First Majestic Silver Corp. (AG) Stock Price & How to Invest

First Majestic Silver Corp. (NYSE: AG) is a precious-metals producer that operates four underground mines in Mexico: San Dimas in Durango, Santa Elena in Sonora, La Encantada in Coahuila, and Cerro Los Gatos in Chihuahua. The company mines silver and gold as its primary products, along with byproduct zinc, lead, and copper. In January 2025 First Majestic completed its roughly $1.05 billion all-stock acquisition of Gatos Silver, adding a 70% interest in the Los Gatos joint venture and lifting 2025 silver production to a record 15.4 million ounces, up about 84% from the prior year.

The investment picture is dominated by the silver price. Because a miner's profit is the gap between the metal price and its cost per ounce, AG's earnings and share price move much more sharply than silver itself, in both directions. Strong silver and gold prices drove record Q1 2026 revenue of about $476.7 million, up roughly 95% year over year, and swung the company to solid free cash flow. That same leverage cuts the other way when metal prices fall, and nearly all of the company's output comes from a single country, Mexico, which concentrates the operational and political risk.

The single largest risk is the silver price itself: a sustained decline would compress margins far faster than the metal falls because mining costs are largely fixed. Geographic concentration is severe, with essentially all production in Mexico, exposing the company to peso currency swings, mining royalty and tax changes, permitting delays, and local security or labor disruptions. Rising input costs (energy, labor, consumables) can erode margins even when metal prices are steady. As a smaller producer than majors like Pan American or Fresnillo, AG has less operational diversification to absorb a single mine outage. The stock has historically been highly volatile and can move on sentiment and short interest as much as on fundamentals.

We give no verdict on First Majestic Silver Corp.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Silver and gold price leverage. AG's revenue and margins are tied directly to spot silver and, increasingly, gold prices.

The case against. The single largest risk is the silver price itself: a sustained decline would compress margins far faster than the metal falls because mining costs are largely fixed.

Read the full bull and bear case on AG, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see First Majestic Silver Corp.'s investor relations page or your broker.

• Q1 2026 Revenue: ~$477M
• Q1 2026 Net Earnings: ~$128M
• Q1 2026 EPS: ~$0.26
• Q1 2026 Free Cash Flow: ~$224M
• Market Cap: ~$8-10B
• Forward P/E: ~18x

First Majestic posted record Q1 2026 revenue of about $476.7 million, up roughly 95% year over year, with net earnings near $128 million and EPS around $0.26 as silver and gold prices surged. The stock trades at a trailing P/E in the low 30s and a forward P/E near 18, reflecting expectations that elevated metal prices continue. The dividend yield is negligible (well under 1%), so the return case rests almost entirely on the metal price and production.

If you want AG exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses AG naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to AG: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get AG exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (PDBC, GDXJ, SILJ), which spreads the position across many companies. Or build it into a focused thematic portfolio, so AG sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where AG fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

AG is a pure-play silver leverage story: its results and share price ride the price of silver, amplified by operating costs and heavy exposure to Mexico.

Whether AG is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is AG a buy or a sell?, and where the stock could go from here in the AG stock forecast.

For income investors, whether AG pays a dividend and how the payout looks is covered in does AG pay a dividend? And to weigh AG against a peer, read the full side-by-side comparisons: AG vs PAAS and AG vs HL.