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First Majestic Silver Corp (AG) Fair Value & Analysis

Basic Materials · US · Market cap $8.4B · ISIN CA32076V1031

What is First Majestic Silver Corp really worth?

FM First Majestic Silver Corp logo First Majestic Silver Corp AG · US
Price$21.39
Fair Value$4.91
Upside−77.0%
Quality49/100

Below-average quality, and trading another 335% above our fair value of $4.91.

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Strengths

✓Solidly profitable · 19.5% net margin
✓Low debt · generates free cash flow
✓Wide moat 65/100

Risks

!Mixed Growth (revenue 5y +28.4 %/yr)
!Trails peers (5/14)
!Evidence only medium, so the estimate is less certain
!Weak on dividend: 3 out of 100

For context

·0.16% dividend yield
Evidence: Medium Range $3.68 – $6.14

Fair value as of: Aug 29, 2026

From 26 valuation models · updated 6 days ago

Share price +29.7% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case ($6.14). The favourable scenario is already priced in.
  • Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

$31.98 $4.18 Fair Value $4.91 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range $4.18 – $31.98 · fair‑value band $3.68 – $6.14 · the $21.39 price screens above the $4.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

First Majestic Silver Corp (AG) currently trades at $21.39, while our model-based Fair Value estimate is $4.91, implying the stock looks roughly 335.4% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Basic Materials sector. Bull case: the DCF Models group reads highest at a median of $16.18 per share, and 1 of the 26 models we run sit above the $21.39 price. Bear case: the Asset-Based group reads lowest at $3.74, and 25 of the 26 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, First Majestic Silver Corp generated revenue of $1.5B at a net margin of 19.5%. Revenue grew 95.4% year over year. It earns a return on equity of 11.5%. The balance sheet holds a net cash position of $478M. Fundamentals as of Aug 29, 2026

Our scenario range runs from $3.68 (bear case) to $6.14 (bull case); at $21.39, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 34% below its 52-week high and 219% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −82% fair-value upside, at −77%, AG screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $0.3756 per share, which is 7.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $12.34 $18.45 $37.50 74
EPV $4.29 $4.81 $5.25 74
Residual Income $4.32 $4.40 $4.38 74
All 26 models by family
DCF Models
FCF DCF $12.34 $18.45 $37.50 74
Owner Earnings $8.06 $16.62 $33.94 69
5Y Revenue Exit $6.40 $9.17 $14.88 69
5Y EBITDA Exit $11.39 $19.26 $34.69 70
5Y P/E Exit $7.45 $13.65 $21.81 67
10Y Revenue Exit $8.16 $13.98 $16.85 65
10Y EBITDA Exit $11.83 $24.48 $46.33 62
10Y P/E Exit $9.02 $16.18 $27.27 60
Earnings-Based
Graham-Dodd $2.31 $16.12 $22.62 61
Lynch FV $8.33 $11.89 $15.46 59
PEG = 1.0 $8.33 $11.89 $15.46 55
EPV $4.29 $4.81 $5.25 74
Dividend Discount
Gordon GGM $0.1800 $0.3500 $0.5400 64
DDM Multi-Stage $0.1800 $0.3100 $0.3700 65
Multiples
P/E Multiple $4.33 $5.78 $7.22 63
P/S Multiple $2.91 $3.89 $4.86 58
P/B Multiple $4.33 $5.78 $7.22 55
EV/EBIT $8.58 $11.11 $13.63 66
EV/EBITDA $10.69 $13.91 $17.13 67
EV/Revenue $3.73 $4.90 $6.06 54
Asset-Based
NCAV (Graham) $2.79 $3.74 $5.58 54
Growth DCF
Growth DCF $11.65 $21.26 $36.74 73
Rev-Margin DCF $6.89 $10.37 $17.73 69
Economic Profit
Residual Income $4.32 $4.40 $4.38 74
ROIC Compounder $4.29 $4.81 $5.25 70
Growth Earnings
Growth-Adj P/E $10.24 $14.63 $19.02 65

Widest divergence: DCF Models ($16.18) versus Dividend Discount ($0.3100). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/E ratio 36.3
P/S ratio 4.76 P/E × margin
EPS (TTM) $0.5900 price ÷ EPS = P/E 36.3
Dividend yield 0.2% payout 5.9%
Net margin 13.1% FY2025
Return on equity 11.5% TTM
More key figures
Profitability
Return on assets (EBIT) −0.2% avg 5y
Operating margin 49.5% TTM
Growth
Revenue (TTM) $1.5B TTM
Revenue growth (YoY) +95.4% 3y avg +26.8%
EPS growth (YoY) +50.7%
Balance sheet & cash flow
Free cash flow $352M FY2025
Net cash $478M FY2025

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 54 · Market factors (momentum, volatility) 45

Profitability 31
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 6
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties in North America. The company explores for silver and gold deposits.

