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First Majestic Silver (AG) USD

First Majestic Silver Corp. acquires, explores, develops, and produces silver and gold from mineral properties in North America, primarily in Mexico.

At a glance: strengths & risks
✓Revenue growing (+56% y/y, Q2 2026)✓Profit growing (+123% y/y, Q2 2026)✓Margins improving (43%→60%, Q2 2026)✓Net cash balance sheet

Sector: Silver mining

Geography: Mexico, USA

COMM_AG

Price chart

14.77 USDDay -2.31%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
14.77 USD · -2.31%
Market cap
7.1 bn USD

Growth

Δ revenue y/y
56.5%
Δ EBITDA y/y
117.9%

Multiples

P/E (LTM)
18.5x
P/B (FY)
2.6x
P/E (ann.)
14.1x
EV/EBITDA (LTM)
6.6x
EV/EBITDA (ann.)
6.4x

Cash return

Dividend yield
0.3%
FCF yield (LTM)
10.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-53.3%
↓ details

Liquidity

Daily turnover (listing)
144.9 mln USD

Shares: yahoo_fundamentals_timeseries/AG

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK414.2
y/y 56.5%
198.6
y/y 403.0%
48.8
y/y -34.1%
247.4
y/y 117.9%
125.9
y/y 122.5%
208.9-59.54939.1
y/y 20.6%
2965.6
y/y 18.8%
17.2%-790.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK480.9
y/y 95.5%
236.0
y/y 523.1%
56.4
y/y -10.1%
292.4
y/y 190.5%
147.5
y/y 2263.6%
236.5-47.54819.6
y/y 19.5%
2895.3
y/y 19.5%
20.9%-687.8Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL467.7
y/y 172.0%
210.3
y/y 622.1%
72.8
y/y 102.7%
283.0
y/y 335.3%
83.1
y/y 714.0%
267.9-47.44694.9
y/y 137.1%
2761.0
y/y 104.4%
7.9%-484.7Yahoo Finance
2025-09-30Q3 2025 (3M)OK286.7
y/y 95.1%
78.8
y/y 1801.8%
55.2
y/y 71.1%
134.0
y/y 268.3%
27.0
y/y —
112.5-57.34235.5
y/y 114.2%
2599.5
y/y 88.7%
1.4%-198.5Yahoo Finance
2025-06-30Q2 2025 (3M)OK264.7
y/y 94.5%
39.5
y/y —
74.1
y/y 131.6%
113.5
y/y 542.9%
56.6
y/y —
90.1-49.54094.0
y/y 106.1%
2497.0
y/y 81.8%
9.2%-150.6Yahoo Finance
2025-03-31Q1 2025 (3M)OK246.0
y/y 133.1%
37.9
y/y —
62.8
y/y 120.3%
100.6
y/y 1638.8%
6.2
y/y —
55.5-61.44033.7
y/y 106.5%
2422.7
y/y 81.0%
1.3%-140.0Yahoo Finance
2024-12-31Q4 2024 (3M)OK171.9
y/y 24.9%
29.1
y/y 124.8%
35.9
y/y 19.6%
65.0
y/y 174.4%
-13.5
y/y -232.3%
94.3-24.51979.8
y/y 0.2%
1351.1
y/y -0.5%
-7.5%6.9Yahoo Finance
2024-09-30Q3 2024 (3M)OK147.0
y/y 9.9%
4.1
y/y —
32.3
y/y 13.7%
36.4
y/y 255.8%
-26.6
y/y —
41.0-33.01977.5
y/y 1.3%
1377.3
y/y 2.8%
-2.6%78.4Yahoo Finance
2024-06-30Q2 2024 (3M)OK136.1
y/y -7.6%
-14.3
y/y —
32.0
y/y -3.0%
17.7
y/y 25.0%
-48.3
y/y —
5.0-27.01986.7
y/y -1.4%
1373.8
y/y -0.2%
-14.2%103.5Yahoo Finance
2024-03-31Q1 2024 (3M)OK105.5
y/y -33.0%
-22.7
y/y —
28.5
y/y -18.2%
5.8
y/y -44.4%
-13.5
y/y —
11.6-30.91953.7
y/y -1.5%
1338.6
y/y 0.6%
-4.0%137.3Yahoo Finance
2023-12-31Q4 2023 (3M)OK137.7
y/y —
-117.4
y/y —
30.0
y/y —
-87.4
y/y —
10.2
y/y —
12.7-28.21976.4
y/y —
1358.1
y/y —
-10.0%93.8Yahoo Finance
2023-09-30Q3 2023 (3M)OK133.8
y/y —
-18.1
y/y —
28.4
y/y —
10.2
y/y —
-27.1
y/y —
20.0-33.51952.4
y/y —
1339.6
y/y —
-2.7%116.9Yahoo Finance
2023-06-30Q2 2023 (3M)OK147.3
y/y —
-18.9
y/y —
33.0
y/y —
14.1
y/y —
-17.5
y/y —
20.4-37.42014.0
y/y —
1376.3
y/y —
-5.2%94.6Yahoo Finance
2023-03-31Q1 2023 (3M)OK157.6
y/y —
-24.4
y/y —
34.8
y/y —
10.4
y/y —
-100.7
y/y —
-4.7-49.41983.6
y/y —
1330.6
y/y —
—150.3Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)54
Long-term debt (incl. LT leases)248
− Cash & equivalents1 093
Net debt-791

Net debt / LTM EBITDA: -0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004005002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-800-600-400-20002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.49x of reported net profit; after capex, 2.20x. Loss years (2021, 2022, 2023, 2024) are left out of the ratio.
year20212022202320242025
cash flow / profit————2.49x
accruals, % of assets-3.5%-6.0%-9.3%-12.8%-6.7%
Last twelve months (to 2026-06-30): 2.15x of profit came back as operating cash flow.
net debt / EBITDA -0.7x · capex 0.9x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Silver

Proved reserves
122.50 mln silver ounces eq.
2024
Reserve life (R/P)
4.6 yrs
reserves ÷ annual output
Annual production
26.87 mln silver ounces eq.
2023

Production, mln silver ounces eq.

