First Majestic Silver (FRA:FMV) ROCE %: 23.26% (As of Mar. 2026)

What is First Majestic Silver ROCE %?

First Majestic Silver FRA:FMV +2.39% 66 ROCE % is 23.26% as of Mar. 2026. GuruFocus rates FRA:FMV with a GF Score™ of 66/100 and a GF Value™ of €8.85 (Significantly Overvalued). The stock has 2 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. First Majestic Silver's annualized ROCE % for the quarter that ended in Mar. 2026 was 23.26%.

First Majestic Silver (FRA:FMV) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

First Majestic Silver ROCE % Related Terms

First Majestic Silver ROCE % Historical Data

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The historical data trend for First Majestic Silver's ROCE % 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.

First Majestic Silver ROCE % Chart

First Majestic Silver Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

ROCE %

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2.51

-2.57

-9.37

-0.61

13.03

First Majestic Silver Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
ROCE %	Get a 7-Day Free Trial															4.63	4.30	7.09	25.54	23.26

66GF Score

First Majestic Silver Corp FRA:FMV

ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.

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First Majestic Silver ROCE % Calculation

First Majestic Silver's annualized ROCE % for the fiscal year that ended in Dec. 2025 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Dec. 2025 )		(A: Dec. 2024 )		(A: Dec. 2025 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Dec. 2025 )		(A: Dec. 2024 )		(A: Dec. 2025 )
	=	349.991	/	( ( (1890.698 - 137.813)	+	(4009.457 - 392.105) )	/ 2 )
	=	349.991	/	( (1752.885	+	3617.352)	/ 2 )
	=	349.991	/	2685.1185
	=	13.03 %

First Majestic Silver's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	856.52	/	( ( (4009.457 - 392.105)	+	(4168.954 - 422.122) )	/ 2 )
	=	856.52	/	( ( 3617.352	+	3746.832 )	/ 2 )
	=	856.52	/	3682.092
	=	23.26 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

Frequently Asked Questions Learn more about ROCE % →

What does a ROCE % of 23.26% mean?

First Majestic Silver (FRA:FMV) has a ROCE % of 23.26% as of Mar. 2026.

Is First Majestic Silver's ROCE % too high?

First Majestic Silver's current ROCE % is 23.26%. Overall, First Majestic Silver has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does First Majestic Silver's ROCE % compare to EXK?

First Majestic Silver's ROCE % of 23.26% can be compared against companies in the Metals & Mining industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good ROCE % for a Metals & Mining company?

A good ROCE % depends on the Metals & Mining industry context. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high ROCE % mean?

A high ROCE % can signal that a stock is expensive relative to its fundamentals. First Majestic Silver's current ROCE % is 23.26%. 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 (FRA:FMV) is currently considered Significantly Overvalued. The stock's GF Value™ is €8.85, compared to a current price of €15.20 — trading 71.8% above its estimated fair value. The current ROCE % is 23.26%. First Majestic Silver's overall GF Score™ is 66/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is ROCE % calculated?

ROCE % is calculated from a company's financial statements. For First Majestic Silver (FRA:FMV), the current ROCE % is 23.26% as of Mar. 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 (FRA:FMV) Overvalued in 2026?

Based on GuruFocus' analysis, First Majestic Silver stock appears to be overvalued. The current stock price of €15.20 is trading 71.8% above its estimated GF Value™ of €8.85. GuruFocus considers First Majestic Silver to be Significantly Overvalued.

Key valuation signals for FRA:FMV:

ROCE %: 23.26%
GF Value™: €8.85 vs. price of €15.20 (71.8% above fair value)
GF Score™: 66/100 with 2 warning signs

No single metric tells the full story. See the FRA:FMV stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

First Majestic Silver Business Description

Industry Basic Materials Metals & Mining

Comparable Companies TSX:DSV TSX:AYA TSX:SVM TSX:HSLV TSX:NUAG TSX:APM TSXV:SVRS TSXV:GSVR TSX:AGMR TSXV:BIG EXK ASX:USL TSX:BNKR OHEL:SOSI1 TSXV:APGO TSXV:MGG TSXV:SVE TSXV:EXN XCNQ:KUYA TSXV:AGAG

Other Exchanges AG:USA AG1 N:Mexico 0QYC:UK FMV:Germany AG:Canada

Address 925 West Georgia Street, Suite 1800, Vancouver, BC, CAN, V6C 3L2

Website https://www.firstmajestic.com

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.

66GF Score

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ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€15.20

Price

€8.85

GF Value

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