undamentalytics Newsletter
Sign in

First Majestic Silver Corp (AG) stock

Add to watchlist

Add holding +

NYSE: AG NYSE Silver Next results ~November 5, 2026

B+ Fundamentals grade

First Majestic Silver Corp is a US-listed company in the silver industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$20

Cash-flow model

Base case. Range ~$15–$26 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 40% above it.

Price used: $14.32, November 2, 2026

First Majestic Silver Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds184 adding, 152 cuttingOf 41 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter First Majestic Silver files

Where First Majestic Silver stands after its latest Filing

Revenue for the twelve months was $1.26bn, up 124.3% on a year earlier, against a decline of 2.3% a quarter earlier. That growth ranks 4 of 170 among the materials companies we cover. Free-cash-flow margin rose to 36.9% from 2.1% a year earlier. Operating margin widened to 31.6% from 8.4%. The diluted share count is up 64.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $20.06 a share, against a share price of $14.26.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

First Majestic Silver Corp's trailing-twelve-month revenue grew 124.3% year on year, with a free-cash-flow margin of 36.9%. Where it stands out: change in growth rate of +126.6pp ranks 1 of 168 materials companies we cover. Where it lags: change in share count of 64.0% ranks 155 of 161 materials companies we cover.

Our discounted-cash-flow model values the business at ~$20 per share in the base case (~$15–$26 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 124.3% (+126.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $14.32 is 40% below our value per share of $20.
  • Fast growth. Revenue grew 124.3% over the last 12 months, against a median of 8.3% for materials companies we cover.
  • Growth speeding up. The growth rate is 126.6 points higher than a quarter earlier.
  • High operating margin. 31.6% of revenue is left as operating profit, against a median of 7.0% for materials companies we cover.
  • Margins widening. Operating margin is up 32.3 points on a year ago.

Things to watch

  • Share dilution. Diluted shares rose 64.0% in a year.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results

Earnings per share
$0.21 against an average estimate of $0.25: missed by 14.9%
Next report
November 5, 2026; average EPS estimate $0.17

First Majestic Silver's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.4%
  • 1 week-3.6%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
31.6%
Net margin
13.1%
EPS (TTM, diluted)
$0.34

Growth

Revenue growth
+124.3%
Change in growth rate
+126.6 pts
Share count change
+64.0%

Cash

Free cash flow (TTM)
$464M
FCF margin
36.9%
Stock pay % of revenue
1.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for AG from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

First Majestic Silver Corp valuation models and calculator

What the price is pricing in

The share price implies about 6.9% a year of cash-flow growth for five years.That is slower than the 28.1% a year revenue growth First Majestic Silver has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in6.9%
  • Last 12 months124.3%
  • 3 years a year26.3%
  • 5 years a year28.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($14.29, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$20
Price used
$14.29close November 3, 2026
Implied change
▲ +40%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of First Majestic Silver Corp's free cash flow after stock-based pay with after-tax interest added back ($311M, FY2025 Q4 TTM), growing 13% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$15–~$26 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of First Majestic Silver Corp's free cash flow after stock-based pay ( $311M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value First Majestic Silver Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$20 ~$15–$26 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.1 Left out: out of range vs price (0.01x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$15–$26 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare First Majestic Silver Corp with Silver in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +54%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $9$13$17$23$31$40
8.5% $7$10$13$17$22$29
10% $6$8$10$13$18$23

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect EPS of $0.17 (range $0.12 to $0.19) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.91 +99% $2.1bn +22%
Next $0.99 +9% — —

Next year's EPS estimate has moved −2.0% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.9% on 90 days ago. In the last 30 days, 0 analysts raised First Majestic Silver Corp's forecast and 1 cut it.

