and cash flow growth, combined with positive earnings call sentiment, drives the overall score. Technical indicators support a bullish trend, though valuation concerns due to negative profitability metrics slightly offset the positives.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong market demand and effective operational strategies, enhancing long-term financial stability.

Cash Position

A strong cash position provides financial flexibility for future investments and operational resilience, supporting sustainable growth.

Operational Integration

Successful integration of new operations enhances efficiency and synergy, strengthening the company's competitive position in the industry.

Negative Factors

Profitability Challenges

Persistent profitability issues could hinder long-term financial health, affecting the company's ability to reinvest and grow.

Cost Inflation

Rising costs can erode margins, challenging the company's ability to maintain competitive pricing and profitability.

Energy Disruptions

Operational disruptions due to energy issues can affect production consistency and reliability, impacting overall performance.

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 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

First Majestic Silver shows strong revenue growth and cash flow improvements, with a solid balance sheet and low leverage. However, profitability remains a challenge, with a negative net profit margin and return on equity.

Income Statement

First Majestic Silver's income statement shows a positive trajectory with a significant revenue growth rate of 18.2% TTM, indicating strong sales performance. The gross profit margin improved to 22.2% TTM, reflecting better cost management. However, the net profit margin remains negative at -11.7% TTM, suggesting challenges in achieving profitability. The EBIT and EBITDA margins have improved to 6.3% and 29.3% TTM, respectively, indicating better operational efficiency.

Balance Sheet

The balance sheet of First Majestic Silver is relatively strong, with a low debt-to-equity ratio of 0.097 TTM, indicating conservative leverage. The equity ratio is solid, reflecting a strong capital base. However, the return on equity is negative at -5.0% TTM, highlighting challenges in generating returns for shareholders.

Cash Flow

The cash flow statement shows robust growth in free cash flow, with a growth rate of 103.3% TTM, indicating improved cash generation. The operating cash flow to net income ratio is healthy at 1.06 TTM, suggesting efficient cash conversion. However, the free cash flow to net income ratio is relatively low at 0.25 TTM, indicating room for improvement in translating profits into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	827.01M	533.69M	583.10M	605.64M	574.31M	382.33M
Gross Profit	177.85M	76.92M	16.07M	8.75M	94.90M	116.55M
EBITDA	314.21M	118.13M	-46.92M	92.22M	161.20M	105.54M
Net Income	15.50M	-96.99M	-137.30M	-110.87M	-4.84M	24.26M
Balance Sheet
Total Assets	4.09B	1.98B	1.96B	2.13B	2.10B	1.24B
Cash, Cash Equivalents and Short-Term Investments	465.58M	251.81M	186.61M	187.79M	274.38M	274.34M
Total Debt	234.04M	236.88M	254.67M	250.38M	219.01M	172.93M
Total Liabilities	1.19B	628.34M	613.79M	705.56M	707.30M	386.50M
Stockholders Equity	2.49B	1.35B	1.35B	1.43B	1.40B	848.53M
Cash Flow
Free Cash Flow	97.75M	8.17M	-100.05M	-198.17M	-75.27M	-40.95M
Operating Cash Flow	266.52M	117.76M	48.29M	13.03M	110.52M	79.34M
Investing Cash Flow	-11.65M	-108.68M	-156.50M	-207.43M	-177.72M	-133.56M
Financing Cash Flow	-18.40M	48.72M	74.31M	113.57M	114.19M	126.90M

First Majestic Silver Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 17.70
• 50DMA: Positive
• 100DMA: Positive
• 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 Positive. The current price of 17.7 is below the 20-day moving average (MA) of 18.34, above the 50-day MA of 15.31, and above the 200-day MA of 10.94, indicating a neutral trend. The MACD of 1.04 indicates Positive momentum. The RSI at 52.61 is Neutral, neither overbought nor oversold. The STOCH value of 11.30 is Positive, 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	79 Outperform	C$21.17B	25.09	10.91%	1.17%	24.68%	―
FVI	71 Outperform	C$3.47B	15.14	11.63%	―	13.55%	5720.77%
AG	70 Outperform	C$8.65B	―	0.76%	0.15%	66.45%	92.96%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MAG	57 Neutral	―	―	―	―	―	73.65%
AYA	52 Neutral	C$2.43B	152.08	-3.11%	―	130.83%	-208.57%
DSV	48 Neutral	$4.28B	―	-3.52%	―	―	-16.28%

First Majestic Silver Corporate Events

First Majestic Silver Achieves Record Silver Production in Q3 2025

In the third quarter of 2025, First Majestic Silver Corp. achieved record silver production, producing 7.7 million silver equivalent ounces, including 3.9 million silver ounces and 35,681 gold ounces. This marked a 96% year-over-year increase in silver production, driven by operational improvements and the integration of the Los Gatos Silver Mine. The company also reported positive exploration results and maintained strong safety and sustainability practices, earning recognition for its efforts. Despite higher silver prices reducing reported silver-equivalent production by approximately 400,000 ounces, the company’s performance remains strong, with production tracking at or above guidance.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$18.50 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 Releases Updated Technical Reports for Mexican Mines

First Majestic Silver Corp. has released two technical reports with an effective date of August 31, 2025, detailing the mineral resource and reserve estimates for its San Dimas Silver/Gold Mine and La Encantada Silver Mine in Mexico. These reports, dated September 24, 2025, provide updated assessments of the mineral resources and reserves, which are crucial for the company’s strategic planning and operational decisions. The release of these reports is significant for stakeholders as it offers insights into the company’s resource base and potential future production capabilities, potentially impacting its market positioning and investor confidence.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$12.50 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 Positive Drilling Results at Los Gatos

First Majestic Silver Corp. has reported positive results from its exploration drilling at the Los Gatos Silver Mine in Chihuahua, Mexico. The drilling, aimed at expanding silver, zinc, lead, copper, and gold mineralization, has shown significant mineralization across several zones, reinforcing the potential for resource growth. This expansion supports the company’s strategic goal of increasing its mineral resources, thereby enhancing its position in the mining industry and potentially benefiting stakeholders through increased production capacity.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$12.50 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 Shines in Earnings Call

First Majestic Silver’s recent earnings call painted a picture of robust financial health and promising growth prospects. The company celebrated significant achievements in production, revenue, and cash flow, despite facing challenges such as cost inflation and operational disruptions. The overall sentiment was optimistic, with a focus on successful integration of new operations and strong exploration activities.

First Majestic Reports Promising Exploration Results at San Dimas

First Majestic Silver Corp. announced positive exploration results from its San Dimas Silver/Gold Mine, highlighting high-grade silver and gold mineralization in multiple veins, including the newly discovered Coronado vein. These results underscore the mine’s potential for expansion and resource growth, reinforcing its status as a cornerstone asset for the company’s long-term growth strategy.

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 Record Q2 2025 Results

First Majestic Silver Corp. is a mining company focused on silver and gold production, operating primarily in Mexico and the United States, with a unique feature of owning its own minting facility. The company announced record financial results for the second quarter of 2025, highlighted by a significant increase in silver equivalent production and revenue. Key financial metrics include a 94% year-over-year increase in revenue to $264.2 million, driven by a 48% rise in silver equivalent production and a 24% increase in average realized silver prices. The company also reported record EBITDA of $119.9 million and net earnings of $56.6 million, reversing a net loss from the previous year. Looking ahead, First Majestic remains optimistic about realizing synergies and cost reductions following the integration of the Los Gatos Silver Mine, and continues to focus on exploration and development projects to sustain its growth trajectory.

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.