Full company description

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties in North America. The company explores for silver and gold deposits. Its projects include the San Dimas silver/gold mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena silver/gold mine that covers an area of approximately 102,244 hectares located in Sonora State, Mexico; the Los Gatos Silver Mine covering an area of approximately 103,000 hectares located in Chihuahua, Mexico; and the La Encantada silver mine that covers an area of approximately 4,076 hectares located in Coahuila State, Mexico. The company was formerly known as First Majestic Resource Corp. and changed its name to First Majestic Silver Corp. in November 2006. First Majestic Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

First Majestic Silver Corp reported revenue of $1.3B in FY2025 versus $587M in FY2021, a compound +21.5%/yr. Reported net income was $168M in FY2025.

Growth Quality 87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$1.3B
Latest YoY
+128.2%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+26.8%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+28.4%
Avg. revenue growth/yr (25Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+106.8%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
+68.8% (68.6 + 0.2)
Revenue +21.5%/yr
FY21 $587M
FY22 $627M
FY23 $576M
FY24 $561M
FY25 $1.3B
Net income
FY21 −$4.9M
FY22 −$114M
FY23 −$135M
FY24 −$102M
FY25 $168M

AG screens 335% overvalued. Compare with Discovery Silver Corp →

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$4.91 −335%Fair Value
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Cite: Fair Value Calculator (2026). "First Majestic Silver Corp Fair Value". https://www.fairvalue-calculator.com/stock/AG

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Materials · 3588 stocks

How this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Silver” was too small, so the broader sector is used.)

Quality Score 49 · Below median
Fair Value upside −77% · Bottom 25%
Return on equity (TTM) 11% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 50% · Top 25%
Revenue growth 95% · Top 25%
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.11× · Higher than median

Valuation Multiples vs Materials median · lower = cheaper

P/E (TTM) 36.3× · Pricier than 75% of peers
P/B 3.04× · Pricier than 75% of peers
P/S (TTM) 5.62× · Pricier than 75% of peers
P/FCF 23.8× · Pricier than 75% of peers
EV/EBITDA 9.9× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 16
PAST46 · sector 16
HEALTH95 · sector 95
DIVIDEND3 · sector 34

VALUE 0: the price sits above our fair-value range.

Insider activity: 35/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Silver stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
Discovery Silver Corp DSV C$12.48 C$3.82 −69%
Aya Gold & Silver Inc AYA C$40.53 C$7.46 −82%
Endeavour Silver Corp EDR C$15.65 C$1.76 −89%
Silvercorp Metals Inc SVM $13.11 $7.70 −41%
Andean Precious Metals Corp APM C$7.04 C$12.33 +75%
Apollo Silver Corp APGO C$3.21 C$0.5200 −84%
Sotkamo Silver AB SOSI1 €0.4290 €0.1700 −60%
Minaurum Silver Inc MGG C$0.2900 C$0.0400 −86%
Argenta Silver Corp AGAG C$0.5350 C$0.0600 −89%
Excellon Resources Inc EXN C$0.3900 C$0.0600 −85%

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Frequently asked questions

Is First Majestic Silver Corp (AG) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of $4.91 versus a price of $21.39, about −77% upside (overvalued).
What is the fair value of AG?
Our model-based fair value for First Majestic Silver Corp is $4.91 (as of Aug 29, 2026), built from audited fundamentals. The current price: $21.39.
What is the quality score of AG?
First Majestic Silver Corp has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of First Majestic Silver Corp (AG)?
First Majestic Silver Corp reported trailing-twelve-month revenue of about $1.5B (latest available figure, as of Aug 29, 2026).
What is the net profit margin of AG?
The net profit margin of First Majestic Silver Corp is about 19.5%, meaning it keeps roughly 19.5% of revenue as net income. Based on the latest reported figures.
Does First Majestic Silver Corp pay a dividend?
First Majestic Silver Corp currently shows a dividend yield of about 0.16% relative to its recent price (as of Aug 29, 2026).
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