Consensus EPS forecast First Majestic Silver Corp, last 90 days
$0.90 $0.95 $1.00 $1.05 $1.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.95 Current fiscal year, 60 days ago: $0.95 Current fiscal year, 30 days ago: $0.95 Current fiscal year, 7 days ago: $0.91 Current fiscal year, Now: $0.91 $0.91 Next fiscal year, 90 days ago: $1.01 Next fiscal year, 60 days ago: $1.06 Next fiscal year, 30 days ago: $1.06 Next fiscal year, 7 days ago: $0.99 Next fiscal year, Now: $0.99 $0.99

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.95$1.01
60 days ago $0.95$1.06
30 days ago $0.95$1.06
7 days ago $0.91$0.99
Now $0.91$0.99

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.25 $0.21 −14.9%
Mar 2026 $0.32 $0.31 −2.4%
Dec 2025 $0.23 $0.30 +30.4%
Sept 2025 $0.08 $0.07 −12.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

6 analysts, Nov 2026
Buy583%
Hold117%
Sell00%

Monthly trend

  1. Nov 20262316
  2. Oct 20262316
  3. Sep 20262316

Counts of recommendations published by analysts covering First Majestic Silver Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
2.67
at average volume
Short interest, 1 month
+9%
to October 15, 2026
Held by institutions
53%
of shares
Held by insiders
1.1%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How First Majestic Silver Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Not enough history

There is not enough price history to measure realised volatility.

  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: not enough price history to measure realised volatility.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

AG First Majestic Silver Corp Grade B+ $14.32

Sell the $13.50 put expiring November 27, 2026 (25 days) for $0.46 a share — $46.00 per contract.

Previous session · Bid $0.46, ask $0.60, quoted Mon 2 Nov, 17:13 New York time with AG at $14.32. Option prices move with the shares: check the live chain at your broker before trading.

  • If AG ends above $13.50: you keep the $46.00 — 3.4% on the $1,350 set aside, or 49.7% a year at that pace.
  • If it ends below $13.50: you buy 100 shares at an effective $13.04, 9% below today's price and 35% below our value of ~$20.
$46 $0 −$261 Break-even $13.04 Price $14.32 Our value ~$20 →
Profit or loss per contract at expiry, by share price.
Premium
$46.00
Annualised
49.7%
Break-even
$13.04
Max gain
$46.00
Chance of buying
~32%

