First Majestic Silver (AG) Operating Margin (2010 - 2026)
First Majestic Silver's (AG) quarterly Operating Margin came in at 47.54% in Q2 2026, up 3260.0% on a YoY basis from 1.41% in Q2 2025, and down 4.38% quarter-over-quarter from 49.72% in Q1 2026.
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First Majestic Silver (AG) Operating Margin (2010 - 2026) Analysis & Trends
First Majestic Silver (AG) has reported Operating Margin for 17 consecutive years, with 47.54% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Operating Margin rose 3260.0% year-over-year to 47.54%; the trailing twelve-month figure through Jun 2026 stood at 46.1% (up 3342.0% YoY), and the FY2025 full-year result was 31.58%, up 3225.0% from the prior year.
- Operating Margin declined to 47.54% in Q2 2026 per AG's latest filing, from 49.72% in the prior quarter.
- Across five years, Operating Margin topped out at 52.43% in Q4 2025 and bottomed at 91.89% in Q1 2023.
- Historically, Operating Margin has averaged 2.8% across 5 years, with a median of 0.35% in 2022.
- The sharpest annual moves came in 2023 and 2024: Operating Margin slumped 9030 bps in 2023, then soared 7374 bps in 2024.
- Over 5 years, Operating Margin stood at 16.76% in 2022, then soared by 91 bps to 1.44% in 2023, then soared by 1133 bps to 14.89% in 2024, then jumped by 252 bps to 52.43% in 2025, then dropped by 9 bps to 47.54% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 47.54%, 49.72%, and 52.43% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Coeur Mining | 21.26 Bn | 20.21 Bn | 535.85 Mn | 19.94% |
| 2 | Pan American Silver | 19.56 Bn | 17.99 Bn | 457,000.00 | 44.22% |
| 3 | Hecla Mining | 13.71 Bn | 13.22 Bn | 332.52 Mn | 43.64% |
| 4 | First Majestic Silver | 9.83 Bn | 8.58 Bn | 223.62 Mn | 47.54% |
| 5 | Endeavour Silver | 3.03 Bn | 2.79 Bn | 74.00 Mn | 30.50% |
| 6 | Silvercorp Metals | 2.69 Bn | 2.30 Bn | 104.04 Mn | 61.12% |
| 7 | Americas Gold & Silver | 1.40 Bn | 1.31 Bn | 22.23 Mn | 67.53% |
| 8 | Vizsla Silver | 1.36 Bn | 1.36 Bn | - | - |
| 9 | New Pacific Metals | 993.77 Mn | 993.77 Mn | - | - |
| 10 | Santacruz Silver Mining | 882.32 Mn | 815.30 Mn | 51.14 Mn | 70.07% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 47.54% |
| Mar 31, 2026 | 49.72% |
| Dec 31, 2025 | 52.43% |
| Sep 30, 2025 | 27.66% |
| Jun 30, 2025 | 14.94% |
| Mar 31, 2025 | 14.56% |
| Dec 31, 2024 | 14.89% |
| Sep 30, 2024 | 2.84% |
| Jun 30, 2024 | -10.52% |
| Mar 31, 2024 | -18.15% |
| Dec 31, 2023 | -1.44% |
| Sep 30, 2023 | -13.61% |
| Jun 30, 2023 | -12.85% |
| Mar 31, 2023 | -91.89% |
| Dec 31, 2022 | -16.76% |
| Sep 30, 2022 | -9.56% |
| Jun 30, 2022 | 2.14% |
| Mar 31, 2022 | -1.59% |
| Dec 31, 2021 | 13.80% |
| Sep 30, 2021 | -8.75% |