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Stocks · Materials · Gold and Silver Ores

FIRST MAJESTIC SILVER CORP

AG Clue Score78
British Columbia, Canada Fiscal year ends December CIK 0001308648
$17.28 +1.77% Close, 9 Oct 2026
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Price $17.28 +54.01% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue278.1Operating income28.2Net income8.6EPS, diluted0.05Fiscal year 2017Revenue252.3 −9.3%Operating income−71.0Net income−53.3 −719.4%EPS, diluted−0.32Fiscal year 2018Revenue300.9 +19.3%Operating income−249.3Net income−204.2EPS, diluted−1.11Fiscal year 2019Revenue363.9 +20.9%Operating income−32.0Net income−40.5EPS, diluted−0.20Fiscal year 2020Revenue363.9 −0.0%Operating income40.4Net income23.1EPS, diluted0.11Fiscal year 2021Revenue584.1 +60.5%Operating income49.2Net income−4.9 −121.3%EPS, diluted−0.02Fiscal year 2022Revenue624.2 +6.9%Operating income−39.2Net income−114.3EPS, diluted−0.43Fiscal year 2023Revenue573.8 −8.1%Operating income−178.8Net income−135.1EPS, diluted−0.48Fiscal year 2024Revenue560.6 −2.3%Operating income−3.8Net income−101.9EPS, diluted−0.34Fiscal year 2025Revenue1,257.2 +124.3%Operating income397.1Net income164.9EPS, diluted0.34
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 278.1 252.3 300.9 363.9 363.9 584.1 624.2 573.8 560.6 1,257.2
Growth −9.3% +19.3% +20.9% −0.0% +60.5% +6.9% −8.1% −2.3% +124.3%
Operating income 28.2 −71.0 −249.3 −32.0 40.4 49.2 −39.2 −178.8 −3.8 397.1
Net income 8.6 −53.3 −204.2 −40.5 23.1 −4.9 −114.3 −135.1 −101.9 164.9
Growth −719.4% −121.3%
EPS, diluted 0.05 −0.32 −1.11 −0.20 0.11 −0.02 −0.43 −0.48 −0.34 0.34

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin17.7%Operating margin10.2%Net margin3.1%Free cash flow margin29.2%Fiscal year 2017Gross margin6.3%Operating margin−28.1%Net margin−21.1%Free cash flow margin19.6%Fiscal year 2018Operating margin−82.8%Net margin−67.8%Free cash flow margin−0.6%Fiscal year 2019Operating margin−8.8%Net margin−11.1%Free cash flow margin27.0%Fiscal year 2020Operating margin11.1%Net margin6.3%Free cash flow margin10.0%Fiscal year 2021Operating margin8.4%Net margin−0.8%Free cash flow margin2.1%Fiscal year 2022Operating margin−6.3%Net margin−18.3%Free cash flow margin−6.5%Fiscal year 2023Operating margin−31.2%Net margin−23.5%Free cash flow margin4.1%Fiscal year 2024Operating margin−0.7%Net margin−18.2%Free cash flow margin23.5%Fiscal year 2025Operating margin31.6%Net margin13.1%Free cash flow margin36.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 17.7% 6.3% n/a n/a n/a n/a n/a n/a n/a n/a
Operating margin 10.2% −28.1% −82.8% −8.8% 11.1% 8.4% −6.3% −31.2% −0.7% 31.6%
Net margin 3.1% −21.1% −67.8% −11.1% 6.3% −0.8% −18.3% −23.5% −18.2% 13.1%
Free cash flow margin 29.2% 19.6% −0.6% 27.0% 10.0% 2.1% −6.5% 4.1% 23.5% 36.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow100.0Capital expenditure−18.7Free cash flow81.3Fiscal year 2017Operating cash flow70.5Capital expenditure−20.9Free cash flow49.5 −39.1%Fiscal year 2018Operating cash flow33.3Capital expenditure−35.0Free cash flow−1.7 −103.5%Fiscal year 2019Operating cash flow140.0Capital expenditure−41.6Free cash flow98.4Fiscal year 2020Operating cash flow79.7Capital expenditure−43.3Free cash flow36.4 −63.0%Dividends paid0.0Fiscal year 2021Operating cash flow68.7Capital expenditure−56.6Free cash flow12.2 −66.6%Dividends paid−3.9Fiscal year 2022Operating cash flow19.0Capital expenditure−59.7Free cash flow−40.7 −434.7%Dividends paid−6.9Fiscal year 2023Operating cash flow55.6Capital expenditure−32.0Free cash flow23.6Dividends paid−5.9Fiscal year 2024Operating cash flow152.0Capital expenditure−20.0Free cash flow131.9 +458.5%Dividends paid−5.3Fiscal year 2025Operating cash flow526.0Capital expenditure−62.1Free cash flow463.9 +251.6%Dividends paid−9.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 100.0 70.5 33.3 140.0 79.7 68.7 19.0 55.6 152.0 526.0
Capital expenditure −18.7 −20.9 −35.0 −41.6 −43.3 −56.6 −59.7 −32.0 −20.0 −62.1
Free cash flow 81.3 49.5 −1.7 98.4 36.4 12.2 −40.7 23.6 131.9 463.9
Growth −39.1% −103.5% −63.0% −66.6% −434.7% +458.5% +251.6%
Dividends paid n/a n/a n/a n/a 0.0 −3.9 −6.9 −5.9 −5.3 −9.8

