FIRST MAJESTIC SILVER CORP (AG.CA) Fundamental Analysis & Valuation
TSX:AG • CA32076V1031
39.06 CAD
+0.31 (+0.8%)
Last: Mar 4, 2026, 07:00 PM
This AG.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
We assign a fundamental rating of 7 out of 10 to AG. AG was compared to 816 industry peers in the Metals & Mining industry. AG scores excellent points on both the profitability and health parts. This is a solid base for a good stock. AG has a correct valuation and a medium growth rate. This makes AG very considerable for quality investing!
1. AG.CA Profitability Analysis
1.1 Basic Checks
- AG had positive earnings in the past year.
- AG had a positive operating cash flow in the past year.
- AG had negative earnings in 4 of the past 5 years.
- Each year in the past 5 years AG had a positive operating cash flow.
1.2 Ratios
- AG's Return On Assets of 3.51% is amongst the best of the industry. AG outperforms 87.75% of its industry peers.
- The Return On Equity of AG (5.97%) is better than 88.48% of its industry peers.
- The Return On Invested Capital of AG (4.65%) is better than 91.18% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.51% | ||
| ROE | 5.97% | ||
| ROIC | 4.65% |
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
- AG has a better Profit Margin (13.12%) than 92.65% of its industry peers.
- AG's Profit Margin has improved in the last couple of years.
- Looking at the Operating Margin, with a value of 29.33%, AG belongs to the top of the industry, outperforming 94.12% of the companies in the same industry.
- In the last couple of years the Operating Margin of AG has grown nicely.
- AG has a better Gross Margin (36.41%) than 92.03% of its industry peers.
- AG's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 29.33% | ||
| PM (TTM) | 13.12% | ||
| GM | 36.41% |
OM growth 3YN/A
OM growth 5Y12.03%
PM growth 3YN/A
PM growth 5Y15.64%
GM growth 3Y138.51%
GM growth 5Y2.84%
2. AG.CA Health Analysis
2.1 Basic Checks
- With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), AG is destroying value.
- There is no outstanding debt for AG. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
2.2 Solvency
- An Altman-Z score of 4.96 indicates that AG is not in any danger for bankruptcy at the moment.
- Looking at the Altman-Z score, with a value of 4.96, AG is in line with its industry, outperforming 52.08% of the companies in the same industry.
- AG has a debt to FCF ratio of 0.98. This is a very positive value and a sign of high solvency as it would only need 0.98 years to pay back of all of its debts.
- Looking at the Debt to FCF ratio, with a value of 0.98, AG belongs to the top of the industry, outperforming 93.87% of the companies in the same industry.
- A Debt/Equity ratio of 0.11 indicates that AG is not too dependend on debt financing.
- AG has a worse Debt to Equity ratio (0.11) than 62.87% of its industry peers.
- Although AG does not score too well on debt/equity it has very limited outstanding debt, which is well covered by the FCF. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.11 | ||
| Debt/FCF | 0.98 | ||
| Altman-Z | 4.96 |
ROIC/WACC0.46
WACC10.02%
2.3 Liquidity
- A Current Ratio of 2.60 indicates that AG has no problem at all paying its short term obligations.
- Looking at the Current ratio, with a value of 2.60, AG is in line with its industry, outperforming 58.21% of the companies in the same industry.
- AG has a Quick Ratio of 2.41. This indicates that AG is financially healthy and has no problem in meeting its short term obligations.
- AG has a Quick ratio of 2.41. This is comparable to the rest of the industry: AG outperforms 58.58% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.6 | ||
| Quick Ratio | 2.41 |
3. AG.CA Growth Analysis
3.1 Past
- The Earnings Per Share has grown by an impressive 453.85% over the past year.
- AG shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 22.03% yearly.
- The Revenue has grown by 124.25% in the past year. This is a very strong growth!
- AG shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 28.14% yearly.
