First Majestic Silver has undergone a transformative inflection, with revenue surging 128% year-over-year in 2025Q4 and gross margins expanding from 27.8% in 2024Q4 to 64.2% in 2026Q2, driven by the Los Gatos acquisition and higher silver prices.
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Revenue growth accelerated to 57.0% year-over-year in 2026Q2, with gross margin expanding to 64.2% and operating margin reaching 47.5%, reflecting strong operating leverage to higher silver prices.
A bull case scenario with silver at $35/oz could drive revenue growth of +30% and turn EPS strongly positive, highlighting AG's sensitivity to silver prices.
The company doubled its dividend to 2% of net quarterly revenues, reflecting management's confidence in margin sustainability at higher silver prices.
Management is guiding Los Gatos to produce 6.9 to 7.7 million silver ounces in 2026, supporting revenue growth.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 5, 2026 | $0.19+0.0% vs $0.19 | $394M+1.1% vs $390M |
Q3 2026 Jul 30, 2026 | $0.21-16.0% vs $0.25 | $416M-16.2% vs $496M |
Q2 2026 May 12, 2026 | $0.31-6.1% vs $0.33 | $477M-8.7% vs $522M |
Q1 2026 Feb 19, 2026 | $0.30+34.7% vs $0.22 | $464M+14.9% vs $404M |
First Majestic Silver NYSE: AG reported third-quarter revenue of $394 million, up about 38% from a year earlier, as the company continued investing in its mines while navigating a labor disruption at San Dimas and a multistep process to resolve a Mexican tax dispute.
First Majestic Silver Corp. (AG:CA) Q3 2026 Earnings Call Transcript
Vancouver, British Columbia--(Newsfile Corp. - November 5, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's unaudited condensed interim consolidated financial results for the third quarter ended September 30, 2026. The full version of the quarterly financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or under the Company's profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.
First Majestic Silver remains a buy for long-term silver bulls, with strong assets and a robust balance sheet. Q2 results showed a 150% surge in free cash flow and a 108% increase in net earnings, driven by higher realized silver prices. AG raised silver and gold production guidance but faces cost inflation and operational risk, notably from San Dimas labor disruptions.
Benchmark AG against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for First Majestic Silver Corp. (AG)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $15.16 | $7.47B | 19.09 | 128.18% | 22.52% | 11.85% | 0.14% | |
| $41.17 | $17.35B | 10.88 | 30.63% | 35.23% | 21.57% | 1.13% | |
| $14.74 | $9.89B | 26.07 | 53.03% | 24.1% | 14.36% | 0.1% | |
| $15.47 | $15.94B | 22.96 | 96.41% | 19.25% | 8.02% | — | |
| $7.84 | $2.32B | 40.02 | 115.25% | 8.73% | 10.49% | — | |
| $191.57 | $97B | 15.91 | 43.71% | 41.02% | 22.39% | 0.75% |
First Majestic Silver Corp. (AG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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First Majestic Silver Corp. (AG) stock FAQ — growth, dividends, profitability & financials explained
First Majestic Silver Corp. (AG) reported $1.75B in revenue over the trailing twelve months. Revenue was $1.28B in fiscal year 2025. That is 7994776175% more than the $0.0M of fiscal year 2001.
First Majestic Silver Corp. (AG) grew revenue by 80.5% over the trailing twelve months, compared with the twelve months before.
Yes. First Majestic Silver Corp. (AG) earned $394.7M in net income over the trailing twelve months (a 22.5% net margin).
Yes. First Majestic Silver Corp. (AG) pays a dividend that yields 0.14% at the current price, a small yield.
First Majestic Silver Corp. (AG) had a return on equity (ROE) of 11.9% over the trailing twelve months. That is in line with the market's typical 10-15%.
First Majestic Silver Corp. (AG) generated $652.7M in free cash flow over the trailing twelve months.
