First Majestic Silver Corp (AG) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of First Majestic Silver Corp stock $16.68, price $15.39, upside +8.4%, quality 54 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $4.18 – $31.98 · fair‑value band $11.68 – $21.68 · the $15.39 price screens below the $16.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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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.
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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.
Stock analysis
First Majestic Silver Corp (AG) currently trades at $15.39, while our model-based Fair Value estimate is $16.68, so the stock looks roughly fairly valued today (gap 7.7%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $10.01 per share, and 1 of the 26 models we run sit above the $15.39 price.
Bear case: the Economic Profit group reads lowest at $3.13, and 25 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $11.68 (bear) to $21.68 (bull), the price of $15.39 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap $7.7B Mid · P/E ratio 22.0 · P/S ratio 5.99 · EPS (TTM) $0.7000 · Dividend yield 0.3% · Net margin 21.2% · Return on equity 13.4% · Return on assets (EBIT) −0.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 52% below its 52-week high and 44% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −76% fair-value upside, at 8%, AG screens cheaper than that median.
Fair Value models
Bear$11.68Fair Value $16.68Bull$21.68
Price $15.39 · Upside +8.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.5537 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+128.2%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+26.8%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+28.4%
Start year 2020 (pandemic). Over 10 years: +17.8% a year
Revenue growth 25 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+106.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+71.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+70.7%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 26.5% / 20.8%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 28%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.3%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +12.7% a year for the price.
News mood ⓘNews mood, the average tone of recent news (94 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The business shows a thin moat as a typical commodity silver miner with limited differentiation and pricing control, offset only by selective mine expansions.
Main risk: An unresolved or adverse outcome in the long-running NAFTA arbitration with Mexican tax authorities over transfer pricing at San Dimas could force large retroactive tax payments that hit cash flows and margins at the company's core Mexican operations.
Bull case: Successful settlement of the Mexican tax dispute combined with operational fixes at San Dimas and expansions at other sites could stabilize output and allow the company to benefit from sustained industrial silver demand without major cash outflows.
Bear case: Prolonged or unfavorable resolution of the tax arbitration could drain cash reserves and constrain investment while lower-cost competitors expand output, potentially squeezing margins and limiting growth at the Mexico-focused operations.
First Majestic's Q3 silver output fell due to a 12-day labor dispute at San Dimas that cut throughput and grades, even as La Encantada posted strong gains. Other mines advanced expansions while a settlement framework emerged on the long-running Mexico tax arbitration. Our models see the shares as undervalued. Will fixing operations at the key mine lift results this year, or will labor issues keep weighing on guidance?
Compare First Majestic Silver Corp with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.)Materials · 3371 stocks
Beats the sector median on 8/14 measures
A mixed picture versus its sector peers.
Valuation
Quality Score54 · Above median
Fair Value upside+8.4% · Above median
Profitability
Return on equity (12 months)13.4% · Top 25%
Return on assets4.6% · Above median
Net margin (12 months)27.0% · Top 25%
Operating margin (12 months)47.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)57.3% · Top 25%
Dividend yield (12 months)0.3% · Bottom 25%
Balance sheet
Debt / equity0.11× · Below median
Valuation Multiplesvs Materials median · lower = cheaper
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Is First Majestic Silver Corp (AG) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $16.68 versus a price of $15.39, about +8% upside (fairly valued).
What is the fair value of AG?
Our model-based fair value for First Majestic Silver Corp is $16.68 (as of Nov 5, 2026), built from audited fundamentals. The current price: $15.39.
What is the quality score of AG?
First Majestic Silver Corp has a Quality Score of 54/100. 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 price target for First Majestic Silver Corp (AG)?
Our model-based price target is the fair value of $16.68 (as of Nov 5, 2026) from 26 valuation models. Cautious scenario $11.68, optimistic scenario $21.68. It is a calculation from audited fundamentals, not an analyst target.
What is the First Majestic Silver Corp stock forecast for 2026?
Our models put fair value at $16.68, about +8% upside versus a price of $15.39 (fairly valued). Cautious scenario $11.68, optimistic scenario $21.68. The calculation is refreshed regularly with new filings.
What is the revenue of First Majestic Silver Corp (AG)?
First Majestic Silver Corp reported trailing-twelve-month revenue of about $1.6B (latest available figure, as of Nov 5, 2026).
Does First Majestic Silver Corp pay a dividend?
First Majestic Silver Corp currently shows a dividend yield of 0.30% relative to its recent price (as of Nov 5, 2026).
