Loading…
Vancouver-based primary silver-gold miner with mines in Mexico plus the Jerritt Canyon gold mine in Nevada.
Vancouver-based primary silver-gold miner with mines in Mexico plus the Jerritt Canyon gold mine in Nevada.
Sells doré (rough gold-silver bars) and concentrate to refiners at market prices, so earnings follow the silver price and each mine's grade and cost per ounce. Mexico's mines carry most of the business, while the Nevada gold operation adds a smaller US leg.
In one line: A silver-focused Hecla Mining.
Moat: narrow (installed base, scale). One of the largest primary silver producers with several long-life Mexican mines.
Headquarters: Vancouver, Canada · Founded: 2002
Size First Majestic Silver (AG.TO) is a Canada Materials company (Precious Metals) with a market value of $7.52B, the 91st largest of 420 Canada companies the cockpit tracks. Shares closed at C$21.39 on 6 Nov 2026.
Performance Over six months the shares fell 26.6%, against -1.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 96.2% over the last twelve months (peer median +54.2%); the operating margin is 44.0% (peer median 45.7%).
Valuation It trades at 18.1× forward earnings against a peer median of 10.7× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.9 points above its cost of capital (14.1% WACC).
Credit First Majestic Silver has 1 bond outstanding ($350M).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$2.27B | C$1.76B | C$768M | C$774M | C$813M |
| Revenue growth | — | +129% | -1% | -5% | — |
| Gross profit | C$1.13B | C$611M | C$111M | C$21.3M | C$11.7M |
| EBITDA | C$1.34B | C$874M | C$193M | C$105M | C$120M |
| Net income | C$480M | C$230M | -C$140M | -C$182M | -C$149M |
| Free cash flow | C$896M | C$483M | C$11.8M | -C$133M | -C$266M |
| Capital expenditure | C$286M | C$295M | C$158M | C$199M | C$285M |
| Total debt | C$470M | C$423M | C$341M | C$338M | C$336M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| First Majestic Silver AG.TO | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% |
| Lundin Gold LUG.TO | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% |
| Hecla Mining HL | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% |
| Coeur Mining CDE | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% |
| Fresnillo FRES.L | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AG.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.9% | +0.2% | 5th lowest of 21 |
| 6-month return | -26.6% | -1.7% | 3rd lowest of 21 |
| Distance from 52-week high | -51.0% | -27.9% | 4th lowest of 21 |
| Revenue growth (TTM) | +96.2% | +54.2% | 2nd highest of 21 |
| Operating margin | 44.0% | 45.7% | 6th lowest of 21 |
| Forward P/E | 18.1× | 10.7× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.2% | 0.2% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +29.2% | +17.9% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -20.0 pp | -20.4 pp | 7th most demanding of 14 |
| ROIC minus cost of capital | +3.9 pp | +17.5 pp | 3rd lowest of 21 |
| EV / EBITDA | 7.4× | 8.1× | 9th cheapest of 19 |
| Net debt / EBITDA | -1.0× | -0.1× | 4th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| First Majestic Silver AG.TO | Canada | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% | +29.2% |
| Compania de Minas Buenaventura SAA Sponsored ADR BVN | United States | $7.25B | -21% | +64% | 45% | 6.5× | -14.1% | +20.7% |
| Zhaojin Mining Industry 1818.HK | Hong Kong | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% | +17.9% |
| B2Gold BTO.TO | Canada | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% | +12.3% |
| OR Royalties OR.TO | Canada | $6.81B | 0% | +68% | 77% | 29.5× | n/a | n/a |
| Artemis Gold ARTG.V | Canada | $6.76B | +18% | +148% | 71% | 11.3× | 6.6% | n/a |
| DPM Metals DPM.TO | Canada | $8.61B | +18% | +96% | 55% | 10.1× | 5.1% | +8.6% |
| Triple Flag Precious Metals TFPM.TO | Canada | $6.54B | +1% | +45% | 63% | 24.7× | n/a | n/a |
| Sibanye Stillwater Limited Sponsored ADR SBSW | United States | $6.30B | -29% | +59% | 26% | 5.9× | n/a | n/a |
| OceanaGold OGC.TO | Canada | $6.27B | -5% | +56% | 44% | 7.1× | -5.4% | +29.2% |
| China Gold International Resources CGG.TO | Canada | $9.08B | +10% | +53% | 56% | 9.7× | 5.2% | +10.4% |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |
| Perseus Mining PRU.AX | Australia | $5.77B | +11% | +13% | 48% | 11.8× | -1.1% | +26.4% |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | United States | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% | +17.7% |
| Genesis Minerals GMD.AX | Australia | $5.73B | +6% | +89% | 45% | 15.1× | 7.2% | +182.9% |
| Hecla Mining HL | United States | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% | +15.0% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |
| SSR Mining SSRM | United States | $5.66B | -17% | +39% | 42% | 8.1× | n/a | n/a |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Chifeng Jilong Gold Mining 6693.HK | Hong Kong | $11.1B | -24% | +29% | 43% | 12.9× | 11.0% | +21.8% |
First Majestic Silver has 1 bond outstanding with $350M face value.