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

First Majestic Silver Corp in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) First Majestic Silver Corp
$0 $500M $1B $1.5B FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue (TTM), FY16 Q4: $278.1M Revenue (TTM), FY17 Q4: $252.3M Revenue (TTM), FY18 Q4: $300.9M Revenue (TTM), FY19 Q4: $363.9M Revenue (TTM), FY20 Q4: $363.9M Revenue (TTM), FY21 Q4: $584.1M Revenue (TTM), FY22 Q4: $624.2M Revenue (TTM), FY23 Q4: $573.8M Revenue (TTM), FY24 Q4: $560.6M Revenue (TTM), FY25 Q4: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY16 Q4 $278.1M
FY17 Q4 $252.3M
FY18 Q4 $300.9M
FY19 Q4 $363.9M
FY20 Q4 $363.9M
FY21 Q4 $584.1M
FY22 Q4 $624.2M
FY23 Q4 $573.8M
FY24 Q4 $560.6M
FY25 Q4 $1.3B
Revenue growth, TTM YoY First Majestic Silver Corp
-50% 0% 50% 100% 150% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue growth, TTM YoY, FY17 Q4: -9.3% Revenue growth, TTM YoY, FY18 Q4: 19.3% Revenue growth, TTM YoY, FY19 Q4: 20.9% Revenue growth, TTM YoY, FY20 Q4: -0.0% Revenue growth, TTM YoY, FY21 Q4: 60.5% Revenue growth, TTM YoY, FY22 Q4: 6.9% Revenue growth, TTM YoY, FY23 Q4: -8.1% Revenue growth, TTM YoY, FY24 Q4: -2.3% Revenue growth, TTM YoY, FY25 Q4: 124.3% 124.3%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY17 Q4 -9.3%
FY18 Q4 19.3%
FY19 Q4 20.9%
FY20 Q4 -0.0%
FY21 Q4 60.5%
FY22 Q4 6.9%
FY23 Q4 -8.1%
FY24 Q4 -2.3%
FY25 Q4 124.3%
Operating margin (TTM) First Majestic Silver Corp
-100% -50% 0% 50% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Operating margin (TTM), FY16 Q4: 10.2% Operating margin (TTM), FY17 Q4: -28.1% Operating margin (TTM), FY18 Q4: -82.8% Operating margin (TTM), FY19 Q4: -8.8% Operating margin (TTM), FY20 Q4: 11.1% Operating margin (TTM), FY21 Q4: 8.4% Operating margin (TTM), FY22 Q4: -6.3% Operating margin (TTM), FY23 Q4: -31.2% Operating margin (TTM), FY24 Q4: -0.7% Operating margin (TTM), FY25 Q4: 31.6% 31.6%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY16 Q4 10.2%
FY17 Q4 -28.1%
FY18 Q4 -82.8%
FY19 Q4 -8.8%
FY20 Q4 11.1%
FY21 Q4 8.4%
FY22 Q4 -6.3%
FY23 Q4 -31.2%
FY24 Q4 -0.7%
FY25 Q4 31.6%
FCF margin (TTM) First Majestic Silver Corp
-20% 0% 20% 40% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 FCF margin (TTM), FY16 Q4: 29.2% FCF margin (TTM), FY17 Q4: 19.6% FCF margin (TTM), FY18 Q4: -0.6% FCF margin (TTM), FY19 Q4: 27.0% FCF margin (TTM), FY20 Q4: 10.0% FCF margin (TTM), FY21 Q4: 2.1% FCF margin (TTM), FY22 Q4: -6.5% FCF margin (TTM), FY23 Q4: 4.1% FCF margin (TTM), FY24 Q4: 23.5% FCF margin (TTM), FY25 Q4: 36.9% 36.9%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY16 Q4 29.2%
FY17 Q4 19.6%
FY18 Q4 -0.6%
FY19 Q4 27.0%
FY20 Q4 10.0%
FY21 Q4 2.1%
FY22 Q4 -6.5%
FY23 Q4 4.1%
FY24 Q4 23.5%
FY25 Q4 36.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar First Majestic Silver took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.3B
  2. Cost of revenue $544M · 43.2%
  3. Gross profit $713M · 56.8%
  4. Other operating costs $316M · 25.2%
  5. Operating income $397M · 31.6%
  6. Income tax $184M · 14.6%
  7. Interest and other $48.1M · 3.8%
  8. Net income $165M · 13.1%

