First Majestic Silver (AG)
Market Price (11/10/2026): $15.85 | Market Cap: $7.8 BilSector: Materials | Industry: Silver
First Majestic Silver (AG)
Market Price (11/10/2026): $15.85Market Cap: $7.8 BilSector: MaterialsIndustry: Silver
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, FCF Yield is 7.3% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 81% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Electrification of Everything. Themes include Solar Energy Generation, Show more. | Key risksAG key risks include [1] its heavy operational concentration and ongoing tax disputes in Mexico, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, FCF Yield is 7.3% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 81% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Electrification of Everything. Themes include Solar Energy Generation, Show more. |
| Key risksAG key risks include [1] its heavy operational concentration and ongoing tax disputes in Mexico, Show more. |
Qualitative Assessment
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First Majestic Silver (AG) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Lower-than-expected production in fiscal Q3 2026, exacerbated by operational disruptions. First Majestic Silver reported third quarter 2026 silver production of 3.4 million ounces, which represented 72% of its revised 2026 guidance midpoint. This shortfall was primarily due to a 12-day labor dispute at the San Dimas mine, which led to a 41% year-over-year decline in silver production from that specific mine. Additionally, lower ore grades at other operations contributed to an overall decline in consolidated silver and gold production compared to fiscal Q2 2026.
2. Anticipated weaker fiscal Q3 2026 financial results and negative analyst sentiment. Analysts are forecasting First Majestic Silver to report earnings per share (EPS) of $0.19 for fiscal Q3 2026, which would mark a 12% sequential decline from the $0.21 EPS reported in fiscal Q2 2026. The company's fiscal Q2 2026 EPS of $0.21 already missed consensus estimates of $0.25 by $0.04. Leading up to the Q3 earnings release, analyst sentiment had soured, with EPS estimates declining by 27.53% over the two months prior to the report.
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First Majestic Silver (AG) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Lower-than-expected production in fiscal Q3 2026, exacerbated by operational disruptions. First Majestic Silver reported third quarter 2026 silver production of 3.4 million ounces, which represented 72% of its revised 2026 guidance midpoint. This shortfall was primarily due to a 12-day labor dispute at the San Dimas mine, which led to a 41% year-over-year decline in silver production from that specific mine. Additionally, lower ore grades at other operations contributed to an overall decline in consolidated silver and gold production compared to fiscal Q2 2026.
2. Anticipated weaker fiscal Q3 2026 financial results and negative analyst sentiment. Analysts are forecasting First Majestic Silver to report earnings per share (EPS) of $0.19 for fiscal Q3 2026, which would mark a 12% sequential decline from the $0.21 EPS reported in fiscal Q2 2026. The company's fiscal Q2 2026 EPS of $0.21 already missed consensus estimates of $0.25 by $0.04. Leading up to the Q3 earnings release, analyst sentiment had soured, with EPS estimates declining by 27.53% over the two months prior to the report.
3. Declining silver prices influenced by macroeconomic headwinds. Silver prices experienced significant volatility and a notable decline during the period. After trading around $60 per ounce in early October 2026, prices fell sharply towards $52 by month-end, reaching approximately $53 to $54 per troy ounce in late October. J.P. Morgan, which had initially forecast an average silver price of $70 per ounce for 2026, revised its Q4 2026 average forecast from $90 to $63 per ounce by August 2026, with sentiment deteriorating further. This downward pressure was largely attributed to fears of tighter monetary policy from the Federal Reserve and the prospect of higher interest rates, which reduce the attractiveness of non-yielding assets like silver.
4. Limited impact from the renewed share repurchase program. While First Majestic Silver renewed its normal course issuer bid, authorizing the purchase of up to 10 million common shares (approximately 2% of its outstanding shares) starting October 14, 2026, the actual execution of share repurchases under the prior program was modest. Under the program that expired October 13, 2026, the company repurchased only 1.7 million shares at a volume-weighted average price of C$23.38, significantly less than the 24.5 million shares approved. This limited buyback activity, despite the stock's decline from August highs, likely failed to provide substantial support to the stock price.
