AG NYSE Earnings call
FIRST Majestic Silver Corp. (AG) · Q1 2026 results and valuation
Share price: $14.77 · 2026-11-11
Results Q1 2026 vs Q4 2025 · previous quarter · published 12 May 2026 and 19 Feb 2026
Net income up 79.8% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+79.8%
Net income vs Q4 2025
Net income 205.1M vs 114.1M
Revenue +4.2%
Against the same quarter last year (Q1 2025) it is +3187.0%, so it is not just seasonal.
2 · How management spoke
Restrained
Less upbeat than 73% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
FIRST Majestic Silver Corp. reported record revenue of $477 million, an increase of 95% from a year ago.
Valuation
Is FIRST Majestic Silver Corp. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $47.54 a share — the stock trades 69% below it. Today's price assumes 3.4% growth a year.
Current price
$14.77
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+3.4% for 10 yrs
Fair value / share
$47.54
Buy below
$35.66
Price vs fair value
Undervalued 69%
Price vs buy-below price
Undervalued 59%
Read between the lines
-
Dropped
AG posted record revenue of $477 million, up 95% from a year ago.
Source quote
“Revenues were record revenues of $477 million, up 95% compared to a year ago.”
-
Fading
Free cash flow has been steadily increasing over the last few quarters.
Source quote
“Another big milestone for us is our free cash flow. Moving on to the next slide. And you see over the last few quarters, it's been steadily increasing.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“So if we sold it, that obviously would have improved our revenue and also improved our profitability.”
“Profit sharing is also up and I will comment later on that, but profit sharing was close to $2 an ounce.”
“So any increase in costs that we're experiencing is easily taken with the increase in margins.”
Full figures
CAD · ROIC.AI fundamentals (NYSE:AG, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q4 2025period end 2025-12-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 668.8M | 641.7M | +4.2% | 246.0M | +171.9% |
| Gross profit | 370.7M | 326.3M | +13.6% | 63.8M | +481.1% |
| Operating income | 328.2M | 288.5M | +13.8% | 37.9M | +766.6% |
| Net income | 205.1M | 114.1M | +79.8% | 6.2M | +3187.0% |
| EPS | 0.42 | 0.23 | +79.3% | 0.01 | +2921.4% |
| P/E | — | — | — | — | — |
Topics
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