First Majestic Silver Corp. (AG) 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

-113.3%

-$1.94

vs $14.62 price

Levered DCF

-$2.38

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.71

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	47.6×	-16.15×	-12.55×	-19.4×	-552.74×	122.18×	-61.3×	-5.31×
P/B	2.9×	1.2×	1.28×	1.55×	1.93×	3.38×	3.73×	1.82×
P/S	6.25×	2.89×	3.01×	3.5×	4.63×	7.84×	6.7×	3.51×
EV / EBITDA	10.77×	14.41×	-34.26×	25.75×	17.31×	28.54×	61.67×	-11.95×
Gross margin	34.8%	34.3%	4.4%	2.7%	17.3%	28.7%	18.4%	-4.5%
Operating margin	27.8%	-0.7%	-31.0%	-6.3%	8.4%	11.0%	-8.7%	-80.8%
Net margin	13.1%	-18.2%	-23.4%	-18.2%	-0.8%	6.3%	-11.0%	-66.2%
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×	0.19×	0.27×	0.26×
Interest coverage	23.64×	-0.26×	-11.72×	-3.15×	2.89×	3.34×	-2.6×	-24.07×
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%	-5.8%	-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%	-7.5%	-9.9%	-8.1%	-0.3%	2.7%	-6.1%	-34.3%
Return on invested capital	4.5%	-0.2%	-6.6%	-2.0%	-0.5%	2.7%	-3.4%	-22.2%
Return on assets	3.6%	-5.1%	-6.8%	-5.4%	-0.2%	1.9%	-4.0%	-22.0%
Free cash flow yield	4.4%	2.3%	-5.2%	-8.9%	-4.4%	-1.2%	0.9%	-7.2%
Earnings yield	2.1%	-6.3%	-7.8%	-5.2%	-0.2%	0.8%	-1.6%	-18.9%
Enterprise value	$7.5B	$1.7B	$1.9B	$2.3B	$2.7B	$2.8B	$2.5B	$1.2B
Net debt / EBITDA	-0.69×	0.3×	-2.4×	1.08×	-0.11×	-0.77×	0.21×	-1×
Cash conversion cycle (days)	47	34	41	20	25	21	27	75