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First Majestic Silver
(TSX:AG)
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Rating:73Outperform
Price Target:
C$34.00
▲(15.84% Upside)
Action:Reiterated
Date:08/29/26
The score is driven primarily by the strong TTM financial turnaround (higher margins, positive free cash flow, and low leverage). Technicals also support the rating with an uptrend in place, though momentum indicators are elevated. Valuation is the main drag due to a higher P/E and minimal dividend yield for a cyclical commodity-exposed business.
Positive Factors
Profitability turnaround
The shift from multi-year losses to strong TTM margins indicates materially improved operating performance. If sustained, stronger profitability can support reinvestment, debt capacity, and resilience across the mining cycle.
Negative Factors
Cyclical earnings exposure
The recent swing from losses to profits demonstrates substantial earnings sensitivity to silver prices, costs, and operating conditions. This volatility makes current profitability less dependable through a full commodity cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability turnaround
The shift from multi-year losses to strong TTM margins indicates materially improved operating performance. If sustained, stronger profitability can support reinvestment, debt capacity, and resilience across the mining cycle.
Read all positive factors
First Majestic Silver (AG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$14.28B
Dividend Yield0.22%
Average Volume (3M)1.81M
Price to Earnings (P/E)29.7
Beta (1Y)3.47
Revenue Growth96.21%
EPS GrowthN/A
CountryCA
Employees5,100
SectorGeneral
Sector StrengthN/A
IndustrySilver
Share Statistics
EPS (TTM)0.71
Shares Outstanding492,906,370
10 Day Avg. Volume1,707,345
30 Day Avg. Volume1,813,558
Financial Highlights & Ratios
PEG Ratio-0.24
Price to Book (P/B)2.90
Price to Sales (P/S)6.25
P/FCF Ratio22.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$35.12Price Target Upside19.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.81
Revenue Forecast (FY)C$1.67B
First Majestic Silver Business Overview & Revenue Model
Company Description
First Majestic Silver Corp. is a North American precious metals company primarily engaged in identifying, developing, and producing silver and gold from mineral deposits. Its operational footprint includes significant projects in Mexico: the San D...
How the Company Makes Money
First Majestic primarily makes money by producing and selling metals—mainly silver—generated from its operating mines. Revenue is recognized from (1) sales of silver (typically the largest contributor) and (2) sales of by-product metals such as go...
First Majestic Silver Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: record revenue, materially higher realized silver prices, production ahead of guidance, large operating and free cash flows, improved margins and aggressive exploration/resource growth. Challenges cited were manageable in scope — higher per-ounce costs from strategic lower cutoff grades, increased profit-sharing/royalties, a sizable tax payment, and the capital and timing requirements to restart Jerritt Canyon (including long lead times on equipment). Overall the positives (revenue, margins, cash, resource growth, liquidity and expansions) materially outweigh the listed lowlights.Positive Updates
Record Revenue and Strong Metal Prices
Q1 revenue of $477 million, up 95% year-over-year; average realized silver price $86.35 vs $33.10 in Q1 2025 (≈+161% YoY).
Negative Updates
Higher Per-Ounce Costs Driven by Lower Cutoff Grades
Per-ounce production costs increased in Q1 due to higher throughput and a deliberate reduction in cutoff grades (wider mining, lower grades) — trade-off to extend mine life.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue and Strong Metal Prices
Q1 revenue of $477 million, up 95% year-over-year; average realized silver price $86.35 vs $33.10 in Q1 2025 (≈+161% YoY).