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Stock Movement Drivers
Fundamental Drivers
The 5.7% change in AG stock from 7/31/2026 to 11/9/2026 was primarily driven by a 6.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.02 | 15.87 | 5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,650 | 1,759 | 6.6% |
| Net Income Margin (%) | 23.2% | 24.5% | 5.4% |
| P/E Multiple | 19.3 | 18.1 | -6.1% |
| Shares Outstanding (Mil) | 493 | 493 | 0.1% |
| Cumulative Contribution | 5.7% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| AG | 5.7% | |
| Market (SPY) | 0.8% | 50.9% |
| Sector (XLB) | 5.0% | 54.0% |
Fundamental Drivers
The -19.3% change in AG stock from 4/30/2026 to 11/9/2026 was primarily driven by a -67.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.68 | 15.87 | -19.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,265 | 1,759 | 39.0% |
| Net Income Margin (%) | 13.7% | 24.5% | 79.3% |
| P/E Multiple | 55.9 | 18.1 | -67.5% |
| Shares Outstanding (Mil) | 491 | 493 | -0.4% |
| Cumulative Contribution | -19.3% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| AG | -19.3% | |
| Market (SPY) | 5.0% | 57.7% |
| Sector (XLB) | 3.2% | 55.8% |
Fundamental Drivers
The 24.6% change in AG stock from 10/31/2025 to 11/9/2026 was primarily driven by a 795.3% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.74 | 15.87 | 24.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 831 | 1,759 | 111.6% |
| Net Income Margin (%) | 2.7% | 24.5% | 795.3% |
| P/E Multiple | 271.7 | 18.1 | -93.3% |
| Shares Outstanding (Mil) | 485 | 493 | -1.6% |
| Cumulative Contribution | 24.6% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| AG | 24.6% | |
| Market (SPY) | 11.3% | 49.4% |
| Sector (XLB) | 25.2% | 56.4% |
Fundamental Drivers
The 210.9% change in AG stock from 10/31/2023 to 11/9/2026 was primarily driven by a 186.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.10 | 15.87 | 210.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 614 | 1,759 | 186.4% |
| P/S Multiple | 2.3 | 4.4 | 90.4% |
| Shares Outstanding (Mil) | 281 | 493 | -43.0% |
| Cumulative Contribution | 210.9% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| AG | 210.9% | |
| Market (SPY) | 86.2% | 35.6% |
| Sector (XLB) | 46.8% | 44.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AG Return | -17% | -25% | -26% | -10% | 204% | -5% | 20% |
| Peers Return | -22% | -17% | -21% | 11% | 206% | 11% | 93% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| AG Win Rate | 25% | 50% | 42% | 50% | 67% | 45% | |
| Peers Win Rate | 27% | 48% | 40% | 48% | 75% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| AG Max Drawdown | -53% | -54% | -50% | -43% | -30% | -56% | |
| Peers Max Drawdown | -54% | -53% | -51% | -44% | -30% | -51% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HL, EXK, SVM, NEWP, AG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | AG | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.1% | -7.8% |
| % Gain to Breakeven | 35.3% | 8.5% |
| Time to Breakeven | 52 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.5% | -9.5% |
| % Gain to Breakeven | 50.4% | 10.5% |
| Time to Breakeven | 153 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.4% | -6.7% |
| % Gain to Breakeven | 36.0% | 7.1% |
| Time to Breakeven | 286 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.0% | -24.5% |
| % Gain to Breakeven | 66.8% | 32.4% |
| Time to Breakeven | 1155 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.4% | -33.7% |
| % Gain to Breakeven | 86.4% | 50.9% |
| Time to Breakeven | 67 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.8% | -19.2% |
| % Gain to Breakeven | 18.8% | 23.8% |
| Time to Breakeven | 21 days | 105 days |
In The Past
First Majestic Silver's stock fell -2.3% during the 2025 US Tariff Shock. Such a loss loss requires a 2.4% gain to breakeven.
