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First Majestic Silver Corp.

AG

First Majestic Silver Corp. • NYSE
$15.22 ▲ 12.66% (+1.71)
Market Cap $7.46 B
52w High $15.69
52w Low $5.09
Dividend Yield 0.02%
P/E 108.71
Volume 19.99M
Outstanding Shares 490.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $286.723M ▲ $20.234M ▲ $26.978M ▼ 9.409% ▼ $0.055 ▼ $125.841M ▲
Q2-2025 $264.726M ▲ $9.869M ▼ $56.579M ▲ 21.373% ▲ $0.11 ▲ $117.09M ▲
Q1-2025 $245.992M ▲ $28.297M ▲ $6.24M ▲ 2.537% ▲ $0.005 ▲ $96.041M ▲
Q4-2024 $173.34M ▲ $22.577M ▼ $-13.478M ▲ -7.775% ▲ $-0.045 ▲ $56.568M ▲
Q3-2024 $146.992M $24.376M $-26.593M -18.091% $-0.09 $34.522M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $575.206M ▲ $4.236B ▲ $1.228B ▲ $2.6B ▲
Q2-2025 $466.577M ▲ $4.094B ▲ $1.192B ▼ $2.497B ▲
Q1-2025 $417.38M ▲ $4.034B ▲ $1.2B ▲ $2.423B ▲
Q4-2024 $251.961M ▲ $1.98B ▲ $628.717M ▲ $1.351B ▼
Q3-2024 $218.724M $1.977B $600.185M $1.377B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $26.679M ▼ $90.308M ▲ $-58.559M ▼ $-2.422M ▲ $49.321M ▲ $38.63M ▼
Q2-2025 $56.579M ▲ $90.106M ▲ $-47.841M ▼ $-11.06M ▼ $33.44M ▼ $40.581M ▲
Q1-2025 $6.24M ▲ $55.492M ▼ $95.999M ▲ $-2.311M ▲ $149.133M ▲ $-5.863M ▼
Q4-2024 $-13.478M ▲ $81.654M ▲ $-24.363M ▲ $-8.055M ▼ $47.45M ▲ $57.039M ▲
Q3-2024 $-26.593M $41.038M $-32.72M $-5.743M $2.557M $8.014M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the last five years and remains well above early‑period levels, but profits have been inconsistent. Margins deteriorated sharply a couple of years ago, pushing the company into recurring net losses. The latest year shows a meaningful recovery in operating performance, with much better production economics and operating results close to breakeven, yet the bottom line is still negative. Overall, the business is clearly leveraged to metal prices and operating efficiency, and results have been volatile rather than steadily improving.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully from earlier years and now looks relatively robust in size, with a solid equity base. Debt has risen over time but does not appear excessive for a capital‑intensive mining company, and it even ticked down most recently. Cash levels, however, have drifted lower from earlier peaks, only partially recovering in the latest year. In simple terms, the company has built up its asset base and equity but is using more leverage and has less of a cash cushion than it once did, which can matter in weak metal price environments.

Cash Flow

Cash Flow Operating cash flow has stayed positive throughout the period, but it has swung up and down as costs and metal prices moved. The company has consistently spent heavily on new projects and equipment, which has often pushed free cash flow into negative territory. The most recent year shows a healthier pattern, with stronger cash generation and modestly lower investment leading to positive free cash flow. The overall picture is of a miner that prioritizes growth and expansion, accepting lumpy and sometimes negative free cash flow along the way.

Competitive Edge

Competitive Edge First Majestic’s main edge is its positioning as a highly focused silver producer, in a market where many peers treat silver as a by‑product. This makes it especially sensitive to silver prices but also gives it a clear identity with investors and silver buyers. Its long experience operating in Mexico provides local know‑how, though it also concentrates geopolitical and regulatory risk in one country. A notable differentiator is its First Mint business, which sells branded bullion directly to consumers, capturing premium pricing and building a recognizable retail brand. Taken together, this gives the company a distinct niche, but its profitability record shows that a clear brand does not fully shield it from industry cost pressures and price swings.

Innovation and R&D

Innovation and R&D Innovation is focused on improving mining efficiency and recovery rather than on traditional laboratory R&D. The company has invested in modern processing methods, fine grinding, and advanced flotation to squeeze more metal out of each tonne of ore and to lower unit costs. It uses digital geological modeling tools for better mine planning and runs an internal ideas program to encourage staff‑driven improvements. The First Mint operation is itself an innovative twist on the traditional miner model, turning part of production into higher‑margin retail products. Looking ahead, planned exploration campaigns and ongoing technology upgrades are key levers for growth, but results are inherently uncertain, as exploration success and technology payoffs can vary.

Summary

First Majestic Silver combines a clear strategic story—a concentrated, primarily silver‑focused producer with a unique direct‑to‑consumer bullion arm—with financial results that are more mixed. Revenue has grown and recently stabilized at a higher level than in the past, but profitability has been uneven and, in recent years, negative. The balance sheet is reasonably strong in terms of assets and equity, with manageable debt, though the cash buffer is thinner than it once was. Cash generation is positive but volatile, reflecting both metal price cycles and sizable ongoing investment in growth. The company’s future trajectory will largely depend on silver prices, cost control, exploration success, and the execution of its expansion and innovation plans in Mexico and through First Mint, all of which carry both opportunity and risk.

NEWS

November 20, 2025 · 10:07 PM UTC

Early Warning News Release

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November 5, 2025 · 7:42 PM UTC

Early Warning News Release

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November 5, 2025 · 7:00 AM UTC

First Majestic Announces Financial Results for Q3 2025 and Quarterly Dividend Payment

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October 24, 2025 · 9:00 AM UTC

Southern Silver Provides Corporate Update

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October 8, 2025 · 4:36 PM UTC

First Majestic Produces 7.7 Million AgEq Ounces in Q3 2025 Consisting of a Record 3.9 Million Silver Ounces and 35,681 Gold Ounces

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