The case for & against
Bull & Bear analysis
Bullish
First Majestic Silver Corp. (NYSE: AG) is a leading silver mining company focused on exploration, production, and development primarily in Mexico. Known as one of the purest silver producers, the firm emphasizes operational excellence and contains a strong focus on sustainability and cost management. As global demand for silver grows, particularly for renewable energy applications, First Majestic is strategically positioned to capitalize on favorable market conditions while navigating the complexities of mining operations.
Bull says
- ↑Q2 revenue $416M (+53% YoY) and $248M cash flow
- ↑Silver output 3.8M oz in Q2 (7.3M oz YTD) exceeds guidance
- ↑Dividend up 270% YoY plus $22M buybacks boosts returns
- ↑$75M Jarrett Canyon restart and 266k m drilled in 2026 drive growth
- ↑Renewable-energy silver demand rising, underpins price upside
- ↑Strong momentum and growth factors, solid profitability, low leverage
Bear says
- ↓Analysts slashed earnings estimates steeply, flagging potential misses
- ↓Inflation-driven bonuses raise operating costs and compress margins
- ↓Holding 676k oz silver stock risks cash flow if prices stay low
- ↓13-year Mexican tax dispute persists, creating legal uncertainty
- ↓High price volatility and elevated short interest signal investor caution
- ↓Unfavorable revision and quality factors hint at balance sheet risks
Investment themes with AG
Gold Miners↑ +1.08%
Companies mining and producing gold
AEM · NEM · B
Earnings Call · Q2 2025 · Mgmt. Guidance
Updated 08-15-2026neutral
Transcript signals
Bull points
- Strong safety performance, which we're very proud of. Silver production, 3.7 million ounces, up 76%. And year over year.
- Record quarterly revenue, 268 million, up 94% year-over-year. Now, that's not too bad. We're in line with having a billion dollars in revenue for 2025. It's a pretty exciting place to be.
- Record EBITDA of $120 million.
Bear points
- costs have creeped up a little bit, as you can see on the slide. We're looking to see that hopefully come down over the next couple of quarters.
- You can see there a large portion of that difference is really just depletion, depreciation, and amortization. And about 44 million or so, 44.6, relates to Cerebros Gatos and really the PPA, when we had to allocate the billion dollars that we paid for the asset to the asset. So it went from a value of a few hundred million dollars to a billion dollars.
- We had some financing costs, most of which were related to non-cash accretion. But we also had some interest in standby costs, which were about $3 million.
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