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FIRST MAJESTIC SILVER CORP (AG) Financials

AG
FY2025 annual
Revenue $1.3B +124.3% YoY
Net Income $211.0M +307.1% YoY
Free Cash Flow $463.9M +251.6% YoY
Operating Cash Flow $526.0M +246.1% YoY
Market Cap $8.4B as of Oct 13, 2026
Price / Sales 6.7x on $1.3B revenue, FY2025
Price / Earnings 39.7x on $211.0M net income, FY2025
Price / Book 2.6x on $3.2B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Currency USD FYE December

Newest figures come from the 40-F for FY2025, filed Mar 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AG SEC filings page.

FIRST MAJESTIC SILVER CORP (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).

Rhea AI AG FY2025

FY2025’s cash-generating expansion reshaped the business, while funding remained mostly equity-backed rather than debt-dependent.

The 2025 step-change was not merely accounting profit: operating cash flow reached $526M against net income of $211M, showing earnings were more than converted into cash. Free cash flow of $463.9M after $62.1M of capital spending indicates the enlarged operation generated substantial cash even after reinvestment.

The balance sheet expanded alongside revenue, with assets reaching $4.7B while long-term debt was only $5.7M; this points to a low-debt financing structure rather than leverage-funded growth. A current ratio of 2.6x also indicates current assets exceeded near-term obligations.

Revenue more than doubled from $560.6M in FY2024 to $1.3B in FY2025, while net margin moved from -18.2% to 16.8%; that combination reflects a broad operating reset, not simple top-line growth. Shares outstanding also rose from 301.9M to 491.3M, so company-level improvement was accompanied by a much larger equity base.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 58 / 100
Financial Health Score 58/100

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 SILVER CORP'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.

Profitability
0

Not available for FIRST MAJESTIC SILVER CORP, and counted as zero in the overall score.

Growth
95

FIRST MAJESTIC SILVER CORP's revenue surged 124.3% year-over-year to $1.3B, reflecting rapid business expansion. This strong growth earns a score of 95/100.

Leverage
89

FIRST MAJESTIC SILVER CORP 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.

Liquidity
72

With a current ratio of 2.60, FIRST MAJESTIC SILVER CORP holds $2.60 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.

Cash Flow
92

FIRST MAJESTIC SILVER CORP converts 36.9% of revenue into free cash flow ($463.9M). This strong cash generation earns a score of 92/100.

Returns
0

Not available for FIRST MAJESTIC SILVER CORP, and counted as zero in the overall score.

Piotroski F-Score Partial
6/8

FIRST MAJESTIC SILVER CORP 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.

Earnings Quality Cash-Backed
2.49x

For every $1 of reported earnings, FIRST MAJESTIC SILVER CORP 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

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt
$793.4M
YoY+292.4%
QoQ+292.4%

FIRST MAJESTIC SILVER CORP held $793.4M in cash against $5.7M in long-term debt as of Q4 2025.

Shares Outstanding
491M
YoY+62.7%
QoQ+62.7%

FIRST MAJESTIC SILVER CORP had 491M shares outstanding in Q4 2025. This represents an increase of 62.7% from the same quarter a year earlier. Against the prior quarter it is up 62.7%.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AG quarterly income statement
MetricQ4'2540-FQ4'2440-FQ4'2310-KQ4'2210-KQ4'2110-KQ4'2010-KQ4'1910-KQ4'1810-K

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

AG Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AG quarterly balance sheet
MetricQ4'2540-FQ4'2440-FQ4'2310-KQ4'2210-KQ4'2110-KQ4'2010-KQ4'1910-KQ4'1810-K
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+18.5%
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-2.6%
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-51.7%
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+72.2%
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+4.1%
Goodwill$0$0$0$0N/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+66.6%
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+6.9%
Non-Current Liabilities$1.1B+119.4%$484.4M-2.7%$498.1M-6.3%$531.3M-1.8%$541.2M+89.5%$285.7M+2.5%$278.8M+2.0%$273.4M+89.1%
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-42.9%
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+2.1%
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-175.6%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AG quarterly cash flow statement
MetricQ4'2540-FQ4'2440-FQ4'2310-KQ4'2210-KQ4'2110-KQ4'2010-KQ4'1910-KQ4'1810-K

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AG quarterly financial ratios
MetricQ4'2540-FQ4'2440-FQ4'2310-KQ4'2210-KQ4'2110-KQ4'2010-KQ4'1910-KQ4'1810-K
Current Ratio2.600.0x2.560.0x2.57+0.4x2.21-0.1x2.30-1.2x3.50+0.1x3.38+0.5x2.86-0.3x
Debt-to-Equity0.000.0x0.010.0x0.010.0x0.020.0x0.020.0x0.020.0x0.020.0x0.000.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
FIRST MAJESTIC SILVER CORP AG FY2025 $1.3B $211.0M 16.8% $8.4B 58/100
MAG Silver Corp. MAG FY2024 N/A $77.8M N/A $2.5B —
Endeavour Silver Corp. EXK FY2025 $467.5M -$119.1M -25.5% $2.6B 38/100
Silvercorp Metals Inc. SVM FY2025 $298.9M $78.8M 26.4% $2.3B 60/100
New Gold Inc. NGD FY2024 $924.5M $102.6M 11.1% $7.2B 35/100
Compania de Minas Buenaventura S.A. BVN FY2025 $1.7B $830.2M 47.9% $8.2B 45/100

Frequently Asked Questions

What is FIRST MAJESTIC SILVER CORP's annual revenue?

FIRST MAJESTIC SILVER CORP (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 SILVER CORP's revenue growing?

FIRST MAJESTIC SILVER CORP (AG) revenue grew by 124.3% year-over-year, from $560.6M to $1.3B in fiscal year 2025.

Is FIRST MAJESTIC SILVER CORP profitable?

Yes, FIRST MAJESTIC SILVER CORP (AG) reported a net income of $211.0M in fiscal year 2025, with a net profit margin of 16.8%.

As of fiscal year 2025, FIRST MAJESTIC SILVER CORP (AG) had $793.4M in cash and equivalents against $5.7M in long-term debt.

FIRST MAJESTIC SILVER CORP (AG) had a net profit margin of 16.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

FIRST MAJESTIC SILVER CORP (AG) has a return on equity of 6.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

FIRST MAJESTIC SILVER CORP (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.

FIRST MAJESTIC SILVER CORP (AG) generated $526.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

FIRST MAJESTIC SILVER CORP (AG) had $4.7B in total assets as of fiscal year 2025, including both current and long-term assets.

FIRST MAJESTIC SILVER CORP (AG) invested $62.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

FIRST MAJESTIC SILVER CORP (AG) had 491M shares outstanding as of fiscal year 2025.

FIRST MAJESTIC SILVER CORP (AG) had a current ratio of 2.60 as of fiscal year 2025, which is generally considered healthy.

FIRST MAJESTIC SILVER CORP (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.

FIRST MAJESTIC SILVER CORP (AG) had a return on assets of 4.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

FIRST MAJESTIC SILVER CORP (AG) trades at 39.7x earnings, its market capitalization divided by net income of $211.0M net income, FY2025. The market capitalization is $8.4B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

FIRST MAJESTIC SILVER CORP (AG) trades at 6.7x sales, its market capitalization divided by revenue of $1.3B revenue, FY2025. The market capitalization is $8.4B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

FIRST MAJESTIC SILVER CORP (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.

FIRST MAJESTIC SILVER CORP (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.

FIRST MAJESTIC SILVER CORP (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.

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