Miner Company
First Majestic Silver: Down From Highs, And I'm Finally Buying
First Majestic Silver is upgraded to Buy, driven by the transformative Los Gatos acquisition and record Q4 2025 free cash flow of $250 million. AG's leverage to silver prices is substantial, with Q4 2025 production up 77% year-over-year and significant margin expansion at current silver levels. Despite a premium 17.4x forward P/E, AG's improved balance sheet, active portfolio streamlining, and near-term catalysts justify the valuation.
Tickers: AG
First Majestic Silver is upgraded to Buy, driven by the transformative Los Gatos acquisition and record Q4 2025 free cash flow of $250 million. AG's leverage to silver prices is substantial, with Q4 2025 production up 77% year-over-year and significant margin expansion at current silver levels. Despite a premium 17.4x forward P/E, AG's improved balance sheet, active portfolio streamlining, and near-term catalysts justify the valuation.