First Majestic Silver (NYSE:AG) Issues Quarterly Earnings Results, Meets Expectations

Posted by Brian Himes on Nov 6th, 2026

First Majestic Silver (NYSE:AG – Get Free Report) (TSE:FR) posted its quarterly earnings data on Thursday. The mining company reported $0.19 EPS for the quarter, meeting the consensus estimate of $0.19, reports. The business had revenue of $394.10 million for the quarter, compared to analysts’ expectations of $390.00 million. First Majestic Silver had a net margin of 21.18% and a return on equity of 13.36%.

Here are the key takeaways from First Majestic Silver’s conference call:

Q3 revenue rose 38% year over year to $394 million, while EBITDA increased 78% to $228 million. Silver production was 3.4 million ounces and gold production was 30,000 ounces; management said cash flows remained robust despite lower metal prices.
First Majestic reported roughly $1.3 billion in liquidity, declared a record dividend and repurchased 1.3 million shares to date. The company is also making its largest-ever annual capital investment, according to management.
Growth projects are advancing: Santa Elena’s plant expansion is progressing, Santo Niño development began earlier than expected, and Jerritt Canyon remains on track for its targeted restart milestones. Management said Jerritt’s hiring, underground development and equipment orders are progressing, though further guidance is forthcoming.
A labor disruption at San Dimas caused 12 days of lost Q3 production and remained unresolved at the time of the call. The dispute centers on the company’s refusal to cover workers’ income taxes on bonuses.
Management said progress is being made toward resolving the Mexican tax dispute and that the NAFTA arbitration was dropped, but any payments would follow a lengthy process and timing remains uncertain. AISC is also higher, partly because of lower cutoff grades and profit-linked employee payments; management said per-ton costs were stable and margins were expanding.

First Majestic Silver Stock Performance

First Majestic Silver stock traded up $0.27 during midday trading on Friday, hitting $15.16. The company’s stock had a trading volume of 11,628,804 shares, compared to its average volume of 9,689,074. First Majestic Silver has a 1-year low of $10.72 and a 1-year high of $32.03. The company has a 50-day moving average price of $17.63 and a two-hundred day moving average price of $19.86. The company has a market cap of $7.48 billion, a price-to-earnings ratio of 16.09 and a beta of 0.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.57 and a quick ratio of 2.38.

First Majestic Silver Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be paid a $0.0142 dividend. This is a negative change from First Majestic Silver’s previous quarterly dividend of $0.0152. The ex-dividend date is Monday, November 16th. This represents a $0.06 annualized dividend and a yield of 0.4%. First Majestic Silver’s dividend payout ratio is presently 8.45%.

Wall Street Analyst Weigh In

Several research firms have weighed in on AG. ATB Cormark Capital Markets upgraded First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 10th. Wall Street Zen lowered shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Zacks Research cut shares of First Majestic Silver from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Weiss Ratings restated a “hold (c)” rating on shares of First Majestic Silver in a research report on Wednesday, September 2nd. Finally, Scotiabank reduced their price objective on First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $23.75.

Get Our Latest Analysis on First Majestic Silver

First Majestic Silver Company Profile

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First Majestic Silver Corp. is a mining company focused on the exploration, development, and production of silver and gold. The company operates producing mines in Mexico and the United States and sells silver bullion and related products through its in-house First Mint division.

First Majestic’s Mexican operations include the San Dimas Silver/Gold Mine in Durango, the Santa Elena Silver/Gold Mine in Sonora, and the La Encantada Silver Mine in Coahuila. The company also owns the Jerritt Canyon Gold Mine in Nevada, although operations there have been suspended while First Majestic evaluates its future.

Founded in 2002 and headquartered in Vancouver, British Columbia, First Majestic has historically concentrated its growth strategy on acquiring and developing precious-metals assets in the Americas.