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| Event | AG | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.1% | -7.8% |
| % Gain to Breakeven | 35.3% | 8.5% |
| Time to Breakeven | 52 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.5% | -9.5% |
| % Gain to Breakeven | 50.4% | 10.5% |
| Time to Breakeven | 153 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.4% | -6.7% |
| % Gain to Breakeven | 36.0% | 7.1% |
| Time to Breakeven | 286 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.0% | -24.5% |
| % Gain to Breakeven | 66.8% | 32.4% |
| Time to Breakeven | 1155 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.4% | -33.7% |
| % Gain to Breakeven | 86.4% | 50.9% |
| Time to Breakeven | 67 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -36.4% | -3.7% |
| % Gain to Breakeven | 57.2% | 3.9% |
| Time to Breakeven | 958 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.4% | -12.2% |
| % Gain to Breakeven | 59.8% | 13.9% |
| Time to Breakeven | 23 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -75.5% | -6.8% |
| % Gain to Breakeven | 308.0% | 7.3% |
| Time to Breakeven | 101 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -26.4% | -0.2% |
| % Gain to Breakeven | 35.9% | 0.2% |
| Time to Breakeven | 15 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -43.2% | -17.9% |
| % Gain to Breakeven | 76.0% | 21.8% |
| Time to Breakeven | 5225 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.8% | -53.4% |
| % Gain to Breakeven | 516.9% | 114.4% |
| Time to Breakeven | 564 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -39.5% | -8.6% |
| % Gain to Breakeven | 65.2% | 9.5% |
| Time to Breakeven | 68 days | 47 days |
In The Past
First Majestic Silver's stock fell -2.3% during the 2025 US Tariff Shock. Such a loss loss requires a 2.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About First Majestic Silver (AG)
First Majestic Silver Corp. (symbol: AG) is a Canadian-based mining company primarily engaged in the acquisition, exploration, development, and production of mineral properties across North America. The company's core business involves extracting precious metals, with a strong operational focus on silver and a significant presence in gold production. They own and operate a portfolio of mines located in various regions of Mexico and Nevada, along with an exploration project in Ontario, Canada.
The main products of First Majestic Silver are silver and gold, which are extracted from their diverse mining assets. These precious metals are sold into global commodity markets, serving a wide array of customers including industrial users, jewelry manufacturers, and investors. The company strategically manages its operations to optimize the production of these key metals to meet worldwide demand.
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Here are 1-3 brief analogies for First Majestic Silver (AG):
- First Majestic Silver is like **ExxonMobil, but they extract silver and gold from the earth instead of oil and gas.**
- First Majestic Silver is like **Barrick Gold, but with a stronger emphasis on silver production.**
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- Silver: Mined and produced from the company's various silver/gold mining properties.
- Gold: Mined and produced from the company's various silver/gold and gold mining properties.
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Major Customers:
- Precious Metals Refineries: Companies that take the raw silver and gold (often in the form of dore bars or concentrates) produced by First Majestic and refine it into high-purity investment-grade bullion bars, grains, or other forms.
- Bullion Banks and Traders: Large financial institutions and commodity trading firms that purchase significant volumes of physical precious metals for trading, investment portfolios, hedging purposes, and redistribution to other market participants.
- Industrial Fabricators and Manufacturers: Businesses that utilize silver and gold in various industrial applications, such as electronics, solar panels, medical devices, photography, and jewelry manufacturing. These customers typically purchase refined metals from refiners or large distributors, but some may have direct off-take agreements with miners.
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Keith Neumeyer, President, Chief Executive Officer & Founder
Keith Neumeyer founded First Majestic Silver in 2002. He previously founded First Quantum Minerals Ltd. and served as its original and founding President. Mr. Neumeyer also founded First Mining Gold in 2015. With a career in the investment community since 1984, he has held senior management and directorship roles in finance, business development, strategic planning, and corporate restructuring for various publicly-traded resource and high-technology companies. He has extensive experience in listing companies on the Toronto Stock Exchange. He was awarded Kitco's Best Mining CEO in 2019 and is a recipient of the E&Y Entrepreneur of the Year Award for the Metals & Mining category.
David Soares, Chief Financial Officer
David Soares was appointed Chief Financial Officer effective March 28, 2022. He brings over 15 years of finance and management experience from multinational mining companies such as Xstrata, Glencore, and Barrick. Prior to joining First Majestic Silver, Mr. Soares was the Chief Financial Officer of Kirkland Lake Gold, where he played a key role in its transformation into a senior gold producer and its subsequent merger with Agnico Eagle Mines. He also has international governance experience, having served as a director for national-level organizations representing industry and the private sector.
