First Majestic Financials
First Majestic (AG) reported $1.3B in revenue for fiscal year 2025, up 124.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 became a cash-rich scale step-up, with free cash flow materially outrunning earnings and almost no reliance on debt.
The most revealing pattern is that cash conversion strengthened before GAAP profit did for two straight years: FY2024 still generated$152.0M of operating cash flow with a loss, and FY2025 converted that into$211.0M of net income. Depreciation staying well above capital spending—$264.8M versus$62.1M in FY2025—helps explain why cash flow has looked stronger than earnings.
The enlarged FY2025 balance sheet is not a lender-funded story: long-term debt was only
Short-term liquidity held steady through the jump in scale, with the current ratio staying near 2.6x year over year. Book equity also expanded to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of First Majestic's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for First Majestic, and counted as zero in the overall score.
First Majestic's revenue surged 124.3% year-over-year to $1.3B, reflecting rapid business expansion. This strong growth earns a score of 94/100.
First Majestic carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.60, First Majestic holds $2.60 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.
First Majestic converts 36.9% of revenue into free cash flow ($463.9M). This strong cash generation earns a score of 92/100.
Not available for First Majestic, and counted as zero in the overall score.
First Majestic passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, First Majestic generates $2.49 in operating cash flow ($526.0M OCF vs $211.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
First Majestic generated $1.3B in revenue in fiscal year 2025. This represents an increase of 124.3% from the prior year.
First Majestic reported $211.0M in net income in fiscal year 2025. This represents an increase of 307.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
First Majestic generated $463.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 251.6% from the prior year.
First Majestic held $793.4M in cash against $5.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
First Majestic's net profit margin was 16.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 35.0 percentage points from the prior year.
First Majestic's ROE was 6.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 14.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
First Majestic invested $62.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 210.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
AG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
AG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.7B+137.1% | $2.0B+0.2% | $2.0B-6.3% | $2.1B-0.7% | $2.1B+71.7% | $1.2B+22.2% | $1.0B+9.4% | $926.1M |
| Current Assets | $1.2B+223.4% | $368.8M+19.3% | $309.1M-16.5% | $370.3M-6.8% | $397.2M+11.6% | $356.0M+46.5% | $243.0M+46.1% | $166.3M |
| Cash & Equivalents | $793.4M+292.4% | $202.2M+61.0% | $125.6M-17.1% | $151.4M-36.4% | $237.9M-0.3% | $238.6M+41.2% | $169.0M+196.4% | $57.0M |
| Inventory | $84.8M+35.6% | $62.5M-1.8% | $63.7M-1.7% | $64.8M+6.8% | $60.6M+86.4% | $32.5M+6.5% | $30.5M-6.0% | $32.5M |
| Accounts Receivable | $86.4M+602.0% | $12.3M+21.8% | $10.1M+17.5% | $8.6M+11.2% | $7.7M+81.0% | $4.3M-0.6% | $4.3M-23.3% | $5.6M |
| Goodwill | $0 | $0 | $0 | $0 | N/A | $0 | $0 | $0 |
| Total Liabilities | $1.5B+142.1% | $628.7M+1.7% | $618.2M-11.5% | $698.7M-2.1% | $714.0M+84.4% | $387.3M+10.5% | $350.6M+5.8% | $331.5M |
| Current Liabilities | $459.1M+218.2% | $144.3M+20.1% | $120.1M-28.2% | $167.4M-3.1% | $172.8M+70.1% | $101.6M+41.4% | $71.9M+23.6% | $58.1M |
| Long-Term Debt | $5.7M-49.4% | $11.3M-41.4% | $19.3M-18.6% | $23.8M-15.3% | $28.0M+84.2% | $15.2M+1.3% | $15.0M+410.2% | $2.9M |
| Total Equity | $3.2B+134.8% | $1.4B-0.5% | $1.4B-3.8% | $1.4B0.0% | $1.4B+66.0% | $850.2M+28.4% | $662.3M+11.4% | $594.6M |
| Retained Earnings | -$562.0M+21.6% | -$717.1M-17.6% | -$609.9M-30.1% | -$468.9M-34.8% | -$347.8M-2.6% | -$338.9M+6.3% | -$361.6M-12.6% | -$321.1M |
AG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
AG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.600.0x | 2.560.0x | 2.57+0.4x | 2.21-0.1x | 2.30-1.2x | 3.50+0.1x | 3.38+0.5x | 2.86 |
| Debt-to-Equity | 0.000.0x | 0.010.0x | 0.010.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.00 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.
Similar Companies
Where First Majestic Ranks
Frequently Asked Questions
What is First Majestic's annual revenue?
First Majestic (AG) reported $1.3B in total revenue for fiscal year 2025. This represents a 124.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is First Majestic's revenue growing?
First Majestic (AG) revenue grew by 124.3% year-over-year, from $560.6M to $1.3B in fiscal year 2025.
Is First Majestic profitable?
Yes, First Majestic (AG) reported a net income of $211.0M in fiscal year 2025, with a net profit margin of 16.8%.
How much debt does First Majestic have?
As of fiscal year 2025, First Majestic (AG) had $793.4M in cash and equivalents against $5.7M in long-term debt.
What is First Majestic's net profit margin?
First Majestic (AG) had a net profit margin of 16.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is First Majestic's return on equity (ROE)?
First Majestic (AG) has a return on equity of 6.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is First Majestic's free cash flow?
First Majestic (AG) generated $463.9M in free cash flow during fiscal year 2025. This represents a 251.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is First Majestic's operating cash flow?
First Majestic (AG) generated $526.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are First Majestic's total assets?
First Majestic (AG) had $4.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are First Majestic's capital expenditures?
First Majestic (AG) invested $62.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is First Majestic's current ratio?
First Majestic (AG) had a current ratio of 2.60 as of fiscal year 2025, which is generally considered healthy.
What is First Majestic's debt-to-equity ratio?
First Majestic (AG) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is First Majestic's return on assets (ROA)?
First Majestic (AG) had a return on assets of 4.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is First Majestic's Piotroski F-Score?
First Majestic (AG) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are First Majestic's earnings high quality?
First Majestic (AG) has an earnings quality ratio of 2.49x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is First Majestic?
First Majestic (AG) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.