First Majestic Silver Corp
First Majestic Silver Corp. is a silver and gold mining company focused on the acquisition, exploration, development, and production of mineral properties in North America. The company operates a portfolio of producing mines and development assets centered in Mexico, including silver-gold operations at San Dimas, Santa Elena, and Los Gatos, along with the La Encantada silver mine. Its business is built around extracting and processing precious metals for industrial use, investment demand, and other downstream applications. First Majestic Silver Corp. also maintains exposure to exploration projects and mine development initiatives that support reserve replacement and operational continuity across its asset base. Headquartered in Vancouver, Canada, the company plays a notable role in the precious metals mining segment, where silver-focused producers supply critical materials to global markets.
$16.09
+$0.10 (+0.63%)
EOD Oct 21, 2026
27.66% operating margin is above average. ROIC at 7.37%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 124.5% YoY with margins expanding 26.7pp.
Even for strong businesses, today's 21x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
21.4x earnings, 13.1x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$1.65B
▲ +124.5% YoY
Net Income (TTM)
$422M
▲ +307.1% YoY
Op. Margin
43.75%
▲ +26.7pp YoY
ROIC
7.37%
▲ +7.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$614M
▲ +742.2% YoY
Op. Cash Flow (TTM)
$826M
▲ +209.6% YoY
Net Debt
-$665M
Net Cash Position
Cash & Equiv.
$974M
3Y CAGR: +26.4%
Continue Research
Is First Majestic Silver (AG) overvalued?
At a P/E of 21.4 and a price-to-free-cash-flow of 13.1, First Majestic Silver (AG) trades below a two-stage DCF intrinsic value of about $63.16 per share, so at $16.09 the stock looks undervalued (292.5% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, First Majestic Silver scores 77/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 0.2%; see dividend safety for coverage and history. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is First Majestic Silver's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $63.16 per share for AG, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $47.37. At today's $16.09, that puts the stock about 292.5% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is First Majestic Silver a high-quality business?+
First Majestic Silver scores 77 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 43.7% operating margin and a 7.4% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Does First Majestic Silver (AG) pay a dividend, and how much?+
Yes, First Majestic Silver pays a regular dividend of about $0.03 per share per year (typically in quarterly installments), a yield of roughly 0.2% at the current price. That is a payout ratio of about 3.0% of earnings, so the dividend is amply covered by earnings. First Majestic Silver has grown the dividend at roughly 18.6% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For AG's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is First Majestic Silver a good stock to buy right now?+
That depends on valuation and quality together, not either alone. AG currently trades below its estimated intrinsic value and scores 77/100 on quality (solid). It also yields about 0.2%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
Related stocks: Silver
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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