First Majestic Silver, a New York Stock Exchange-listed miner trading under the ticker AG, has emerged from years of net losses to post record production following its $1.05 billion acquisition of the Gatos Silver Mine in 2025. The Vancouver-headquartered company, which operates a portfolio of silver and gold mines primarily in Mexico, closed trading near $19.84 per share on September 18, 2026, roughly double its price from a year earlier.
Company filings show consolidated silver production reached 15 million ounces in 2025, an 84% increase over the prior year, with the Los Gatos mine contributing 9 million silver-equivalent ounces and $490 million in revenue after integration. Revenue for the year climbed to nearly $1.3 billion, while operating cash flow grew to $526 million from $152 million in 2024. The company ended 2025 with $792 million in cash on hand.
Analysts note the stock carries a trailing price to earnings ratio near 28, a premium that leaves less room for error if silver prices retreat or production guidance slips. Most of the company's mining assets sit outside the United States, exposing results to foreign regulatory shifts.
The Silver Institute projects industrial demand for silver will keep climbing through 2030 as solar panels, electric vehicles, and data centers draw on the metal's conductive properties. First Majestic increased output across all four of its mines in recent months, with Los Gatos averaging more than 4,000 tonnes of ore processed daily in June.
This is not financial or investment advice. Figures reflect company and third-party reporting as of the article date.
Source: The Motley Fool - https://www.fool.com/coverage/moneyball/2026/09/21/first-majestic-2026-outlook-silver-production-targets-continued-scale-post-acquisition/