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash129.0Total debt31.6Net cash (debt)97.5Shareholders’ equity621.7Debt to equity0.05Fiscal year 2017Cash118.1Total debt19.3Net cash (debt)98.8Shareholders’ equity582.5Debt to equity0.03Fiscal year 2018Cash57.0Total debt148.2Net cash (debt)−91.2Shareholders’ equity594.6Debt to equity0.25Fiscal year 2019Cash169.0Total debt154.6Net cash (debt)14.4Shareholders’ equity662.3Debt to equity0.23Fiscal year 2020Cash238.6Total debt141.7Net cash (debt)96.8Shareholders’ equity850.2Debt to equity0.17Fiscal year 2021Cash237.9Total debt181.1Net cash (debt)56.8Shareholders’ equity1,411.0Debt to equity0.13Fiscal year 2022Cash151.4Total debt209.8Net cash (debt)−58.4Shareholders’ equity1,411.3Debt to equity0.15Fiscal year 2023Cash125.6Total debt219.0Net cash (debt)−93.4Shareholders’ equity1,358.1Debt to equity0.16Fiscal year 2024Cash202.2Total debt208.7Net cash (debt)−6.5Shareholders’ equity1,351.1Debt to equity0.15Fiscal year 2025Cash793.4Total debt291.7Net cash (debt)501.7Shareholders’ equity2,761.0Debt to equity0.11
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 129.0 118.1 57.0 169.0 238.6 237.9 151.4 125.6 202.2 793.4
Total debt 31.6 19.3 148.2 154.6 141.7 181.1 209.8 219.0 208.7 291.7
Net cash (debt) 97.5 98.8 −91.2 14.4 96.8 56.8 −58.4 −93.4 −6.5 501.7
Shareholders’ equity 621.7 582.5 594.6 662.3 850.2 1,411.0 1,411.3 1,358.1 1,351.1 2,761.0
Debt to equity 0.05 0.03 0.25 0.23 0.17 0.13 0.15 0.16 0.15 0.11

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
17.7% 6.3% n/a n/a n/a n/a n/a n/a n/a n/a
10.2% −28.1% −82.8% −8.8% 11.1% 8.4% −6.3% −31.2% −0.7% 31.6%
9.2% −29.8% −87.4% −10.7% 8.2% 4.3% −9.8% −34.1% −4.7% 31.4%
3.1% −21.1% −67.8% −11.1% 6.3% −0.8% −18.3% −23.5% −18.2% 13.1%
29.2% 19.6% −0.6% 27.0% 10.0% 2.1% −6.5% 4.1% 23.5% 36.9%
Spending
6.4% 6.9% 7.1% 7.4% 6.8% 4.6% 5.8% 6.7% 7.1% 4.0%
6.7% 8.3% 11.6% 11.4% 11.9% 9.7% 9.6% 5.6% 3.6% 4.9%
66.3% n/a n/a n/a 22.3% 119.5% n/a n/a n/a 46.6%
Returns
1.4% −9.1% −34.3% −6.1% 2.7% −0.3% −8.1% −9.9% −7.5% 6.0%
1.0% −6.8% −22.0% −4.0% 1.9% −0.2% −5.4% −6.8% −5.1% 3.5%
Balance and payout
0.05 0.03 0.25 0.23 0.17 0.13 0.15 0.16 0.15 0.11
27.5% 25.5% 35.8% 34.6% 31.3% 33.6% 33.1% 31.3% 31.8% 32.4%
n/a n/a n/a n/a 0.0% n/a n/a n/a n/a 6.0%
n/a n/a n/a n/a 0.0% 32.3% n/a 24.8% 4.0% 2.1%