NYSE · Basic Materials

First Majestic Silver Corp.

AG · Silver

$18.00

▼ -0.55 (-2.96%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 55.4%

Operating Margin 49.1%

Net Income Margin 30.7%

Fin. Health

A⤢

Years to Pay Off Debt 2.1 yrs

Working Capital vs Long-Term Debt $599M

Working Capital $843M

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 3.07x

Cash Flow

B⤢

Free Cash Flow $189M

CapEx % of Net Income 32.2%

Owner Earnings $251M

Profitability

Gross Profit Margin 55.4%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 49.1%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 30.7%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 2.1 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt $599M

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $843M

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $189M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 32.2%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $251M

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About First Majestic Silver Corp.

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.

Market Data

Market Cap $8.9B

Enterprise Value $9.2B

P/E (TTM) 30.51

Dividend Yield 0.19%

Exchange NYSE

Key Margins

Gross Profit 55.4%

Operating Margin 49.1%

Net Margin 30.7%

Company Info

Sector Basic Materials

Industry Silver

Country Canada

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering First Majestic Silver Corp. at $18.00.

The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.

At $18.00, the stock trades at a 207% premium to its Graham Number of $5.86. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	55.4%▲	50.8%•	N/A
Operating Margin %	49.1%▲	45.0%•	N/A
Net Income %	30.7%▲	17.8%•	N/A
Diluted EPS	0.26•	N/A•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$4.8B	$4.7B	N/A
Total Debt	$314M▲	$309M•	N/A
Working Capital	$843M▲	$734M•	N/A
Years to Pay Debt	2.13	3.71	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$189M▼	$220M•	N/A
Owner Earnings	$251M	N/A	N/A
CapEx % of Net Income	32.2%	N/A	N/A

Income Statement

	2026	2025
Tax Effect Of Unusual Items	1,660	7,772
Tax Rate For Calcs	0	0
Normalized EBITDA	299,693	283,839
Total Unusual Items	4,279	51,813
Total Unusual Items Excluding Goodwill	4,279	51,813
Net Income From Continuing Operation Net Minority Interest	147,486	83,133
Reconciled Depreciation	56,423	72,771
Reconciled Cost Of Revenue	158,286	157,487
EBITDA	303,972	335,652
EBIT	247,549	262,881
Net Interest Income	732	-433
Interest Expense	6,560	1,241
Interest Income	7,292	4,504
Normalized Income	144,867	39,092
Net Income From Continuing And Discontinued Operation	147,486	83,133
Total Expenses	244,960	257,456
Total Operating Income As Reported	236,997	243,230
Diluted Average Shares	501,766
Basic Average Shares	492,876
Diluted EPS	0
Basic EPS	0
Diluted NI Availto Com Stockholders	147,486	83,133
Net Income Common Stockholders	147,486	83,133
Net Income	147,486	83,133
Minority Interests		-22,061
Net Income Including Noncontrolling Interests	147,486	105,194
Net Income Continuous Operations	147,486	105,194
Tax Provision	93,503	156,446
Pretax Income	240,989	261,640
Other Income Expense	4,279	51,813
Special Income Charges	-1,127	23,296
Restructuring And Mergern Acquisition	1,127	403
Gain On Sale Of Security	5,406	28,517
Net Non Operating Interest Income Expense	732	-433
Interest Expense Non Operating	6,560	1,241
Interest Income Non Operating	7,292	4,504
Operating Income	235,978	210,260
Operating Expense	30,618	27,548
Other Operating Expenses	7,600	8,205
Depreciation Amortization Depletion Income Statement	367	350
Depreciation And Amortization In Income Statement	367	350
Depreciation Income Statement	367	350
Selling General And Administration	22,651	18,993
General And Administrative Expense	22,651	18,993
Other Gand A	9,244	7,347
Salaries And Wages	13,407	11,646
Gross Profit	266,596	237,808
Cost Of Revenue	214,342	229,908
Total Revenue	480,938	467,716
Operating Revenue	480,938	467,716

