First Majestic Silver Future Growth

Future criteria checks 5/6

First Majestic Silver is forecast to grow earnings and revenue by 61.7% and 76.2% per annum respectively. EPS is expected to grow by 45.6% per annum. Return on equity is forecast to be 6.7% in 3 years.

Key information

61.7%

Earnings growth rate

45.62%

EPS growth rate

Metals and Mining earnings growth	18.9%
Revenue growth rate	76.2%
Future return on equity	6.74%
Analyst coverage	Low
Last updated	16 Jan 2026

Recent future growth updates

Recent updates

First Majestic Silver: Scale, Discipline, And Beta To Silver Make It A Strong Buy (Rating Upgrade)

Jan 06

Earnings and Revenue Growth Forecasts

NYSE:AG - Analysts future estimates and past financials data (USD Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2027	5,674	416	573	703	2
12/31/2026	1,251	253	418	601	3
12/31/2025	1,151	170	248	455	4
9/30/2025	966	68	152	340	N/A
6/30/2025	827	15	105	268	N/A
3/31/2025	699	-86	54	195	N/A
12/31/2024	561	-102	37	152	N/A
9/30/2024	525	-78	-26	90	N/A
6/30/2024	512	-79	-47	69	N/A
3/31/2024	523	-48	-54	73	N/A
12/31/2023	574	-135	-90	56	N/A
9/30/2023	585	-162	-155	21	N/A
6/30/2023	612	-156	-132	67	N/A
3/31/2023	624	-222	-196	33	N/A
12/31/2022	624	-114	-199	19	N/A
9/30/2022	681	-101	-96	124	N/A
6/30/2022	646	-99	-164	46	N/A
3/31/2022	640	1	-141	42	N/A
12/31/2021	584	-5	-120	69	N/A
9/30/2021	496	34	-143	22	N/A
6/30/2021	498	83	-60	89	N/A
3/31/2021	378	57	-49	75	N/A
12/31/2020	364	23	-32	80	N/A
9/30/2020	343	-51	-22	88	N/A
6/30/2020	314	-74	-37	73	N/A
3/31/2020	363	-76	-1	119	N/A
12/31/2019	364	-40	21	140	N/A
9/30/2019	342	-165	-10	105	N/A
6/30/2019	333	-168	N/A	65	N/A
3/31/2019	329	-196	N/A	56	N/A
12/31/2018	301	-204	N/A	33	N/A
9/30/2018	288	-96	N/A	36	N/A
6/30/2018	261	-103	N/A	52	N/A
3/31/2018	242	-62	N/A	62	N/A
12/31/2017	252	-53	N/A	70	N/A
9/30/2017	257	5	N/A	87	N/A
6/30/2017	275	14	N/A	99	N/A
3/31/2017	281	19	N/A	96	N/A
12/31/2016	278	9	N/A	100	N/A
9/30/2016	278	-96	N/A	81	N/A
6/30/2016	243	-106	N/A	65	N/A
3/31/2016	231	-115	N/A	72	N/A
12/31/2015	219	-108	N/A	56	N/A
9/30/2015	226	-70	N/A	80	N/A
6/30/2015	222	-79	N/A	74	N/A
3/31/2015	235	-69	N/A	80	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AG's forecast earnings growth (61.7% per year) is above the savings rate (3.3%).

Earnings vs Market: AG's earnings (61.7% per year) are forecast to grow faster than the US market (16.1% per year).

High Growth Earnings: AG's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: AG's revenue (76.2% per year) is forecast to grow faster than the US market (10.5% per year).

High Growth Revenue: AG's revenue (76.2% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AG's Return on Equity is forecast to be low in 3 years time (6.7%).

Discover growth companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/01/19 09:49
End of Day Share Price	2026/01/16 00:00
Earnings	2025/09/30
Annual Earnings	2024/12/31

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
Kevin O'Halloran	BMO Capital Markets Equity Research
David Forster	BofA Global Research
Adam Graf	B. Riley Securities, Inc.

First Majestic Silver Future Growth

Future criteria checks 5/6

Key information

Recent future growth updates

Price target increased by 22% to US$18.25

Price target increased by 19% to US$11.50

Price target increased by 10% to US$9.63

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

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

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

Recent updates

Price target increased by 22% to US$18.25

First Majestic Silver Corp. Reviews Its Dividend Policy

First Majestic Silver: Scale, Discipline, And Beta To Silver Make It A Strong Buy (Rating Upgrade)

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.

First Majestic Silver Corp. to Report Q4, 2024 Results on Feb 20, 2025

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

New major risk - Revenue and earnings growth

Third quarter dividend increased to US$0.0048

Third quarter 2024 earnings released: US$0.088 loss per share (vs US$0.095 loss in 3Q 2023)

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

New major risk - Revenue and earnings growth

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

First Majestic Silver Corp. (TSX:AG) entered into a definitive agreement to acquire Gatos Silver, Inc. (NYSE:GATO) for approximately $950 million.

First Majestic Silver: Continued Share Dilution Despite Record Gold Prices

New major risk - Revenue and earnings growth

Second quarter dividend reduced to US$0.0046

Second quarter 2024 earnings released: US$0.17 loss per share (vs US$0.062 loss in 2Q 2023)

First Majestic Silver: Still A Money Loser

First Majestic Silver Corp. to Report Q2, 2024 Results on Aug 01, 2024

New major risk - Revenue and earnings growth

Grizzly Discoveries Inc. (TSXV:GZD) agreed to acquire 13 Motherlode CrownGrants in Greenwood from First Majestic Silver Corp. (TSX:AG) for CAD 7500.

New minor risk - Share price stability

First Majestic Silver Corp. Announces Resignation of Jean Des Rivières as Director

First Majestic Silver: Limited Margin Of Safety At Current Levels

First quarter dividend reduced to US$0.0037

First Majestic Silver Corp. Declares Dividend for the First Quarter of 2024, Payable on or About June 7, 2024

First quarter 2024 earnings released: US$0.047 loss per share (vs US$0.37 loss in 1Q 2023)

First Majestic Silver: A Slow Start To The Year

Price target increased by 14% to US$7.00

First Majestic Silver Corp. to Report Q1, 2024 Results on May 08, 2024

First Majestic Silver Corp., Annual General Meeting, May 23, 2024

Fourth quarter dividend reduced to US$0.0048

First Majestic Silver: Another Disappointing Year

Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

First Majestic Silver Corp. has filed a Follow-on Equity Offering in the amount of $150 million.

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