Shares of revenue. Source: First Majestic Silver's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 278 252 301 364 364 584 624 574 561 1,257
Gross profit 49 16 82 132 170 218 153 164 216 713
EBITDA 108 6 −156 34 95 166 97 −54 120 661
Operating income 28 −71 −249 −32 40 49 −39 −179 −4 397
Net income 9 −53 −204 −40 23 −5 −114 −135 −102 165
Diluted EPS $0.05 −$0.32 −$1.11 −$0.20 $0.11 −$0.02 −$0.43 −$0.48 −$0.34 $0.34
Growth (year on year)
Revenue — −9.3% +19.3% +20.9% −0.0% +60.5% +6.9% −8.1% −2.3% +124.3%
EBITDA — −94.4% <−999% — +182.0% +75.0% −41.7% −156.0% — +449.3%
Operating income — −351.4% — — — +21.9% −179.7% — — —
Net income — −719.4% — — — −121.3% — — — —
Diluted EPS — −740.0% — — — −118.2% — — — —
Margins
Gross margin 17.7% 6.3% 27.2% 36.2% 46.6% 37.3% 24.4% 28.5% 38.5% 56.8%
EBITDA margin 38.8% 2.4% −51.7% 9.2% 26.0% 28.4% 15.5% −9.4% 21.4% 52.5%
Operating margin 10.2% −28.1% −82.8% −8.8% 11.1% 8.4% −6.3% −31.2% −0.7% 31.6%
Net margin 3.1% −21.1% −67.8% −11.1% 6.3% −0.8% −18.3% −23.5% −18.2% 13.1%
Free-cash-flow margin 29.2% 19.6% −0.6% 27.0% 10.0% 2.1% −6.5% 4.1% 23.5% 36.9%
Cash flow
Cash from operations 100 70 33 140 80 69 19 56 152 526
Capital spending 19 21 35 42 43 57 60 32 20 62
Free cash flow 81 50 −2 98 36 12 −41 24 132 464
Stock-based pay 4 8 7 8 8 12 14 13 12 13
Free cash flow after stock pay 77 41 −9 90 28 −0 −55 11 120 451
Balance sheet
Cash 129 118 57 169 239 238 151 126 202 793
Total debt 44 32 150 156 153 181 210 220 209 292
Net debt (negative = net cash) −85 −86 92 −13 −86 −57 59 94 7 −501
Diluted shares 164m 165m 184m 202m 216m 245m 263m 282m 296m 485m
Returned to shareholders
Dividends — — — — 0 4 7 6 5 10
Total returned — — — — 0 4 7 6 5 10

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · December 31, 2025
What it owns · $4.7bn
Short-term assets $1.2bnLonger-term assets $3.5bn
What it owes, and who funded it · $4.3bn
Short-term liabilities $459mLonger-term liabilities $1.1bnShareholders' equity $2.8bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $459m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $793m of cash against $292m of debt.
  • Debt below 40% of shareholders' equity Debt is 11% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 17% to 11% over five years.
  • A year's operating cash flow covers at least 20% of debt $526m of operating cash flow against $292m of debt.
  • Operating profit covers interest at least five times over Operating income of $397m against $15m of interest.

From First Majestic Silver Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$9.8M
Returned to shareholders
2%
of free cash flow
Diluted share count
+64.0%
year over year
Total shareholder yield
0.1%
dividends 0.1% + buybacks 0.0% of market value
Dividend payout ratio
6%
of net income paid out
Days sales outstanding
25 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in silver
Last 12 months unless stated AG CMP MTUS GSM HWKN BCPC Median
Revenue, last 12 months $1.3bn $1.3bn $1.2bn $1.3bn $1.1bn $1.1bn $2.0bn
Revenue growth, last 12 months 124.3% 5.5% 16.1% −18.8% 9.0% 9.4% 8.2%
Revenue growth, 3-year average — 1.9% −0.5% — 6.8% 6.2% 1.9%
Revenue growth, latest quarter — 0.3% 12.0% — 11.9% 8.6% 9.2%
Gross margin 56.8% 17.2% 8.2% 27.0% 22.4% 36.5% 25.6%
Operating margin 31.6% 8.9% 0.9% −10.0% 11.1% 20.7% 7.6%
Operating margin, 3-year average 4.0% 0.1% −2.0% −2.0% 11.6% 19.8% 8.1%
Net margin 13.1% 1.4% 0.7% −12.8% 7.5% 15.4% 3.6%
Cash from operations / revenue 41.8% 12.1% 0.5% 3.9% 13.1% 20.2% 10.1%
Free-cash-flow margin 36.9% 6.0% −8.0% −0.8% 8.1% 15.8% 5.1%
Free-cash-flow margin, 3-year average 19.5% 0.6% −3.3% 0.7% 8.1% 15.6% 4.6%
Stock pay / revenue 1.0% 0.8% 1.2% 0.1% 0.7% 1.8% 0.7%
Change in share count 64.0% 1.9% −1.5% −0.2% −0.2% −1.6% 0.4%

Median of all 171 companies we cover in silver. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

