olivLaw · US equity research
First Majestic Silver Corp. AG
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
First Majestic Silver Corp. is a Canadian company that produces silver and gold from several mines in Mexico and other countries, and is listed on the New York Stock Exchange. Its 2025 annual report shows internal control over financial reporting was considered effective at year end, and that it integrated the Gatos Silver acquisition completed in January 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, First Majestic Silver Corp. (AG) stock was 15.39 USD (+9.15% on the day), with market capitalisation 7.6 bn USD, P/E 45.3 on diluted EPS of 0.34 USD over the last 12 months, dividend yield 0.13%, beta 1.53, 52-week range 10.67–32.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.5
- weak (30–45)
- Bollinger (20, 2)
- 13.86 – 17.39
- in the lower half of the band · %B 0.43 · band width 22.6%
- SMA 50 / 200
- 17.88 / 19.91
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.85 / -0.88
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.1% | −1.1% | −11.0 pp | — |
| 3 months | −12.6% | −0.5% | −12.2 pp | — |
| 6 months | −27.3% | +4.4% | −31.7 pp | — |
| Year to date | −7.6% | +12.3% | −19.9 pp | — |
| 1 year | +33.1% | +13.5% | +19.6 pp | −11.8% |
| 3 years | +217.3% | +76.4% | +140.9 pp | +142.0% |
| 5 years | +14.7% | +63.7% | −49.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 49.0, median 122.2, max 152.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 300.9 m | 363.9 m | 363.9 m | 584.1 m | 624.2 m | 573.8 m | 560.6 m | 1.3 bn |
| Revenue YoY | +19.3% | +20.9% | −0.0% | +60.5% | +6.9% | −8.1% | −2.3% | +124.3% |
| Net income | -204.2 m | -40.5 m | 23.1 m | -4.9 m | -114.3 m | -135.1 m | -101.9 m | 164.9 m |
| Net income YoY | unavailable | unavailable | unavailable | −121.3% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -1.11 | -0.20 | 0.11 | -0.02 | -0.43 | -0.48 | -0.34 | 0.34 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −118.2% | unavailable | unavailable | unavailable | unavailable |
| net % | -67.8% | -11.1% | 6.3% | -0.8% | -18.3% | -23.5% | -18.2% | 13.1% |
| Free cash flow | -1.7 m | 98.4 m | 36.4 m | 12.2 m | -40.7 m | 23.6 m | 131.9 m | 463.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 793.4 m USD
- Financial debt
- 292.2 m USD
- Net debt
- -501.2 m USD
- Equity
- 3.2 bn USD
- Total assets
- 4.7 bn USD
- Debt / equity
- 0.09x
- Current ratio
- 2.60x
- ROE
- 7.3%
- ROA
- 4.9%
- FCF margin
- 36.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 363.9 m | 584.1 m | 624.2 m | 573.8 m | 560.6 m | 1.3 bn | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 194.3 m | 366.1 m | 471.7 m | 410.1 m | 344.7 m | 543.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 169.6 m ≈ | 218.0 m ≈ | 152.5 m ≈ | 163.7 m ≈ | 215.9 m ≈ | 713.5 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Operating income | 40.4 m | 49.2 m | -39.2 m | -178.8 m | -3.8 m | 397.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 54.4 m | 116.6 m | 135.8 m | 124.7 m | 124.0 m | 263.4 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | 94.8 m ≈ | 165.8 m ≈ | 96.6 m ≈ | -54.1 m ≈ | 120.2 m ≈ | 660.5 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 14.8 m | 21.0 m | 20.3 m | 26.3 m | 28.1 m | 26.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | 29.7 m | 25.3 m | -61.4 m | -195.9 m | -26.5 m | 395.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 6.6 m | 30.2 m | 52.9 m | -60.8 m | 75.4 m | 184.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 23.1 m | -4.9 m | -114.3 m | -135.1 m | -101.9 m | 164.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 0.11 | -0.02 | -0.43 | -0.48 | -0.34 | 0.34 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 215.9 m | 244.7 m | 263.1 m | 282.3 m | 295.5 m | 484.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Dividend per share | 0.00 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | SEC (XBRL)· 31 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 238.6 m | 237.9 m | 151.4 m | 125.6 m | 202.2 m | 793.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 4.3 m | 7.7 m | 8.6 m | 10.1 m | 12.3 m | 86.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 32.5 m | 60.6 m | 64.8 m | 63.7 m | 62.5 m | 84.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 356.0 m | 397.2 m | 370.3 m | 309.1 m | 368.8 m | 1.2 bn | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 258.2 m | 449.2 m | 451.3 m | 406.3 m | 378.6 m | 560.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 0 | — | 0 | 0 | 0 | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 1.2 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.0 bn | 4.7 bn | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 76.0 m | 120.7 m | 115.1 m | 94.4 m | 103.9 m | 207.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 11.0 m | 125.0 k | 551.0 k | 832.0 k | 825.0 k | 487.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 141.7 m | 181.1 m | 209.8 m | 219.0 m | 208.7 m | 291.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 101.6 m | 172.8 m | 167.4 m | 120.1 m | 144.3 m | 459.