Mani Alkhafaji, President & Chief Corporate Development Officer
Mani Alkhafaji has over 15 years of experience in finance and mergers and acquisitions. He joined First Majestic Silver in October 2015, initially to support the integration of the Santa Elena Mine acquisition. Since then, he has held several senior leadership positions within the company, including Vice President of Corporate Development and Investor Relations, Vice President of Business Planning & Procurement, Integration Leader, and Mine General Manager. In his current role, he oversees Corporate Development, Administration, First Mint, Investor Relations, and Sustainability.
Steve Holmes, Chief Operating Officer
Steve Holmes is a mining engineer with over 40 years of experience, responsible for overseeing all operational functions of First Majestic Silver's mines and projects. Before joining the company, he served as Vice President, Joint Venture Portfolio at Barrick Gold Corporation, where he was responsible for overseeing Barrick's interests in their Global Joint Venture operations and projects. His previous roles include COO for KGHM International, Operations Vice President at the Sierra Gorda copper mine in Chile, and general management positions at Asarco, the Mine Technology Group, Chino Mines Company, and Freeport-McMoRan.
Samir Patel, General Counsel & Corporate Secretary
Samir Patel serves as the General Counsel & Corporate Secretary for First Majestic Silver. In this capacity, he is responsible for managing legal, regulatory, and corporate governance matters for the company.
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The key risks for First Majestic Silver (AG) include:
- Commodity Price Volatility: First Majestic Silver's financial performance is heavily dependent on the fluctuating market prices of silver and gold. Significant price swings in these precious metals directly impact the company's revenue, cash flows, and overall profitability, as well as investor sentiment.
- Geopolitical and Regulatory Risks in Mexico: The company has substantial operational exposure in Mexico, and it faces ongoing challenges such as tax disputes with the Mexican government. This introduces risks related to regulatory changes, political instability, and potential legal hurdles that can negatively affect its operations and financial standing.
- Operational Challenges and Financial Performance: First Majestic Silver has encountered operational difficulties, including high operating and capital costs, contractor inefficiencies, and lower-than-expected head grades at its mines. Recent earnings reports have shown revenue falling short of analyst expectations, leading to market concern and reflecting underlying operational setbacks. Furthermore, financial health indicators suggest potential financial distress.
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First Majestic Silver Corp. (symbol: AG) primarily engages in the production of silver and gold. Therefore, its addressable markets are the global markets for these precious metals.
Global Gold Market
The global gold market is a significant addressable market for First Majestic Silver. Based on a five-year historical analysis, the global gold market is valued at approximately USD 2.5 trillion. More specific valuations indicate the global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. In terms of volume, the market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, with a compound annual growth rate (CAGR) of 4.70% during the forecast period. Another source predicts the gold market to grow from 4.75 kilotons in 2025 to 7.25 kilotons by 2031 at a 7.30% CAGR.
Global Silver Market
The global silver market also represents a substantial addressable market for First Majestic Silver. The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86%. Other estimates place the global silver market size at USD 23.51 billion in 2025, with an expected growth to USD 36.51 billion by 2035 at a CAGR of 4.50%. In terms of volume, the silver market is expected to grow from 37.78 kilotons in 2025 to 49.54 kilotons by 2031, at a 4.62% CAGR over 2026-2031.
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Expected Drivers of Future Revenue Growth for First Majestic Silver (AG)
First Majestic Silver (AG) is expected to drive future revenue growth over the next 2-3 years through a combination of increased production, favorable precious metal prices, strategic mine expansions, and the growth of its specialized minting operation. These drivers are underpinned by recent operational successes and forward-looking strategies detailed in company reports and analyst commentary.
Here are 3-5 expected drivers of future revenue growth:
- Increased Production Volume from Existing and Acquired Mines: First Majestic Silver achieved record silver production of 15.4 million ounces in 2025, an 84% year-over-year increase, and over 31 million silver equivalent ounces (AgEq) in the same year. This growth was significantly boosted by the acquisition and integration of the Los Gatos Silver Mine, which contributed substantially to revenue in Q4 2025. Additionally, improved operational performance and increased throughput at existing mines like San Dimas and La Encantada are contributing factors to higher production levels. The company's 2026 production guidance anticipates 13.0 to 14.4 million ounces of silver and 116,000 to 129,000 ounces of gold.
