First Majestic Silver (AG) financial statements
First Majestic Silver reported revenue of $1.3B in fiscal 2025, up 18.3% a year over 9 years.
Net income was $165M and the operating margin 31.6%, against 10.2% in 2016.
Free cash flow was $464M, and the company returned $10M in dividends.
The diluted share count rose 195% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from First Majestic Silver's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $278M | $252M | $301M | $364M | $364M | $584M | $624M | $574M | $561M | $1.3B |
| Cost of revenue | $149M | $159M | $219M | $232M | $194M | $366M | $472M | $410M | $345M | $544M |
| Gross profit | $49M | $16M | $82M | $132M | $170M | $218M | $153M | $164M | $216M | $713M |
| Selling, general and admin | $18M | $17M | $21M | $27M | $25M | $27M | $36M | $39M | $40M | $50M |
| Operating income | $28M | -$71M | -$249M | -$32M | $40M | $49M | -$39M | -$179M | -$4M | $397M |
| Interest expense | $8M | $4M | $13M | $15M | $15M | $21M | $20M | $26M | $28M | $26M |
| Pre-tax income | $25M | -$75M | -$263M | -$39M | $30M | $25M | -$61M | -$196M | -$26M | $395M |
| Income tax | $17M | -$22M | -$59M | $1M | $7M | $30M | $53M | -$61M | $75M | $184M |
| Net income | $9M | -$53M | -$204M | -$40M | $23M | -$5M | -$114M | -$135M | -$102M | $165M |
| EPS (diluted) | $0.05 | -$0.32 | -$1.11 | -$0.20 | $0.11 | -$0.02 | -$0.43 | -$0.48 | -$0.34 | $0.34 |
| Diluted shares | 164M | 165M | 184M | 202M | 216M | 245M | 263M | 282M | 296M | 485M |
| Gross margin | 17.7% | 6.3% | 27.2% | 36.2% | 46.6% | 37.3% | 24.4% | 28.5% | 38.5% | 56.8% |
| Operating margin | 10.2% | -28.1% | -82.8% | -8.8% | 11.1% | 8.4% | -6.3% | -31.2% | -0.7% | 31.6% |
| Net margin | 3.1% | -21.1% | -67.8% | -11.1% | 6.3% | -0.8% | -18.3% | -23.5% | -18.2% | 13.1% |
Balance sheet
Fiscal years, from First Majestic Silver's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $129M | $118M | $57M | $169M | $239M | $238M | $151M | $126M | $202M | $793M |
| Receivables | $16M | $5M | $6M | $4M | $4M | $8M | $9M | $10M | $12M | $86M |
| Inventory | $20M | $19M | $32M | $31M | $33M | $61M | $65M | $64M | $63M | $85M |
| Total current assets | $180M | $171M | $166M | $243M | $356M | $397M | $370M | $309M | $369M | $1.2B |
| Property, plant and equipment | $238M | $192M | $251M | $237M | $258M | $449M | $451M | $406M | $379M | $560M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | — | $0 | $0 | $0 | $0 |
| Total assets | $857M | $781M | $926M | $1.0B | $1.2B | $2.1B | $2.1B | $2.0B | $2.0B | $4.7B |
| Total current liabilities | $50M | $54M | $58M | $72M | $102M | $173M | $167M | $120M | $144M | $459M |
| Long-term debt | $32M | $19M | $148M | $155M | $142M | $181M | $210M | $219M | $209M | $292M |
| Total liabilities | $235M | $199M | $332M | $351M | $387M | $714M | $699M | $618M | $629M | $1.5B |
| Shareholders' equity | $622M | $582M | $595M | $662M | $850M | $1.4B | $1.4B | $1.4B | $1.4B | $2.8B |
| Net debt | -$85M | -$86M | $92M | -$13M | -$86M | -$57M | $59M | $94M | $7M | -$501M |
Cash flow
Fiscal years, from First Majestic Silver's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $100M | $70M | $33M | $140M | $80M | $69M | $19M | $56M | $152M | $526M |
| Capital spending | $19M | $21M | $35M | $42M | $43M | $57M | $60M | $32M | $20M | $62M |
| Free cash flow | $81M | $50M | -$2M | $98M | $36M | $12M | -$41M | $24M | $132M | $464M |
| Stock-based compensation | $4M | $8M | $7M | $8M | $8M | $12M | $14M | $13M | $12M | $13M |
| Dividends paid | — | — | — | — | $0 | $4M | $7M | $6M | $5M | $10M |
| Net borrowing | $29M | -$13M | $18M | — | -$10M | -$10M | $20M | $0 | -$20M | $350M |
| Free cash flow margin | 29.2% | 19.6% | -0.6% | 27.0% | 10.0% | 2.1% | -6.5% | 4.1% | 23.5% | 36.9% |
| Dividends per share | — | — | — | — | — | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 |
Questions
What was First Majestic Silver's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does First Majestic Silver generate?
$464M in fiscal 2025 (operating cash flow minus capital spending).
From First Majestic Silver's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.