FIRST MAJESTIC SILVER CORP (AG) Fundamental Analysis & Valuation

NYSE:AG • CA32076V1031

25.83 USD
-0.44 (-1.67%)
At close: Mar 6, 2026
25.8862 USD
+0.06 (+0.22%)
After Hours: 3/6/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This AG fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

Overall AG gets a fundamental rating of 6 out of 10. We evaluated AG against 159 industry peers in the Metals & Mining industry. AG has an excellent financial health rating, but there are some minor concerns on its profitability. While showing a medium growth rate, AG is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

6

1. AG Profitability Analysis

1.1 Basic Checks

  • In the past year AG was profitable.
  • 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.
AG Yearly Net Income VS EBIT VS OCF VS FCFAG Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M

1.2 Ratios

  • With a decent Return On Assets value of 3.51%, AG is doing good in the industry, outperforming 67.52% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 5.97%, AG is in the better half of the industry, outperforming 67.52% of the companies in the same industry.
  • The Return On Invested Capital of AG (6.88%) is better than 66.24% of its industry peers.
Industry RankSector Rank
ROA 3.51%
ROE 5.97%
ROIC 6.88%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
AG Yearly ROA, ROE, ROICAG Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -10 -20 -30

1.3 Margins

  • With a decent Profit Margin value of 13.12%, AG is doing good in the industry, outperforming 76.43% of the companies in the same industry.
  • In the last couple of years the Profit Margin of AG has grown nicely.
  • AG has a better Operating Margin (29.33%) than 78.98% of its industry peers.
  • In the last couple of years the Operating Margin of AG has grown nicely.
  • AG has a Gross Margin of 36.41%. This is in the better half of the industry: AG outperforms 71.97% of its industry peers.
  • In the last couple of years the Gross Margin of AG has grown nicely.
Industry RankSector 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%
AG Yearly Profit, Operating, Gross MarginsAG Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40 -40 -60

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ROAROEROICOperating and Profit MarginShow most profitable peers

7

2. AG Health Analysis

2.1 Basic Checks

  • AG has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it 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.
AG Yearly Shares OutstandingAG Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
AG Yearly Total Debt VS Total AssetsAG Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

2.2 Solvency

  • An Altman-Z score of 4.60 indicates that AG is not in any danger for bankruptcy at the moment.
  • AG has a Altman-Z score (4.60) which is in line with its industry peers.
  • 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.
  • The Debt to FCF ratio of AG (0.98) is better than 82.80% of its industry peers.
  • A Debt/Equity ratio of 0.11 indicates that AG is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.11, AG is in line with its industry, outperforming 59.24% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.11
Debt/FCF 0.98
Altman-Z 4.6
ROIC/WACC0.69
WACC10.04%
AG Yearly LT Debt VS Equity VS FCFAG Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B

2.3 Liquidity

  • A Current Ratio of 2.60 indicates that AG has no problem at all paying its short term obligations.
  • The Current ratio of AG (2.60) is comparable to the rest of the industry.
  • A Quick Ratio of 2.41 indicates that AG has no problem at all paying its short term obligations.
  • AG has a better Quick ratio (2.41) than 63.06% of its industry peers.
Industry RankSector Rank
Current Ratio 2.6
Quick Ratio 2.41
AG Yearly Current Assets VS Current LiabilitesAG Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. AG Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 453.85% over the past year.
  • The Earnings Per Share has been growing by 22.03% on average over the past years. This is a very strong growth
  • The Revenue has grown by 124.25% in the past year. This is a very strong growth!
  • Measured over the past years, AG shows a very strong growth in Revenue. The Revenue has been growing by 28.14% on average per year.
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

  • AG is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 6.71% yearly.
  • Based on estimates for the next years, AG will show a small growth in Revenue. The Revenue will grow by 6.05% on average per year.
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

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
AG Yearly Revenue VS EstimatesAG Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 500M 1B 1.5B
AG Yearly EPS VS EstimatesAG Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 0.2 -0.2 0.4 0.6