31.25202226.872023

Proved reserves

YearReserves, mln silver ounces eq.
2024122.50
2022136.80
2021177.40
202062.20

Production

YearProduction, mln silver ounces eq.per day, mln silver ounces eq.
20261.55 * (3M)
−79.9%		0.02
202523.22 * (9M)
+76.7%		0.08
202413.14 * (9M)
−35.1%		0.05
202326.87
−14.0%		0.07
202231.250.09
202120.38 * (3M)0.22

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Silver

Current 54spot vs LTM -11%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -53.3% ▲ +0.0 pp 1d

Main driver: Silver -14% vs LTM; revenue ×0.89 vs costs ×1.04; EBITDA 959→630; at 12.0× EV/EBITDA → -53%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Silver (rev)+70%53.8862.3045.04-14%-28%
Gold (rev)+30%3 993.624 242.243 397.19-6%-20%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 650
LTM EBITDA959
LTM cash costs (revenue − EBITDA)691
2 · Revenue projection
Revenue multiplier — spot×0.888 (-11%)
= Spot revenue1 465
Revenue multiplier — 3y price×0.746 (-25%)
= 3-year-price revenue1 231
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs718
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs718
4 · EBITDA projection (revenue − costs)
= Spot EBITDA746
= 3-year-price EBITDA513
Conservative EBITDA = min(spot, avg)630
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA7 554
Net debt-791
Target market cap = EV − net debt8 129
Current market cap7 083

Upside = target market cap ÷ current − 1 = -53.3%

Life of mine: 5 yrs — before haircut +14.8%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q3134165-19.1%1013-22.3%
2023 Q4138152-9.2%-874-2343.5%
2024 Q1106147-28.2%6-14—
2024 Q2136157-13.5%188+109.6%
2024 Q3147153-3.9%368+372.1%
2024 Q4172158+9.0%6516+312.5%
2025 Q1246162+51.8%10150+99.9%
2025 Q2265202+31.1%11479+44.6%
2025 Q3287258+11.2%134126+6.4%
2025 Q4468370+26.4%283227+24.5%
2026 Q1481588-18.1%292425-31.2%
2026 Q2414497-16.6%250323-22.9%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +124% vs -3% the year before — a +127.0 pp move. 3-year CAGR +26%.
revenue growth by year: 2023 -8% · 2024 -3% · 2025 +124%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 12.8x · target 75th pct (3y) 23.2x · LTM avg 14.6x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Silver mining. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Fortuna Miningglobal2.83.2x
Silvercorp Metalsglobal1.95.2x
Pan American Silverglobal15.36.6x
Endeavour Silverglobal2.28.1x
Group median5.9x
Group average5.8x
This companyglobal7.16.6x

Group median 5.9x; this company 6.6x — a 12% premium.

Group average 5.8x; against the average this company is at a 14% premium.

At the adjusted group median the market cap would be -10% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-140.015 USDEx-dividend: 0.015 USD per sharePaidYahoo Finance (ex-div)
2026-05-200.017 USDEx-dividend: 0.017 USD per sharePaidYahoo Finance (ex-div)
2026-02-270.008 USDEx-dividend: 0.008 USD per sharePaidYahoo Finance (ex-div)
2025-05-160.005 USDEx-dividend: 0.005 USD per sharePaidYahoo Finance (ex-div)
2025-02-280.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2024-11-150.005 USDEx-dividend: 0.005 USD per sharePaidYahoo Finance (ex-div)
2024-08-160.005 USDEx-dividend: 0.005 USD per sharePaidYahoo Finance (ex-div)
2024-05-160.004 USDEx-dividend: 0.004 USD per sharePaidYahoo Finance (ex-div)
2024-03-130.005 USDEx-dividend: 0.005 USD per sharePaidYahoo Finance (ex-div)
2023-11-140.005 USDEx-dividend: 0.005 USD per sharePaidYahoo Finance (ex-div)
2023-08-150.005 USDEx-dividend: 0.005 USD per sharePaidYahoo Finance (ex-div)
2023-05-170.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2023-03-090.005 USDEx-dividend: 0.005 USD per sharePaidYahoo Finance (ex-div)
2022-11-210.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2022-08-150.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2022-05-240.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2022-03-180.008 USDEx-dividend: 0.008 USD per sharePaidYahoo Finance (ex-div)
2021-11-160.005 USDEx-dividend: 0.005 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of First Majestic Silver (AG) — from primary filings.

Frequently asked questions

What is First Majestic Silver (AG)'s P/E ratio?
First Majestic Silver (AG) trades at a P/E of 18.5x (price to trailing 12-month earnings).
What is First Majestic Silver (AG)'s EV/EBITDA?
First Majestic Silver (AG) trades at 6.6x EV/EBITDA.
What is First Majestic Silver (AG)'s P/B ratio?
First Majestic Silver (AG) trades at a P/B of 2.6x.
What is First Majestic Silver (AG)'s dividend yield?
First Majestic Silver (AG)'s trailing 12-month dividend yield is 0.3%.
What is First Majestic Silver (AG)'s return on equity (ROE)?
First Majestic Silver (AG)'s ROE is 17.2%.
What is First Majestic Silver (AG)'s market capitalization?
First Majestic Silver (AG)'s market cap is 7.1 bn USD.

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