Summary of share price highs, lows and changes for First Majestic Silver
Historical stock prices
Current Share Price	CA$18.90
52 Week High	CA$32.04
52 Week Low	CA$7.74
Beta	2.07
1 Month Change	-7.44%
3 Month Change	-13.06%
1 Year Change	128.54%
3 Year Change	239.32%
5 Year Change	18.27%
Change since IPO	47.20%

Recent News & Updates

Seeking Alpha • May 13

First Majestic Silver: Recent Developments Demand An Upgrade

Summary First Majestic Silver is upgraded to Hold after a significant price drop, with long-term macro tailwinds supporting long-term repricing potential. AG posted a strong quarter: 95% revenue growth, 182% higher operating cash flow, and $223.5M in FCF, while maintaining a robust balance sheet with nearly $1B in cash. Operationally, AG announced advancing with the Jerritt Canyon restart plan ($75M investment for H2 2027), with their well-timed Gatos acquisition and the capital allocation reflecting discipline. Macroeconomic catalysts—geopolitical tensions, Japan’s treasury moves, and structural shifts—could drive precious metals higher, but silver’s industrial demand presents both opportunity and risk. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • May 13

First Majestic Silver: Recent Developments Demand An Upgrade

New Narrative • Feb 22

First Majestic Silver may see 13.12% profit margin growth in 3 years

First Majestic Silver AG Target Price 80 dollars Valuation Framework The 80 dollar target is based on the following assumptions Silver price 150 dollars per ounce Fully diluted shares approximately 515 million Estimated operating cash flow approximately 2.1 billion dollars Cash flow per share approximately 4.0 to 4.2 dollars Bull market multiple 18 to 20 times P to CF Implied valuation range 72 to 84 dollars per share Key Investment Drivers Strong Silver Leverage Annual production 15.4 million ounces of silver Every 10 dollar increase in silver price adds approximately 150 million dollars in cash flow The company is now a high torque silver exposure vehicle Los Gatos Expansion Mill throughput expected to increase toward 4000 tonnes per day Production growth anticipated after 2026 Expansion expected to be internally funded which limits dilution risk Strong Balance Sheet Net Cash Cash 793 million dollars Total debt 292 million dollars Net cash position approximately 500 million dollars This provides financial flexibility reduces downside risk and supports growth and dividend capacity Revenue Linked Dividend Policy Dividend increased to 2 percent of revenues At higher silver prices this structure leads to materially higher dividend payouts and increases institutional attractiveness Multiple Re Rating Potential Current valuation approximately 9 to 10 times P to CF In a silver bull market producers typically re rate to 18 to 20 times P to CF This implies substantial upside even without production growth Shift to Silver Dominant Production Profile Following the Los Gatos acquisition Higher silver weighting Gold primarily a by product This increases sensitivity to rising silver prices Key Risks Silver price declining below 60 dollars per ounce Apparent AISC inflation due to silver equivalent accounting Potential future dilution if equity financing is used The net cash position mitigates financial risk Conclusion Under a 150 dollar silver scenario Estimated operating cash flow approximately 2.1 billion dollars Cash flow per share approximately 4.1 dollars Bull market multiple approximately 19 times Target Price 80 dollars per share Valuation range 60 to 80 dollars Upside case in a silver mania above 80 dollars

Seeking Alpha • Apr 28

First Majestic Silver: A Better Start To 2025

Summary First Majestic reported 88% year-over-year growth in silver production in Q1-25, benefiting from 10 weeks of production from its 70% owned Cerro Los Gatos Mine (new acquisition). Unfortunately, the growth from CLG was offset by sharply declining grades at its legacy assets, and while headline production soared, production per share remains in steady decline. Unfortunately, this same trend is present in reserves per share, which remain in sharp decline because of significant dilution from the Gatos acquisition and poor reserve replacement at San Dimas. In this update we'll dig into the preliminary Q1-25 results, recent developments, and whether the stock is offering an adequate margin of safety at current levels. Read the full article on Seeking Alpha

Seeking Alpha • Feb 07

First Majestic Silver: Another Miss On Annual Guidance

Summary First Majestic Silver Corp.'s 2024 production missed guidance for the third consecutive year, with significant declines in both silver and gold output because of lower grades. On a positive note, the portfolio enters 2025 in a much stronger position, having added 70% of a higher-margin asset in CLG. Meanwhile, exploration success continues at Santa Elena, suggesting the potential for material resource growth at depth adjacent to its Ermitano Mine. In this update, we'll dig into the preliminary AG Q4 results, recent developments and whether First Majestic offers an adequate margin of safety at current levels. Read the full article on Seeking Alpha

Seeking Alpha • Jan 21

First Majestic Silver Corp.: A Major Plus In Acquiring Gatos Silver, Inc.

