AG vs FSM: How AG and FSM 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: FSM 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 FSM 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 FSM 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

Fortuna Mining Corp. (formerly Fortuna Silver Mines) is a Canada-based, mid-tier precious and base metals producer that trades on the NYSE and TSX. Its ongoing operations are the Seguela gold mine in Cote d'Ivoire (its flagship, lowest-cost asset), the Lindero gold heap-leach mine in Argentina, and the Caylloma silver, zinc and lead mine in Peru. Over 2025 the company reshaped its portfolio, selling the San Jose silver mine in Mexico and the Yaramoko gold mine in Burkina Faso to shed higher-cost, shorter-life assets and concentrate on lower-cost gold ounces. It is also advancing the Diamba Sud gold project in Senegal as its next growth engine.

Full FSM 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.
• FSM drivers: Gold price leverage and record cash flow; Seguela as the low-cost flagship.

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 FSM, fSM's mines sit in jurisdictions with meaningful political, tax and regulatory risk, including Argentina, Peru, Cote d'Ivoire and Senegal, where currency controls, permitting delays or fiscal changes can hit economics.

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; FSM 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 FSM 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.

FSM. FSM trades at a low single-digit to high single-digit earnings multiple, a discount to the roughly 14x average for US metals and mining, reflecting both jurisdictional risk and the market's tendency to price gold miners cautiously into a high gold-price cycle. The company carries net cash of about ~$493 million and generates strong free cash flow, but pays no dividend, so returns depend on the gold price and execution of its production growth plan. Valuation multiples for gold miners can compress fast if gold prices fall, so the low multiple reflects cyclicality rather than a simple bargain.

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; FSM shows revenue (ttm) ~$1.09 billion, q1 2026 revenue ~$342 million (record), net income (ttm) ~$340 million, market cap ~$2.5 billion.

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