- Favorable Precious Metal Prices: The company has demonstrated a strong correlation between realized metal prices and its revenue. In Q4 2025, the average realized silver price was $58.96 per silver equivalent ounce, a significant increase from $30.80 in Q4 2024. The annual average realized silver price in 2025 was 47% higher than in 2024. Recent market trends in early March 2026 show silver prices trading around the high-$80s per ounce, which is expected to positively impact cash flow and revenue for silver producers. Analysts anticipate continued sales growth, with revenue forecasts projected to outpace the broader US market.
- Mine Expansion Projects and Exploration Successes: Ongoing expansion projects at key operations, particularly Santa Elena and Gatos, are anticipated to enhance future production capacity. Santa Elena is undergoing a plant expansion project aimed at reaching a capacity of 3,500 tonnes per day, supported by new discoveries like the Navidad and Santo Nino ore bodies, which are expected to extend the mine's life. Positive exploration results were also announced in December 2025, indicating potential for further resource development.
- Growth of the First Mint Operation: First Majestic's minting facility is an emerging revenue stream. In 2025, the mint operation generated $49.4 million in revenue with $24.1 million in profitability. The company has stated intentions to increase the First Mint's production to 10% of its total production, highlighting its capacity for future expansion and presenting significant growth opportunities.
- Monetization of Deferred Revenue from Metal Inventory: The company has reported holding substantial metal inventory (e.g., 463,156 ounces of silver and 2,808 ounces of gold in Q4 2025, and 758,333 ounces of silver and 3,994 ounces of gold in Q3 2025) that was not recognized as revenue at quarter-end. The monetization of this deferred revenue in upcoming quarters is expected to boost reported financial results and provide future earnings flexibility.
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Share Repurchases
- First Majestic Silver was authorized to repurchase up to 10 million common shares, representing approximately 3.32% of its outstanding shares as of September 4, 2024. This program commenced on September 12, 2024, and is set to continue until September 11, 2025.
- Between October 14, 2025, and December 31, 2025, the company repurchased 400,000 shares for CAD 4.4 million.
- Under a prior normal course issuer bid from March 22, 2022, to March 21, 2023, the company repurchased 100,000 shares for cancellation at a volume-weighted average price of CDN$8.52.
Share Issuance
- As part of the acquisition of Gatos Silver, Inc., completed on January 16, 2025, Gatos shareholders were to hold approximately 38% of First Majestic's shares post-transaction. The merger itself was valued at approximately $970 million.
- In December 2021, First Majestic completed a US$230 million convertible senior notes offering.
Outbound Investments
- On January 16, 2025, First Majestic Silver completed the acquisition of Gatos Silver, Inc. This strategic investment added a 70% joint venture interest in the Los Gatos underground silver mine in Chihuahua, Mexico, to First Majestic's portfolio, with the merger valued at approximately $970 million.
Capital Expenditures
- First Majestic's capital expenditures averaged $140.9 million annually for the fiscal years ending December 2020 to 2024, peaking at $203.3 million in December 2022.
- For 2025, the company plans to invest approximately $182 million in capital expenditures, with $80 million allocated for sustaining activities and $102 million for expansionary projects. This increase is largely driven by the addition of capital expenditures attributable to the Cerro Los Gatos Silver Mine, focusing on exploration and development activities at Santa Elena and San Dimas.
- In 2026, expected capital expenditures are approximately $224 million, representing a 16% increase from the revised 2025 guidance. The focus for 2026 includes a plant expansion at Santa Elena to 3,500 tpd, a mine throughput increase at Los Gatos to 4,000 tpd, and approximately 50,000 meters of underground development across its mines in San Dimas, Santa Elena, Los Gatos, and La Encantada.
