Fact based stock research
First Majestic (TSX:FR)

CA32076V1031

How to read the free ranks

For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

First Majestic stock research in summary

firstmajestic.com

ANALYSIS: With an Obermatt Combined Rank of 12 (worse than 88% compared with investment alternatives), First Majestic (Silver, Canada) shares have lower financial characteristics compared with similar stocks. Shares of First Majestic are low in value (priced high) with a consolidated Value Rank of 22 (worse than 78% of alternatives), show below-average growth (Growth Rank of 47), and are riskily financed (Safety Rank of 39), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 12, is a sell recommendation based on First Majestic's financial characteristics. As the company First Majestic's key financial metrics all exhibit below-average performance, such as low value (Obermatt Value Rank of 22), low growth (Obermatt Growth Rank of 47), and risky financing practices (Obermatt Safety Rank of 39), it is a somewhat questionable stock investment, where the risk of paying too much for the shares is significant, unless the company has an exceptionally bright future. Such poor financial performance sometimes indicates that the company's business is all concentrated in some distant future. This is sometimes the case for high-tech or biotechnology companies. If they own properties that only provide cash flows in the future, the stock may look excessively expensive and risky today. In such cases, the Obermatt Method has limited value as it is based on facts we can observe today. If the facts are all in the future, stock investing becomes guesswork, and this should only be a driver in a limited number of investments that should only amount to a small fraction of a safe portfolio. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	22
Growth Rank	47
Safety Rank	39
Combined Rank	12

Country	Canada
Industry	Silver
Index	Gold, SDG 1, SDG 3, SDG 6, SDG 8, Silver, TSX Composite
Size class	Small

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

Multiple opinions. One number.

Analysts rarely agree on a stock’s future. So, who do you believe? Obermatt translates those collective views into a single Sentiment Rank. That plus the financial ranks give you the ultimate 360° View. Sign up to access them.

Why popular stocks have low ratings

It’s easier said than done. When your stock drops, it’s easy to want to sell it and find a better performer. Think twice, or even three times, before trading. Those fees (especially the hidden ones) can eat up your gains.

Review the performance ranks of the individual metrics that form each investment strategy.

Research History: First Majestic

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	9	30	45	22
GROWTH
GROWTH	39	21	63	47
SAFETY
SAFETY	38	24	28	39
SENTIMENT
SENTIMENT	69	12	59	^new
360° VIEW
360° VIEW	17	10	50	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better First Majestic is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	9	30	45	22
GROWTH
GROWTH	39	21	63	47
SAFETY
SAFETY	38	24	28	39
COMBINED
COMBINED	8	10	36	12

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of First Majestic the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 22 (worse than 78% compared with alternatives), First Majestic shares are significantly more expensive than comparable stocks. The Value Rank is based on consolidating four value indicators where three out of four are below average for First Majestic. Only the Price-to-Book Capital ratio (also referred to as market-to-book ratio) indicates good stock value with a Price-to-Book Rank of 54, which means that the stock price is lower compared with invested capital than for 54% of comparable investments. All other value indicators are below the market median. Price-to-Sales is 22 which means the stock price compared with what market professionals expect for future profits is higher than 78% of comparable companies, indicating a low value concerning First Majestic's revenue levels. The same is valid for the Price-to-Book Capital ratio (also referred to as market-to-book ratio) with a Price-to-Book Rank of 54 and for the dividend yields rank which is lower than for 57% of comparable companies, making the stock more expensive as regards to with the company's expected dividend payouts. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 22, is a sell recommendation based on First Majestic's stock price compared with the company's operational size and dividend yields. Why are market participants paying such a high price for First Majestic, where three out of four value indicators are below par? One reason could be that the company is well financed, indicated by the high book capital level, and has a promising future that is not yet visible in reported revenues and profits. That would also explain the low dividend yield because the company needs the cash to invest in its future. If investors can verify a picture in this sense, the stock may still be a good investment, even though current company-reported financials don't fully explain current stock prices. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	21	24	29	22
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	15	31	47	12
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	25	62	70	54
DIVIDEND YIELD
DIVIDEND YIELD	37	34	40	43
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	9	30	45	22

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of First Majestic; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 47 (better than 47% compared with alternatives), First Majestic shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with half of the indicators below and half above average for First Majestic. Profit Growth has a rank of 94, which means that currently professionals expect the company to grow its profits more than 94% of its competitors. This is a good sign for shareholders, which is confirmed by an above-average Stock Returns rank of 61 (above 61% of alternative investments). But Sales Growth has a below the median rank of 14, which means that, currently, professionals expect the company to grow less than 86% of its competitors, and Capital Growth also has a lower rank of 37. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 47, is a hold recommendation for growth and momentum investors. Because revenues and invested capital are the more solid growth indicators, the positive development on the profit side is less relevant. It may have been caused by cost-cutting, which may be a negative growth indicator. Finally, the above-average stock returns recently are a thing of the past and not a good indicator of future returns. Investors should be confident that the cost-cutting initiative leading to higher profits is to benefit the company's future. If not, there is little growth momentum, and investment is only advisable if the Value Ranks suggest a good investment timing for First Majestic. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is mixed here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	90	14	98	14
PROFIT GROWTH
PROFIT GROWTH	12	100	6	94
CAPITAL GROWTH
CAPITAL GROWTH	34	24	96	37
STOCK RETURNS
STOCK RETURNS	41	11	37	61
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	39	21	63	47

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of First Majestic.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 39 (better than 39% compared with alternatives), the company First Majestic has financing practices on the riskier side, which means that their overall debt burden is above the industry average. This doesn't mean that the business of First Majestic is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators where two out of three are above average for First Majestic.Leverage is at 57, meaning the company has a below-average debt-to-equity ratio. It has less debt than 57% of its competitors.Refinancing is at a rank of 53, meaning that the portion of the debt that is about to be refinanced is below average. It has less debt in the refinancing stage than 53% of its competitors. Liquidity is at 10, meaning that the company generates less profit to service its debt than 90% of its competitors. This indicates that the company is on the riskier side regarding debt service. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 39 (worse than 61% compared with alternatives), First Majestic has a financing structure that is riskier than that of its competitors. Low leverage and low refinancing risk mean a safer financing situation. However, low liquidity means that current company cash flows are low in relation to the level of debt. This is a sign of caution in case it is expected for profits to remain low. Investors should compare Obermatt’s Value, Growth, and Sentiment Ranks before deciding. They may also want to investigate why cash flows are expected to be low, making debt service for First Majestic more challenging. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	54	60	59	57
REFINANCING
REFINANCING	43	47	52	53
LIQUIDITY
LIQUIDITY	36	4	6	10
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	38	24	28	39

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of First Majestic and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	19	17	^new
OPINIONS CHANGE
OPINIONS CHANGE	79	50	86	^new
PRO HOLDINGS
PRO HOLDINGS	70	4	42	^new
MARKET PULSE
MARKET PULSE	44	23	70	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	69	12	59	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for First Majestic.
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