The strong earnings beat and record cash position are bullish, but the stock's prior earnings reactions have been muted or negative. Monitor silver and gold prices for sustainability; if they hold, the stock may re-rate higher. Consider taking profits if the stock gaps up significantly.
Price Chart
Executive Summary
First Majestic Silver reported a strong Q2 2026 with revenue surging 57% YoY to $415.5M and EPS doubling to $0.22, driven by a 90% higher realized silver price and 40% higher gold price. Free cash flow reached $194.6M, treasury hit a record $1,252.7M, and the company boosted its dividend by 217% to $0.0152/share while repurchasing 1.2M shares. The beat is significant, but historical performance on this stock suggests caution around the stock's reaction.
Key Facts
- Revenue $415.5M, up 57% YoY from $264.2M
- EPS $0.22, up 100% YoY from $0.11
- Free cash flow $194.6M, up 150% from $77.9M
- Record treasury $1,252.7M, up 34% from Dec 2025
- Cash costs $18.06/AgEq oz, below guidance; AISC $25.68/AgEq oz
- Dividend $0.0152/share, a 217% increase YoY
- Repurchased 1,200,000 common shares for $22.7M
- Average realized silver price $63.98/oz, up 90% YoY
Financial Impact
Revenue +57%, EPS +100%, FCF +150% vs prior year; treasury +34% YTD
Risk Factors
- Commodity price volatility (silver/gold)
- Cost inflation from peso strength and higher royalties
- Operational disruptions (rockfall, labour) now resolved but could recur
- Historical poor stock performance post-earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-003921 |
| Document: form6k.htm | 0001062993-26-003921 |
| Document: 0001062993-26-003921-index-headers.html | 0001062993-26-003921 |
| Document: 0001062993-26-003921-index.html | 0001062993-26-003921 |
| Document: 0001062993-26-003921.txt | 0001062993-26-003921 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | 6-K | $21.18 $18.33 | ▼ −13.46% | ▼ −12.36% | $17.68 (−16.50%) |
Aug 25, 2026 5w ago | 6-K | $20.99 $21.20 | ▲ +1.00% | ▲ +1.12% | $17.68 (−15.75%) |
Aug 8, 2026 7w ago | Institutional Cluster | $18.85 $19.57 | ▲ +3.82% | ▲ +3.87% | $17.68 (−6.18%) |
Jul 30, 2026 9w ago | 6-K | $15.69 $17.28 | ▲ +10.13% | ▲ +6.51% | $17.68 (+12.72%) |
Jul 30, 2026 9w ago | 6-K | $15.69 $17.28 | ▲ +10.13% | ▲ +6.51% | $17.68 (+12.72%) |
Jul 7, 2026 12w ago | 6-K | $15.80 $16.93 | ▲ +7.15% | ▲ +6.29% | $17.68 (+11.93%) |
May 12, 2026 20w ago | 6-K | $24.21 $19.73 | ▼ −18.50% | ▼ −18.58% | $17.68 (−26.95%) |
Apr 9, 2026 25w ago | 6-K | $20.59 $21.05 | ▲ +2.23% | ▼ −0.95% | $17.68 (−14.11%) |
Apr 2, 2026 26w ago | 6-K | $21.84 $20.58 | ▼ −5.77% | ▼ −9.39% | $17.68 (−19.02%) |
Mar 30, 2026 26w ago | Court Ruling | $19.65 $21.26 | ▲ +8.19% | ▲ +3.89% | $17.68 (−10.00%) |
US Market Status
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