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Gold · Basic Materials · Fiscal year ends Dec 31
First Majestic Silver reported revenue of $1.3B in the fiscal year ended Dec 2025, up 124.3% from the year before. Operating income was $397M, an operating margin of 31.6%, and net income was $211M. Operating cash flow of $526M less capital expenditure of $62M left free cash flow of $464M. It held more cash than debt (net cash $501M).
Ranks among the 26 gold companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 584 | 624 | 574 | 561 | 1,257 |
| Cost of revenue | 366 | 472 | 410 | 345 | 544 |
| Gross profit | 218 | 153 | 164 | 216 | 713 |
| Selling, general & admin | 27.1 | 36.4 | 38.7 | 39.6 | 50.4 |
| Operating income | 49.2 | −39.2 | −179 | −3.8 | 397 |
| Interest expense | 21.0 | 20.3 | 26.3 | 28.1 | 26.2 |
| Pre-tax income | 25.3 | −61.4 | −196 | −26.5 | 395 |
| Income tax | 30.2 | 52.9 | −60.8 | 75.4 | 184 |
| Net income | −4.9 | −114 | −135 | −102 | 211 |
| Diluted EPS | −0.02 | −0.43 | −0.48 | −0.34 | 0.34 |
| Diluted shares | 245 | 263 | 282 | 296 | 485 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 238 | 151 | 126 | 202 | 793 |
| Receivables | 7.7 | 8.6 | 10.1 | 12.3 | 86.4 |
| Inventory | 60.6 | 64.8 | 63.7 | 62.5 | 84.8 |
| Current assets | 397 | 370 | 309 | 369 | 1,193 |
| Net PP&E | 449 | 451 | 406 | 379 | 560 |
| Goodwill | – | 0.0 | 0.0 | 0.0 | 0.0 |
| Total assets | 2,125 | 2,110 | 1,976 | 1,980 | 4,695 |
| Payables | 121 | 115 | 94.4 | 104 | 208 |
| Current liabilities | 173 | 167 | 120 | 144 | 459 |
| Short-term debt | 0.1 | 0.6 | 0.8 | 0.8 | 0.5 |
| Long-term debt | 181 | 210 | 219 | 209 | 292 |
| Total liabilities | 714 | 699 | 618 | 629 | 1,522 |
| Shareholders' equity | 1,411 | 1,411 | 1,358 | 1,351 | 2,761 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 68.7 | 19.0 | 55.6 | 152 | 526 |
| Capital expenditure | 56.6 | 59.7 | 32.0 | 20.0 | 62.1 |
| Free cash flow | 12.2 | −40.7 | 23.6 | 132 | 464 |
| Depreciation & amortisation | 117 | 136 | 125 | 124 | 263 |
| Stock-based compensation | 12.3 | 14.0 | 13.2 | 13.5 | 18.5 |
| Acquisitions | 0.0 | – | – | – | – |
| Dividends paid | 3.9 | 6.9 | 5.9 | 5.3 | 9.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.9% | −8.1% | −2.3% | 124.3% |
| Operating income growth (YoY) | – | −179.7% | – | – | – |
| Gross margin | 37.3% | 24.4% | 28.5% | 38.5% | 56.8% |
| Operating margin | 8.4% | −6.3% | −31.2% | −0.7% | 31.6% |
| Net margin | −0.8% | −18.3% | −23.5% | −18.2% | 16.8% |
| Return on equityBlank when equity is negative | −0.3% | −8.1% | −9.9% | −7.5% | 7.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.5% | −2.0% | −9.6% | −0.2% | 9.4% |
| Free cash flow margin | 2.1% | −6.5% | 4.1% | 23.5% | 36.9% |
| Cash conversion (CFO ÷ net income) | −14.0x | −0.17x | −0.41x | −1.49x | 2.49x |
| Receivable days | 5 | 5 | 6 | 8 | 25 |
| Inventory days | 60 | 50 | 57 | 66 | 57 |
| Payable days | 120 | 89 | 84 | 110 | 140 |
| Interest cover | 2.34x | −1.93x | −6.80x | −0.13x | 15.1x |
| Debt ÷ equity | 0.13x | 0.15x | 0.16x | 0.16x | 0.11x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −56.7 | 58.9 | 94.2 | 7.3 | −501 |
| Current ratio | 2.30x | 2.21x | 2.57x | 2.56x | 2.60x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.