Peer Outperformance in Silver
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 43.1% | 129.3% | 154.2% | SCCO 260% · TGB 240% · HBM 224% |
| Steel | 14 | 21.7% | 42.4% | 118.4% | HCC 341% · STLD 273% · RS 175% |
| Gold | 38 | 23.0% | 215.6% | 113.4% | IAG 546% · OGC 392% · AGI 311% |
| Silver ← | 6 | 47.3% | 321.7% | 98.4% | AYA 294% · HL 156% · SVM 120% |
| Construction Materials | 6 | -12.2% | 19.0% | 38.2% | USLM 351% · CRH 108% · VMC 47% |
| Aluminum | 3 | 12.9% | 121.6% | 25.1% | CENX 160% · AA -7% |
| Metal, Glass & Plastic Containers | 11 | 18.0% | 22.3% | 6.5% | GEF 22% · ATR 18% · SLGN 10% |
| Paper & Plastic Packaging Products & Materials | 7 | 20.9% | 17.3% | -5.8% | PKG 120% · CCK 22% · SON -2% |
| Diversified Metals & Mining | 23 | -49.9% | -2.5% | -10.1% | USAR 29296% · SKE 185% · MTRN 124% |
| Diversified Chemicals | 3 | 19.7% | 2.8% | -13.5% | CBT 39% · ASH -14% · CC -50% |
| Specialty Chemicals | 42 | 15.4% | 11.4% | -19.8% | PRM 163% · NEU 127% · ECL 40% |
| Precious Metals & Minerals | 7 | 3.9% | 157.2% | -26.0% | PPTA 334% |
| Commodity Chemicals | 12 | 19.7% | -26.5% | -29.9% | HWKN 332% · MEOH 54% · DOW -31% |
| Fertilizers & Agricultural Chemicals | 10 | 7.5% | 12.5% | -42.0% | CF 110% · CTVA 78% · NTR 25% |
| Paper Products | 4 | -41.8% | -62.7% | -81.1% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.74 |
| Mkt Cap | 2.5 |
| Rev LTM | 737 |
| Op Inc LTM | 263 |
| FCF LTM | 119 |
| FCF 3Y Avg | 60 |
| CFO LTM | 347 |
| CFO 3Y Avg | 202 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 82.6% |
| Rev Chg 3Y Avg | 44.7% |
| Rev Chg Q | 31.5% |
| QoQ Delta Rev Chg LTM | 5.6% |
| Op Inc Chg LTM | 196.3% |
| Op Inc Chg 3Y Avg | 158.3% |
| Op Mgn LTM | 46.0% |
| Op Mgn 3Y Avg | 24.1% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 44.8% |
| CFO/Rev 3Y Avg | 33.6% |
| FCF/Rev LTM | 26.9% |
| FCF/Rev 3Y Avg | 14.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Los Gatos | 490 | 0 | |||
| Santa Elena | 346 | 288 | 224 | 190 | 117 |
| San Dimas | 302 | 198 | 243 | 229 | 275 |
| La Encantada | 101 | 65 | 64 | 68 | 82 |
| First Mint | 49 | 16 | 9 | ||
| Jerritt Canyon | 1 | 4 | 41 | 130 | 124 |
| Non-producing Properties | 0 | 0 | 0 | 0 | |
| Others | 0 | 0 | 0 | 12 | 11 |
| Intercompany elimination | -32 | -11 | -7 | -4 | -25 |
| Total | 1,257 | 561 | 574 | 624 | 584 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| San Martin | 14 | 12 | 8 | 6 | |
| Del Toro | 8 | -5 | 6 | ||
| SantaElena | 7 | ||||
| La Guitarra | 1 | -1 | -0 | -1 | |
| Silver Sales | 0 | -16 | 12 | 53 | |
| Coins and Bullion Sales | -0 | -0 | 0 | 0 | |
| La Parrilla | -4 | 17 | 29 | 36 | |
| La Encantada | -19 | 23 | 38 | 45 | |
| Corporate and Other Eliminations | -127 | -124 | -70 | -32 | -25 |
| Coin | 15 | ||||
| La Encantada operations | 92 | ||||
| La Parrilla operations | 38 | ||||
| San Martin operations | 20 | ||||
| Total | -120 | -93 | 23 | 107 | 140 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Los Gatos | 2,129 | 0 | |||
| San Dimas | 631 | 543 | 582 | 490 | 495 |
| Jerritt Canyon | 619 | 608 | 600 | 756 | 734 |
| Others | 555 | 166 | 165 | 256 | 308 |
| Santa Elena | 482 | 416 | 363 | 295 | 257 |
| Non-producing Properties | 150 | 129 | 142 | 207 | 216 |
| La Encantada | 114 | 99 | 112 | 106 | 115 |
| First Mint | 15 | 19 | 12 | ||
| Total | 4,695 | 1,980 | 1,976 | 2,110 | 2,125 |
Price Behavior
| Market Price | $15.87 | |
| Market Cap ($ Bil) | 7.8 | |
| First Trading Date | 11/28/2006 | |
| Distance from 52W High | -50.3% | |
| 50 Days | 200 Days | |
| DMA Price | $17.53 | $19.76 |
