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ValueScreener company report

First Majestic Silver Corp. (AG)

NYSE / Basic Materials / Silver

Share price

16.09 USD Market dataClose of Oct 15, 2026

Market capitalisation

7.93B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 31, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

9.3% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

48.11x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

5.8% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 278.1M USDFY2016 Net income: 8.6M USDFY2017 Revenue: 252.3M USDFY2017 Net income: -53.3M USDFY2018 Revenue: 300.9M USDFY2018 Net income: -204.2M USDFY2019 Revenue: 363.9M USDFY2019 Net income: -40.5M USDFY2020 Revenue: 363.9M USDFY2020 Net income: 23.1M USDFY2021 Revenue: 584.1M USDFY2021 Net income: -4.9M USDFY2022 Revenue: 624.2M USDFY2022 Net income: -114.3M USDFY2023 Revenue: 573.8M USDFY2023 Net income: -135.1M USDFY2024 Revenue: 560.6M USDFY2024 Net income: -101.9M USDFY2025 Revenue: 1.26B USDFY2025 Net income: 164.9M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 48.11x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Basic Materials sector (124 companies), 48.11x sits at the 87th percentile; the middle half of that group runs from 15.03x to 34.97x.

Is it good

Return on invested capital was 9.3% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Basic Materials sector (99 companies), 9.3% sits at the 59th percentile; the middle half of that group runs from 1.5% to 12.9%.

Is it safe

Interest coverage was 15.14x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether First Majestic Silver Corp.'s return on equity stayed above the median of the Basic Materials sector, year by year. (FY2016 to FY2025, 10 fiscal years of First Majestic Silver Corp. with a comparable figure)
The direction
Which way First Majestic Silver Corp.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of First Majestic Silver Corp.)
What could explain it
What in First Majestic Silver Corp.'s filed statements could explain the movements. (7 readings drawn from the statement lines First Majestic Silver Corp. filed)
What to check next
What to check next on First Majestic Silver Corp., and where in its filings. (1 question for First Majestic Silver Corp.)
In one paragraph
One paragraph on First Majestic Silver Corp.'s returns, cash, balance sheet and price. (15 of sixteen figures read for First Majestic Silver Corp.)

These are AG’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research AGPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 40-F, filed Mar 31, 2026, accession 0001062993-26-001765.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

First Majestic Silver Corp: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax9.3% ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Return on equity6.0% ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Return on capital employed, pre-tax9.4% ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Return on assets3.5% ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Gross margin56.8% ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Operating margin31.6% ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Net margin13.1% ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
AG 13.1%
NEU 15.4%AXTA 7.4%SSRM 24.3%ESI 7.5%EGO 27.9%
7.4%27.9%
Net margin: AG against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

First Majestic Silver Corp: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.11 ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Current ratio2.60 ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Quick ratio2.41 ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Interest coverage15.14x ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Altman Z-score3.69 ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Net debt-484.7M ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Total assets 4.69BTotal liabilities 1.52BShareholders' equity 2.76BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What First Majestic Silver Corp owned and owed at the end of fiscal 2025, from the balance sheet it filed (40-F, filed Mar 31, 2026, 0001062993-26-001765).

First Majestic Silver Corp: balance sheet position
Total assets4.69B FiledFY2025 40-F, filed Mar 31, 2026
Total liabilities1.52B FiledFY2025 40-F, filed Mar 31, 2026
Shareholders' equity2.76B FiledFY2025 40-F, filed Mar 31, 2026
Cash793.4M FiledFY2025 40-F, filed Mar 31, 2026
Total debt308.7M FiledFY2025 40-F, filed Mar 31, 2026
Net debt-484.7M
Current ratio2.60
Debt to equity0.11

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

First Majestic Silver Corp: what the market charges, each with its source
FigureValue, source and document
Price to earnings48.11x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.87x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Price to sales6.31x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Enterprise value to EBIT18.76x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Enterprise value to EBITDA11.28x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Price to earnings over growth1.90 ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765

We publish no fair value or price target of our own. Value AG on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for First Majestic Silver Corp today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

First Majestic Silver Corp: valuation
Share price16.09 USD
Market capitalisation7.93B USD
Enterprise value to EBITDA11.28x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like First Majestic Silver Corp

  1. NewMarket Corporation (NEU)Market cap 8.16B USD
  2. Axalta Coating Systems Ltd. (AXTA)Market cap 7.22B USD
  3. SSR Mining Inc. (SSRM)Market cap 6.47B USD
  4. Element Solutions Inc (ESI)Market cap 8.66B USD
  5. Eldorado Gold Corporation (EGO)Market cap 9.45B USD

Same sector (Basic Materials) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

First Majestic Silver Corp: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield5.8% ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Free cash flow463.9M USD ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Free cash flow margin36.9% ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Dividend yield
Why n/a

The latest year paid at least 1.5 times the year before, which reads as a special distribution rather than a run rate.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Payout ratio6.0% ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
FY2016 Free cash flow: 81.3M USDFY2016 Net income: 8.6M USDFY2017 Free cash flow: 49.5M USDFY2017 Net income: -53.3M USDFY2018 Free cash flow: -1.7M USDFY2018 Net income: -204.2M USDFY2019 Free cash flow: 98.4M USDFY2019 Net income: -40.5M USDFY2020 Free cash flow: 36.4M USDFY2020 Net income: 23.1M USDFY2021 Free cash flow: 12.2M USDFY2021 Net income: -4.9M USDFY2022 Free cash flow: -40.7M USDFY2022 Net income: -114.3M USDFY2023 Free cash flow: 23.6M USDFY2023 Net income: -135.1M USDFY2024 Free cash flow: 131.9M USDFY2024 Net income: -101.9M USDFY2025 Free cash flow: 463.9M USDFY2025 Net income: 164.9M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

First Majestic Silver Corp.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
48.11xFY2025Oct 15, 2026
2.87xFY2025Oct 15, 2026
18.76xFY2025Oct 15, 2026
5.8%FY2025Oct 15, 2026
9.3%FY2025Mar 31, 2026
n/aFY2025Oct 15, 2026
n/a The latest year paid at least 1.5 times the year before, which reads as a special distribution rather than a run rate.
0.11FY2025Mar 31, 2026
2.60FY2025Mar 31, 2026
6.31xFY2025Oct 15, 2026
1.90FY2025Oct 15, 2026
3.69FY2025Oct 15, 2026
0.08FY2025Mar 31, 2026
7/9FY2025Mar 31, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports First Majestic Silver Corp filed with the SEC. Each year names its filing. Amounts in USD, as filed.

First Majestic Silver Corp: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.26B397.1M164.9Mn/a463.9M31.6%6.0%40-F, Mar 31, 20260001062993-26-001765
FY2024560.6M-3.8M-101.9Mn/a131.9M-0.7%-7.5%40-F, Apr 1, 20250001062993-25-006602
FY2023573.8M-178.8M-135.1Mn/a23.6M-31.2%-9.9%40-F, Apr 2, 20240001062993-24-007598
FY2022624.2M-39.2M-114.3Mn/a-40.7M-6.3%-8.1%40-F, Mar 31, 20230001062993-23-008230
FY2021584.1M49.2M-4.9Mn/a12.2M8.4%-0.3%40-F, Mar 31, 20220001062993-22-009032
FY2020363.9M40.4M23.1Mn/a36.4M11.1%2.7%40-F, Mar 31, 20210001062993-21-003171
FY2019363.9M-32.0M-40.5Mn/a98.4M-8.8%-6.1%40-F, Mar 30, 20200001062993-20-001549
FY2018300.9M-249.3M-204.2Mn/a-1.7M-82.8%-34.3%40-F, Mar 29, 20190001062993-19-001460
FY2017252.3M-71.0M-53.3Mn/a49.5M-28.1%-9.2%40-F, Mar 29, 20180001062993-18-001387
FY2016278.1M28.2M8.6Mn/a81.3M10.2%1.4%40-F, Mar 29, 20180001062993-18-001387
  • Revenue, compound annual growth FY2016 to FY2025: 18.3%
  • Earnings, compound annual growth FY2016 to FY2025: 38.8%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2016 to FY2025: 21.3%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

First Majestic Silver Corp: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score0.08 ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Piotroski F-score7/9 ComputedFY2025 40-F, filed Mar 31, 2026, 0001062993-26-001765
Named tests met2 of 30 Computed
Beta1.28 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 25 not met, 3 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Z-score and coverage (Edward Altman); Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
High yield, low payout; Dividends and buybacks; P/E times P/B (Benjamin Graham). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(5)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: The latest year paid at least 1.5 times the year before, which reads as a special distribution rather than a run rate.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 5 figures could not be read on this company, among them Positive Earnings Streak, Eps Growth 5Y, Dividend Yield. Each blank in the table above names the rest, with its reason. 3 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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