Summary First Majestic Silver Corp.'s merger with Gatos Silver, Inc. is a game changer, boosting annual production to 30-32 million silver equivalent ounces. The merger adds a positive free cash flow asset, Cerro Los Gatos, to First Majestic's portfolio, enhancing long-term growth prospects. Despite geopolitical risks, Mexico remains an accommodative mining jurisdiction; however, trade tariffs could pose challenges. Given the merger's potential and silver's strong outlook, I rate First Majestic a buy and expect a sparkling 2025 for silver producers. Read the full article on Seeking Alpha

Seeking Alpha • Dec 31

First Majestic Silver: A Soft Q3 Operationally With Continued Share Dilution

Summary First Majestic Silver Corp. reported a 20% decline in silver production and an 11% decline in gold production in Q3 '24 compared to Q3 '23. Unfortunately, this was coupled with higher all-in sustaining costs despite the benefit of a weaker Mexican Peso and lower sustaining capital spend year-over-year. In this update, we'll dig into the dynamics surrounding the Gatos Silver transaction, the company's Q3 '24 results and where the stock's updated buy zone lies. Read the full article on Seeking Alpha

Seeking Alpha • Oct 30

First Majestic Silver And Gatos Silver Merger: A Better Combined Company

Summary The First Majestic Silver Corp. acquisition of Gatos Silver, Inc. improves First Majestic's FCF (free cash flow), balance sheet, and costs substantially. The combination of First Majestic Silver and Gatos Silver creates one of the few major silver producers and is likely a go-to name for investors. This merger deal should close in either Q4 2024 or January 2025. Read the full article on Seeking Alpha

Seeking Alpha • Oct 22

First Majestic Silver: A Lot More Silver, But Far Less Silver Per Share

Summary First Majestic Silver Corp.'s Q3 2024 production saw another significant decline year-over-year due to lower grades at its two largest mines, and much lower throughput at San Dimas. Meanwhile, its recent acquisition of Gatos Silver aims to bolster silver production but results in substantial share dilution, with per share production set to take another stairstep lower. In this update, we'll dig into the recent production results & acquisition, how it changes First Majestic's production growth & per share metrics, and if it changes the investment thesis. Read the full article on Seeking Alpha

Seeking Alpha • Aug 22

First Majestic Silver: Continued Share Dilution Despite Record Gold Prices

Summary First Majestic had another mediocre quarter in Q2 2024, reporting a 20% decline in silver production and a 13% decline in gold production. Unfortunately, these figures were far uglier on a per share basis given that First Majestic remains active with ATM sales, with over 14 million shares sold already year-to-date. In this update we'll dig into the Q2-24 results, recent developments and whether the stock is finally offering an adequate margin of safety after its 80% correction. Read the full article on Seeking Alpha

Seeking Alpha • Aug 01

First Majestic Silver: Still A Money Loser

Summary First Majestic Silver Corp. saw a sequential increase in Q2 production, with improvements anticipated in the second half of the year. Strong metal prices are benefiting the company, but revenue declined due to lower sales and production issues. Despite ongoing losses, First Majestic has a respectable cash balance. Really tough to justify buying when a company is losing money at these prices. Read the full article on Seeking Alpha

Seeking Alpha • May 22

First Majestic Silver: Limited Margin Of Safety At Current Levels

Summary First Majestic Silver Corp. had a slow start to 2024, reporting a plunge in gold/silver production at higher costs. Fortunately, its Q2 outlook is much better given the recent spike in silver, but this already looks priced into the stock at over 60x FY2024 free cash flow estimates. In this update, we'll dig into the First Majestic Silver Corp. Q1 results, its valuation vs. other precious metals names, and why the stock continues to be an inferior buy-the-dip candidate. Read the full article on Seeking Alpha

Seeking Alpha • Apr 21

First Majestic Silver: A Slow Start To The Year

Summary First Majestic Silver had a tough Q1 with declines in silver and gold production because of difficult year-over-year comparisons and mining in lower grade areas at San Dimas. On a positive note, the company has finally hit a water source at La Encantada & Jerritt's restart potential is looking better in a $2,350/oz gold price environment. In this update, we'll dig into the Q1 production figures, its FY2023 reserve update, and where the stock's updated buy zone lies. Read the full article on Seeking Alpha

Seeking Alpha • Feb 25

First Majestic Silver: Another Disappointing Year

Summary First Majestic Silver reported a significant decline in annual gold production, with Jerritt Canyon taken offline, resulting in a sharp drop in silver-equivalent production and revenue. Meanwhile, the company saw another free cash outflow and continued to be quite active on its ATM, resulting in continued declines in per-share metrics with lower production/higher share count. In this update, we'll dig into the Q4 and FY2023 results, recent developments, and see whether First Majestic is finally sitting at a level where it's worthy of investment. Read the full article on Seeking Alpha

Seeking Alpha • Feb 13

First Majestic Silver: Consistent Losses, Can They Turn It Around?

