AG

MKT CAP:$10B

First Majestic Silver Corp.

Market Cap

$10B

Basic Materials·Silver·🇨🇦 Canada·NYSE

Materials·Silver·🇨🇦·NYSE

Stock Price

$20.08+$4.02 (+25.03%)

Apr 21, 2026

Company Details

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. It holds 100% interests in the San Dimas Silver/Gold Mine co...

CEO

Keith N. Neumeyer

IPO Date

Nov 28, 2006

Website

www.firstmajestic.com

Key Metrics TTM

Revenue

$1.2B

+120.4% YoY

Net Income

$134M

EPS (Diluted)

$0.24

Free Cash Flow

$353M

Revenue / Share

$2.35

Gross Margin

34.6%

Operating Margin

27.2%

Net Margin

11.6%

FCF Margin

30.6%

P/S

8.7x

P/E

75.5x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Dec 30, 2025

$1.3B+128.2%EPS $0.35

Q4 2025

Dec 30, 2025

$471M+171.8%EPS $0.17

Q2 2025

Aug 14, 2025

$265M+93.6%EPS $0.11

Q1 2025

Apr 11, 2025

$246M+130.9%EPS $0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$101M	$40M	$15M
Q2 21	$154M	$56M	$16M
Q3 21	$125M	$29M	-$11M
Q4 21	$205M	$81M	$28M
Q1 22	$157M	$42M	-$2M
Q4 22	$148M	$19M	-$25M
Q1 23	$158M	-$6M	-$144M
Q2 23	$147M	$1M	-$19M
Q3 23	$134M	$13M	-$18M
Q1 24	$107M	-$321.0K	-$19M
Q2 24	$137M	$15M	-$14M
Q3 24	$147M	$29M	$4M
Q4 24	$173M	$48M	$26M
Q1 25	$246M	$64M	$36M
Q2 25	$265M	$49M	$39M
Q4 25	$471M	$238M	$213M

Valuation

Quarter	P/S	P/E
Q1 21	29.1x	—
Q2 21	24.3x	262.8x
Q3 21	20.0x	336.7x
Q4 21	17.3x	—
Q1 22	15.8x	19920.0x
Q4 22	15.9x	—
Q1 23	15.1x	—
Q2 23	16.6x	—
Q3 23	17.2x	—
Q1 24	18.5x	—
Q2 24	19.3x	—
Q3 24	19.3x	—
Q4 24	17.9x	—
Q1 25	14.4x	—
Q2 25	12.2x	444.0x
Q4 25	8.7x	75.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$7M	-$37M
Q2 21	-$17M	-$58M
Q3 21	-$12M	-$58M
Q4 21	$106M	$49M
Q1 22	-$19M	-$57M
Q4 22	$8M	-$48M
Q1 23	-$5M	-$54M
Q2 23	$20M	-$17M
Q3 23	$20M	-$14M
Q1 24	$12M	-$18M
Q2 24	$17M	-$10M
Q3 24	$41M	$8M
Q4 24	$82M	$57M
Q1 25	$55M	-$6M
Q2 25	$90M	$41M
Q4 25	$309M	$261M

Capital Expenditures

Quarter	CapEx
Q1 21	$44M
Q2 21	$41M
Q3 21	$46M
Q4 21	$57M
Q1 22	$38M
Q4 22	$55M
Q1 23	$49M
Q2 23	$37M
Q3 23	$34M
Q1 24	$31M
Q2 24	$27M
Q3 24	$33M
Q4 24	$25M
Q1 25	$61M
Q2 25	$50M
Q4 25	$48M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+4.2%	-40.7%
Q2 21	+79.0%	+60.8%
Q3 21	+257.6%	+117.8%
Q4 21	+62.8%	+100.3%
Q1 22	+56.0%	+87.4%
Q4 22	-3.8%	+25.6%
Q1 23	+26.4%	+122.7%
Q2 23	-28.1%	-5.9%
Q3 23	-14.7%	-4.6%
Q1 24	-28.1%	-27.3%
Q2 24	-13.2%	-50.0%
Q3 24	-0.2%	-14.0%
Q4 24	+29.6%	-2.8%
Q1 25	+130.9%	+67.3%
Q2 25	+93.6%	+49.1%
Q4 25	+220.5%	+80.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$4M	3.6%
Q2 21	$3M	1.8%
Q3 21	$3M	2.5%
Q4 21	$0	0.0%
Q1 22	$5M	3.1%
Q4 22	$0	0.0%
Q1 23	$4M	2.7%
Q2 23	$3M	2.3%
Q3 23	$3M	2.1%
Q1 24	$4M	3.7%
Q2 24	$3M	2.3%
Q3 24	$3M	1.8%
Q4 24	$3M	1.5%
Q1 25	$5M	1.8%
Q2 25	$3M	1.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 21	$7M	$4M	—
Q2 21	$7M	$3M	—
Q3 21	$6M	$3M	—
Q4 21	$7M	$3M	—
Q1 22	$10M	$5M	—
Q4 22	$8M	$3M	—
Q1 23	$13M	—	—
Q2 23	$15M	—	—
Q3 23	$13M	—	—
Q1 24	$13M	—	—
Q2 24	$13M	—	—
Q3 24	$12M	—	—
Q4 24	$14M	—	—
Q1 25	$18M	—	—
Q2 25	$16M	—	—
Q4 25	—	—	$25M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$193M	$28M	$221M
Q2 22	$118M	$16M	$134M
Q3 22	$149M	$14M	$163M
Q4 22	$151M	$35M	$186M
Q1 23	$105M	$69M	$174M
Q2 23	$160M	$52M	$212M
Q3 23	$138M	$55M	$193M
Q4 23	$126M	$62M	$188M
Q1 24	$102M	$52M	$154M
Q2 24	$152M	$58M	$211M
Q3 24	$155M	$64M	$219M
Q4 24	$202M	$50M	$252M
Q1 25	$351M	$66M	$417M
Q2 25	$385M	$82M	$467M
Q3 25	$435M	$140M	$575M
Q4 25	$792M	$180M	$972M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	226M	-3.4%	+7.8%
Q2 21	246M	+8.9%	+17.4%
Q3 21	256M	+4.3%	+22.3%
Q4 21	256M	0.0%	+9.7%
Q1 22	263M	+2.4%	+16.3%
Q4 22	267M	+1.6%	+8.5%
Q1 23	274M	+2.8%	+7.0%
Q2 23	281M	+2.5%	+9.6%
Q3 23	287M	+2.1%	+9.3%
Q1 24	287M	+0.1%	+7.7%
Q2 24	292M	+1.7%	+6.5%
Q3 24	301M	+3.1%	+7.1%
Q4 24	302M	+0.3%	+5.2%
Q1 25	456M	+51.2%	+58.9%
Q2 25	489M	+7.0%	+67.3%
Q4 25	491M	+0.6%	+63.2%

Shares Outstanding