Balance Sheet

	2026	2025	2024
Ordinary Shares Number	493,725	491,322
Share Issued	493,725	491,322
Net Debt			6,903
Total Debt	314,041	308,740
Tangible Book Value	2,895,346	2,761,005
Invested Capital	3,192,376	3,052,885
Working Capital	843,073	733,562
Net Tangible Assets	2,895,346	2,761,005
Capital Lease Obligations	16,682	16,523
Common Stock Equity	2,895,346	2,761,005
Total Capitalization	3,138,929	3,052,734
Total Equity Gross Minority Interest	3,317,451	3,172,966
Minority Interest	422,105	411,961
Stockholders Equity	2,895,346	2,761,005
Gains Losses Not Affecting Retained Earnings	226,433	243,801
Retained Earnings	-437,975	-561,975
Capital Stock	3,106,888	3,079,179
Common Stock	3,106,888	3,079,179
Total Liabilities Net Minority Interest	1,502,149	1,521,949
Total Non Current Liabilities Net Minority Interest	1,014,147	1,062,810
Other Non Current Liabilities	7,798
Tradeand Other Payables Non Current		0	19,685
Non Current Deferred Liabilities	565,694	570,958
Non Current Deferred Taxes Liabilities	565,694	570,958
Long Term Debt And Capital Lease Obligation	250,708	297,460
Long Term Capital Lease Obligation	7,125	5,731
Long Term Debt	243,583	291,729
Long Term Provisions	189,947	187,098
Current Liabilities	488,002	459,139
Other Current Liabilities		-1
Current Deferred Liabilities	0	592
Current Deferred Revenue	0	592
Current Debt And Capital Lease Obligation	63,333	11,280
Current Capital Lease Obligation	9,557	10,792
Current Debt	53,447	151
Other Current Borrowings	53,447	151
Current Provisions	590	590	709
Payables And Accrued Expenses	424,079	446,678
Current Accrued Expenses	98,186	81,284
Payables	325,893	365,394
Other Payable
Total Tax Payable	228,616	250,134
Income Tax Payable	224,449	239,357
Accounts Payable	97,277	115,260
Total Assets	4,819,600	4,694,915
Total Non Current Assets	3,488,526	3,502,216
Other Non Current Assets	143,780	144,267
Non Current Prepaid Assets	8,852	6,456
Non Current Deferred Assets	67,459	80,386
Non Current Deferred Taxes Assets	67,459	80,386
Non Current Note Receivables	2,500	5,000	5,000
Non Current Accounts Receivable	11,070	11,130
Net PPE	3,254,865	3,254,977
Accumulated Depreciation	-689,274	-673,416
Gross PPE	3,944,139	3,928,393
Leases	4,540	5,022
Construction In Progress	84,549	85,078
Other Properties	52,688	50,610
Machinery Furniture Equipment	745,707	740,729
Land And Improvements	368,804	366,906
Current Assets	1,331,075	1,192,701
Other Current Assets	18,105	11,964
Inventory	89,991	84,753
Finished Goods	60,279	62,242
Work In Process	4,478	3,675
Raw Materials	25,234	18,836
Receivables	82,183	122,163
Taxes Receivable	36,886	35,801
Accounts Receivable	45,297	86,362
Cash Cash Equivalents And Short Term Investments	1,140,796	973,821
Other Short Term Investments	155,961	180,386
Cash And Cash Equivalents	984,835	793,435

