| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 37 | 27.8x | 17.8x | Bottom tier | |
Growth | 83 | 97.7% | 7.1% | Top tier | |
Quality | 89 | 13.6% | 4.5% | Top tier | |
Safety | 89 | — | 2.6x | Top tier | |
Capital Return | 21 | 0.10% | 2.12% | Bottom tier | |
Momentum | 50 | 93.9% | 2.9% | Around median | |
Sentiment | 70 | 3 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
First Majestic Silver Corp. produces silver and gold through four operating mines, generating revenue primarily from the sale of extracted metals, alongside its retail business through First Mint. In Q1 fiscal 2026, the company produced 3.5 million ounces of silver, equivalent to 26% of the midpoint of full-year guidance, while gold production reached 28% of the guidance midpoint, and silver's share of the production mix rose to 66% from 60% in Q4 fiscal 2025.
The annual financial statements show a sharp financial turnaround in fiscal 2025; revenue rose to $1.3 billion from $560.6 million in fiscal 2024, and gross profit increased to $713.5 million from $215.9 million. The company also moved from a net loss of $101.9 million and negative earnings per share of $0.34 in fiscal 2024 to net income of $211 million and earnings per share of $0.34 in fiscal 2025.
In the results published on July 30, 2026, revenue increased by 57% to $415.5 million, and adjusted earnings before interest, taxes, depreciation, and amortization doubled to $257.1 million, representing a calculated margin of approximately 61.9%. However, adjusted earnings per share were $0.21 versus estimates of $0.30, while revenue also fell short of expectations. Q1 fiscal 2026 indicators showed stronger year-over-year momentum, with record revenue of $477 million, up 95%, operating cash flow of $311 million, free cash flow of $224 million, and the margin per ounce widening to $52 from $13 a year earlier.
The analyst consensus on AG shares is Neutral, with an average price target of $24.75 and a target range of $22.5 to $27. The average target is approximately 22.8% below the 52-week range high of $32.04, and even the highest target is about 15.7% below it, reflecting analysts' balance between the substantial improvement in earnings and cash flows and the company's sensitivity to metal prices and Jerritt Canyon execution risks.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Higher metal prices were the main factor, with the average realized silver price reaching $86.35 per ounce in Q1 fiscal 2026 versus $33.10 in Q1 fiscal 2025. As a result, revenue increased by 95% to $477 million, and the margin per ounce widened to $52 from $13. In the results published on July 30, 2026, revenue increased by 57% to $415.5 million, and adjusted earnings before interest, taxes, depreciation, and amortization doubled to $257.1 million.
Jerritt Canyon represents a major growth project with reported resources of 7.8 million ounces of gold, and the company aims to begin production in the second half of 2027. First Majestic allocated $75 million to the project during 2026, including recruitment, underground preparation, and equipment orders. The company aims to release a pre-feasibility study in early 2027, while critical paths include the oxygen plant and the underground mining fleet, which has delivery lead times of 10–12 months.
The company is working to increase Santa Elena mill capacity from 3,200 to 3,500 tonnes per day during the second half of 2026. At Los Gatos, it is targeting a mining rate of 4,000 tonnes per day and has engaged an external contractor to address the mining bottleneck because the mill itself is not the bottleneck. The Santo Niño and Navidad discoveries also added approximately 90 million ounces to Santa Elena's updated resources in March 2026, and the company is working to incorporate them into the mill operating plan.
Automated analysis for informational purposes only — not investment advice.
Revenue increased from $560.6 million in fiscal 2024 to $1.3 billion in fiscal 2025. Gross profit rose from $215.9 million to $713.5 million over the same period. The net loss of $101.9 million and negative earnings per share of $0.34 also turned into net income of $211 million and earnings per share of $0.34.
The company's treasury exceeded $1.1 billion in Q1 fiscal 2026, and treasury assets rose to $1.25 billion according to the results published on July 30, 2026. Q1 fiscal 2026 generated operating cash flow of $311 million and free cash flow of $224 million, despite the payment of $95 million in Mexican income taxes in January 2026. The company also increased its quarterly dividend by 217% in the July 30, 2026 announcement and repurchased 1.2 million shares.
The shares remain highly sensitive to silver and gold prices because higher prices were the primary driver of margin expansion and revenue growth in 2026. Restarting Jerritt Canyon also carries schedule and cost risks, with spending of $75 million in 2026 and a production target in the second half of 2027. In addition, the results published on July 30, 2026 missed revenue and earnings estimates, with adjusted earnings per share of $0.21 versus expectations of $0.30.