Read all positive updates
Company Guidance
Guidance from the call stressed a strong start to 2026: Q1 produced 3.5 million oz Ag (26% of 2026 midpoint guidance) and gold at 28% of midpoint, with an average realized silver price of $86.35 driving record revenue of $477 million (+95% y/y); the company retained 676k oz Ag and 2.7k oz Au in inventory (value $63M). Q1 operating cash flow was $311M ($0.63/share) and free cash flow $224M after a $95M tax payment; treasury exceeds $1.1B. Operational metrics included silver purity 66% (vs 60% in 2025), margins up to $52/oz from $13/oz year‑over‑year, cost/ton $170, profit‑sharing ~ $2/oz, diesel exposure ~5%, and a 75:1 Ag:Au price ratio (adding ≈$3/oz to AISC vs 2025 ratio). Capital and development guidance: $75M into Jerritt Canyon in 2026 with restart targeted H2 2027 and a PFS in early 2027, >300k m of drilling this year (266k m + 42k m at Jerritt), Santa Elena mill expansion to 3.5k tpd (from 3.2k) and Los Gatos ramp to 4k tpd, while resource updates included +90M oz at Santa Elena and 7.8M oz Au at Jerritt.First Majestic Silver Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.63B | 1.28B | 533.69M | 583.10M | 605.64M | 574.31M |
| Gross Profit | 811.21M | 445.25M | 76.92M | 16.07M | 8.75M | 94.90M |
| EBITDA | 1.02B | 697.72M | 118.13M | -46.92M | 92.22M | 161.20M |
| Net Income | 344.00M | 167.81M | -96.99M | -137.30M | -110.87M | -4.84M |
Balance Sheet | ||||||
| Total Assets | 4.93B | 4.69B | 1.98B | 1.96B | 2.13B | 2.10B |
| Cash, Cash Equivalents and Short-Term Investments | 1.25B | 972.05M | 251.81M | 186.61M | 187.79M | 274.38M |
| Total Debt | 330.61M | 313.69M | 236.88M | 254.67M | 250.38M | 219.01M |
| Total Liabilities | 1.56B | 1.52B | 628.34M | 613.79M | 705.56M | 707.30M |
| Stockholders Equity | 2.96B | 2.76B | 1.35B | 1.35B | 1.43B | 1.40B |
Cash Flow | ||||||
| Free Cash Flow | 660.25M | 351.58M | 8.17M | -100.05M | -198.17M | -75.27M |
| Operating Cash Flow | 870.33M | 565.92M | 117.76M | 48.29M | 13.03M | 110.52M |
| Investing Cash Flow | -151.86M | -28.67M | -108.68M | -156.50M | -207.43M | -177.72M |
| Financing Cash Flow | 41.80M | 98.33M | 48.72M | 74.31M | 113.57M | 114.19M |
First Majestic Silver Technical Analysis
Positive
29.35
Price Trends
25.32
Positive
26.29
Positive
27.28
Positive
Market Momentum
1.16
Positive
57.82
Neutral
60.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AG, the sentiment is Positive. The current price of 29.35 is above the 20-day moving average (MA) of 28.13, above the 50-day MA of 25.32, and above the 200-day MA of 27.28, indicating a bullish trend. The MACD of 1.16 indicates Positive momentum. The RSI at 57.82 is Neutral, neither overbought nor oversold. The STOCH value of 60.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AG.
First Majestic Silver Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
89 Outperform | C$5.76B | 37.01 | 25.26% | ― | 264.86% | ― | |
81 Outperform | C$5.05B | 9.93 | 22.20% | ― | 6.47% | 126.03% | |
73 Outperform | C$14.28B | 29.65 | 12.27% | 0.22% | 96.21% | ― | |
72 Outperform | C$29.45B | 15.51 | 19.51% | 1.33% | 37.01% | 127.34% | |
71 Outperform | C$3.81B | 94.76 | 3.54% | 0.20% | 59.20% | -44.71% | |
71 Outperform | C$10.68B | 27.43 | 43.47% | ― | 683.86% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
TSE:AG
First Majestic Silver
28.97
15.94
122.37%
TSE:FVI
Fortuna Mining Corp
17.05
6.23
57.58%
TSE:PAAS
Pan American Silver
71.04
22.29
45.71%
TSE:SVM
Silvercorp Metals
17.22
10.36
150.98%
TSE:AYA
Aya Gold & Silver
39.97
24.88
164.88%
TSE:DSV
Discovery Silver
13.12
8.64
192.86%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.