First Majestic Silver Corp key statistics and ratios

In fiscal 2025, First Majestic Silver Corp had return on equity of 8.0%, an operating margin of 31.6%, debt equal to 10.6% of equity and a current ratio of 2.60. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

First Majestic Silver Corp: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	17.7%	6.3%	27.2%	36.2%	46.6%	37.3%	24.4%	28.5%	38.5%	56.8%
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%
Return on equity	1.4%	−8.8%	−34.7%	−6.4%	3.1%	−0.4%	−8.1%	−9.8%	−7.5%	8.0%
Return on assets	1.0%	−6.5%	−23.9%	−4.2%	2.1%	−0.3%	−5.4%	−6.6%	−5.2%	4.9%
Asset turnover	0.32	0.31	0.35	0.38	0.32	0.35	0.29	0.28	0.28	0.38
Current ratio	3.64	3.14	2.86	3.38	3.50	2.30	2.21	2.57	2.56	2.60
Debt to equity	7.1%	5.5%	25.1%	23.5%	18.0%	12.8%	14.9%	16.2%	15.5%	10.6%
Interest cover (operating income ÷ interest)	12.7x	n/m	n/m	n/m	3.3x	3.9x	n/m	n/m	n/m	26.8x
Effective tax rate	66.3%	—	—	—	22.3%	—	—	—	—	46.6%
Capital spending as % of revenue	6.7%	8.3%	11.6%	11.4%	11.9%	9.7%	9.6%	5.6%	3.6%	4.9%
Free cash flow ÷ net income	945.5%	—	—	—	157.6%	—	—	—	—	281.3%
Dividends ÷ net income	—	—	—	—	0.0%	—	—	—	—	6.0%
Dividends and buybacks ÷ free cash flow	—	—	—	—	0.0%	32.3%	—	24.8%	4.0%	2.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from First Majestic Silver Corp's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to First Majestic Silver Corp.