Detailed financial statements for First Majestic Silver Corp. (AG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
First Majestic Silver Corp. is a North American mining company dedicated to the exploration, acquisition, development, and operation of mineral properties, primarily concentrating on silver and gold output. The company fully owns and operates a portfolio of significant mining assets.
Analysis Summary
First Majestic Silver Corp. reported revenue of $1.28B in the most recent fiscal year, growing at a 5-year CAGR of 28.4%. Net income reached $167.8M, with a 48.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 52.6%, operating margin 44.0%, net margin 21.1%.
At $14.26 (closing price, October 30, 2026), AG trades at a P/E of 20.54 and an ROE of 12.37%. Market capitalisation stands at $7.0B.
Balance sheet quality for AG: current ratio of 2.6, net cash position of $658.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $351.6M represents 210% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $300.1M | $263.7M | $308.4M | $368.8M | $366.7M | $587.2M | $626.9M | $576.4M | $560.6M | $1.28B |
| Cost of Revenue | $250.9M | $247.7M | $322.4M | $301.0M | $261.6M | $485.8M | $610.1M | $550.7M | $368.4M | $833.9M |
| Gross Profit | $49.2M | $16.0M | -$14.0M | $67.9M | $105.1M | $101.4M | $16.8M | $25.6M | $192.2M | $445.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $21.4M | $24.8M | $27.9M | $33.5M | $31.2M | $37.7M | $48.7M | $50.4M | $53.1M | $89.2M |
| Operating Expenses | $21.0M | $87.0M | $30.3M | $99.8M | $64.7M | $52.2M | $55.9M | $204.4M | $196.0M | $89.2M |
| Operating Income | $28.2M | -$71.0M | -$249.3M | -$32.0M | $40.4M | $49.2M | -$39.2M | -$178.8M | -$3.8M | $356.1M |
| EBITDA | $106.6M | $3.0M | -$98.8M | $40.2M | $98.1M | $156.1M | $88.9M | -$54.5M | $115.0M | $697.7M |
| Interest Expense | $3.3M | $2.9M | $10.4M | $12.3M | $12.1M | $17.0M | $12.4M | $15.2M | $14.7M | $15.1M |
| Pre-tax Income | $25.5M | -$75.3M | -$263.0M | -$39.0M | $29.7M | $25.2M | -$61.4M | -$195.9M | -$26.5M | $401.9M |
| Income Tax | $16.9M | -$22.0M | -$58.9M | $1.4M | $6.6M | $30.2M | $52.9M | -$60.8M | $75.4M | $187.3M |
| Net Income | $8.6M | -$53.3M | -$204.2M | -$40.5M | $23.1M | -$4.9M | -$114.3M | -$135.1M | -$101.9M | $167.8M |
| EPS | $0.05 | $-0.32 | $-1.11 | $-0.20 | $0.11 | $-0.02 | $-0.43 | $-0.49 | $-0.34 | $0.35 |
| EPS (Diluted) | $0.05 | $-0.32 | $-1.11 | $-0.20 | $0.11 | $-0.02 | $-0.43 | $-0.49 | $-0.34 | $0.35 |
| Shares Outstanding (Diluted) | 164.3 M | 165.3 M | 183.7 M | 201.6 M | 215.9 M | 244.7 M | 263.1 M | 282.3 M | 295.5 M | 484.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $286.7M | $471.1M | $470.1M | $415.5M |
| Gross Profit | $99.1M | $238.3M | $259.8M | $266.8M |
| Operating Income | $78.8M | $213.5M | $232.7M | $197.5M |
| EBITDA | $125.8M | $346.6M | $301.9M | $250.2M |
| Net Income | $27.0M | $84.4M | $126.3M | $109.4M |
| EPS | $0.05 | $0.17 | $0.26 | $0.22 |
| EPS (Diluted) | $0.05 | $0.17 | $0.25 | $0.22 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $129.0M | $118.1M | $57.0M | $169.0M | $238.6M | $237.9M | $151.4M | $125.6M | $202.2M | $792.0M |
