AG Basic Materials

First Majestic Silver Corp.

$14.10-1.54%

Price as of close on Nov 3, 2026 · Financials updated Oct 31, 2026

Basics

Sector: Basic Materials
Industry: Silver
Country: Canada
Market cap: 7.0B USD
Enterprise value: 7.4B USD

Overall health

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.19 vs a peer median of 0.69)higher risk: bigger price swings (beta 2.19 vs peers 0.69)
About average: valuation

Ranks #258 of 1,217 basic materials companies (top 22%)

See how it ranks against its peers

Worth knowing

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
First Majestic Silver made a profit per share in its latest year after a loss the year before.
Operating margin at a 6-year high. 32% in 2025, the best of the last 6 years.
First Majestic Silver kept 32% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Cash flow well above reported profit. Free cash flow is 2.8× reported profit.
Free cash flow is 2.8× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

67/ 100▲ 1 since Oct 27 close

Oct 5 66 → Nov 4 67 (+1)

Valuation

Is the price right?

55/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 54 → 55

Share price -9.8%+3
Company's reported figures updated-3
Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value30% base weight · Z-score -0.39Sector median: 0.0364 · MAD: 0.0364

EBITDA yield9.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value50% base weight · Z-score 0.19Sector median: 0.0854 · MAD: 0.0520

Free cash flow yield6.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.39Sector median: 0.0261 · MAD: 0.0261

Other data (not scored)

Book yield37.1%

SEC filings (IFRS mapped) · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5947 · MAD: 0.3137

Growth

Is it growing?

97/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 124.3%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue
▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 4.93Sector median: 0.0941 · MAD: 0.3300

3-year revenue growth26.3%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score 3.63Sector median: -0.0005 · MAD: 0.0725

Revenue growth124.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 5.97Sector median: 0.0335 · MAD: 0.0952

Profitability

Does it earn well?

82/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Turned profitable over the last 12 months
Operating margin rose 32.3 points to 31.6%

Why

Stronger than most peers on:

▲ Operating margin
▲ ROIC
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin31.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 3.89Sector median: 0.0757 · MAD: 0.0617

Return on assets3.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.38Sector median: 0.0249 · MAD: 0.0265

Return on invested capital13.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.24Sector median: 0.0675 · MAD: 0.0575

Other data (not scored)

Gross margin56.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.2138 · MAD: 0.1202

Return on equity6.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0537 · MAD: 0.0694

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: Changed: worth a look

Debt up 39%, still less than its cash

Why it changed since the Oct 27, 2026 close: Safety percentile 33 → 32

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.19

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.96Sector median: 0.6950 · MAD: 0.2810

Current ratio2.60×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 1.24Sector median: 1.7610 · MAD: 0.6770

Debt / equity0.11×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.86Sector median: 0.3578 · MAD: 0.2929

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about First Majestic Silver

Is First Majestic Silver getting weaker?: Its latest SEC filing (Mar 31, 2026) got stronger: turned profitable over the last 12 months; operating margin rose 32.3 points to 31.6%. Its overall score is 67/100, up 1 since Oct 28, 2026.
How is First Majestic Silver valued vs its peers?: Priced about in line with its peers. Valuation scores 55/100 against 1,371 basic materials peers. Free cash flow yield 6.2% vs a peer median of 2.6% (stronger than 71% of peers).Free cash flow yield 6.2% vs peers 2.6% (stronger than 71% of peers).
Is First Majestic Silver growing?: Yes, faster than most of its peers. Growth scores 97/100 against 1,371 basic materials peers. Revenue growth 124.3% vs a peer median of 3.4% (stronger than 95% of peers).Revenue growth 124.3% vs peers 3.4% (stronger than 95% of peers).
How profitable is First Majestic Silver?: More profitable than most of its peers. Profitability scores 82/100 against 1,371 basic materials peers. Operating margin 31.6% vs a peer median of 7.6% (stronger than 92% of peers).Operating margin 31.6% vs peers 7.6% (stronger than 92% of peers).
How risky is First Majestic Silver?: Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Debt / equity 0.11× vs a peer median of 0.36× (stronger than 75% of peers).Debt / equity 0.11× vs peers 0.36× (stronger than 75% of peers). Beta 2.19 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.19 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Mar 31, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Turned profitable over the last 12 months
Operating margin rose 32.3 points to 31.6%
Debt up 39%, still less than its cash

