First Majestic Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows First Majestic (AG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AG FY2025 2026-04-22

FY2025 marks a scale jump where cash generation outran growth and the balance sheet stayed lightly indebted.

The striking change is not just profit turning positive: operating cash flow rose 246.1% while revenue rose 124.3% from FY2024 to FY2025, so the bigger company converted incremental sales into cash much more efficiently. At the same time, free cash flow reached $463.9M with only $62.1M of capex, meaning the scale increase did not require proportionate reinvestment to sustain.

Liquidity improved as the business expanded: cash climbed to $793.4M against current liabilities of $459.1M, so near-term obligations look covered without leaning on refinancing. Long-term debt was only $5.7M, and the rising share count suggests the larger asset base was funded far more by equity than by lenders.

Cash and earnings told different stories even before FY2025: FY2024 produced $152.0M of operating cash flow despite a -$101.9M net loss. With depreciation still substantial at $264.8M in FY2025, part of the earnings swing reflects heavy non-cash charges, so reported profit should be read alongside cash generation rather than alone.

Financial Health Signals

Financial Profile 58/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of First Majestic's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

100

First Majestic's revenue surged 124.3% year-over-year to $1.3B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

First Majestic carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

First Majestic's current ratio of 2.60 indicates adequate short-term liquidity, earning a score of 49/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

First Majestic converts 36.9% of revenue into free cash flow ($463.9M). This strong cash generation earns a score of 91/100.

Returns

First Majestic generates a 6.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 9/100. This is up from -7.5% the prior year.

Piotroski F-Score Neutral

6/9

First Majestic passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.49x

For every $1 of reported earnings, First Majestic generates $2.49 in operating cash flow ($526.0M OCF vs $211.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.3B

YoY+124.3%

5Y CAGR+28.1%

First Majestic generated $1.3B in revenue in fiscal year 2025. This represents an increase of 124.3% from the prior year.

EBITDA

N/A

Net Income

$211.0M

YoY+307.1%

5Y CAGR+55.7%

First Majestic reported $211.0M in net income in fiscal year 2025. This represents an increase of 307.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$463.9M

YoY+251.6%

5Y CAGR+66.4%

First Majestic generated $463.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 251.6% from the prior year.

Cash & Debt

$793.4M

YoY+292.4%

5Y CAGR+27.2%

First Majestic held $793.4M in cash against $5.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

491M

YoY+62.7%

5Y CAGR+19.8%

First Majestic had 491M shares outstanding in fiscal year 2025. This represents an increase of 62.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

16.8%

YoY+35.0pp

5Y CAGR+10.4pp

First Majestic's net profit margin was 16.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 35.0 percentage points from the prior year.

Return on Equity

6.7%

YoY+14.2pp

5Y CAGR+3.9pp

First Majestic's ROE was 6.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 14.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$62.1M

YoY+210.1%

5Y CAGR+7.5%

First Majestic invested $62.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 210.1% from the prior year.