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 387.3 m | 714.0 m | 698.7 m | 618.2 m | 628.7 m | 1.5 bn | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 850.2 m | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 3.2 bn | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | 199.3 m | 260.1 m | 274.5 m | 287.1 m | 301.9 m | 491.3 m | SEC (XBRL)· 31 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 79.7 m | 68.7 m | 19.0 m | 55.6 m | 152.0 m | 526.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 43.3 m | 56.6 m | 59.7 m | 32.0 m | 20.0 m | 62.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 36.4 m ≈ | 12.2 m ≈ | -40.7 m ≈ | 23.6 m ≈ | 131.9 m ≈ | 463.9 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -127.1 m | -180.8 m | -213.8 m | -154.0 m | -114.2 m | -28.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 116.6 m | 111.8 m | 113.9 m | 64.6 m | 42.4 m | 88.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Dividends paid | 0 | 3.9 m | 6.9 m | 5.9 m | 5.3 m | 9.8 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation38
- Returns41
- Quality64
- Balance sheet89
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.65 – 26.55 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)17.50 – 26.55 (Mid 21.00)WACC 9.1% · starting FCFF 477.9 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 0.2%
- Peers: EV/EBITDA10.65 – 17.29 (Mid 14.23)9 companies used · median multiple 9.8x · quartiles 7.2x – 12.1xCDE, EGO, EQX, EXK, IDR, ITRG, KGC, MUX, PAAS
- Peers: P/E4.65 – 7.54 (Mid 5.15)16 companies used · median multiple 15.1x · quartiles 13.7x – 22.2xAEM, AGI, ARIS, AU, B, CDE, EGO, EQX, FNV, GFI, IDR, KGC, MUX, NAMM, NEM, PAAS
- Dividend discount (DDM)outside the aggregate0.26 – 0.35 (Mid 0.30)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.5% | 50 (vs peers) | 11% |
| Net margin · Quality | 13.1% | 50 (vs peers) | 7% |
| FCF conversion · Quality | 281.3% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 26.3% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.8x | 78 (vs peers) | 11% |
| Interest coverage · Balance sheet | 15.1x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 45.3x | 11 (vs peers) | 11% |
| EV/EBITDA · Valuation | 10.7x | 33 (vs peers) | 11% |
| FCF yield · Valuation | 6.1% | 77 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.1% | 2 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 2.1% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet89/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality64/100 · 3/3 factors with a value
- Returns41/100 · 2/2 factors with a value
- Valuation38/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FIRST MAJESTIC SILVER CORP. (AG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth 124.3%; net margin 13.1%; ROE 8.0%; net debt/EBITDA -0.8x.
The estimated value range is 10.65–17.29 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 14.23 USD, the price of 15.39 USD leaves a potential of -7.5% (value / price − 1) and a margin of safety of -8.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 281.3%
- Revenue CAGR 3Y: 26.3%
- Net debt / EBITDA: -0.8x
- Interest coverage: 15.1x
- Current ratio: 2.6x
- FCF yield: 6.1%
- Payout ratio (FCF): 2.1%
What contradicts it
- P/E (TTM): 45.3x
- Shareholder yield (distributions): 0.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +33% / +217% |
| EGOEldorado Gold Corp | 6.7 bn | 13.6 | 12.4% | 27.9% | +37.5% | +7% / +155% |
| CGAUCenterra Gold Inc. | 4.3 bn | — | -4.7% | -7.4% | +28.8% | +61% / +249% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| EXKEndeavour Silver Corp. | 2.1 bn | — | -22.4% | -25.5% | +114.8% | −21% / +259% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +18% / −15% |
| NEWPNew Pacific Metals Corp. | 952.3 m | — | -2.8% | — | −19.1% | +101% / +181% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| MTAMetalla Royalty & Streaming Ltd. | 732.0 m | — | -1.7% | -36.1% | +99.6% | +6% / +145% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
1- and 3-year price returns: for AG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.93 Total return -35% · Per year -35% | 17.47 Total return 14% · Per year 14% | 26.21 Total return 70% · Per year 70% |
| 3 years | 11.78 Total return -23% · Per year -8% | 23.11 Total return 51% · Per year 15% | 37.74 Total return 146% · Per year 35% |
| 5 years | 13.97 Total return -9% · Per year -2% | 30.56 Total return 100% · Per year 15% | 54.35 Total return 254% · Per year 29% |
- Exit P/E± 5.78
- Net margin± 4.04
- Annual revenue growth± 3.02
- Annual dilution± 0.34
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (08 Oct 2026), 6-K (09 Sept 2026), 6-K (25 Aug 2026), 6-K (30 Jul 2026).
In brief
First Majestic Silver Corp. is a Canadian company that produces silver and gold from several mines in Mexico and other countries, and is listed on the New York Stock Exchange. Its 2025 annual report shows internal control over financial reporting was considered effective at year end, and that it integrated the Gatos Silver acquisition completed in January 2025 1.
SWOT
Strengths
- Internal control considered effective by management and audited by an independent auditor, supporting the credibility of reporting.