EPS 1Y (TTM)453.85%
EPS 3YN/A
EPS 5Y22.03%
EPS Q2Q%900%
Revenue 1Y (TTM)124.25%
Revenue growth 3Y26.28%
Revenue growth 5Y28.14%
Sales Q2Q%169.25%
3.2 Future
- The Earnings Per Share is expected to grow by 6.71% on average over the next years.
- AG is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.05% yearly.
EPS Next Y45.54%
EPS Next 2Y22.03%
EPS Next 3Y9.75%
EPS Next 5Y6.71%
Revenue Next Year20.37%
Revenue Next 2Y23.36%
Revenue Next 3Y6.05%
Revenue Next 5YN/A
3.3 Evolution
- The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. AG.CA Valuation Analysis
4.1 Price/Earnings Ratio
- AG is valuated quite expensively with a Price/Earnings ratio of 62.00.
- Compared to the rest of the industry, the Price/Earnings ratio of AG indicates a rather cheap valuation: AG is cheaper than 87.38% of the companies listed in the same industry.
- When comparing the Price/Earnings ratio of AG to the average of the S&P500 Index (27.03), we can say AG is valued expensively.
- The Price/Forward Earnings ratio is 42.72, which means the current valuation is very expensive for AG.
- Based on the Price/Forward Earnings ratio, AG is valued cheaply inside the industry as 87.50% of the companies are valued more expensively.
- Compared to an average S&P500 Price/Forward Earnings ratio of 25.11, AG is valued quite expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 62 | ||
| Fwd PE | 42.72 |
4.2 Price Multiples
- 91.67% of the companies in the same industry are more expensive than AG, based on the Enterprise Value to EBITDA ratio.
- Compared to the rest of the industry, the Price/Free Cash Flow ratio of AG indicates a rather cheap valuation: AG is cheaper than 93.14% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 44.7 | ||
| EV/EBITDA | 20.93 |
4.3 Compensation for Growth
- The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
- AG has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)1.36
PEG (5Y)2.81
EPS Next 2Y22.03%
EPS Next 3Y9.75%
5. AG.CA Dividend Analysis
5.1 Amount
- AG has a yearly dividend return of 0.08%, which is pretty low.
- Compared to an average industry Dividend Yield of 0.38, AG pays a better dividend. On top of this AG pays more dividend than 94.24% of the companies listed in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.82, AG's dividend is way lower than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.08% |
5.2 History
- AG has been paying a dividend for over 5 years, so it has already some track record.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
- 5.97% of the earnings are spent on dividend by AG. This is a low number and sustainable payout ratio.
DP5.97%
EPS Next 2Y22.03%
EPS Next 3Y9.75%
AG.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:AG (3/4/2026, 7:00:00 PM)
39.06
+0.31 (+0.8%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)01-15 2026-01-15/bmo
Earnings (Next)05-05 2026-05-05/bmo
Inst Owners52.82%
Inst Owner ChangeN/A
Ins Owners1.07%
Ins Owner ChangeN/A
Market Cap19.25B
Revenue(TTM)1.26B
Net Income(TTM)164.92M
Analysts80
Price Target38.86 (-0.51%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.08% |
Yearly Dividend0.02
Dividend Growth(5Y)N/A
DP5.97%
Div Incr Years0
Div Non Decr Years0
Ex-Date02-27 2026-02-27 (0.0083)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)36.91%
