First Majestic Silver’s Q3 adjusted EPS beat the calendar estimate. Higher metal prices lifted revenue and cash flow, while rising costs and an unresolved labour dispute remain concerns.
First Majestic Silver Corp. (TSX: AG) reported its third-quarter 2026 results before market open on November 5. The quarter ended September 30. Calendar data shows EPS of C$0.27, above the C$0.23 estimate, a 17.4% beat. The company reported basic EPS of US$0.15 and adjusted EPS of US$0.19. These figures use a different reporting basis from the calendar comparison.
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
+7.38%
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 61.3% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$34.50
+61.3% Upside
Previously C$34.75 on Sep 23, 2026
Current Price
C$21.39
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
58.3%
Annualized
90-Day Vol
62.6%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$17.89
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$20.15 | C$16.48 – C$24.64 |
| 60 trading days | C$18.99 | C$14.29 – C$25.24 |
| 90 trading days | C$17.89 | C$12.63 – C$25.35 |
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% |
Revenue rose 38% year over year to US$394.1 million, driven by higher realized silver and gold prices. For Canadian investors, the quarter brought strong cash generation alongside cost, labour and tax uncertainties. See the AG.TO stock page for company data and coverage.
Investor takeaway: Revenue, earnings and free cash flow all grew substantially year over year. First Majestic ended the quarter with US$1.23 billion in treasury. But higher silver and gold prices drove much of the growth, while all-in sustaining costs (AISC) reached US$30.45 per silver-equivalent ounce and the San Dimas labour disruption continued. The earnings beat is encouraging, but investors should keep an eye on costs, mine operations and the Mexican tax process.
US$394.1 million
Q3 revenue rose 38% from US$285.1 million a year earlier, as higher realized silver and gold prices lifted sales. The company reported US$170.1 million in mine operating earnings and US$228.8 million in EBITDA. Silver made up 62% of revenue and gold 28%.
Bull case
Revenue rose 38% year over year to US$394.1 million, and adjusted net earnings increased to US$92.5 million from US$32.4 million a year earlier. First Majestic generated US$85.5 million in free cash flow after sustaining capital expenditures and cash income taxes. It ended the quarter with US$1.23 billion in treasury. The average analyst target of C$34.50 is 61.3% above the last close of C$21.39. Analyst targets are estimates, not guarantees.
Bear case
AISC increased amid inflation, price-linked labour bonuses and a change in how the company calculates silver-equivalent ounces. The San Dimas labour disruption cost 12 production days in Q3 and remained unresolved in the supplied call summary. A potential Mexican tax settlement is still at an early stage. If completed, payments are expected over several months. The shares also closed below their 50-day and 200-day moving averages. A statistical 90-day model points lower, but its forecast range is wide.
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