- NYSE listing, which offers access to a broad investor base.
- Structured governance, with an independent presiding director and specialised committees.
Weaknesses
- Excluding the acquired company's controls from the 2025 internal assessment shows integration is not yet complete.
- Differences between Canadian and SEC definitions for mineral reserves can make data harder to compare.
- The text analysed gives no details on production or costs, which limits assessment of operating performance.
Opportunities
- Integrating Gatos Silver could bring operational synergies if carried out successfully.
- If precious metal prices remain favourable, the expanded asset base could generate higher revenue.
- Consolidating assets through acquisitions could open access to new deposits.
Threats
- Dependence on silver and gold prices could strongly affect results if those prices fall.
- Dual Canadian and US reporting requirements could raise compliance costs.
- Risks in integrating an acquired company could affect operating efficiency.
Risks
- Gatos Silver integrationmedium
The acquired company's controls were excluded from the 2025 internal assessment, indicating operational risk until integration is finalised 1.
- Reserve reporting differencesmedium
Canadian mineral reserve terms differ from SEC rules, which may limit comparability with US companies 1.
- Dependence on metal priceshigh
The company's activity is tied to silver and gold prices, which can fluctuate, and the source analysed gives no data on this.
- Internal control risklow
Any internal control system, however well designed, has inherent limitations and may not prevent all errors 1.
- Regulatory riskmedium
Disclosure obligations in both Canada and the US can generate additional costs and complexity 1.
Investment thesis
What would need to be true (bull case)
- If integration of Gatos Silver goes well, the company could benefit from a broader asset portfolio and operational synergies 1.
- Internal control considered effective at year end 2025 suggests a good level of discipline in reporting 1.
- The NYSE listing and a governance structure with an independent presiding director can support investor confidence 1.
What would break the thesis
- If integration of Gatos Silver runs into difficulties, performance could be affected, given the controls were excluded from the 2025 assessment 1.
- Differences between Canadian and SEC rules for reserves can make comparative evaluation of the company harder 1.
- The text analysed gives no data on production or costs, which limits the ability to assess performance from this source.
What to watch
- Completion of Gatos Silver integration and inclusion of its controls in the internal assessment2026
- Quarterly results on production and costs from upcoming releasesQ1 2026
- Any restatements or changes to the compensation recovery policy2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (08 Oct 2026), 6-K (09 Sept 2026), 6-K (25 Aug 2026), 6-K (30 Jul 2026).
The business
Management is led by a chief executive officer and a chief financial officer, who certified the effectiveness of controls as of December 31, 2025, and the independent auditor is Deloitte LLP of Vancouver 1. The board has a non-management presiding director and committees for audit, compensation, governance and sustainability 1.
Segments
Silver and gold mining operations
The source texts analysed here do not detail operating segments, so the description of mining activity relies on the Annual Information Form attached to the report, which is not included in the text provided 1.
Gatos Silver integration
The Gatos Silver acquisition marks an expansion of activity through integrating a listed US company, and its controls were excluded from the 2025 internal control assessment 1.
Market context
The annual report in the provided text does not give data on the silver and gold market, metal prices or the company's market share, so a quantitative market analysis cannot be made from this source 1. The company reports in US dollars, and its audit fee breakdown is presented in the same currency 1.
The New York Stock Exchange listing and disclosure obligations under SEC rules place the company in a dual Canadian and US regulatory framework, which shapes how mineral reserves are reported 1.
Trends
- Consolidation through acquisitionsmixed
The January 2025 Gatos Silver acquisition shows a trend of asset consolidation that could widen the resource base if integration goes well 1.
- Multijurisdictional reporting standardsheadwind
Reporting under a multijurisdictional system and differences between Canadian and SEC definitions for mineral reserves can make the information harder to compare with US companies 1.
- Internal control and governancetailwind
Management concluded that internal control over financial reporting was effective at December 31, 2025, supporting the credibility of financial reporting 1.
- Compensation recovery policytailwind
The clawback policy adopted in November 2023 under NYSE rules did not require a restatement during 2025 1.
Competitive position
The source text does not identify the company's direct competitors, so competitive analysis is limited to general observations about its listing and reporting context 1. Comparisons with other silver and gold companies must be made from other sources.
Because the company reports under Canadian rules for mineral reserves, direct comparisons with US companies may require adjusting definitions, otherwise results could be misread 1.
- Competitors not named in the source
The source does not name competitors, so no tickers can be assigned without additional information.
- US-listed silver companies
Comparison with other US-listed silver companies requires separate sources that identify them.
- US-listed gold companies
Comparison with gold companies listed on the NYSE requires separate sources that identify them.
- Canadian mining companies
The company is Canadian, and comparisons with other Canadian companies require separate sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- First Majestic Silver vs. MP Materials: Which Metals Stock Is a Better Buy in 2026?Yahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 24 Aug 2026; the newest SEC filing is from 13 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)09 Jul 2026
- Current report (foreign issuer)07 Jul 2026
- Current report (foreign issuer)26 Jun 2026
- Current report (foreign issuer)22 Jun 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / First Majestic Silver Corp. · 31 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.