	Previous year	Latest year	Change
Revenue (12 months)	560.6M USD	1.3B USD	+124.3%
Net income (12 months)	−101.9M USD	164.9M USD	turned positive
Operating margin	-0.7%	31.6%	+32.3 pts
Free cash flow (12 months)	131.9M USD	463.9M USD	+251.6%
Debt	209.5M USD	292.2M USD	+39.5%
Cash	202.2M USD	793.4M USD	+292.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	8.4%	-6.3%	-31.2%	-0.7%	31.6%	▲ 32 pts
Net margin	-0.8%	-18.3%	-23.5%	-18.2%	13.1%	▲ 31 pts
Return on assets (ROA)	-0.2%	-5.4%	-6.8%	-5.1%	3.5%	▲ 8.7 pts
Return on equity (ROE)	-0.3%	-8.1%	-9.9%	-7.5%	6.0%	▲ 14 pts
Free cash flow margin	2.1%	-6.5%	4.1%	23.5%	36.9%	▲ 13 pts
Current ratio	2.30×	2.21×	2.57×	2.56×	2.60×	▲ 1.6%
Quick ratio	1.95×	1.83×	2.04×	2.12×	2.41×	▲ 14%
Debt to equity	0.13×	0.15×	0.16×	0.16×	0.11×	▼ 32%
Interest coverage	2.34×	-1.93×	-6.80×	-0.13×	15.14×	▲ >999%

AG price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Worth knowing

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

First Majestic Silver made a profit per share in its latest year after a loss the year before.

Operating margin at a 6-year high. 32% in 2025, the best of the last 6 years.

First Majestic Silver kept 32% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Cash flow well above reported profit. Free cash flow is 2.8× reported profit.

Free cash flow is 2.8× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about First Majestic Silver

Is First Majestic Silver getting weaker?

Its latest SEC filing (Mar 31, 2026) got stronger: turned profitable over the last 12 months; operating margin rose 32.3 points to 31.6%. Its overall score is 67/100, up 1 since Oct 28, 2026.

How is First Majestic Silver valued vs its peers?

Priced about in line with its peers. Valuation scores 55/100 against 1,371 basic materials peers. Free cash flow yield 6.2% vs a peer median of 2.6% (stronger than 71% of peers).Free cash flow yield 6.2% vs peers 2.6% (stronger than 71% of peers).

Is First Majestic Silver growing?

Yes, faster than most of its peers. Growth scores 97/100 against 1,371 basic materials peers. Revenue growth 124.3% vs a peer median of 3.4% (stronger than 95% of peers).Revenue growth 124.3% vs peers 3.4% (stronger than 95% of peers).

How profitable is First Majestic Silver?

More profitable than most of its peers. Profitability scores 82/100 against 1,371 basic materials peers. Operating margin 31.6% vs a peer median of 7.6% (stronger than 92% of peers).Operating margin 31.6% vs peers 7.6% (stronger than 92% of peers).

How risky is First Majestic Silver?

Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Debt / equity 0.11× vs a peer median of 0.36× (stronger than 75% of peers).Debt / equity 0.11× vs peers 0.36× (stronger than 75% of peers). Beta 2.19 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.19 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

560.6M USD

1.3B USD

+124.3%

Net income (12 months)

−101.9M USD

164.9M USD

turned positive

Operating margin

-0.7%

31.6%

+32.3 pts

Free cash flow (12 months)

131.9M USD

463.9M USD

+251.6%

Debt

209.5M USD

292.2M USD

+39.5%

Cash

202.2M USD

793.4M USD

+292.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

8.4%

-6.3%

-31.2%

-0.7%

31.6%

▲ 32 pts

Net margin

-0.8%

-18.3%

-23.5%

-18.2%

13.1%

▲ 31 pts

Return on assets (ROA)

-0.2%

-5.4%

-6.8%

-5.1%

3.5%

▲ 8.7 pts

Return on equity (ROE)

-0.3%

-8.1%

-9.9%

-7.5%

6.0%

▲ 14 pts

Free cash flow margin

2.1%

-6.5%

4.1%

23.5%

36.9%

▲ 13 pts

Current ratio

2.30×

2.21×

2.57×

2.56×

2.60×

▲ 1.6%

Quick ratio

1.95×

1.83×

2.04×

2.12×

2.41×

▲ 14%

Debt to equity

0.13×

0.15×

0.16×

0.11×

▼ 32%

Interest coverage

2.34×

-1.93×

-6.80×

-0.13×

15.14×

▲ >999%