Cash Flow

	2026	2025	2024
Free Cash Flow	189,068	220,453
Repurchase Of Capital Stock	0	-4,425
Repayment Of Debt	-4,599	-260,212
Issuance Of Capital Stock		0	0
Capital Expenditure	-47,469
End Cash Position	984,835	793,435
Beginning Cash Position	793,435	435,355
Effect Of Exchange Rate Changes	-983	2,040
Changes In Cash	192,383	356,040
Financing Cash Flow	-3,096	106,529
Cash Flow From Continuing Financing Activities	-3,096	106,529
Net Other Financing Charges	-9,244	-18,001
Interest Paid Cff	-1,304	-1,827
Proceeds From Stock Option Exercised	16,149	11,875
Cash Dividends Paid	-4,098	-2,554
Common Stock Dividend Paid	-4,098	-2,554
Net Common Stock Issuance	0	-4,425
Common Stock Payments	0	-4,425
Common Stock Issuance		0	0
Net Issuance Payments Of Debt	-4,599	80,273
Net Long Term Debt Issuance	-4,599	80,273
Long Term Debt Payments	-4,599	-260,212
Investing Cash Flow	-41,058	-18,381
Cash Flow From Continuing Investing Activities	-41,058	-18,381
Net Other Investing Changes	6,411	29,058
Net Business Purchase And Sale	0	0
Sale Of Business	0	0
Net PPE Purchase And Sale	-12,843	-16,465
Purchase Of PPE	-12,843	-16,465
Capital Expenditure Reported	-34,626	-30,974
Operating Cash Flow	236,537	267,892
Cash Flow From Continuing Operating Activities	236,537	267,892
Taxes Refund Paid	-95,485	-7,886
Change In Working Capital	21,414	-25,174
Change In Other Working Capital	487	-10,851
Change In Payables And Accrued Expense	-4,661	11,021
Change In Payable	-4,661	11,021
Change In Account Payable	-1,337	11,757
Change In Tax Payable	-3,324	-736
Change In Income Tax Payable	-3,324	-736
Change In Prepaid Assets	-6,141	3,757
Change In Inventory	-8,312	10,150
Change In Receivables	40,041
Changes In Account Receivables	41,066	-47,055
Other Non Cash Items	15,390	2,560
Stock Based Compensation	3,869	2,580
Unrealized Gain Loss On Investment Securities	-6,063	-18,263
Deferred Tax	93,503	156,446
Deferred Income Tax	93,503	156,446
Depreciation Amortization Depletion	56,423	72,771
Net Income From Continuing Operations	147,486	105,194

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $246M ▲ $481M +95.5%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 25.9% ▲ 55.4% +29.5pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 95.9% ▲ 49.1% -46.9pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 2.5% ▲ 30.7% +28.1pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$481M/qtr (≈$1.9B ann.)

vs > $1.5B annualised revenue

✅ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

2.73x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$189M

vs Positive

Operating Cash Flow

$237M

Latest quarter · Buffett's cash reality check

ROIC

4.3%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

2.7x

Net Assets: $3.3B

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

Peers & Industry

No auto-detected peers for Silver. You can manually compare AG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

1.09%

Low — management has little skin in the game

Return on Equity (ROE)

5.1%

Weak — poor returns on equity

Return on Assets (ROA)

3.1%

Fair — average asset utilization

Share Buybacks (Latest Year)

$9M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+1.7% YoY

Debt is roughly stable

Leadership Team

Keith Neumeyer

Founder, CEO & Director

Age 65

Pay: $3,792,804

2.572% of net income

Mani Alkhafaji

President & Chief Corporate Development Officer

Pay: $812,157

0.551% of net income

David Soares , CPA,

Chief Financial Officer

Pay: $1,378,274

0.935% of net income

Michael Jarred Deal

Vice-President of Metallurgy & Innovation

Pay: $926,198

0.628% of net income

David Howe

Chief Operating Officer

Top Institutional Holders

Institution	% Owned	Shares
Van Eck Associates Corporation	7.71%	38,013,052
Tidal Investments LLC	4.27%	21,059,804
Mirae Asset Global ETFs Holdings Ltd.	3.75%	18,493,793
Vanguard Capital Management LLC	2.69%	13,255,263
Arrowstreet Capital, Limited Partnership	2.47%	12,166,588
Alps Advisors Inc.	2.09%	10,317,411
Lingotto Investment Management LLP	2.03%	10,016,055
Jupiter Asset Management Limited	1.77%	8,721,883

⚠️ Very high beta — extreme price volatility

Risk Analysis

Beta (Market Risk)

2.07

High volatility — moves more than the market

Debt-to-Equity

0.09x

Conservative balance sheet — low financial risk

Current Ratio

2.73x

Strong liquidity — Graham approved

52-Week Price Range

Low: $7.74 Current: $18.00 High: $32.04

Currently at 42% of 52-week range

First Majestic Silver Corp.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis