First Majestic SilverTSX:AG +4.90%59 PE Ratio without NRI is 37.98 as of Jul. 03, 2026, which is 64% below its 10-year median of 106.59. GuruFocus rates TSX:AG with a GF Score™ of 59/100 and a GF Value™ of C$14.01 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 644 Metals & Mining companies, First Majestic Silver ranks worse than 79.5% on this metric.
The PE Ratio without NRI, or P/E Ratio without non-recurring items, is a financial ratio used to compare a company's market price to its EPS without NRI. As of today (2026-07-03), First Majestic Silver's share price is C$25.26.
First Majestic Silver's EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2026 was C$0.67. Therefore, First Majestic Silver's PE Ratio without NRI for today is 37.98.
During the past 13 years, First Majestic Silver's highest PE Ratio without NRI was 1881.11. The lowest was 35.64. And the median was 106.59.
First Majestic Silver (TSX:AG) PE Ratio without NRI Explanation
The PE Ratio can be viewed as the number of years it takes for the company to earn back the price you pay for the stock. For example, if a company earns $2 a share per year, and the stock is traded at $30, the PE Ratio is 15. Therefore it takes 15 years for the company to earn back the $30 you paid for its stock, assuming the earnings stays constant over the next 15 years.
In real business, earnings never stay constant. If a company can grow its earnings, it takes fewer years for the company to earn back the price you pay for the stock. If a company's earnings decline it takes more years. As a shareholder, you want the company to earn back the price you pay as soon as possible. Therefore, lower P/E stocks are more attractive than higher P/E stocks so long as the PE Ratio is positive. Also for stocks with the same PE Ratio, the one with faster growth business is more attractive.
If a company loses money, the PE Ratio becomes meaningless.
To compare stocks with different growth rates, Peter Lynch invented a ratio called PEG Ratio. PEG Ratio is defined as the PE Ratio divided by the growth ratio. He thinks a company with a PE Ratio equal to its growth rate is fairly valued. Still he said he would rather buy a company growing 20% a year with a PE Ratio of 20, instead of a company growing 10% a year with a PE Ratio of 10.
Because the PE Ratio measures how long it takes to earn back the price you pay, the PE Ratio can be applied to the stocks across different industries. That is why it is the one of the most important and widely used indicators for the valuation of stocks.
Investors need to be aware that the PE Ratio can be misleading a lot of times, especially when the underlying business is cyclical and unpredictable. As Peter Lynch pointed out, cyclical businesses have higher profit margins at the peaks of the business cycles. Their earnings are high and PE Ratio s are artificially low. It is usually a bad idea to buy a cyclical business when the PE Ratio is low. A better ratio to identify the time to buy a cyclical businesses is the PS Ratio.
First Majestic Silver PE Ratio without NRI Related Terms
First Majestic Silver PE Ratio without NRI Historical Data
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The historical data trend for First Majestic Silver's PE Ratio without NRI can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Silver subindustry, First Majestic Silver's PE Ratio without NRI, along with its competitors' market caps and PE Ratio without NRI data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
First Majestic Silver PE Ratio without NRI vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, First Majestic Silver's PE Ratio without NRI distribution charts can be found below:
* The bar in red indicates where First Majestic Silver's PE Ratio without NRI falls into.
First Majestic Silver PE Ratio without NRI Calculation
The PE Ratio without NRI, or P/E Ratio without non-recurring items, is a financial ratio used to compare a company's market price to its EPS without NRI. Regular PE Ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.
First Majestic Silver's Share Price of today is C$25.26.
First Majestic Silver's EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was C$0.67.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
There are at least three kinds of PE Ratios used by different investors. They are Trailing Twelve Month PE Ratio, Forward PE Ratio, or PE Ratio without NRI. A new PE Ratio based on inflation-adjusted normalized PE Ratio is called Shiller PE Ratio, after Yale professor Robert Shiller.
In the case of PE Ratio without NRI, the reported earnings less the non-recurring items are used.
In the calculation of PE Ratio (TTM), the earnings per share used are the earnings per share over the past 12 months.
For Forward PE Ratio, the earnings are the expected earnings for the next twelve months.
For Shiller PE Ratio, the earnings of the past 10 years are inflation-adjusted and averaged. Since it looks at the average over the last 10 years, Shiller PE Ratio is also called PE10.
