First Majestic Silver reported calendar EPS of C$0.27, beating the C$0.23 estimate. Its financial results, reported in U.S. dollars, also showed strong year-over-year growth in revenue and profit. But costs rose, and a labor disruption remained unresolved.
First Majestic Silver Corp. (TSX: AG) released its third-quarter 2026 results before market open on November 5. Calendar EPS was C$0.27, 17.4% above the C$0.23 estimate. In the company’s U.S.-dollar results, revenue rose 38% year over year to US$394.1 million, and net earnings reached US$74.5 million. Adjusted EPS was US$0.19. Calendar EPS and the company’s reported U.S.-dollar EPS use different measures, so they shouldn’t be compared directly. For Canadian investors, the earnings growth came alongside ongoing risks tied to costs, labor relations and Mexican tax matters.
Recent earnings trend
First Majestic Silver Corp
AG.TO
AG.TO
First Majestic Silver Corp
WealthAwesomeMarket cap
$10.55B
P/E
19.4x
Div. yield
0.26%
Div. / share
$0.06
52W high
$43.62
52W low
$15.12
1W change
+11.83%
Beta
2.19
Analyst Price Targets
Based on analyst covering AG · as of Oct 21, 2026
Wall Street analysts forecast AG stock price to rise 53.9% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$34.50
+53.9% Upside
Previously C$34.75 on Sep 23, 2026
Current Price
C$22.41
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on AG's historical volatility
30-Day Vol
60.0%
Annualized
90-Day Vol
62.5%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$18.75
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$21.11 | C$17.16 – C$25.97 |
| 60 trading days | C$19.89 | C$14.84 – C$26.67 |
| 90 trading days | C$18.75 | C$13.09 – C$26.83 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 2 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-18 | — | 0.2700 | — |
| 2026-09-30 | 2026-11-05 | 0.2700 | 0.2300 | +17.4% |
| 2026-06-30 | 2026-07-30 | 0.3000 | 0.3500 | -14.3% |
| 2026-03-31 | 2026-05-12 | 0.4200 | 0.4300 | -2.3% |
| 2025-12-31 | 2026-02-19 | 0.4100 | 0.3100 | +32.3% |
| 2025-09-30 | 2025-11-05 | 0.1000 | 0.1100 | -9.1% |
Investor takeaway: First Majestic beat earnings expectations and reported stronger results than a year ago, helped by higher realized silver and gold prices. But the beat doesn’t remove the risks. All-in sustaining costs (AISC) were US$30.45 per silver-equivalent ounce, a labor disruption at San Dimas cost 12 production days, and a potential Mexican tax settlement is still in its early stages. AG investors will want to watch whether higher metal prices and cash flow can continue to offset cost and operating pressures.
US$394.1 million in Q3 revenue
Revenue rose 38% from US$285.1 million a year earlier, mainly because realized silver and gold prices were higher. Silver made up 62% of quarterly revenue and gold accounted for 28%. The company’s AISC margin was US$31.95 per ounce, up from US$18.14 in Q3 2025.
Bull case
Revenue rose 38% year over year to US$394.1 million, while EBITDA increased 78% to US$228.8 million. Adjusted net earnings nearly tripled to US$92.5 million. First Majestic generated US$85.5 million in free cash flow after sustaining capital spending and cash income taxes, and ended the quarter with US$1.23 billion in treasury. It also declared a quarterly dividend of US$0.0142 per share.
Bear case
Silver production fell 11% year over year to 3.44 million ounces, and gold production declined 17% to 29,552 ounces. AISC was US$30.45 per silver-equivalent ounce. The company pointed to a changed gold-silver equivalency ratio, labor inflation and price-linked payments as factors behind the cost level. The San Dimas labor disruption caused 12 lost production days and was still ongoing. A potential tax settlement with Mexico also remains unresolved and would involve payments over several months.
Analysis
First Majestic reported its results before market open on November 5 for the quarter ended September 30, 2026. Calendar EPS was C$0.27, 17.4% above the C$0.23 estimate. The company’s financial release reports results in U.S. dollars: net earnings were US$74.5 million, or US$0.15 per share, while adjusted net earnings were US$92.5 million, or US$0.19 per share. These figures use a different basis from calendar EPS and should be considered separately.
Revenue reached US$394.1 million, up 38% from US$285.1 million in Q3 2025. EBITDA rose 78% to US$228.8 million, and mine operating earnings increased to US$170.1 million from US$99.1 million. The results show a strong year-over-year improvement, though First Majestic said higher realized silver and gold prices were the main reason revenue increased.
Analysis
Operating cash flow before working-capital changes and taxes was US$214.3 million, or US$0.43 per share, compared with US$141.3 million a year earlier. Free cash flow was US$85.5 million after sustaining capital spending and US$73.7 million in cash income taxes and settlements. At quarter-end, treasury stood at US$1.23 billion, including US$162.9 million in restricted cash. The company declared a quarterly dividend of US$0.0142 per share.
Silver production was 3.44 million ounces, down 11% year over year, and gold production was 29,552 ounces, down 17%. AISC was US$30.45 per silver-equivalent ounce. Management cited the changed gold-silver equivalency ratio, labor inflation, and price-linked bonuses and profit-sharing as cost factors. The San Dimas labor disruption led to 12 lost production days and was still ongoing, with no clear timeline for a resolution. First Majestic also described a potential Mexican tax settlement as an early-stage process involving several steps and payments over several months.
Analysis
The supplied analyst data puts the average target at C$34.50, compared with a last close of C$22.41. That implies 53.9% upside to the average target. The available rating label is bullish based on the target-price comparison, but a formal rating for the Canadian listing wasn’t available. See the analyst ratings for AG and the First Majestic Silver stock page for more context.
Wealth Awesome’s statistical 90-day model gives a mean forecast of C$18.75. Its 68% range is C$13.09 to C$26.83, and its 95% range is C$9.15 to C$38.42. The model shows annualized drift of -50.0% and 30-day volatility of 60.0%. It’s a statistical model, not financial advice or a guaranteed outcome. See the AG price forecast.
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