Latest Ratios: P/E Ratio 54.4x · EV/EBITDA 14.0x · ROE 7.4%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.4B | $8.1B | $1.6B | $1.7B | $2.2B | $2.7B | $2.9B | $2.5B | $1.1B | $1.1B | $1.3B |
| Enterprise Value | $8.9B | $7.6B | $1.7B | $1.9B | $2.3B | $2.7B | $2.8B | $2.5B | $1.2B | $1.0B | $1.2B |
| P/E Ratio → | 54.43 | 47.60 | — | — | — | — | 122.18 | — | — | — | 152.60 |
| P/S Ratio | 7.34 | 6.31 | 2.89 | 3.01 | 3.50 | 4.63 | 7.91 | 6.70 | 3.51 | 4.22 | 4.18 |
| P/B Ratio | 2.91 | 2.55 | 1.20 | 1.28 | 1.55 | 1.93 | 3.41 | 3.73 | 1.82 | 1.91 | 2.02 |
| P/FCF | 26.71 | 22.96 | 44.03 | — | — | — | — | 115.41 | — | — | 33.37 |
| P/OCF | 16.60 | 14.26 | 10.68 | 31.22 | 170.18 | 39.57 | 36.40 | 17.65 | 32.52 | 15.81 | 12.53 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.94 | 2.96 | 3.24 | 3.65 | 4.60 | 7.71 | 6.73 | 3.83 | 3.91 | 3.92 |
| EV / EBITDA | 14.00 | 11.93 | 13.27 | — | 23.32 | 16.13 | 29.24 | 70.40 | — | 94.85 | 10.85 |
| EV / EBIT | 25.04 | 18.21 | — | — | — | 71.48 | 67.61 | — | — | — | 44.86 |
| EV / FCF | — | 21.60 | 44.97 | — | — | — | — | 115.82 | — | — | 31.33 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.8% | 34.8% | 34.3% | 4.4% | 2.7% | 17.3% | 28.7% | 18.4% | -4.5% | 6.1% | 16.4% |
| Operating Margin | 27.8% | 27.8% | -0.7% | -31.0% | -6.3% | 8.4% | 11.0% | -8.7% | -80.8% | -26.9% | 9.4% |
| Net Profit Margin | 13.1% | 13.1% | -18.2% | -23.4% | -18.2% | -0.8% | 6.3% | -11.0% | -66.2% | -20.2% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.4% | 7.4% | -7.5% | -9.8% | -8.1% | -0.4% | 3.1% | -6.4% | -34.7% | -8.8% | 1.5% |
| ROA | 5.0% | 5.0% | -5.2% | -6.6% | -5.4% | -0.3% | 2.1% | -4.2% | -23.9% | -6.5% | 1.0% |
| ROIC | 13.1% | 13.1% | -0.2% | -9.0% | -2.0% | 3.4% | 4.2% | -3.5% | -31.4% | -10.2% | 3.8% |
| ROCE | 11.7% | 11.7% | -0.2% | -9.4% | -2.0% | 3.2% | 3.9% | -3.5% | -31.3% | -9.3% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.18 | 0.19 | 0.18 | 0.16 | 0.19 | 0.27 | 0.26 | 0.06 | 0.08 |
| Debt / EBITDA | 0.49 | 0.49 | 1.90 | — | 2.52 | 1.32 | 1.69 | 5.04 | — | 3.12 | 0.48 |
| Net Debt / Equity | — | -0.15 | 0.03 | 0.10 | 0.07 | -0.01 | -0.09 | 0.01 | 0.17 | -0.14 | -0.12 |
| Net Debt / EBITDA | -0.75 | -0.75 | 0.28 | — | 0.98 | -0.10 | -0.78 | 0.24 | — | -7.76 | -0.71 |
| Debt / FCF | — | -1.36 | 0.93 | — | — | — | — | 0.40 | — | — | -2.05 |
| Interest Coverage | 27.69 | 27.69 | -0.71 | -11.85 | -3.90 | 2.22 | 3.46 | -2.19 | -18.67 | -25.75 | 7.99 |
Net cash position: cash ($792M) exceeds total debt ($314M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.60 | 2.60 | 2.56 | 2.57 | 2.21 | 2.30 | 3.50 | 3.38 | 2.86 | 3.14 | 3.64 |
| Quick Ratio | 2.41 | 2.41 | 2.12 | 2.04 | 1.83 | 1.95 | 3.18 | 2.96 | 2.30 | 2.79 | 3.23 |
| Cash Ratio | 2.12 | 2.12 | 1.75 | 1.56 | 1.11 | 1.53 | 2.70 | 2.44 | 1.09 | 2.38 | 2.88 |
| Asset Turnover | — | 0.27 | 0.28 | 0.29 | 0.30 | 0.28 | 0.30 | 0.36 | 0.33 | 0.34 | 0.35 |
| Inventory Turnover | 9.86 | 9.86 | 5.89 | 8.65 | 9.42 | 8.01 | 8.05 | 9.86 | 9.93 | 13.14 | 12.39 |
| Days Sales Outstanding | — | 34.79 | 30.06 | 30.83 | 24.00 | 33.73 | 45.70 | 33.58 | 78.40 | 28.87 | 8.44 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | 0.3% | 0.3% | 0.3% | 0.1% | — | — | — | — | — |
| Payout Ratio | 6.0% | 6.0% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 2.1% | — | — | — | — | 0.8% | — | — | — | 0.7% |
| FCF Yield | 3.7% | 4.4% | 2.3% | — | — | — | — | 0.9% | — | — | 3.0% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% |
| Shares Outstanding | — | $485M | $296M | $282M | $263M | $245M | $216M | $202M | $184M | $165M | $164M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying AG stock.
