H.C. Wainwright moved its price target on First Majestic Silver Corp to $30.00 from $24.50 on Thursday and left intact its Buy recommendation. The stock was trading near $24.78 at the time of the update. Over the prior 12 months the shares have appreciated sharply, reflecting a 331% gain, although InvestingPro analysis indicates the shares are trading above their Fair Value.
For fiscal 2025 First Majestic reported consolidated revenue of $1.26 billion and net earnings attributable to the company of $164.9 million, equal to $0.34 per share. Those outcomes contrast with fiscal 2024, when revenue totaled $560.6 million and the firm recorded a net loss of $101.9 million, or negative $0.34 per share. Analyst consensus projects earnings per share to rise to $0.82 in 2026. The company now has a market capitalization of $12.18 billion.
The company’s headline 124% year-over-year revenue increase was largely the result of integrating Los Gatos into its production base. In its first year under First Majestic, Los Gatos produced $489.8 million of revenue, amounting to 39% of consolidated revenue, and contributed $203.4 million in mine operating earnings, representing 45% of the company’s total mine operating earnings for the period.
Other operating assets also showed improved top-line performance. San Dimas, Santa Elena, and La Encantada reported year-over-year revenue increases of 52%, 20%, and 54%, respectively. Management attributed the bulk of the revenue gains to stronger metal price realization; the company recorded an average silver price of $41.52 per ounce for the year, a 47% increase versus the prior period. Additionally, First Mint produced $49.4 million of revenue during the reporting period.
On a quarterly basis First Majestic exceeded market estimates for the fourth quarter of fiscal 2025. The company posted adjusted earnings per share of $0.30, outpacing the $0.18 consensus estimate by 66.67%. Quarter revenue came in at $463.9 million, versus the $403.71 million expected, a positive surprise of 14.91%. The company did not report any mergers or analyst rating changes in the recent updates.
Investors and analysts have taken note of the company’s markedly improved financial profile. The combination of a substantial revenue uplift from Los Gatos and higher realized metal prices underpinned the swing from a prior-year loss to net income in 2025. At the same time, valuation commentary from InvestingPro suggests the current share price sits above a calculated Fair Value, a consideration for market participants weighing upside potential against valuation.
Sector focus: Mining and metals, equity markets, and commodity price sensitivity.