First Majestic Silver Corp.

Silver

AGStrong9 of 11 basics passed

$17.25

+1.59%

Market cap $8.51B

$17.25

+1.59%

Market cap $8.51B

First Majestic Silver Corp is in the business of production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America.

It is a $8.51B materials company. Revenue grew 124.3% over the last year, it keeps 13¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 24.0× earnings.

Website: firstmajestic.com
Employees: 5 535
Sector: Basic Materials

Share price · 3 years

$5.09 → $17.25+238.9%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $1.26B
Profit: keeps 13¢ of every $1 sold; $165M
Free cash flow: cash left after running the business; $614M
Net cash: more cash than debt; $917M
P/E: years of profit in the price; 24.0
EPS: earnings per share, FY2025; $0.33
Dividend: pays out 5% of profit · 3% of FCF; 0.21%
Shares: up 81% since 2021 — dilution; 492.7M

Revenue, last 5 years

52-week range

Low $10.67$17.25High $32.01

Today's price is 31% of the way from the year's low to its high.

Valuation vs own history

P/E

51.6×

81%

P/S

6.8×

24%

EV/EBITDA

20.7×

95%

P/B

2.5×

15%

FCF yield

7.2%

72%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Basic Materials

Size$8.51Btop 88%
Revenue growth+26%top 23%
Net margin21%top 37%
Return on equity12%top 62%
P/E24.0×top 71%
Dividend yield0.21%top 93%

Ranked against 51 Basic Materials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and health; Growth and Moat lag behind.

Valuation82

P/E vs own history19th pct · 25/25
FCF yield7.2% · 20/25
P/S5.1x · 12/25
EV/EBITDA10.0x · 25/25

Growth37

Revenue CAGR21.1% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth6.5% · 12/25

Profitability62

ROIC6.7% · 5/25
ROE12.4% · 12/25
Net margin13.1% · 20/25
Operating margin46.3% · 25/25

Health78

Altman Z3.88 · 25/25
Current ratio2.57 · 25/25
Interest coverage0.1x · 3/25
Net cash / debtNet cash · 25/25

Quality71

Piotroski F6/9 · 15/25
Beneish M-2.59 · 25/25
FCF conversion372% · 25/25
Margin stabilityσ 17.7% · 6/25

Moat23

ROIC >12% years0/5 yrs · 0/25
Median gross margin34.3% · 13/25
FCF-positive years3/5 yrs · 10/25
Worst-year net marginworst -23.5% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Turned profitable
$165M net income after a loss year
FY2025Financial
Revenue crossed $1B
$1.26B for the year
FY2025Financial
Best year on record
$165M net income
FY2023Financial
Became debt-free
cash now exceeds total debt

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$14 036 today — price return only

$1.3B revenue in FY2025

Revenue up 124.3% year over year

Positive free cash flow 3 years in a row

5 535 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (51.0%)
Revenue growing 124.3% year over year
Strong cash conversion — FCF is 48.8% of revenue
Net cash position after subtracting debt from cash
Altman Z-Score 3.88 — low bankruptcy-risk zone

Watch-outs

Thin interest coverage (0.1×)
Loss-making in 4 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+124.3% YoY
Profitable — makes more than it spends$165M FY2025
Profit growing — earnings are higher than last year+26.1% YoY
Generates cash — cash left after running and investing$614M FY2025
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$8.51B market cap
Not printing shares — share count not ballooning — you keep your slice+80.7% shares over ~5y
Proven track record — years of profitability behind it1/5 profitable years
Financially stable — balance sheet not near distressAltman Z 3.9 — safe
Pays a dividend — returns cash to shareholdersyield 0.21%
Valuation not extreme — price not wildly above earningsP/E 24.0

Peer comparisonFirst Majestic Silver Corp. vs 6 largest basic materials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
AG this company	$8.5B	24.0	+124.3%	13.1%	Strong
LIN Linde plc Ordinary Share	$223.2B	30.8	+6.6%	20.4%	Solid
SCCO Southern Copper Corporation	$176.8B	31.2	+32.8%	35.9%	Strong
NEM Newmont Corporation	$124.2B	14.4	+25.2%	33.4%	Strong
FCX Freeport-McMoran Inc.	$105.8B	35.9	+0.2%	11.4%	Strong
AEM Agnico Eagle Mines Ltd.	$95.8B	15.9	+43.7%	37.5%	Strong
B Barrick Mining Corporation	$67.5B	10.1	+9.2%	31.6%	Strong

Head-to-head: AG vs LIN · AG vs SCCO · AG vs NEM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 8Hold 2

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.26B · net income $165M (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$1.26B

YoY 124.3%

Net income (FY2025)

$165M

Margin 13.1%

Gross margin

51.0%

Operating margin

46.3%

P/E ratio

24.0

Dividend yield

0.21%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	0.6	0.6	0.6	0.6	1.3
Gross profit	0.2	0.1	0.1	0.2	0.7
Operating income (EBIT)	0.0	-0.1	-0.1	0.0	0.4
Net income	-0.0	-0.1	-0.1	-0.1	0.2
EPS (diluted)	-0.02	-0.40	-0.45	-0.21	0.33

Cash flowFree cash flow $614M · operating cash flow $826M (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

$614M

Margin 48.8%

Operating cash flow (FY2025)

$826M

FY basis

FCF margin

48.8%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.0	0.1	0.2	0.5	0.8
Capital expenditure	-0.2	-0.1	-0.1	-0.2	-0.2
Free cash flow	-0.2	-0.1	0.0	0.3	0.6
FCF margin	-34.0%	-14.5%	6.4%	56.3%	48.8%

Balance sheetAssets $4.94B · net cash $917M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $4.94B of assets is financed

32%

68%

Liabilities $1.56B — borrowed moneyEquity $3.37B — owners' stake

Cash vs debt

Total debt $331M − cash $1.25B = net cash $917M

Cash on hand covers all debt.

Altman Z-Score

3.88

Safe zone

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

0.1x

EBIT ÷ interest expense

ROE

12.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	0.2	0.2	0.3	1.0	1.2
Total assets	2.1	2.0	2.0	4.7	4.9
Total liabilities	0.7	0.6	0.6	1.5	1.6
Total debt	0.2	0.3	0.2	0.3	0.3
Equity	1.4	1.4	1.4	3.2	3.4
Net debt	0.1	0.1	-0.0	-0.7	-0.9

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of AG on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $17.25 · market cap $8.51B.