First Majestic Silver (TSX:AG) has a PE Ratio without NRI of 37.98 as of Jul. 03, 2026. P/E without nonrecurring items is the ratio of share price to a company's earnings less one-time charges. View historical data on First Majestic Silver and its competitors. This is 64% below median its historical median of 106.59. Over the past decade, First Majestic Silver's PE Ratio without NRI has ranged from 35.64 to 1,881.11. According to the industry distribution chart, First Majestic Silver ranks #512 out of 644 companies in the Metals & Mining industry, placing it in the top 79.5%.
Is First Majestic Silver's PE Ratio without NRI too high?
First Majestic Silver's current PE Ratio without NRI of 37.98 is 64% below median its 10-year median of 106.59. Over the past 10 years, this metric has ranged from a low of 35.64 to a high of 1,881.11. The Metals & Mining industry median PE Ratio without NRI is 15.93. First Majestic Silver's value of 37.98 is 138.4% above this industry median. Based on the distribution chart, First Majestic Silver ranks #512 out of 644 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, First Majestic Silver has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Majestic Silver's PE Ratio without NRI compare to EXK?
According to the Metals & Mining industry distribution chart, First Majestic Silver ranks #512 out of 644 companies for PE Ratio without NRI. This places First Majestic Silver in the lower half of its industry. The industry median PE Ratio without NRI is 15.93. First Majestic Silver's value of 37.98 is 138.4% above this benchmark. Historically, First Majestic Silver's own PE Ratio without NRI has ranged from 35.64 to 1,881.11 over the past decade. While the company's 10-year median is 106.59 vs. the industry median of 15.93, First Majestic Silver has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PE Ratio without NRI for a Metals & Mining company?
The median PE Ratio without NRI among Metals & Mining companies is 15.93, based on 644 companies in the industry. Companies in the top quartile (top 25%) have a PE Ratio without NRI significantly above this median, while those in the bottom quartile fall well below. However, PE Ratio without NRI should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Majestic Silver's current PE Ratio without NRI of 37.98 is 138.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PE Ratio without NRI mean?
A high PE Ratio without NRI can signal that a stock is expensive relative to its fundamentals. P/E without nonrecurring items is the ratio of share price to a company's earnings less one-time charges. View historical data on First Majestic Silver and its competitors. For the Metals & Mining industry, the median PE Ratio without NRI is 15.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Majestic Silver's current PE Ratio without NRI is 37.98, which is 64% below median its own 10-year median of 106.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Majestic Silver stock overvalued right now?
Based on GuruFocus' analysis, First Majestic Silver (TSX:AG) is currently considered Significantly Overvalued. The stock's GF Value™ is C$14.01, compared to a current price of C$25.26 — trading 80.3% above its estimated fair value. The current PE Ratio without NRI is 37.98, which is 64% below median its 10-year median of 106.59 and 138.4% above the Metals & Mining industry median of 15.93. First Majestic Silver's overall GF Score™ is 59/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PE Ratio without NRI calculated?
PE Ratio without NRI is calculated from a company's financial statements. For First Majestic Silver (TSX:AG), the current PE Ratio without NRI is 37.98 as of Jul. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is First Majestic Silver (TSX:AG) Overvalued in 2026?
Based on GuruFocus' analysis, First Majestic Silver stock appears to be overvalued.
The current stock price of C$25.26 is trading 80.3% above its estimated GF Value™ of C$14.01.
GuruFocus considers First Majestic Silver to be Significantly Overvalued.
Key valuation signals for TSX:AG:
PE Ratio without NRI: 37.98 (64% below median its 10-year median of 106.59)
GF Value™: C$14.01 vs. price of C$25.26 (80.3% above fair value)
Industry Position: 138.4% above the Metals & Mining median (#512 of 644)
No single metric tells the full story. See the TSX:AG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Majestic Silver Corp is in the business of production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. The company owns four producing mines in Mexico, consisting of the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, the Los Gatos Silver Mine, and the La Encantada Silver Mine. It also owns the Jerritt Canyon Gold Mine in Nevada, USA. Additionally, the firm holds interests in the San Martin Silver Mine and the Del Toro Silver Mine, and several exploration-stage projects. The majority of the company's revenues are from the sale of precious metals contained in dore and concentrate form. It generates maximum revenue from the sale of silver, followed by gold, zinc, copper, and other metals.
59GF Score
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