First Majestic Silver (AG) Stock Overview
Engages in the acquisition, exploration, development, and production of mineral properties in North America. More details
| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 1/6 |
| Past Performance | 5/6 |
| Financial Health | 6/6 |
| Dividends | 0/6 |
AG Community Fair Values
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First Majestic Silver Corp. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | CA$18.80 |
| 52 Week High | CA$32.04 |
| 52 Week Low | CA$9.68 |
| Beta | 2.19 |
| 1 Month Change | -2.39% |
| 3 Month Change | -3.19% |
| 1 Year Change | 74.24% |
| 3 Year Change | 234.52% |
| 5 Year Change | 57.45% |
| Change since IPO | 46.42% |
Recent News & Updates
Recent updates
Seeking Alpha • Aug 31
First Majestic: Closer To Fair Value (Upgrade To Hold)
Summary First Majestic Silver Corp. is upgraded to Hold, reflecting a now fair valuation and improved operational outlook amid continued gold and silver demand. AG's production guidance has increased, with gold output expected up 30% through 2028 and Jerritt Canyon's restart accelerating gold growth potential. The valuation premium has deflated; at 8x EV/EBITDA, AG's YE27 price target is $21, offering little near-term upside versus consensus. Key AG risks include silver price volatility, rising costs, and execution on throughput expansions and Jerritt Canyon's pre-feasibility study. Read the full article on Seeking Alpha
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 dollarsSeeking 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 AlphaSeeking 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 AlphaSeeking 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 AlphaSeeking 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 AlphaSeeking 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 AlphaSeeking 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 AlphaSeeking 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 AlphaSeeking 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 AlphaSeeking 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 AlphaShareholder Returns
| AG | US Metals and Mining | US Market | |
|---|---|---|---|
| 7D | -10.3% | -2.5% | -0.9% |
| 1Y | 74.2% | 52.3% | 13.9% |
Return vs Industry: AG exceeded the US Metals and Mining industry which returned 52.3% over the past year.
Return vs Market: AG exceeded the US Market which returned 13.9% over the past year.
Price Volatility
| AG volatility | |
|---|---|
| AG Average Weekly Movement | 8.9% |
| Metals and Mining Industry Average Movement | 9.7% |
| Market Average Movement | 6.9% |
| 10% most volatile stocks in US Market | 15.3% |
| 10% least volatile stocks in US Market | 2.9% |
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 (9%) 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
| AG fundamental statistics | |
|---|---|
| Market cap | US$9.60b |
| Earnings (TTM) | US$347.64m |
| Revenue (TTM) | US$1.64b |
26.6x
P/E Ratio5.6x
P/S RatioIs AG overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| AG income statement (TTM) | |
|---|---|
| Revenue | US$1.64b |
| Cost of Revenue | US$602.14m |
| Gross Profit | US$1.04b |
| Other Expenses | US$691.37m |
| Earnings | US$347.64m |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 0.71 |
| Gross Margin | 63.31% |
| Net Profit Margin | 21.18% |
| Debt/Equity Ratio | 9.0% |
How did AG perform over the long term?
See historical performance and comparisonDividends
0.1%
Current Dividend Yield6%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/14 21:43 |
| End of Day Share Price | 2026/09/14 00:00 |
| Earnings | 2026/06/30 |
| 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 |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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 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 19 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 |