First Majestic Silver’s third-quarter adjusted EPS beat the calendar estimate by 56.4%, and revenue rose 38% from a year earlier. Higher metal prices lifted results, while rising costs and an unresolved labor dispute remain risks.
First Majestic Silver Corp. (TSX: AG) reported its third-quarter 2026 results before markets opened on November 5. Calendar data showed EPS of C$0.2659, above the C$0.17 estimate. The company reported results in U.S. dollars: revenue of US$394.1 million, net earnings of US$74.5 million and adjusted EPS of US$0.19. These figures use different reporting bases and aren’t directly comparable. For Canadian investors, the quarter brought stronger cash generation and a higher dividend, along with rising all-in sustaining costs and uncertainty at San Dimas.
Recent earnings trend
First Majestic Silver Corp
AG.TO
AG.TO
First Majestic Silver Corp
WealthAwesomeMarket cap
$10.61B
P/E
22.2x
Div. yield
0.23%
Div. / share
$0.05
52W high
$43.62
52W low
$15.12
1W change
-2.54%
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 65.5% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$34.50
+65.5% Upside
Previously C$34.75 on Sep 23, 2026
Current Price
C$20.84
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
57.5%
Annualized
90-Day Vol
62.4%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$17.43
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$19.64 | C$16.10 – C$23.94 |
| 60 trading days | C$18.50 | C$13.98 – C$24.49 |
| 90 trading days | C$17.43 | C$12.37 – C$24.57 |
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 |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-05 | 0.2659 | 0.1700 | +56.4% |
| 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% |
| 2025-06-30 | 2025-08-14 | 0.0600 | 0.0700 | -14.3% |
Investor takeaway: Revenue, EBITDA and free cash flow all grew substantially year over year, but higher realized silver and gold prices drove much of the improvement. Production fell, and AISC rose. First Majestic ended the quarter with US$1.23 billion in treasury and declared a quarterly dividend of US$0.0142 per share. Investors should also weigh the ongoing San Dimas labor disruption and uncertainty around a potential Mexican tax settlement. Visit the AG.TO stock page for company information. See its analyst ratings and price prediction separately from its operating results.
US$394.1 million
Third-quarter revenue rose 38% to US$394.1 million from US$285.1 million a year earlier, as realized silver and gold prices increased. First Majestic reported net earnings of US$74.5 million, or US$0.15 per share, and adjusted EPS of US$0.19. Separately, calendar data showed EPS of C$0.2659 against an estimate of C$0.17. The figures use different reporting bases.
Bull case
Revenue rose 38% year over year to US$394.1 million, and EBITDA climbed 78% to US$228.8 million. First Majestic generated US$85.5 million in free cash flow after sustaining capital spending and cash income taxes. It ended the quarter with US$1.23 billion in treasury. Its AISC margin grew to US$31.95 per silver-equivalent ounce from US$18.14 a year earlier, mainly because of higher realized metal prices.
Bear case
Silver production fell 11% year over year to 3.44 million ounces, while gold production dropped 17% to 29,552 ounces. AISC reached US$30.45 per silver-equivalent ounce. Management pointed to a revised gold-silver equivalency ratio, inflation-linked labor costs and profit sharing as factors behind the increase. The San Dimas labor disruption cost 12 production days during the quarter and remained unresolved in the supplied call highlights. A potential Mexican tax settlement is also at an early stage. If completed, payments are expected to be made over several months.
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