First Majestic Silver Corp.'s current P/E ratio is 54.4x. The historical average is 66.4x. This places it at the 57th percentile of its historical range.
First Majestic Silver Corp.'s current EV/EBITDA is 14.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 33.9x.
First Majestic Silver Corp.'s return on equity (ROE) is 7.4%. The historical average is -24.5%.
Based on historical data, First Majestic Silver Corp. is trading at a P/E of 54.4x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Majestic Silver Corp.'s current dividend yield is 0.11% with a payout ratio of 6.0%.
First Majestic Silver Corp. has 34.8% gross margin and 27.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Majestic Silver Corp.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Silver price volatility
Margin Expansion on Metal Prices
Gross margin surged from 27.8% in 2024Q4 to 64.2% in 2026Q2, as per quarterly filings, reflecting higher silver prices and acquisition-driven volume. Operating margin similarly expanded to 47.5%, suggesting significant operating leverage to metal prices.
The dramatic margin expansion appears primarily price-driven rather than cost-driven, as absolute COGS rose 39% year-over-year in 2026Q2. This implies that the company's profitability is highly sensitive to silver prices, and any correction could compress margins sharply, as evidenced by the negative margins in early 2024. Investors should monitor AISC trends and the sustainability of cost controls, especially given inflationary pressures in Mexico.
ROIC Inflection on Acquisition
ROIC improved from -1.0% in 2024Q1 to 5.6% in 2026Q2, as reported in financial statements, driven by the Los Gatos acquisition and higher metal prices. This suggests the company is beginning to generate returns above its cost of capital, though still below peers.
The improvement in ROIC is notable but remains modest compared to peers like PAAS (15.7%) and CDE (23.5%), indicating that the company's capital efficiency is still catching up. The acquisition-driven asset base expansion may take time to fully translate into returns, and the suspension of Jerritt Canyon could weigh on future ROIC if impairments occur. The trend suggests a positive inflection, but sustainability depends on maintaining production and cost discipline.
Working Capital Efficiency Improves
Cash conversion cycle improved from 57 days in 2024Q1 to 1 day in 2026Q2, as per quarterly data, driven by faster receivables collection and extended payables. This suggests enhanced working capital management, though inventory days remain elevated.
The sharp reduction in DSO from 41 to 15 days and the extension of DPO to 75 days indicate that the company is leveraging its supplier relationships and improving collection efficiency. However, DIO increased to 60 days, reflecting the company's strategy of building silver inventory, which could tie up cash if prices decline. The overall CCC improvement is a positive sign, but the inventory buildup warrants monitoring for potential write-downs.
Conservative Leverage with Coverage
Debt-to-equity improved to 0.10 in 2026Q2 from 0.19 in 2024Q1, with interest coverage at 41.35, as reported in financial statements. This suggests a strong balance sheet with ample capacity to service debt, even under stress.
The low leverage and high interest coverage indicate that the company has significant financial flexibility, which is crucial given the volatility of silver prices. The D/EBITDA ratio of 1.34 is comfortable, and the cash buffer of over $791 million provides additional protection. However, the ongoing tax dispute with the Mexican SAT could result in material cash outflows, which investors should monitor as a potential risk to this healthy leverage profile.
Strong Liquidity Buffer
Current ratio stands at 2.57 and quick ratio at 2.38 in 2026Q2, as per balance sheet data, indicating a robust liquidity position. Cash reserves exceed $1.1 billion, providing a substantial cushion against commodity price shocks.
The liquidity position appears fortress-like, with a current ratio well above 2 and a quick ratio that excludes inventory, suggesting that the company can meet short-term obligations even if silver prices fall sharply. The high cash balance also provides flexibility for potential acquisitions or to weather operational disruptions. However, the reliance on silver prices means that a prolonged downturn could erode this buffer, especially if the company continues to build inventory.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 50.31 appears misleading given the cyclicality of silver prices, as reported in valuation data. A more appropriate metric is EV/EBITDA, which at 12.88 is closer to peers, or a normalized earnings approach.
The P/E ratio is distorted by the trough earnings in 2024, making it appear expensive, while the forward P/E of 21.72 is more reasonable. Investors should focus on EV/EBITDA and price-to-NAV to assess valuation, as P/E fails to capture the commodity cycle. The company's high beta to silver prices means that earnings can swing dramatically, so using a mid-cycle earnings estimate is more appropriate than trailing or forward P/E.