Summary First Majestic Silver's stock price has plummeted over the past three years, down 73.6% and 58% compared to ten years ago. The company's financials show consistent losses and a significant pre-tax profit margin of -15%. The lack of growth opportunities and high valuation make First Majestic Silver a strong sell. Read the full article on Seeking Alpha

Seeking Alpha • Jan 22

First Majestic Silver: A Weak Q4 With A High-Cost Year On Deck

Summary First Majestic Silver missed its FY2024 silver production estimates and 2024 production is expected to decline year-over-year based on current guidance. Unfortunately, the 2024 outlook suggests negative free cash flow at current metals prices, and I would not be surprised to see additional share dilution in 2024. In this update, we'll dig into the Q4/full-year results, the company's outlook for 2024 & if the stock is finally offering enough of a margin of safety for investment. Read the full article on Seeking Alpha

Seeking Alpha • Nov 19

First Majestic Silver: Another Underwhelming Quarter

Summary First Majestic Silver had another underwhelming quarter with sales down sharply (Jerritt Canyon offline), and margins also significantly despite its highest-cost asset being in C&M. Meanwhile, we saw ~9% share dilution year-over-year through use of its ATM, and despite the violent correction, it continues to trade at a rich multiple from a P/NAV standpoint. In this update, we'll dig into the Q3 results, its per share metrics & and whether the stock finally getting attractive from a relative value standpoint. Read the full article on Seeking Alpha

Shareholder Returns

	AG	US Metals and Mining	US Market
7D	10.1%	6.7%	2.2%
1Y	128.5%	78.6%	24.8%

Return vs Industry: AG exceeded the US Metals and Mining industry which returned 74.5% over the past year.

Return vs Market: AG exceeded the US Market which returned 23.5% over the past year.

Price Volatility

Is AG's price volatile compared to industry and market?
AG volatility
AG Average Weekly Movement	10.6%
Metals and Mining Industry Average Movement	9.7%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.7%
10% least volatile stocks in US Market	3.1%

Stable Share Price: AG has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: AG's weekly volatility (11%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1979	n/a	Keith Neumeyer	www.firstmajestic.com

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties in North America. The company explores for silver and gold deposits. Its projects include the San Dimas silver/gold mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena silver/gold mine that covers an area of approximately 102,244 hectares located in Sonora State, Mexico; the Los Gatos Silver Mine covering an area of approximately 103,000 hectares located in Chihuahua, Mexico; and the La Encantada silver mine that covers an area of approximately 4,076 hectares located in Coahuila State, Mexico.

First Majestic Silver Corp. Fundamentals Summary

How do First Majestic Silver's earnings and revenue compare to its market cap?
AG fundamental statistics
Market cap	US$8.70b
Earnings (TTM)	US$290.76m
Revenue (TTM)	US$1.49b

32.1x

P/E Ratio

6.3x

P/S Ratio

Is AG overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
AG income statement (TTM)
Revenue	US$1.49b
Cost of Revenue	US$599.91m
Gross Profit	US$889.97m
Other Expenses	US$599.21m
Earnings	US$290.76m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)	0.59
Gross Margin	59.73%
Net Profit Margin	19.52%
Debt/Equity Ratio	9.0%

How did AG perform over the long term?

See historical performance and comparison

Dividends

0.1%

Current Dividend Yield

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/06/15 02:49
End of Day Share Price	2026/06/15 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

First Majestic Silver Corp. is covered by 18 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Richard Gray	ATB Cormark
Richard Gray	ATB Cormark Historical (Cormark Securities)
Kevin O'Halloran	BMO Capital Markets Equity Research

First Majestic Silver (AG) Stock Overview

Rewards

Risk Analysis

Top Community Narratives

Silver's stock price if silver hits $100 per ounce

First Majestic Silver may see 13.12% profit margin growth in 3 years

Top Community Narratives

Silver's stock price if silver hits $100 per ounce

First Majestic Silver may see 13.12% profit margin growth in 3 years

First Majestic Silver Corp. Competitors

Hecla Mining

Compañía de Minas BuenaventuraA

Aura Minerals

Royal Gold

Price History & Performance

Recent News & Updates

Now 20% undervalued after recent price drop

Investor sentiment deteriorates as stock falls 19%

First quarter dividend increased to US$0.017

First quarter 2026 earnings released: EPS: US$0.26 (vs US$0.005 in 1Q 2025)