What growth is priced into First Majestic Silver Corp (AG)?
For today's price to be fair in a discounted-cash-flow model, First Majestic Silver Corp would have to grow free cash flow by +15.4 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +28.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of AG use?
Our models discount First Majestic Silver Corp at 12.2 %: a base by market capitalisation (mid), damped by beta 2.19, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For First Majestic Silver Corp that is +15.4 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has First Majestic Silver Corp (AG) delivered so far?
Over the past 5 years revenue at First Majestic Silver Corp grew +28.4 % a year. The price currently implies +15.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of First Majestic Silver Corp (AG) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into First Majestic Silver Corp (+15.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Majestic Silver Corp (AG)?
The free-cash-flow yield on the price is 4.56 %: that much free cash flow First Majestic Silver Corp produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Majestic Silver Corp (AG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Majestic Silver Corp it is $16.68 per share (as of Nov 5, 2026), against a price of $15.39. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is First Majestic Silver Corp stock overvalued or undervalued in 2026?
As of Nov 5, 2026, AG trades below its calculated fair value: price $15.39, fair value $16.68, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AG?
No. The price is what the market pays today ($15.39); the fair value is what the company's own numbers justify ($16.68). For First Majestic Silver Corp the two are $1.29 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Majestic Silver Corp worth?
The market values First Majestic Silver Corp at about $7.7B (market capitalisation, as of Nov 5, 2026). Per share that is $15.39; our models calculate a fair value of $16.68 per share.
What do the bullish and bearish scenarios say about AG?
Our models span a range for First Majestic Silver Corp: cautious scenario $11.68, base $16.68, optimistic $21.68 per share (as of Nov 5, 2026, price $15.39). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AG?
First Majestic Silver Corp trades at a price-to-earnings ratio of 22.0 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $16.68 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 10.6 (reported for FY2025: 44.0). Other multiples: P/B 2.8, P/S 6.0, EV/EBITDA 9.8.
How solid is the balance sheet of First Majestic Silver Corp (AG)?
Balance-sheet figures for First Majestic Silver Corp (as of Nov 5, 2026): return on equity 13.4%, debt of 0.11 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is AG from its 52-week high?
First Majestic Silver Corp trades at $15.39, about 52% below its 52-week high of $31.98 and 44% above the low of $10.65 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $16.68 is for.
Which stocks are comparable to First Majestic Silver Corp?
From the same area (Basic Materials) we also value Aya Gold & Silver Inc, Hunan Silver Co, Silvercorp Metals Inc, Andean Precious Metals Corp, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Majestic Silver Corp stock attractive at the current price?
The data as of Nov 5, 2026: price $15.39, calculated fair value $16.68 (+8%), Quality Score 54/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AG calculated?
We run First Majestic Silver Corp through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $16.68, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. First Majestic Silver Corp currently trades 8% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Majestic Silver Corp (AG)?
The closing price on Nov 4, 2026 was $15.39. Our model-based fair value is $16.68, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Majestic Silver Corp right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($11.68 to $21.68) leaves room in how you read the outcome.
Key figures of First Majestic Silver Corp
How large is the market capitalisation of First Majestic Silver Corp (AG)?
The market capitalisation of First Majestic Silver Corp is $7.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Majestic Silver Corp (AG)?
The price-to-sales ratio of First Majestic Silver Corp is 5.99 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Majestic Silver Corp (AG)?
Earnings per share at First Majestic Silver Corp are $0.7000 (price ÷ EPS = P/E 22.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Majestic Silver Corp (AG)?
The dividend yield of First Majestic Silver Corp is 0.3% (payout 1.6%, on adjusted earnings, reported 6.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of First Majestic Silver Corp (AG)?
The net margin of First Majestic Silver Corp is 21.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Majestic Silver Corp (AG)?
The return on equity (ROE) of First Majestic Silver Corp is 13.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Majestic Silver Corp (AG)?
On an EBIT basis the return on assets of First Majestic Silver Corp is −0.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Majestic Silver Corp (AG)?
The operating margin of First Majestic Silver Corp is 47.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Majestic Silver Corp (AG)?
Revenue at First Majestic Silver Corp is growing +57.3% versus a year earlier (3y avg +26.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Majestic Silver Corp (AG)?
Earnings per share at First Majestic Silver Corp are growing +102% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does First Majestic Silver Corp (AG) hold?
First Majestic Silver Corp holds more cash than debt, $478M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026