AG vs EXK: How AG and Endeavour Silver Compare (2026)

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.

Reading it: EXK 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.

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 EXK 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 EXK 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

Endeavour Silver Corp (EXK) is a Vancouver-based mid-tier precious-metals mining company focused primarily on silver, with meaningful gold byproduct. It makes money by extracting ore from its underground mines, processing it into silver and gold, and selling that metal at prevailing market prices, so its revenue and margins are driven by how many ounces it produces relative to its mining costs and by where the silver and gold price sit. Its core producing assets are the Guanacevi mine in Durango, Mexico, the newly commissioned Terronera mine in Jalisco, Mexico, and the Kolpa mine in Huancavelica, Peru, which it acquired in 2025. In 2025 the company produced about 11.2 million silver-equivalent ounces and reported record annual revenue of $467.5 million.

Full EXK 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.
• EXK drivers: Terronera ramp-up; Silver-price leverage.

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 EXK, endeavour Silver's results are highly cyclical and move with the silver price, which is volatile and outside the company's control, so margins and the share price can swing sharply, and gold byproduct prices add another moving part.

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; EXK 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 EXK 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.

EXK. A silver producer's numbers are commodity-driven: revenue, earnings, and valuation are dominated by the silver price (plus gold byproduct) and by how many ounces the company produces relative to its costs. All-in sustaining cost (AISC) per ounce is the key margin gauge, and it spiked at Terronera during startup before management guided it down for 2026 as the mine ramps. Because metal prices are cyclical and volatile, a silver miner's profits and share price can swing far more than the underlying metal, and headline figures like a net loss can be distorted by non-cash items such as derivative revaluations rather than the underlying mining business.

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; EXK shows silver-equivalent production (2025) ~11.2 million ounces, up ~48% year over year, revenue (2025 full year) ~$467.5 million, a record, up ~115% over 2024, net income (2025) net loss of ~$119.1 million, driven largely by ~$126 million of derivative losses and higher finance costs, all-in sustaining costs Q4 2025 AISC ~$41.19 per ounce during the Terronera ramp; 2026 guidance ~$27 to $28 per ounce net of byproduct credits.

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