AG vs CDE: How AG and Coeur Mining Compare (2026)

Last updated July 2026

Short answer

CDE is the larger of the two ($16.47B market cap): the incumbent the market prices for continued execution (7.77x forward earnings, beta 1.30). AG is the smaller challenger ($8.47B), actually pricier on forward earnings (14.86x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.

AG vs CDE: the tie-breaker metrics

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Metric	AG	CDE	What it tells you
Market cap	$8.47B	$16.47B	Size. The larger name is the incumbent; the smaller has more room to grow and more to prove.
Forward P/E	14.86	7.77	Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up.
Trailing P/E	29.08	12.89	Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price.
Beta	2.11	1.30	Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through.
Price vs 52-week range	39% of range	39% of range	Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why.
Price / book	2.93	1.59	How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price.

Reading it: CDE is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

Before you buy: how AG and CDE affect your concentration

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AG and CDE share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AG and CDE exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

What does AG (AG) do?

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.

Full AG guide

What does Coeur Mining (CDE) do?

Coeur Mining is a US-headquartered precious-metals company that operates gold and silver mines across North America, including the Rochester silver and gold mine in Nevada, the Palmarejo and Las Chispas mines in Mexico, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. Las Chispas came from its roughly $1.7 billion all-stock acquisition of SilverCrest Metals, which closed in February 2025 and reshaped Coeur into one of the larger silver-focused producers. The company sells its metal into the open market, so its revenue and margins track the price of silver and gold far more than any pricing power of its own.

Full CDE guide

AG vs CDE: how do they differ?

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

AG drivers: Silver and gold price leverage; Los Gatos integration and scale.
CDE drivers: Leverage to silver and gold prices; SilverCrest and Las Chispas integration.

Which fits which kind of investor

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: 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. For CDE, coeur is a price taker, so a sustained decline in silver or gold prices would compress margins quickly given its high operating leverage.

AG or CDE: which should you pick?

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AG if you believe its drivers more; CDE if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AG and CDE guides.

AG vs CDE: the full fundamentals

AG. 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.

CDE. Coeur posted record first-quarter 2026 results with about $856 million in revenue and roughly $475 million in adjusted EBITDA, helped by high metal prices. The trailing valuation looks reasonable for a miner in an up-cycle, but earnings are cyclical and can compress fast if silver and gold prices fall. Figures are approximate and move with the metals market.

Headline figures (approximate, Q1 2026): AG shows q1 2026 revenue ~$477M, q1 2026 net earnings ~$128M, q1 2026 eps ~$0.26, q1 2026 free cash flow ~$224M; CDE shows share price ~$16, market cap ~$16.5B, revenue (ttm) ~$3B, q1 2026 revenue ~$856M.

The bottom line: AG vs CDE

AG and CDE are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AG and CDE exposure against your real portfolio. It is not an investment adviser.

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FAQ

What is the difference between AG and CDE?

First Majestic Silver Corp. Coeur Mining is a US-headquartered precious-metals company that operates gold and silver mines across North America, including the Rochester silver and gold mine in Nevada, the Palmarejo and Las Chispas mines in Mexico, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.

Is AG or CDE the better stock?

Neither is universally better. CDE is the larger incumbent; AG is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.

Which is cheaper, AG or CDE?

On forward P/E (as of July 2026), AG trades at 14.86x and CDE at 7.77x, so CDE is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.

Should you own both AG and CDE?

Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.

What are the risks of AG vs CDE?

AG: 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. CDE: Coeur is a price taker, so a sustained decline in silver or gold prices would compress margins quickly given its high operating leverage. Mining is operationally risky: lower ore grades, cost inflation, equipment failures, labor issues, and permitting delays can all cut production or raise costs. Mexican operations at Palmarejo and Las Chispas carry country, tax, and security risk, while US mines face their own regulatory and environmental scrutiny. The company has a long history of share dilution and past balance-sheet strain, and results can be volatile quarter to quarter. Reserve replacement and reliance on a handful of aging assets add longer-term uncertainty.

Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AG or CDE; figures are approximate and dated (as of July 2026). Verify current data before investing.