AG vs LEVI: 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 LEVI 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 LEVI 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

Levi Strauss & Co. designs and sells jeans, casualwear and related apparel under the Levi's, Dockers, Beyond Yoga and Denizen brands across roughly 110 countries. It sells through three channels: its own retail stores and e-commerce (direct-to-consumer), traditional wholesale partners, and licensing. The company has been deliberately shifting its mix toward direct-to-consumer, which carries higher gross margins, and toward women's and non-denim categories, with women's apparel now around 35% of the business and Beyond Yoga expanding its premium activewear reach.

Full LEVI 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.
• LEVI drivers: Direct-to-consumer margin mix shift; Brand strength and denim leadership.

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 LEVI, apparel is cyclical and discretionary, so a weaker consumer or slower back-to-school and holiday seasons can pressure sales quickly.

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; LEVI 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 LEVI 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.

LEVI. Figures are approximate as of early July 2026 and move with the market. Levi's reported Q1 FY2026 net revenues of about $1.7 billion, up 14% reported, and guided full-year FY2026 reported revenue growth of roughly 5% to 6% with adjusted EBIT margin expanding toward 11.8% to 12%. Q2 FY2026 results are due July 8, 2026, so figures here predate that report.

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; LEVI shows market cap ~$9.4B, share price ~$25, revenue (ttm) ~$6.3B, net income (ttm) ~$580M.

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