First Majestic Silver’s Valuation Hits 82.5X with Record Q4 Production
First Majestic Silver’s stock trades at a forward 12-month earnings multiple of 82.51X, more than four times the Zacks Mining – Silver industry average. In Q4 2025, the company produced a record 4.2 million ounces of silver and 41,417 ounces of gold, driving a 37% year-over-year increase in AgEq output to 7.8 million ounces.
1. Premium Valuation for First Majestic
First Majestic Silver’s forward 12-month earnings multiple stands at 82.51X, significantly above the Zacks Mining – Silver industry average of 19.55X and peers trading at 15.72X and 25.07X, reflecting investor confidence in its growth prospects despite a high valuation.
2. Record Q4 2025 Production
In the fourth quarter of 2025, First Majestic delivered a record 4.2 million ounces of silver and 41,417 ounces of gold, contributing to total AgEq production of 7.8 million ounces, up 37% year over year driven by strong mine performances.
3. Diversified Metal Output
Beyond silver and gold, Q4 2025 production included 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper, underlining First Majestic’s diversified precious and base metals output.
4. Growth and Reserve Expansion
The company’s exploration successes and acquisition of high-grade assets have expanded its reserve base and underpinned long-term production targets, positioning First Majestic for sustained output growth into 2026.