First Majestic Silver Corp.

NYSE:AG Stock Report

Market Cap: US$13.1b

First Majestic Silver Management

Management criteria checks 4/4

First Majestic Silver's CEO is Keith Neumeyer, appointed in Sep 1979, has a tenure of 46.5 years. total yearly compensation is $5.39M, comprised of 23.4% salary and 76.6% bonuses, including company stock and options. directly owns 0.96% of the company’s shares, worth $125.95M. The average tenure of the management team and the board of directors is 4.8 years and 4.9 years respectively.

Key information

Keith Neumeyer

Chief executive officer

US$5.4m

Total compensation

CEO salary percentage23.36%
CEO tenure46.5yrs
CEO ownership1.0%
Management average tenure4.8yrs
Board average tenure4.9yrs

Recent management updates

Recent updates

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

First Majestic Silver: Leverage On Silver Works Both Ways (Double Downgrade)

Feb 20

First Majestic Silver: A Better Start To 2025

Apr 28

First Majestic Silver: Another Miss On Annual Guidance

Feb 07

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

Jan 21

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

Dec 31

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

Oct 30

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

Oct 22

First Majestic Silver: Continued Share Dilution Despite Record Gold Prices

Aug 22

First Majestic Silver: Still A Money Loser

Aug 01

First Majestic Silver: Limited Margin Of Safety At Current Levels

May 22

First Majestic Silver: A Slow Start To The Year

Apr 21

First Majestic Silver: Another Disappointing Year

Feb 25

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

Feb 13

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

Jan 22

First Majestic Silver: Another Underwhelming Quarter

Nov 19

First Majestic Silver: Disappointing Performance Amid Higher Pricing

Oct 30

First Majestic Silver: A Disappointing Q3

Oct 13

First Majestic: Good Assets And Share Dilution At A High Price

Sep 21

First Majestic Silver: Q2 Earnings, Peso Strength Weighs On Margins

Aug 08

CEO Compensation Analysis

How has Keith Neumeyer's remuneration changed compared to First Majestic Silver's earnings?
DateTotal CompensationSalaryCompany Earnings
Dec 31 2025n/an/a

US$165m

Sep 30 2025n/an/a

US$68m

Jun 30 2025n/an/a

US$15m

Mar 31 2025n/an/a

-US$86m

Dec 31 2024US$5mUS$1m

-US$102m

Sep 30 2024n/an/a

-US$78m

Jun 30 2024n/an/a

-US$79m

Mar 31 2024n/an/a

-US$48m

Dec 31 2023US$5mUS$1m

-US$135m

Sep 30 2023n/an/a

-US$162m

Jun 30 2023n/an/a

-US$156m

Mar 31 2023n/an/a

-US$222m

Dec 31 2022US$4mUS$1m

-US$114m

Sep 30 2022n/an/a

-US$101m

Jun 30 2022n/an/a

-US$99m

Mar 31 2022n/an/a

US$507k

Dec 31 2021US$6mUS$1m

-US$5m

Sep 30 2021n/an/a

US$34m

Jun 30 2021n/an/a

US$83m

Mar 31 2021n/an/a

US$57m

Dec 31 2020US$3mUS$950k

US$23m

Sep 30 2020n/an/a

-US$51m

Jun 30 2020n/an/a

-US$74m

Mar 31 2020n/an/a

-US$76m

Dec 31 2019US$4mUS$950k

-US$40m

Compensation vs Market: Keith's total compensation ($USD5.39M) is below average for companies of similar size in the US market ($USD13.48M).

Compensation vs Earnings: Keith's compensation has been consistent with company performance over the past year.

CEO

Keith Neumeyer (65 yo)

46.5yrs
Tenure
US$5,392,861
Compensation

Mr. Keith N. Neumeyer has been the Chief Executive Officer of First Majestic Resources Corp. since November 3, 2001 and served as its President from November 3, 2001 to December 31, 2025. Mr. Neumeyer foun...

Leadership Team

NamePositionTenureCompensationOwnership
Keith Neumeyer
Founder46.5yrsUS$5.39m0.96%
$ 125.8m
David Soares
Chief Financial Officer4yrsUS$1.92m0.0075%
$ 979.6k
Steven Holmes
Chief Operating Officer6.1yrsUS$2.23m0.044%
$ 5.8m
Colin Bower
Vice President of Operations-Mexico4.8yrsUS$1.18m0.012%
$ 1.6m
Michael Deal
Vice-President of Metallurgy & Innovationno dataUS$1.18m0.010%
$ 1.4m
Mani Alkhafaji
President & Chief Corporate Development Officer2.5yrsno data0.012%
$ 1.6m
Gonzalo Mercado
Vice President of Exploration & Technical Servicesno datano data0.0016%
$ 206.4k
Samir Patel
General Counsel & Corporate Secretary2.7yrsno data0.0025%
$ 328.7k
Jill Arias
Vice President of Corporate Communications & Marketing21.4yrsno data0.025%
$ 3.3m
David Smith
Vice President of Human Resourcesno datano datano data
Karen Liu
Vice President of Treasuryno datano data0.011%
$ 1.5m
4.8yrs
Average Tenure

Experienced Management: AG's management team is considered experienced (4.8 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Keith Neumeyer
Founder27.3yrsUS$5.39m0.96%
$ 125.8m
Thomas Fudge
Independent Chairman5.1yrsUS$328.52k0.0010%
$ 138.1k
Raymond Polman
Director3.8yrsUS$202.59k0.020%
$ 2.7m
Colette Rustad
Independent Director4.7yrsUS$219.01k0.0020%
$ 263.0k
Marjorie Co
Independent Director9yrsUS$208.06k0.0028%
$ 368.2k
Ayesha Hira
Independent Directorless than a yearno datano data
4.9yrs
Average Tenure
62yo
Average Age

Experienced Board: AG's board of directors are considered experienced (4.9 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/11 21:39
End of Day Share Price 2026/03/11 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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 17 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Richard GrayATB Cormark
Richard GrayATB Cormark Historical (Cormark Securities)
Kevin O'HalloranBMO Capital Markets Equity Research