AG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.3B+124.3%	$560.6M-2.3%	$573.8M-8.1%	$624.2M+6.9%	$584.1M+60.5%	$363.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.8M-22.8%	$2.3M-12.6%	$2.6M+22.2%	$2.1M+5.9%	$2.0M+36.1%	$1.5M
Income Tax	$184.1M+144.0%	$75.4M+224.1%	-$60.8M-215.0%	$52.9M+75.2%	$30.2M+354.3%	$6.6M
Net Income	$211.0M+307.1%	-$101.9M+24.6%	-$135.1M-18.2%	-$114.3M-2221.3%	-$4.9M-121.3%	$23.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.7B+137.1%	$2.0B+0.2%	$2.0B-6.3%	$2.1B-0.7%	$2.1B+71.7%	$1.2B
Current Assets	$1.2B+223.4%	$368.8M+19.3%	$309.1M-16.5%	$370.3M-6.8%	$397.2M+11.6%	$356.0M
Cash & Equivalents	$793.4M+292.4%	$202.2M+61.0%	$125.6M-17.1%	$151.4M-36.4%	$237.9M-0.3%	$238.6M
Inventory	$84.8M+35.6%	$62.5M-1.8%	$63.7M-1.7%	$64.8M+6.8%	$60.6M+86.4%	$32.5M
Accounts Receivable	$86.4M+602.0%	$12.3M+21.8%	$10.1M+17.5%	$8.6M+11.2%	$7.7M+81.0%	$4.3M
Goodwill	$0	$0	$0	$0	N/A	$0
Total Liabilities	$1.5B+142.1%	$628.7M+1.7%	$618.2M-11.5%	$698.7M-2.1%	$714.0M+84.4%	$387.3M
Current Liabilities	$459.1M+218.2%	$144.3M+20.1%	$120.1M-28.2%	$167.4M-3.1%	$172.8M+70.1%	$101.6M
Long-Term Debt	$5.7M-49.4%	$11.3M-41.4%	$19.3M-18.6%	$23.8M-15.3%	$28.0M+84.2%	$15.2M
Total Equity	$3.2B+134.8%	$1.4B-0.5%	$1.4B-3.8%	$1.4B0.0%	$1.4B+66.0%	$850.2M
Retained Earnings	-$562.0M+21.6%	-$717.1M-17.6%	-$609.9M-30.1%	-$468.9M-34.8%	-$347.8M-2.6%	-$338.9M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$4.7B+137.1%	$2.0B+0.2%	$2.0B-6.3%	$2.1B-0.7%	$2.1B+71.7%	$1.2B+22.2%	$1.0B+9.4%	$926.1M
Current Assets	$1.2B+223.4%	$368.8M+19.3%	$309.1M-16.5%	$370.3M-6.8%	$397.2M+11.6%	$356.0M+46.5%	$243.0M+46.1%	$166.3M
Cash & Equivalents	$793.4M+292.4%	$202.2M+61.0%	$125.6M-17.1%	$151.4M-36.4%	$237.9M-0.3%	$238.6M+41.2%	$169.0M+196.4%	$57.0M
Inventory	$84.8M+35.6%	$62.5M-1.8%	$63.7M-1.7%	$64.8M+6.8%	$60.6M+86.4%	$32.5M+6.5%	$30.5M-6.0%	$32.5M
Accounts Receivable	$86.4M+602.0%	$12.3M+21.8%	$10.1M+17.5%	$8.6M+11.2%	$7.7M+81.0%	$4.3M-0.6%	$4.3M-23.3%	$5.6M
Goodwill	$0	$0	$0	$0	N/A	$0	$0	$0
Total Liabilities	$1.5B+142.1%	$628.7M+1.7%	$618.2M-11.5%	$698.7M-2.1%	$714.0M+84.4%	$387.3M+10.5%	$350.6M+5.8%	$331.5M
Current Liabilities	$459.1M+218.2%	$144.3M+20.1%	$120.1M-28.2%	$167.4M-3.1%	$172.8M+70.1%	$101.6M+41.4%	$71.9M+23.6%	$58.1M
Long-Term Debt	$5.7M-49.4%	$11.3M-41.4%	$19.3M-18.6%	$23.8M-15.3%	$28.0M+84.2%	$15.2M+1.3%	$15.0M+410.2%	$2.9M
Total Equity	$3.2B+134.8%	$1.4B-0.5%	$1.4B-3.8%	$1.4B0.0%	$1.4B+66.0%	$850.2M+28.4%	$662.3M+11.4%	$594.6M
Retained Earnings	-$562.0M+21.6%	-$717.1M-17.6%	-$609.9M-30.1%	-$468.9M-34.8%	-$347.8M-2.6%	-$338.9M+6.3%	-$361.6M-12.6%	-$321.1M

