First Majestic Silver Corp. (AG.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-112.8%

-CA$2.57

vs CA$20.04 price

Levered DCF

-CA$3.16

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.69

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	47.65×	-15.68×	-12.77×	-19.35×	-553.42×	121.86×	-61.28×	-5.29×
P/B	2.9×	1.17×	1.28×	1.54×	1.95×	3.38×	3.83×	1.81×
P/S	6.25×	2.95×	2.97×	3.62×	4.74×	7.5×	6.81×	3.77×
EV / EBITDA	10.78×	13.64×	-39.65×	24.8×	16.71×	26.55×	58.36×	-7.93×
Gross margin	34.8%	14.4%	2.8%	1.4%	16.5%	30.5%	17.1%	-4.7%
Operating margin	27.8%	1.0%	-9.9%	-8.3%	8.0%	16.0%	5.8%	-14.5%
Net margin	13.1%	-18.2%	-23.5%	-18.3%	-0.8%	6.3%	-11.1%	-67.8%
Current ratio	2.6×	2.56×	2.57×	2.21×	2.3×	3.5×	3.38×	2.86×
Debt / equity	0.11×	0.18×	0.19×	0.18×	0.16×	0.2×	0.27×	0.26×
Interest coverage	23.64×	0.36×	-3.72×	-3.99×	2.72×	4.81×	1.76×	-4.01×
Dividend yield	0.1%	0.3%	0.3%	0.3%	0.1%	0.0%	0.0%	0.0%
Payout ratio	6.0%	-5.2%	-4.3%	-6.0%	-79.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	-7.2%	-10.2%	-7.8%	-0.3%	2.9%	-6.3%	-32.6%
Return on invested capital	4.5%	0.3%	-2.1%	-2.5%	-0.5%	4.1%	2.3%	-3.7%
Return on assets	3.6%	-4.9%	-7.0%	-5.2%	-0.2%	2.0%	-4.1%	-20.9%
Free cash flow yield	4.4%	0.5%	-5.8%	-9.1%	-2.8%	-1.4%	0.6%	-7.3%
Earnings yield	2.1%	-6.2%	-7.9%	-5.1%	-0.2%	0.8%	-1.6%	-18.0%
Enterprise value	CA$7.5B	CA$1.6B	CA$1.9B	CA$2.3B	CA$2.7B	CA$2.8B	CA$2.5B	CA$1.2B
Net debt / EBITDA	-0.69×	0.29×	-2.77×	1.06×	-0.18×	-0.62×	0.2×	-0.66×
Cash conversion cycle (days)	47	53	51	40	48	45	41	92