Min EPS beat(2)-34.23%
Max EPS beat(2)108.04%
EPS beat(4)2
Avg EPS beat(4)52.75%
Min EPS beat(4)-34.23%
Max EPS beat(4)158.9%
EPS beat(8)2
Avg EPS beat(8)-62.91%
EPS beat(12)5
Avg EPS beat(12)-57.28%
EPS beat(16)5
Avg EPS beat(16)-80.84%
Revenue beat(2)1
Avg Revenue beat(2)0.67%
Min Revenue beat(2)-10.14%
Max Revenue beat(2)11.49%
Revenue beat(4)1
Avg Revenue beat(4)-2.43%
Min Revenue beat(4)-10.14%
Max Revenue beat(4)11.49%
Revenue beat(8)3
Avg Revenue beat(8)-1.77%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)62.79%
PT rev (3m)78.84%
EPS NQ rev (1m)81.08%
EPS NQ rev (3m)112.7%
EPS NY rev (1m)0%
EPS NY rev (3m)138.53%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)3.4%
Revenue NY rev (3m)4.23%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 62 | ||
| Fwd PE | 42.72 | ||
| P/S | 11.21 | ||
| P/FCF | 44.7 | ||
| P/OCF | 26.8 | ||
| P/B | 5.11 | ||
| P/tB | 5.11 | ||
| EV/EBITDA | 20.93 |
EPS(TTM)0.63
EY1.61%
EPS(NY)0.91
Fwd EY2.34%
FCF(TTM)0.87
FCFY2.24%
OCF(TTM)1.46
OCFY3.73%
SpS3.48
BVpS7.65
TBVpS7.65
PEG (NY)1.36
PEG (5Y)2.81
Graham Number10.41
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.51% | ||
| ROE | 5.97% | ||
| ROCE | 8.71% | ||
| ROIC | 4.65% | ||
| ROICexc | 6.02% | ||
| ROICexgc | 6.02% | ||
| OM | 29.33% | ||
| PM (TTM) | 13.12% | ||
| GM | 36.41% | ||
| FCFM | 25.08% |
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5Y12.03%
PM growth 3YN/A
PM growth 5Y15.64%
GM growth 3Y138.51%
GM growth 5Y2.84%
F-Score7
Asset Turnover0.27
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.11 | ||
| Debt/FCF | 0.98 | ||
| Debt/EBITDA | 0.47 | ||
| Cap/Depr | 79.55% | ||
| Cap/Sales | 16.76% | ||
| Interest Coverage | 45.97 | ||
| Cash Conversion | 83.03% | ||
| Profit Quality | 191.21% | ||
| Current Ratio | 2.6 | ||
| Quick Ratio | 2.41 | ||
| Altman-Z | 4.96 |
F-Score7
WACC10.02%
ROIC/WACC0.46
Cap/Depr(3y)95.66%
Cap/Depr(5y)121.03%
Cap/Sales(3y)20.91%
Cap/Sales(5y)25.99%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)453.85%
EPS 3YN/A
EPS 5Y22.03%
EPS Q2Q%900%
EPS Next Y45.54%
EPS Next 2Y22.03%
EPS Next 3Y9.75%
EPS Next 5Y6.71%
Revenue 1Y (TTM)124.25%
Revenue growth 3Y26.28%
Revenue growth 5Y28.14%
Sales Q2Q%169.25%
Revenue Next Year20.37%
Revenue Next 2Y23.36%
Revenue Next 3Y6.05%
Revenue Next 5YN/A
EBIT growth 1Y2081.22%
EBIT growth 3YN/A
EBIT growth 5Y43.56%
EBIT Next Year310.58%
EBIT Next 3Y56.03%
EBIT Next 5Y26.75%
FCF growth 1Y755.8%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y246.13%
OCF growth 3Y236.79%
OCF growth 5Y45.85%
FIRST MAJESTIC SILVER CORP / AG.CA FAQ
What is the fundamental rating for AG stock?
ChartMill assigns a fundamental rating of 7 / 10 to AG.CA.
What is the valuation status of FIRST MAJESTIC SILVER CORP (AG.CA) stock?
ChartMill assigns a valuation rating of 5 / 10 to FIRST MAJESTIC SILVER CORP (AG.CA). This can be considered as Fairly Valued.
What is the profitability of AG stock?
FIRST MAJESTIC SILVER CORP (AG.CA) has a profitability rating of 8 / 10.
Can you provide the expected EPS growth for AG stock?
The Earnings per Share (EPS) of FIRST MAJESTIC SILVER CORP (AG.CA) is expected to grow by 45.54% in the next year.
Can you provide the dividend sustainability for AG stock?
The dividend rating of FIRST MAJESTIC SILVER CORP (AG.CA) is 3 / 10 and the dividend payout ratio is 5.97%.