AG vs CSL: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 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.

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 CSL 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 CSL 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.

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

Carlisle Companies Incorporated (NYSE: CSL) is a diversified manufacturer that, after years of portfolio reshaping, has become a focused supplier of building-envelope products that make commercial and residential buildings more energy efficient. It operates through two segments: Carlisle Construction Materials (CCM), which makes single-ply roofing membranes (EPDM rubber, TPO, and PVC), polyiso insulation, and metal roofing and wall systems, and Carlisle Weatherproofing Technologies (CWT), which makes waterproofing, air and vapor barriers, sealants, spray polyurethane foam, coatings, and related moisture-protection products. The company earns most of its revenue from commercial construction, and within that, a large share comes from re-roofing (replacing aging roofs), which is more stable than new construction because roofs wear out on a predictable cycle regardless of the economy.

Full CSL guide

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.
• CSL drivers: Commercial re-roofing replacement cycle; Margin expansion and pure-play focus.

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 CSL, carlisle's end markets are cyclical: commercial and residential construction activity is sensitive to interest rates, credit availability, and the broader economy, and a downturn in construction spending would pressure volumes.

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; CSL 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 CSL guides.

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.

CSL. Carlisle trades around a low-20s trailing P/E, roughly in line with its own long-term historical median and typical for a high-margin, cash-generative industrial. Because a large part of its earnings power comes from resilient re-roofing demand and steady margin expansion, investors tend to focus on adjusted EBITDA margin, free cash flow, and the pace of buybacks rather than raw revenue growth, which can be lumpy with weather and construction cycles. The Q1 2026 revenue dip was driven largely by poor winter weather that limited roofing installation, while margins still expanded and management reaffirmed full-year guidance for low-single-digit revenue growth.

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; CSL shows revenue (ttm) ~$5.0 billion, q1 2026 revenue ~$1.05 billion (down ~4% year over year), q1 2026 adjusted eps ~$3.63 (up ~1% year over year), q1 2026 adjusted ebitda margin ~22.3% (up ~50 bps).

AG and CSL 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 CSL exposure against your real portfolio. It is not an investment adviser.