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Rank #16 · NYSE:AG
Mid-Tier Producer · Primary: Silver
Canada · Jurisdictions: Mexico, United States
Canonical listing price
$17.28
+1.77%(+0.30 USD)
Updated 10/9/2026, 1:30:00 PM
Price data: Twelve Data
Silver · Mid-Tier Producer
vs Silver
1M -6.1 pp·3M +13.1 pp
vs SIL
1M -4.5 pp·3M -11.6 pp
1M vs Silver Miners group: -1.2 pp
Jurisdiction: Mexico, United States · Market cap rank-only (licensing)
Close-based returns and relative performance in percentage points vs mapped metal/ETF. Not a buy/sell signal or price target.
Next report
Reporting calendar →FY2026 · Expected window 2028-03-23 → 2028-04-06
Expected window 2028-03-23 → 2028-04-06 (FY2026).
Valuation
Current market multiples relative to reported TTM financials. Peer context uses the Mining 50 Silver · Mid-Tier Producer group. Not fair value, price targets, or investment advice.
Historical Valuation
Point-in-time multiples at annual filing dates using prices and financials publicly available as of each date. Percentiles and medians use available history only — descriptive context, not fair value or investment advice.
P/FCF
EV/FCF
Historical chart
Each point is a filing-date snapshot — not a continuous daily valuation series.
Filing-date periodic snapshots · 5 observations · price source: Twelve Data
MINING50-HISTORICAL-VALUATION-1.0 · filing-date periodic
Balance Sheet & Capital Allocation
Annual FY trends from certified filing data. Descriptive direction and magnitude only — not a quality score or investment recommendation.
Cash
$793.43M
+$591.25M YoY (+292.4%)
Debt
$292.22M
+$82.73M YoY (+39.5%)
Net Debt
Net Cash: $501.22M
Moved from $7.30M net debt to $501.22M net cash.
Share Count
491.3M
+189.4M shares YoY (+62.7%)
3-year share count change: +79.0% over 3 years
Capex / Revenue
4.9%
Prior year: 3.6%
FCF Conversion
88.2%
Prior year: 86.8%
FCF (FY)
$463.91M
+$331.97M YoY (+251.6%)
Debt Increase
Total debt increased $82.73M (+39.5%) versus the prior year.
2024-12-31 → 2025-12-31
Cash Build
Cash increased $591.25M (+292.4%) versus the prior year.
2024-12-31 → 2025-12-31
Share Count Change
Shares outstanding increased 62.7% year over year.
2024-12-31 → 2025-12-31
Higher Capex
Capital expenditures increased from $20.02M to $62.10M.
2024-12-31 → 2025-12-31
Operating Performance
Annual FY revenue, cash flow, capex, and margins from certified filing data. Descriptive trends only — not a quality score or investment recommendation.
Revenue
$1.26B
+$696.55M YoY (+124.3%)
Operating Cash Flow
$526.01M
+$374.04M YoY (+246.1%)
Free Cash Flow
$463.91M
+$331.97M YoY (+251.6%)
Capex
$62.10M
+$42.07M YoY (+210.1%)
3-year revenue change: +101.4% over 3 years
OCF Margin
41.8%
Prior year: 27.1%
Change: +14.7 pp
FCF Margin
36.9%
Prior year: 23.5%
Change: +13.4 pp
Capex / Revenue
4.9%
Prior year: 3.6%
Revenue Increase
Revenue increased 124.3% versus the prior comparable period.
2024-12-31 → 2025-12-31
Operating Cash Flow Increase
Operating cash flow increased $374.04M (+246.1%) versus the prior comparable period.
2024-12-31 → 2025-12-31
Free Cash Flow Increase
Free cash flow increased $331.97M (+251.6%) versus the prior comparable period.
2024-12-31 → 2025-12-31
Higher Capital Spending
Capital expenditures increased from $20.02M to $62.10M.
2024-12-31 → 2025-12-31
OCF Margin Increase
Operating cash flow margin moved from 27.1% to 41.8% (+14.7 pp).
2024-12-31 → 2025-12-31
Fundamental Changes
Deterministic changes from certified financial metrics. Descriptive only — not a quality score or investment recommendation.
Latest filing period: 10 material changes · 20 operating · 7 balance-sheet · 6 capital-allocation
FY2025 · Filed Mar 31, 2026
Debt Increase
Total debt increased $82.73M (+39.5%) versus the prior year.
Official filing sourceCash Build
Cash increased $591.25M (+292.4%) versus the prior year.
Official filing sourceShare Count Change
Shares outstanding increased 62.7% year over year.
Official filing sourceRevenue Increase
Revenue increased 124.3% versus the prior comparable period.
Official filing sourceOperating Cash Flow Increase
Operating cash flow increased $374.04M (+246.1%) versus the prior comparable period.
Official filing sourceFree Cash Flow Increase
Free cash flow increased $331.97M (+251.6%) versus the prior comparable period.
Official filing sourceOCF Margin Increase
Operating cash flow margin moved from 27.1% to 41.8% (+14.7 pp).
Official filing sourceFCF Margin Increase
Free cash flow margin moved from 23.5% to 36.9% (+13.4 pp).
Official filing sourceModules: mtf-trend, momentum, relative-strength · Last calculated: 10/12/2026, 10:41:35 AM
Price data provided by Twelve Data. Charts provided by TradingView. Grey Rabbit Scores and analysis are proprietary to Grey Rabbit Markets.
Silver · Mid-Tier Producer · factual only
| Company | Market Cap | Production | AISC | Net Debt / Cash |
|---|---|---|---|---|
| First Majestic Silver Corp.(AG) | $5.18B | 55.0 koz | $16.5/oz | $70.00M |
| Americas Gold and Silver Corporation(USA) | — | 3.40 Moz | $32.95/oz | $74.11M |
| Hecla Mining Company(HL) | — | 155.0 koz | $1,400/oz | $400.00M |
| Silvercorp Metals Inc.(SVM) | — | 9.8 koz | $11.49/oz | $272.30M |
Sorted by market cap then name — not a ranking. Comparable curated fields only.
Multi-period filing history is available on Pro. Latest TTM P&L above is public.
Derived: eligible price × ADR-aware shares · First Majestic Silver Corp. · Derived: Debt − Cash · Through 2026-02-20 · Coverage 7/8 key fields · not live filing scrape · Filing-backed TTM P&L from SEC companyfacts (cached — not live scrape)
Periods: Q4 2025 · FY 2026 Guidance · FY 2026 Ag AISC Guidance · YE 2025 · 2025-12-31
MINING50-MARKETCAP-1.0 · MINING50-NETDEBT-1.0 · MINING50-TTM-1.0 · MINING50-FCF-1.0 · MINING50-FCF-MARGIN-1.0
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