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3

4. AG Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 56.15, the valuation of AG can be described as expensive.
  • The rest of the industry has a similar Price/Earnings ratio as AG.
  • AG is valuated expensively when we compare the Price/Earnings ratio to 26.29, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 38.58 indicates a quite expensive valuation of AG.
  • AG's Price/Forward Earnings ratio is in line with the industry average.
  • AG's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 24.57.
Industry RankSector Rank
PE 56.15
Fwd PE 38.58
AG Price Earnings VS Forward Price EarningsAG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • 62.42% of the companies in the same industry are more expensive than AG, based on the Enterprise Value to EBITDA ratio.
  • Based on the Price/Free Cash Flow ratio, AG is valued a bit cheaper than 75.80% of the companies in the same industry.
Industry RankSector Rank
P/FCF 40.37
EV/EBITDA 19.12
AG Per share dataAG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3 4 5

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 a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)1.23
PEG (5Y)2.55
EPS Next 2Y22.03%
EPS Next 3Y9.75%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

3

5. AG Dividend Analysis

5.1 Amount

  • With a yearly dividend of 0.08%, AG is not a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 1.05, AG has a dividend in line with its industry peers.
  • With a Dividend Yield of 0.08, AG pays less dividend than the S&P500 average, which is at 1.82.
Industry RankSector 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
AG Yearly Dividends per shareAG Yearly Dividends per shareYearly Dividends per share 2021 2022 2023 2024 2025 2026 0 0 0 0 0

5.3 Sustainability

  • AG pays out 5.97% of its income as dividend. This is a sustainable payout ratio.
DP5.97%
EPS Next 2Y22.03%
EPS Next 3Y9.75%
AG Yearly Income VS Free CF VS DividendAG Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100M -100M 200M -200M 300M
AG Dividend Payout.AG Dividend Payout, showing the Payout Ratio.AG Dividend Payout.PayoutRetained Earnings

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AG Fundamentals: All Metrics, Ratios and Statistics

FIRST MAJESTIC SILVER CORP

NYSE:AG (3/6/2026, 8:04:00 PM)

After market: 25.8862 +0.06 (+0.22%)

25.83

-0.44 (-1.67%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)01-15
Earnings (Next)05-05
Inst Owners52.82%
Inst Owner Change7.7%
Ins Owners1.07%
Ins Owner Change0%
Market Cap12.73B
Revenue(TTM)1.26B
Net Income(TTM)164.92M
Analysts80
Price Target28.35 (9.76%)
Short Float %5.25%
Short Ratio0.97
Dividend
Industry RankSector 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
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)64.71%
PT rev (3m)83.17%
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 RankSector Rank
PE 56.15
Fwd PE 38.58
P/S 10.13
P/FCF 40.37
P/OCF 24.21
P/B 4.61
P/tB 4.61
EV/EBITDA 19.12
EPS(TTM)0.46
EY1.78%
EPS(NY)0.67
Fwd EY2.59%
FCF(TTM)0.64
FCFY2.48%
OCF(TTM)1.07
OCFY4.13%
SpS2.55
BVpS5.6
TBVpS5.6
PEG (NY)1.23
PEG (5Y)2.55
Graham Number7.61
Profitability
Industry RankSector Rank
ROA 3.51%
ROE 5.97%
ROCE 8.71%
ROIC 6.88%
ROICexc 8.91%
ROICexgc 8.91%
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 RankSector 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 4.6
F-Score7
WACC10.04%
ROIC/WACC0.69
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 FAQ

What is the fundamental rating for AG stock?

ChartMill assigns a fundamental rating of 6 / 10 to AG.


What is the valuation status of FIRST MAJESTIC SILVER CORP (AG) stock?

ChartMill assigns a valuation rating of 3 / 10 to FIRST MAJESTIC SILVER CORP (AG). This can be considered as Overvalued.


What is the profitability of AG stock?

FIRST MAJESTIC SILVER CORP (AG) has a profitability rating of 6 / 10.


Can you provide the expected EPS growth for AG stock?

The Earnings per Share (EPS) of FIRST MAJESTIC SILVER CORP (AG) 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) is 3 / 10 and the dividend payout ratio is 5.97%.