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First Majestic Silver Corp. Balance Sheet 2025-2011 | AG
Brief overview of First Majestic Silver Corp.'s financial position
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
Assets rose from $2.1 billion to $4.7 billion, a gain of +120.9%, while CAGR was about 21.9%. The balance sheet expanded rapidly.
Asset growth of +120.9% was close to the +113.2% change in liabilities, leaving the funding profile broadly stable.
The equity ratio reached 67.6% from . A high capital share reduces dependence on liabilities.
Negative net debt of -$776.9 million means cash holdings are larger than debt obligations.
Cash represents 16.9% of assets versus 11.2% initially, showing how the immediate liquidity reserve changed.
The accumulated result is -$562 million and remains below zero. The number alone does not explain whether losses, dividends or repurchases were the main cause.
What the balance sheet shows
First Majestic Silver Corp. shows a high-quality balance sheet profile, with adequate internal capital and room for maneuver.
Annual Balance Sheet First Majestic Silver Corp.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-777 M | -175 M | -88.9 M | -114 M | - | -91.5 M | 7.57 M | 97.1 M | -40.5 M | -45.5 M | -16.7 M | 42.5 M | 35.2 M | -49.5 M | -80.6 M |
Long Term Debt |
5.73 M | 11.3 M | 19.3 M | 23.8 M | - | 142 M | 170 M | 151 M | 24.5 M | 33.7 M | 18.7 M | 45.1 M | 46.6 M | 58.4 M | 9.8 M |
Long Term Debt Current |
10.8 M | 16.2 M | 17.4 M | 13.8 M | 11.8 M | 5.36 M | 6.92 M | 2.9 M | 4.15 M | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | 286 M | 294 M | 273 M | 145 M | 186 M | 156 M | 173 M | 208 M | 162 M | 64.8 M |
Total Liabilities |
1.52 B | 629 M | 618 M | 699 M | 714 M | 387 M | 351 M | 332 M | 199 M | 235 M | 245 M | 251 M | 284 M | 220 M | 92.7 M |
Deferred Revenue |
- | - | - | - | - | 2.72 M | - | -61 M | -29.2 M | 8.54 M | -20 M | -27.2 M | - | - | - |
Retained Earnings |
-562 M | -717 M | -610 M | -469 M | - | -339 M | -362 M | -321 M | -116 M | -63.2 M | -71.8 M | 36.6 M | 98.5 M | 138 M | 49.5 M |
Total Assets |
4.69 B | 1.98 B | 1.98 B | 2.11 B | 2.12 B | 1.24 B | 1.01 B | 926 M | 781 M | 857 M | 790 M | 771 M | 855 M | 813 M | 443 M |
Cash and Cash Equivalents |
793 M | 202 M | 126 M | 151 M | 238 M | 239 M | 169 M | 57 M | 118 M | 129 M | - | - | - | - | - |
Book Value |
3.17 B | 1.35 B | 1.36 B | 1.41 B | 1.41 B | 850 M | 662 M | 595 M | 582 M | 622 M | 545 M | 521 M | 571 M | 594 M | 351 M |
Total Shareholders Equity |
3.17 B | 1.35 B | 1.36 B | 1.41 B | - | 850 M | 662 M | 595 M | 582 M | 622 M | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet First Majestic Silver Corp.
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
5.73 M | 11.3 M | 19.3 M | - | - | - | - | 28 M | - | - | - | 15.2 M | - | - | - | 15 M | - | - | - | 2.94 M | - | - | - | 5.15 M | - | - | - | 2.11 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
1.52 B | 629 M | 618 M | - | - | - | - | 714 M | - | - | - | 387 M | - | - | - | 351 M | - | - | - | 332 M | - | - | - | 199 M | - | - | - | 235 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-562 M | -717 M | -610 M | - | - | - | - | -348 M | - | - | - | -339 M | - | - | - | -362 M | - | - | - | -321 M | - | - | - | -116 M | - | - | - | -63.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
4.69 B | 1.98 B | 1.98 B | - | - | - | - | 2.12 B | - | - | - | 1.24 B | - | - | - | 1.01 B | - | - | - | 926 M | - | - | - | 781 M | - | - | - | 857 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
793 M | 202 M | 126 M | - | - | - | - | 238 M | - | - | - | 239 M | - | - | - | 169 M | - | - | - | 57 M | - | - | - | 118 M | - | - | - | 129 M | - | - | - | 51 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
3.17 B | 1.35 B | 1.36 B | - | - | - | - | 1.41 B | - | - | - | 850 M | - | - | - | 662 M | - | - | - | 595 M | - | - | - | 582 M | - | - | - | 622 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
3.17 B | 1.35 B | 1.36 B | - | - | - | - | 1.41 B | - | - | - | 850 M | - | - | - | 662 M | - | - | - | 595 M | - | - | - | 582 M | - | - | - | 622 M | - | - | - | 545 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of First Majestic Silver Corp., providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
Balance sheet of other industry stocks – Silver
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|---|---|---|---|---|---|
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Fortuna Silver Mines
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|
$ 12.31 | 3.26 % | $ 3.78 B |  Canada |
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Avino Silver & Gold Mines Ltd.
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Endeavour Silver Corp.
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|
$ 11.12 | 3.05 % | $ 3.15 B | Canada |
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MAG Silver Corp.
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|
- | - | $ 1.03 B | Canada |
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Pan American Silver Corp.
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|
$ 51.34 | 2.06 % | $ 19.6 B | Canada |
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Silvercorp Metals
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|
$ 12.48 | 2.58 % | $ 2.55 B | Canada |