Company Analysis

First Majestic Silver Corp (AG)

NYSE: AG · Gold and Silver Ores · Vancouver · filing with the SEC since 2004
Grade5.5
◀ Past 4.9● Present 4.8▶ Future 7.3
1 est.

The grade of First Majestic Silver Corp

Nine metrics read from its own filings, by tense
Headline grade
5.5/10
◀ Past4.940% of the headline
● Present4.835% of the headline
▶ Future7.325% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

4.9/1040% of the headline grade · 3 of 3 filed

Surviving crises

as filed
6.0/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 60th percentile among 73 sector filers · read for itself

From the record

First Majestic Silver Corp's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
4.5/10

What has it actually done, year after year?

+18.3% a year over 10 filed years; profitable in 3 of 10.

weight 33% of this tense · 45th percentile among 44 sector filers · read for its customers

From the record

First Majestic Silver Corp's 10 filed years say what it did: revenue went from $278 million in fiscal 2016 to $1.3 billion in fiscal 2025, up 18.3% a year; it rose in 5 of 9 years; the deepest fall was 10% from fiscal 2022 to fiscal 2024; net income was positive in 3 of 10 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span18.3%top 39% of its family
  • the share of years revenue rosebottom 25% of its family
  • the share of filed years with a profitbottom 35% of its family
  • the deepest fall from a revenue peak10.2%top 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
3.4/10

How has it treated the people who own it?

Share count grew 22.6% a year. 3% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 34th percentile among 38 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, First Majestic Silver Corp's diluted share count grew about 22.6% a year, and dividends and buybacks returned about 3% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

  • the share count over the yearsbottom 20% of its family
  • cash returned against operating cash flowbottom 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

4.8/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
4.1/10

Is it financially healthy right now?

ROE 7%: 7¢ of profit per shareholder dollar. Leverage 32%: owes 32¢ per asset dollar.

weight 45% of this tense · 41st percentile among 62 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, First Majestic Silver Corp earned about 7 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 15 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 32 cents per dollar of assets, and net share issuance: its share count grew 64.0% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 48% of its family
  • return on equitytop 37% of its family
  • gross profit against assetsbottom 45% of its family
  • the share count against the year beforebottom 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
5.5/10

How strong is its position in its industry?

top 45% of 44 in its family; net margin 16.8%.

weight 33% of this tense · 55th percentile among 44 sector filers · read for its customers

From the record

First Majestic Silver Corp's standing among 44 graded names in its industry family: revenue of $1.3 billion in fiscal 2025 ranks in the top 40% by size; a net margin of 16.8% ranks in the top 48%; revenue growth of 26.3% a year over the last 3 filed years ranks in the top 47% (its annual reports).

What it rests on

  • revenue against the family$1.26Btop 40% of its family
  • net margin16.8%top 48% of its family
  • three-year revenue growth26.3%top 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
5.3/10

What are the people in charge doing?

SI estimate 5.3/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 16 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 16 members with one.
What the record cannot read
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned
family median, 16 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: First Majestic Silver Corp's leadership is put at 5.3 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 16 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

7.3/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed
6.6/10

How much room does it have to grow?

top 34% of 42 in its family for room to expand.

weight 22% of this tense · 66th percentile among 42 sector filers · read for itself

From the record

First Majestic Silver Corp's room to grow, from the newest filed statements (fiscal 2025): cash of $793 million against debt of $292 million leaves 10.7% of its assets as net cash, top 46% of its family; cash from operations less capital spending is 36.9% of revenue (top 29%); a gross margin of 56.8% (top 26%) (its annual report).

What it rests on

  • cash less debt against assets10.7%top 46% of its family
  • cash from operations less capital spending against revenue36.9%top 29% of its family
  • gross margin56.8%top 26% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
6.8/10

What could actually drive growth from here?

top 32% of 41 in its family for growth drivers.

weight 33% of this tense · 68th percentile among 41 sector filers · read for its customers

From the record

First Majestic Silver Corp's growth drivers, from the filed years to fiscal 2025: revenue grew 26.3% a year over the last three filed years against 18.3% over all 10, speeding up (top 29% of its family); the newest year grew 124.4% (top 6%); capital spending grew 1.3% a year (bottom 38%) (its annual reports). First Majestic Silver Corp tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span+8.0 points a yeartop 29% of its family
  • the newest year's revenue growth124.4%top 6% of its family
  • three-year growth of capital spending1.3%bottom 38% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
8.1/10

Did its newest year beat what its own record pointed to?

top 19% of 38 in its family for expectations against reality.

weight 45% of this tense · 81st percentile among 38 sector filers · read for its shareholders

From the record

First Majestic Silver Corp's newest year against its own record: revenue of $1.3 billion in fiscal 2025 came in 136.6% above the $531 million its prior three years' pace pointed to (top 7% of its family); net income of $211 million against a prior three-year average of $117 million (top 30%); a net margin of 16.8% against -20% before (top 20%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace136.6%top 7% of its family
  • net income against the prior three years' average+280%top 30% of its family
  • net margin against its prior average+36.8 pointstop 20% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton AG · research, not advice