One-glance verdict
Overvalued
$10.27 our estimate vs market $19.01
Wall Street consensus: $24.75 (141.0% higher than our fair-value estimate)
85% above our estimate, beyond the bull case
Fundamentals snapshot
First Majestic Silver Corp.
AG · NYQ · Basic Materials · Silver
Current price
$19.01
52-week range
$10.19 - $32.04
Market cap
$9.37B
Balance sheet
Healthy
23.64x Strong cushion
Net cash $917.29M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 124.5% last year.
- Reward Returns 13.4% on equity, ahead of 20% of its peers.
- Reward Free cash flow was positive in 2/10 years.
What this company does
First Majestic Silver Corp.
First Majestic is a mining company that digs for and sells precious metals, primarily silver and gold, from its mines in Mexico. Since the market prices for these metals can change often, the company's success depends on keeping its operating margins (the portion of each dollar in sales left over after paying for day-to-day mining expenses) healthy. This means its profitability is tied to both the price of metals and how efficiently it can run its mines.
How the company got here
Founded in 2002, First Majestic has grown by acquiring and developing silver mines, primarily in Mexico. A key strategy has been to purchase existing mines and invest in them to increase production and efficiency. Over the years, it has added several key properties to its portfolio, including La Encantada in 2006 and the major San Dimas mine in 2018, which has become a cornerstone asset. A significant recent event was the 2025 acquisition of Gatos Silver, which added the high-grade, low-cost Los Gatos mine to its operations and substantially increased its silver production. This focus on acquiring and improving mines has helped the company become one of the world's most significant primary silver producers.
What it actually does
First Majestic Silver is a mining company that explores for, develops, and operates mines to extract precious metals from the ground. Its main product is silver, but it also produces significant amounts of gold and smaller amounts of other metals like lead and zinc as by-products. The company digs ore (rock containing valuable minerals) from deep underground, processes it at its own facilities to extract the metals, and then sells the purified metals, often in the form of doré bars (a semi-pure alloy of gold and silver), to refineries. Uniquely, the company also mints and sells its own silver bullion products directly to the public.
San Dimas Silver/Gold Mine
This is considered the company's cornerstone asset and is one of its largest producers of both silver and gold. Located in Mexico, the mine has a very long history of production, and First Majestic acquired it in 2018. The operation involves underground mining, where ore is extracted and then processed at a nearby mill to produce doré bars. This mine is a major contributor to the company's overall revenue and production, making it a critical piece of their business.
Santa Elena Silver/Gold Mine
This is another key mine in Mexico that produces both silver and gold. The operation consists of two main underground mines, Santa Elena and Ermitaño, whose ore is processed at a central plant. This mine is a significant and growing part of the company's portfolio, especially after recent successful exploration efforts led to new discoveries nearby. These discoveries are expected to extend the mine's life and increase its future production, making it a focus for new investment.
La Encantada Silver Mine
As one of the company's longest-held assets, this mine in Mexico is a primary silver producer. Acquired in 2006, it has been a consistent contributor to the company's silver output. The operation is an underground mine with its own processing facility. While it produces less than the San Dimas or Santa Elena mines, it remains an important and steady part of First Majestic's overall silver production.
Los Gatos Silver Mine
Acquired in early 2025, this is a large, modern, and low-cost mine in Mexico that significantly boosted First Majestic's production. The company owns a 70% interest in this joint venture, which is a partnership with another company. Los Gatos is a major producer of silver and also yields by-products like zinc and lead. Its addition was a transformative event for First Majestic, making it the company's top-performing segment by revenue shortly after the acquisition.
What management is betting on now
Management is currently focused on a strategy of prioritizing 'margin over volume' (focusing on mining the most profitable ore rather than just producing the largest quantity). A key part of this is advancing exploration and development at its existing mines, particularly at Santa Elena, where recent high-grade discoveries are being prepared for future mining. The company is also investing significantly to restart its Jerritt Canyon gold mine in Nevada, which was temporarily shut down, with production targeted to resume in late 2027. This dual focus on optimizing its profitable Mexican silver mines while bringing a major U.S. gold asset back online represents their plan for future growth.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $10.27 vs current price $19.01
Wall Street consensus is the average analyst price target: $24.75 (141.0% higher than our fair-value estimate).
Our most-likely fair value is $10.27 a share — about 46.0% below today's price of $19.01, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $917.3M - more cash than debt. Interest coverage 23.6x.
Net debt
$-917.29M
Interest coverage
23.64x
First Majestic Silver Corp.'s profit covers its interest bill about 23.6 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
AG
BASELINE
First Majestic Silver Corp.
Total debt $331.15M Interest coverage 23.64x This is the baseline the peer rows are being compared against.
Total debt $21.48M Interest coverage 12.91x -45% vs AG Carries about 1.8x less debt cushion than AG.
Total debt $841.00M Interest coverage 20.69x -12% vs AG Has roughly the same debt cushion as AG.
Total debt $713.16M Interest coverage 27.14x +15% vs AG Has roughly the same debt cushion as AG.
Total debt $234.17M Interest coverage 14.26x -40% vs AG Carries about 1.7x less debt cushion than AG.
What you should know
The case for and against AG
3 Rewards
0 Risks
Rewards
-
Revenue grew 124.5% last year.
-
Returns 13.4% on equity, ahead of 20% of its peers.
-
Free cash flow was positive in 2/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
27.16x
Forward P/E
18.68x
P/B
3.16x
P/S
5.71x
EV/EBITDA
9.41x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
63.3%
Operating margin
47.8%
Net margin
21.2%
ROE
13.4%
ROA
10.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.10x
Current ratio
2.57x
Quick ratio
2.33x
Total debt
$331.15M
Total cash
$1.25B
Growth
How the business has been compounding
Revenue TTM
$1.64B
Revenue 5Y CAGR
26.4%
EPS TTM
0.70
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$526.01M
Free CF TTM
$310.35M
FCF margin
18.9%
Dividend
Shareholder payout
Yield
0.3%
Payout ratio
5.1%
Last ex-div date
2026-08-14