First Majestic Silver (TSE:AG)
TSX:AG
Top Page
First Majestic Silver
(TSX:AG)
Select Model
Select Model
Rating:67Neutral
Price Target:
C$31.00
▲(8.05% Upside)
Action:DowngradedDate:03/20/26
The score is led by improved 2025 financial performance and a strong balance sheet with low leverage. Offsetting this are weak technicals (below key moving averages with negative MACD) and a rich P/E multiple despite a high dividend yield.
Positive Factors
Improved 2025 Profitability
The sharp profitability rebound in 2025 signals durable operational recovery: higher margins and stronger operating cash flow create headroom for sustaining operations, funding growth capex, and supporting distributions. This structural improvement reduces refinancing and liquidity risk over the next several quarters.
Negative Factors
Cyclicality and Past Losses
The company's history of multi-year volatility and prior losses shows earnings are swingy, not yet reliably compounding. That structural cyclicality raises the risk that current improvements could reverse in a downturn, pressuring equity value, distributions, and long-term reinvestment plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved 2025 Profitability
The sharp profitability rebound in 2025 signals durable operational recovery: higher margins and stronger operating cash flow create headroom for sustaining operations, funding growth capex, and supporting distributions. This structural improvement reduces refinancing and liquidity risk over the next several quarters.
Read all positive factors
First Majestic Silver (AG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$14.15B
Dividend Yield0.12%
Average Volume (3M)2.13M
Price to Earnings (P/E)47.7
Beta (1Y)3.49
Revenue Growth88.70%
EPS GrowthN/A
CountryCA
Employees4,000
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)0.42
Shares Outstanding493,137,300
10 Day Avg. Volume2,579,234
30 Day Avg. Volume2,131,100
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$35.97Price Target Upside25.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.8
Revenue Forecast (FY)C$1.72B
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:Aug 14, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The earnings call highlighted significant achievements in production, revenue, and cash flow, with successful integration of new operations and strong exploration activities. While there were challenges related to cost inflation and operational disruptions, the overall financial performance and future growth prospects appear robust.Positive Updates
Record Silver Production
Silver production increased to 3.7 million ounces, up 76% year-over-year.
Negative Updates
Cost Inflation Impact
Inflationary pressures led to increased costs, particularly in the Mexican mining sector, affecting operational expenses.
Read all updates
Q2-2025 Updates
Positive
Negative
Record Silver Production
Silver production increased to 3.7 million ounces, up 76% year-over-year.
Read all positive updates
Company Guidance
During the First Majestic Silver 2025 Q2 Financial Results Conference Call, the company provided updated guidance for 2025, highlighting several key metrics and achievements. The company reported a record quarterly revenue of $268 million, representing a 94% increase year-over-year, and an EBITDA of $120 million. Silver production reached 3.7 million ounces, marking a 76% increase year-over-year, while silver equivalent production stood at 7.9 million ounces, up 48% year-over-year. First Majestic Silver also noted a strong cash position of $510 million and a growing treasury. The company is on track to achieve its guidance of 30 to 32 million silver equivalent ounces for the year, with significant investments in exploration, including 255,000 meters expected to be drilled this year. Additionally, the integration of Cerro Los Gatos was highlighted as smooth, with synergies being realized across operations. The company emphasized its strong balance sheet, continued dividend payments, and ongoing strategic initiatives to sustain production and improve efficiencies across its mines.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
28.69
Price Trends
32.82
Negative
26.90
Positive
20.38
Positive
Market Momentum
-1.94
Positive
43.78
Neutral
47.47
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 28.69 is below the 20-day moving average (MA) of 32.02, below the 50-day MA of 32.82, and above the 200-day MA of 20.38, indicating a neutral trend. The MACD of -1.94 indicates Positive momentum. The RSI at 43.78 is Neutral, neither overbought nor oversold. The STOCH value of 47.47 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$30.28B | 19.86 | 16.85% | 0.88% | 25.04% | ― | |
73 Outperform | C$4.03B | 9.95 | 18.47% | ― | 7.61% | 915.74% | |
71 Outperform | C$3.13B | -29.08 | -2.37% | 0.29% | 37.50% | -60.92% | |
67 Neutral | C$14.15B | 47.66 | 6.49% | 0.12% | 88.70% | ― | |
66 Neutral | C$6.64B | 52.99 | 27.12% | ― | ― | ― | |
62 Neutral | C$2.61B | 32.28 | 0.76% | ― | 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
28.69
19.05
197.61%
TSE:FVI
Fortuna Mining Corp
13.19
4.43
50.57%
TSE:PAAS
Pan American Silver
71.77
35.17
96.10%
TSE:SVM
Silvercorp Metals
14.22
8.69
156.96%
TSE:AYA
Aya Gold & Silver
18.25
7.45
68.98%
TSE:DSV
Discovery Silver
8.19
6.12
295.65%
First Majestic Silver Corporate Events
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.