AG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$526.0M+246.1%	$152.0M+173.3%	$55.6M+192.9%	$19.0M-72.4%	$68.7M-13.8%	$79.7M
Capital Expenditures	$62.1M+210.1%	$20.0M-37.4%	$32.0M-46.4%	$59.7M+5.6%	$56.6M+30.6%	$43.3M
Free Cash Flow	$463.9M+251.6%	$131.9M+458.5%	$23.6M+158.0%	-$40.7M-434.7%	$12.2M-66.6%	$36.4M
Investing Cash Flow	-$28.2M+75.3%	-$114.2M+25.9%	-$154.0M+28.0%	-$213.8M-18.3%	-$180.8M-42.2%	-$127.1M
Financing Cash Flow	$88.6M+108.9%	$42.4M-34.4%	$64.6M-43.2%	$113.9M+1.9%	$111.8M-4.1%	$116.6M
Dividends Paid	$9.8M+85.8%	$5.3M-9.7%	$5.9M-14.5%	$6.9M+74.7%	$3.9M	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	16.8%+35.0pp	-18.2%+5.4pp	-23.5%-5.2pp	-18.3%-17.5pp	-0.8%-7.2pp	6.3%
Return on Equity	6.7%+14.2pp	-7.5%+2.4pp	-10.0%-1.9pp	-8.1%-7.8pp	-0.4%-3.1pp	2.7%
Return on Assets	4.5%+9.6pp	-5.1%+1.7pp	-6.8%-1.4pp	-5.4%-5.2pp	-0.2%-2.1pp	1.9%
Current Ratio	2.60+0.0	2.56-0.0	2.57+0.4	2.21-0.1	2.30-1.2	3.50
Debt-to-Equity	0.000.0	0.010.0	0.010.0	0.020.0	0.020.0	0.02
FCF Margin	36.9%+13.4pp	23.5%+19.4pp	4.1%+10.6pp	-6.5%-8.6pp	2.1%-7.9pp	10.0%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.60+0.0	2.56-0.0	2.57+0.4	2.21-0.1	2.30-1.2	3.50+0.1	3.38+0.5	2.86
Debt-to-Equity	0.000.0	0.010.0	0.010.0	0.020.0	0.020.0	0.020.0	0.02+0.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is First Majestic's annual revenue?

First Majestic (AG) reported $1.3B in total revenue for fiscal year 2025. This represents a 124.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is First Majestic's revenue growing?

First Majestic (AG) revenue grew by 124.3% year-over-year, from $560.6M to $1.3B in fiscal year 2025.

Is First Majestic profitable?

Yes, First Majestic (AG) reported a net income of $211.0M in fiscal year 2025, with a net profit margin of 16.8%.

How much debt does First Majestic have?

As of fiscal year 2025, First Majestic (AG) had $793.4M in cash and equivalents against $5.7M in long-term debt.

What is First Majestic's net profit margin?

First Majestic (AG) had a net profit margin of 16.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is First Majestic's return on equity (ROE)?

First Majestic (AG) has a return on equity of 6.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is First Majestic's free cash flow?

First Majestic (AG) generated $463.9M in free cash flow during fiscal year 2025. This represents a 251.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is First Majestic's operating cash flow?

First Majestic (AG) generated $526.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are First Majestic's total assets?

First Majestic (AG) had $4.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are First Majestic's capital expenditures?

First Majestic (AG) invested $62.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does First Majestic have outstanding?

First Majestic (AG) had 491M shares outstanding as of fiscal year 2025.

What is First Majestic's current ratio?

First Majestic (AG) had a current ratio of 2.60 as of fiscal year 2025, which is generally considered healthy.

What is First Majestic's debt-to-equity ratio?

First Majestic (AG) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is First Majestic's return on assets (ROA)?

First Majestic (AG) had a return on assets of 4.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is First Majestic's Piotroski F-Score?

First Majestic (AG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are First Majestic's earnings high quality?

First Majestic (AG) has an earnings quality ratio of 2.49x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is First Majestic?

First Majestic (AG) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.