| DMA Trend | down | down |
| Distance from DMA | -9.5% | -19.7% |
| 3M | 1YR | |
| Volatility | 60.6% | 73.5% |
| Downside Capture | 339.54 | 314.20 |
| Upside Capture | 305.09 | 323.06 |
| Correlation (S&P 500) | 47.5% | 50.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.29 | 2.88 | 2.91 | 3.26 | 2.87 | 1.54 |
| Up Beta | -2.03 | -1.93 | -0.08 | 1.80 | 1.96 | 1.02 |
| Down Beta | 2.35 | 4.23 | 4.62 | 4.58 | 3.05 | 1.59 |
| Up Capture | 241% | 212% | 361% | 380% | 846% | 1110% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 18 | 31 | 57 | 123 | 362 |
| Down Capture | 451% | 370% | 289% | 252% | 177% | 112% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 24 | 32 | 67 | 125 | 379 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AG | |
|---|---|---|---|---|
| AG | 46.2% | 73.5% | 0.82 | - |
| Sector ETF (XLB) | 26.7% | 18.3% | 1.14 | 57.1% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | 49.9% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | 76.5% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | 5.9% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 19.1% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 35.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AG | |
|---|---|---|---|---|
| AG | 4.5% | 63.0% | 0.32 | - |
| Sector ETF (XLB) | 6.4% | 19.2% | 0.22 | 42.4% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 33.9% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 64.0% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 23.8% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 27.3% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 21.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AG | |
|---|---|---|---|---|
| AG | 7.6% | 61.9% | 0.38 | - |
| Sector ETF (XLB) | 10.7% | 20.7% | 0.45 | 32.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 24.8% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 63.2% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 24.3% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 21.5% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 6-K |
| 06/30/2026 | 07/30/2026 | 6-K |
| 03/31/2026 | 05/12/2026 | 6-K |
| 12/31/2025 | 03/31/2026 | 40-F |
| 09/30/2025 | 11/05/2025 | 6-K |
| 06/30/2025 | 08/14/2025 | 6-K |
| 03/31/2025 | 05/08/2025 | 6-K |
| 12/31/2024 | 04/01/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/08/2024 | 6-K |
| 12/31/2023 | 04/02/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/04/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 40-F |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 6-K |
| 06/30/2026 | 07/30/2026 | 6-K |
| 03/31/2026 | 05/12/2026 | 6-K |
| 12/31/2025 | 03/31/2026 | 40-F |
| 09/30/2025 | 11/05/2025 | 6-K |
| 06/30/2025 | 08/14/2025 | 6-K |
| 03/31/2025 | 05/08/2025 | 6-K |
| 12/31/2024 | 04/01/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/08/2024 | 6-K |
| 12/31/2023 | 04/02/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/04/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 40-F |
| 09/30/2022 | 11/09/2022 | 6-K |
| 06/30/2022 | 08/04/2022 | 6-K |
| 03/31/2022 | 05/12/2022 | 6-K |
| 12/31/2021 | 03/31/2022 | 40-F |
| 09/30/2021 | 11/04/2021 | 6-K |
| 06/30/2021 | 08/16/2021 | 6-K |
| 03/31/2021 | 05/06/2021 | 6-K |
| 12/31/2020 | 03/31/2021 | 40-F |
| 09/30/2020 | 11/05/2020 | 6-K |
| 06/30/2020 | 08/07/2020 | 6-K |
| 03/31/2020 | 05/14/2020 | 6-K |
| 12/31/2019 | 03/30/2020 | 40-F |
Investor Activity (13F)
Updated Nov 10, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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