| Short-term Investments | $13.7M | $11.3M | $6.4M | $6.5M | $36.3M | $26.5M | $34.5M | $62.4M | $49.8M | $180.1M |
| Receivables | $6.9M | $20.9M | $66.2M | $33.9M | $45.9M | $54.3M | $41.2M | $48.7M | $46.2M | $121.9M |
| Inventory | $20.3M | $18.9M | $32.5M | $30.5M | $32.5M | $60.6M | $64.8M | $63.7M | $62.5M | $84.6M |
| Total Current Assets | $180.2M | $170.7M | $166.3M | $243.0M | $356.0M | $397.2M | $370.3M | $309.1M | $368.8M | $1.19B |
| Property, Plant & Equipment | $628.0M | $566.2M | $686.7M | $712.1M | $782.3M | $1.53B | $1.54B | $1.43B | $1.44B | $3.25B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $857.2M | $781.4M | $926.1M | $1.01B | $1.24B | $2.12B | $2.11B | $1.98B | $1.98B | $4.69B |
| Accounts Payable | $22.8M | $29.7M | $35.8M | $36.3M | $49.9M | $72.4M | $71.1M | $48.2M | $58.6M | $57.6M |
| Short-term Debt | $12.4M | $12.5M | $1.3M | $1.0M | $1.1M | $69,000 | $431,000 | $426,000 | $426,000 | $11.3M |
| Total Current Liabilities | $49.6M | $54.4M | $58.1M | $71.9M | $101.6M | $172.8M | $167.4M | $120.1M | $144.3M | $458.3M |
| Long-term Debt | $31.6M | $19.3M | $148.2M | $154.6M | $141.7M | $181.1M | $209.8M | $219.0M | $208.7M | $296.7M |
| Total Liabilities | $235.5M | $199.0M | $331.5M | $350.6M | $387.3M | $714.0M | $698.7M | $618.2M | $628.7M | $1.52B |
| Retained Earnings | -$63.2M | -$116.5M | -$321.1M | -$361.6M | -$338.9M | -$347.8M | -$468.9M | -$609.9M | -$717.1M | -$561.0M |
| Total Equity | $621.7M | $582.5M | $594.6M | $662.3M | $850.2M | $1.41B | $1.41B | $1.36B | $1.35B | $2.76B |
| Total Debt | $52.1M | $33.9M | $155.4M | $177.6M | $163.4M | $221.0M | $247.8M | $256.1M | $236.6M | $313.7M |
| Net Debt | -$90.6M | -$95.6M | $91.9M | $2.1M | -$111.5M | -$43.4M | $61.9M | $68.1M | -$15.3M | -$658.4M |
| Working Capital | $130.6M | $116.3M | $108.1M | $171.1M | $254.4M | $224.4M | $202.9M | $188.9M | $224.5M | $732.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $435.4M | $792.0M | $988.1M | $1.09B |
| Total Assets | $4.24B | $4.69B | $4.84B | $4.94B |
| Total Liabilities | $1.23B | $1.52B | $1.51B | $1.56B |
| Total Equity | $2.60B | $2.76B | $2.90B | $2.97B |
| Total Debt | $236.8M | $313.7M | $315.1M | $331.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $8.6M | -$53.3M | -$204.2M | -$40.5M | $23.1M | -$4.9M | -$109.7M | -$135.1M | -$101.9M | $167.8M |
| Depreciation & Amortization | $80.4M | $78.1M | $94.5M | $67.2M | $56.3M | $118.3M | $137.4M | $126.2M | $125.5M | $280.7M |
| Stock-based Compensation | $4.4M | $8.3M | $7.4M | $8.3M | $8.3M | $12.3M | 0 | $12.9M | $13.5M | 0 |
| Change in Working Capital | -$2.5M | -$4.4M | -$21.2M | $37.3M | -$22.8M | -$31.5M | -$28.9M | -$18.9M | $29.2M | -$24.9M |
| Operating Cash Flow | $100.0M | $70.5M | $33.3M | $140.0M | $79.7M | $68.7M | $12.9M | $55.6M | $152.0M | $565.9M |
| Capital Expenditure | -$62.5M | -$75.5M | -$111.3M | -$118.6M | -$114.5M | -$189.0M | -$209.1M | -$146.0M | -$115.1M | -$214.3M |
| Acquisitions | -$43.8M | 0 | -$1.0M | 0 | 0 | -$948,000 | 0 | -$5.4M | 0 | $157.3M |
| Stock Repurchased | 0 | 0 | -$1.4M | 0 | -$1.7M | -$42,000 | -$638,650 | 0 | -$271,000 | -$8.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -$3.9M | -$6.6M | -$5.9M | -$5.3M | -$10.0M |
| Free Cash Flow | $37.6M | -$5.1M | -$78.0M | $21.4M | -$34.8M | -$120.2M | -$196.2M | -$90.4M | $36.8M | $351.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $112.5M | $309.4M | $231.5M | $208.9M |
| Capital Expenditure | -$57.3M | -$48.2M | -$46.8M | -$14.5M |
| Free Cash Flow | $55.2M | $261.3M | $184.7M | $194.4M |
| Dividends Paid | -$2.3M | -$2.6M | -$4.0M | -$8.4M |
| Stock-based Compensation | $2.6M | 0 | 0 | $3.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -12.1% | +17.0% | +19.6% | -0.6% | +60.1% | +6.7% | -8.1% | -2.7% | +128.2% | |
| Net Income Growth (YoY) | -719.4% | -283.2% | +80.2% | +157.0% | -121.3% | -2,221.3% | -18.2% | +24.6% | +264.7% | |
| EPS Growth (YoY) | -740.0% | -246.9% | +82.0% | +155.0% | -118.3% | -2,039.3% | -14.0% | +30.6% | +202.9% | |
| Shares Change (YoY) | +0.6% | +11.1% | +9.8% | +7.1% | +13.4% | +7.5% | +7.3% | +4.7% | +64.0% | |
| FCF Growth (YoY) | -113.5% | -1,442.1% | +127.4% | -262.4% | -245.8% | -63.1% | +53.9% | +140.8% | +854.1% | |
| Gross Margin | 16.4% | 6.1% | -4.5% | 18.4% | 28.7% | 17.3% | 2.7% | 4.4% | 34.3% | 34.8% |
| Operating Margin | 9.4% | -26.9% | -80.8% | -8.7% | 11.0% | 8.4% | -6.3% | -31.0% | -0.7% | 27.8% |
| EBITDA Margin | 35.5% | 1.1% | -32.0% | 10.9% | 26.7% | 26.6% | 14.2% | -9.5% | 20.5% | 54.5% |
| Net Margin | 2.9% | -20.2% | -66.2% | -11.0% | 6.3% | -0.8% | -18.2% | -23.4% | -18.2% | 13.1% |
| FCF Margin | 12.5% | -1.9% | -25.3% | 5.8% | -9.5% | -20.5% | -31.3% | -15.7% | 6.6% | 27.5% |
| Effective Tax Rate | 66.3% | 29.3% | 22.4% | -3.7% | 22.3% | 119.5% | -86.1% | 31.0% | -285.1% | 46.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.23 | $-0.03 | $-0.42 | $0.11 | $-0.16 | $-0.49 | $-0.75 | $-0.32 | $0.12 | $0.73 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 |
| Shares Outstanding (Basic) | 160.9 M | 165.3 M | 183.7 M | 201.6 M | 213.9 M | 244.7 M | 263.1 M | 282.3 M | 295.5 M | 479.6 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 12.37% |
| Return on Invested Capital | 8.95% |
| Return on Assets | 7.03% |
| Gross Margin | 52.57% |
| Operating Margin | 43.97% |
| Net Margin | 21.12% |
Financial Health
| Debt / Equity | 0.11 |
| Current Ratio | 2.57 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.70 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 152.60 | -22.56 | -5.31 | -61.30 | 122.18 | -552.74 | -19.40 | -12.55 | -16.15 | 47.60 |
| P/B | 1.97 | 2.05 | 1.82 | 3.73 | 3.38 | 1.93 | 1.55 | 1.28 | 1.20 | 2.90 |
| P/S | 4.09 | 4.53 | 3.51 | 6.70 | 7.84 | 4.63 | 3.50 | 3.01 | 2.89 | 6.25 |
| Gross Margin | 16.4% | 6.1% | -4.5% | 18.4% | 28.7% | 17.3% | 2.7% | 4.4% | 34.3% | 34.8% |
| Operating Margin | 9.4% | -26.9% | -80.8% | -8.7% | 11.0% | 8.4% | -6.3% | -31.0% | -0.7% | 27.8% |
| Net Margin | 2.9% | -20.2% | -66.2% | -11.0% | 6.3% | -0.8% | -18.2% | -23.4% | -18.2% | 13.1% |
Related companies: PAAS · HL · CDE · FSM · EXK
Explore sector: Basic Materials · Silver
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