First Majestic Silver Posts Record 15.4M Ounce Output, 85% EPS Growth
First Majestic Silver produced a record 15.4 million ounces of silver-equivalent output in 2025 and projects fiscal 2026 EPS of $0.60 with fiscal 2027 EPS rising 85% to $1.12. The stock has gained 400% over the past year and trades at 48x forward earnings.
1. Record Silver-Equivalent Output in 2025
First Majestic generated a record 15.4 million ounces of silver-equivalent output in 2025, leveraging a low-cost structure in Mexico that amplifies margin gains on even modest increases in silver prices.
2. Strong Earnings Outlook
The company forecasts fiscal 2026 EPS of $0.60, a 30% year-over-year rise, followed by an 85% jump to $1.12 in fiscal 2027, reflecting robust operational leverage and ongoing metal price strength.
3. Rally and Valuation
First Majestic stock has surged 400% over the last year, is up nearly 80% year to date, and currently trades at a forward earnings multiple of 48x, underscoring both its rapid appreciation and premium valuation.