First Majestic Silver Corp (AG) Fair Value & Analysis
Basic Materials · US · Market cap $8.4B
First Majestic Silver Corp
AG · US
Fair value as of: Jul 13, 2026
From 26 valuation models · updated 25 days ago
Share price +5.0% over the past month.
Below-average quality, and screening another 72% overvalued on our models.
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 (46/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.
How to read this chart
60‑month range $4.18 – $31.98 · fair‑value band $3.68 – $6.14 · the $17.28 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 Jul 13, 2026.
Analysis
First Majestic Silver Corp (AG) currently trades at $17.28, while our model-based Fair Value estimate is $4.91, implying the stock looks roughly 71.6% overvalued today. We read business quality at 46/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: 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 Jul 13, 2026
Our scenario range runs from $3.68 (bear case) to $6.14 (bull case); at $17.28, 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 46% below its 52-week high and 158% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -80% fair-value upside, at -72%, AG screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 26 models by family
Widest divergence: DCF Models ($17.00) versus Dividend Discount ($0.3100). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 40
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.
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.
AG screens 72% overvalued. Compare with Aya Gold & Silver Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- First Majestic Silver (TSX:AG) Earnings And Dividend Update Puts Valuation Back In Focus
- First Majestic Silver (TSX:AG) Stock May Be Below Fair Value Following Q2 Results
- First Majestic Silver Corp (AG) (Q2 2026) Earnings Call Highlights: Record Revenue and Strong ...
- First Majestic Announces Q2 2026 Financial Results and Quarterly Dividend Payment
Peer Group
Materials · 3460 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.)
Valuation Multiples vs Materials median · lower = cheaper
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.
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Silver stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Aya Gold & Silver Inc AYA | C$26.29 | C$5.40 | -79% |
| Endeavour Silver Corp EXK | $8.08 | $1.24 | -85% |
| Silvercorp Metals Inc SVM | $9.52 | $13.32 | +40% |
| Highlander Silver Corp HSLV | $4.59 | $0.4900 | -89% |
| Andean Precious Metals Corp APM | C$5.86 | C$11.55 | +97% |
| Sotkamo Silver AB SOSI1 | €0.3460 | €0.1700 | -51% |
| Apollo Silver Corp APGO | C$2.60 | C$0.5200 | -80% |
| Minaurum Silver Inc MGG | C$0.2900 | C$0.0400 | -86% |
| Excellon Resources Inc EXN | C$0.3000 | C$0.0500 | -83% |
| Argenta Silver Corp AGAG | C$0.5300 | C$0.0600 | -89% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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