First Majestic Silver: Recent Developments Demand An Upgrade

Investor sentiment improves as stock rises 22%

Recent updates

Now 20% undervalued after recent price drop

Investor sentiment deteriorates as stock falls 19%

First quarter dividend increased to US$0.017

First quarter 2026 earnings released: EPS: US$0.26 (vs US$0.005 in 1Q 2025)

First Majestic Silver: Recent Developments Demand An Upgrade

Investor sentiment improves as stock rises 22%

First Majestic Silver Corp. to Report Q1, 2026 Results on May 12, 2026

First Majestic Silver Corp Announces 2025 Mineral Reserve and Mineral Resource Estimates

Full year 2025 earnings: EPS and revenues exceed analyst expectations

Now 24% overvalued after recent price rise

Investor sentiment deteriorates as stock falls 23%

First Majestic Silver Corp., Annual General Meeting, Jun 10, 2026

First Majestic Announces Results of the 2025 Drilling Program At Jerritt Canyon Gold Mine

Investor sentiment deteriorates as stock falls 16%

First Majestic Silver may see 13.12% profit margin growth in 3 years

Fourth quarter dividend of US$0.0083 announced

Full year 2025 earnings: EPS and revenues exceed analyst expectations

Founder recently sold US$419k worth of stock

Founder recently sold US$673k worth of stock

New minor risk - Share price stability

Founder recently sold US$2.4m worth of stock

Price target increased by 22% to US$18.25

First Majestic Silver Corp. Reviews Its Dividend Policy

Insider recently sold US$419k worth of stock

First Majestic Silver Corp. announced that it has received $300 million in funding

First Majestic Silver Corp. announced that it expects to receive $300 million in funding

New minor risk - Share price stability

Third quarter dividend increased to US$0.0052

Third quarter 2025 earnings released: EPS: US$0.055 (vs US$0.088 loss in 3Q 2024)

Founder recently sold US$3.3m worth of stock

Price target increased by 19% to US$11.50

Independent Director recently sold US$1.2m worth of stock

First Majestic Silver Corp. Reports Positive Drilling Results from its Ongoing Exploration Program at the San Dimas Silver/Gold Mine, Located in Durango, Mexico

Second quarter dividend of US$0.0048 announced

Second quarter 2025 earnings released: EPS: US$0.11 (vs US$0.17 loss in 2Q 2024)

First Majestic Silver Corp. to Report Q2, 2025 Results on Aug 14, 2025

New major risk - Revenue and earnings growth

Price target increased by 10% to US$9.63

First Majestic Silver Corp. Provides Production Guidance for the Year 2025

First Majestic Silver Corp. Announces the Discovery of the Navidad Vein System, A New Significant, Vein-Hosted Gold and Silver Mineralized System Adjacent to Its Currently Producing Ermitaño Mine

First Majestic Announces Second Gold-Silver Discovery Within A Year At Santa Elena and Expands High-Grade Mineralization At Navidad

First Majestic Silver Corp. Appoints Ayesha Hira to Board of Directors, Effective May 20, 2025

First quarter dividend increased to US$0.0045

First quarter 2025 earnings released: EPS: US$0.005 (vs US$0.047 loss in 1Q 2024)

First Majestic Silver: A Better Start To 2025

Now 21% undervalued

Now 28% undervalued after recent price drop

First Majestic Silver Corp. Appoints Daniel Muniz Quintanilla to Its Board of Directors

First Majestic Silver Corp., Annual General Meeting, May 20, 2025

New major risk - Shareholder dilution

First Majestic Silver Corp. Provides Consolidated Production Guidance for the Year 2025

Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

First Majestic Silver Corp. Provides Production Guidance for the Year 2025

First Majestic Silver: Another Miss On Annual Guidance

First Majestic Provides Positive Exploration Results At San Dimas

First Majestic Silver Corp.: A Major Plus In Acquiring Gatos Silver, Inc.

First Majestic Silver Corp. (TSX:AG) completed the acquisition of Gatos Silver, Inc. (NYSE:GATO) from Electrum Silver US LLC, Electrum Silver US II LLC, Condire Management, LP, Condire Management, LP, Exor N.V. (ENXTAM:EXO) and others.