AG vs SVM: How First Majestic Silver Corp and Silvercorp Metals Compare (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.

Reading it: SVM 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 SVM 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 SVM 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

Silvercorp Metals is a Canadian-listed miner (NYSE American and TSX, both under SVM) that produces silver, gold, lead and zinc from underground operations in China. The Ying Mining District in Henan Province is the core asset and supplies most of the silver, with the GC mine in Guangdong and the newer Kuanping project adding volume. Fiscal 2026 output was roughly 6.8 million ounces of silver, ~8,700 ounces of gold, ~60.0 million pounds of lead and ~21.7 million pounds of zinc. Because lead and zinc are sold alongside the silver, by-product credits push the reported cash cost per silver ounce below zero (~negative $0.94 in fiscal 2026), with all-in sustaining cost around ~$14.25 per ounce. Outside China the company is building El Domo, a copper-gold-silver volcanogenic massive sulphide deposit in Ecuador, and holds the earlier-stage Condor gold project in the same country.

Full SVM 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.
• SVM drivers: Silver and gold price leverage; El Domo construction and first production.

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 SVM, the concentration risk is geographic: the producing mines are in China, so policy changes, permitting, tax treatment, capital controls and renminbi moves all sit upstream of the cash flow, and that discount is the main reason SVM trades below many silver peers on the same production.

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; SVM 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 SVM 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.

SVM. The gap between a ~$150.8 million adjusted profit and a ~$9.9 million reported loss is the single most important thing to understand about SVM's financials: the difference is a ~$178.5 million non-cash mark on convertible note derivatives, not operations. Operating cash flow of ~$310.6 million is the cleaner read on the business. Valuation multiples look modest against silver peers, and the persistent gap is generally attributed to the China operating base rather than to mine quality.

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; SVM shows revenue (fiscal 2026) ~$438.1 million, up ~47% year over year, silver / gold production ~6.8 million oz silver and ~8,723 oz gold, all-in sustaining cost ~$14.25 per silver ounce (cash cost ~negative $0.94 after by-products), adjusted net income ~$150.8 million (~$0.69 per share); GAAP net loss of ~$9.9 million on derivative marks.

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