171 materials companies
Measure Company Peer median Rank
Revenue growth Growth 124.3% 8.3% 4 of 170
Change in growth rate Growth +126.6pp +2.4pp 1 of 168
Gross margin Profitability 56.8% 26.1% 15 of 151
Operating margin Profitability 31.6% 7.0% 24 of 140
Net margin Profitability 13.1% 3.8% 35 of 170
Free-cash-flow margin Cash generation 36.9% 5.0% 7 of 167
Stock pay as % of revenue Cash generation 1.0% 0.7% 89 of 137
Long-term debt as % of assets Balance sheet 6.2% 22.8% 32 of 147
Change in share count Balance sheet 64.0% 0.4% 155 of 161
Days sales outstanding Balance sheet 25 days 45 days 28 of 125

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
344
Shares held vs prior quarter
▼ 4.5%
Positions opened / closed
50 / 46

Top buyers and sellers, Q2 2026: 184 institutions bought and 152 sold ; the biggest buyer was Citadel Advisors LLC (+4.2M shares) and the biggest seller Arrowstreet Capital, Limited Partnership (−12.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Van Eck Associates Corp $605M 35.7M 15.8% ▼ 6.2%
Tidal Investments LLC $334M 19.7M 8.7% ▼ 6.6%
Mirae Asset Global Etfs Holdings Ltd. $278M 16.4M 7.2% ▼ 11.5%
Vanguard Capital Management LLC $229M 13.5M 6.0% ▲ 1.9%
Jupiter Asset Management Ltd $174M 10.2M 4.5% ▲ 17.3%
Alps Advisors Inc $156M 9.2M 4.1% ▼ 10.8%
Citadel Advisors LLC $135M 8.0M 3.5% ▲ 112.3%
Morgan Stanley $120M 7.1M 3.1% ▲ 55.6%
Lingotto Investment Management LLP $90.5M 5.3M 2.4% ▼ 46.7%
Vanguard Fiduciary Trust Co $73.1M 4.3M 1.9% ▲ 1.8%
Bank Of Montreal $64.5M 3.8M 1.7% ▲ 77.4%
Bank Of America Corp $63.3M 3.7M 1.7% ▼ 38.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not First Majestic Silver Corp's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on First Majestic Silver Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

First Majestic Silver Corp in brief

What does First Majestic Silver Corp do?
First Majestic Silver Corp is a US-listed company in the silver industry. Its financial year ends in December.
What is First Majestic Silver Corp's stock ticker?
First Majestic Silver Corp trades under the ticker AG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is First Majestic Silver Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, First Majestic Silver Corp reported revenue of $1.3B, 124.3% higher than a year earlier, according to its SEC filings.
What is First Majestic Silver Corp's free cash flow?
First Majestic Silver Corp's free-cash-flow margin is 36.9% of revenue over the trailing twelve months, ranking 7 of the 167 materials companies we cover.
What is First Majestic Silver Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of First Majestic Silver Corp's free cash flow after stock-based pay gives ~$20 per share in the base case, and ~$15–$26 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are First Majestic Silver Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Van Eck Associates Corp, Tidal Investments LLC and Mirae Asset Global Etfs Holdings Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does First Majestic Silver Corp pay a dividend?
Yes: First Majestic Silver Corp paid $9.8M in dividends over the trailing twelve months, a dividend yield of 0.14% and a payout ratio of 6.0%.
How much debt does First Majestic Silver Corp have?
First Majestic Silver Corp's debt-to-equity ratio is 10.6%, from its latest balance sheet (16.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are First Majestic Silver Corp's competitors?
In our Silver peer group, the companies closest to First Majestic Silver Corp are Compass Minerals International Inc, Metallus Inc., Ferroglobe PLC, Hawkins Inc and Balchem Corp. The side-by-side comparison below sets their revenue, margins and growth against First Majestic Silver Corp's.
When is First Majestic Silver Corp's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — First Majestic Silver Corp announces its own schedule.