First Majestic Silver (TSX:AG) Scaled Net Operating Assets: 0.53 (As of Mar. 2026)


TSX:AG First Majestic Silver Corp TSX:AG
66 GF Score
Price C$25.26
GF Value C$14.01
Valuation Significantly Overvalued
! 2 Warning Signs
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What is First Majestic Silver Scaled Net Operating Assets?

First Majestic Silver TSX:AG +4.90% 66 Scaled Net Operating Assets is 0.53 as of Mar. 2026. GuruFocus rates TSX:AG with a GF Score™ of 66/100 and a GF Value™ of C$14.01 (Significantly Overvalued). The stock has 2 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

First Majestic Silver's operating assets for the quarter that ended in Mar. 2026 was C$5,047 Mil. First Majestic Silver's operating liabilities for the quarter that ended in Mar. 2026 was C$1,630 Mil. First Majestic Silver's Total Assets for the quarter that ended in Dec. 2025 was C$6,477 Mil. Therefore, First Majestic Silver's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.53.


First Majestic Silver Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for First Majestic Silver's Scaled Net Operating Assets 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 Scaled Net Operating Assets Chart

First Majestic Silver Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.10 0.74 0.67 0.72 1.23

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
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.35 0.63 0.66 0.59 0.53

TSX:AG vs EXK: Scaled Net Operating Assets Comparison

For the Silver subindustry, First Majestic Silver's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, First Majestic Silver's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where First Majestic Silver's Scaled Net Operating Assets falls into.


TSX:AG
66GF Score
First Majestic Silver Corp TSX:AG
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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First Majestic Silver Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

First Majestic Silver's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(5133.249-1673.622)/2820.604
=1.23

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6476.635 - 1343.386
=5133.249

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2099.529 - 410.346 - 15.561
=1673.622

First Majestic Silver's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(5047.319-1630.084)/6476.635
=0.53

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6612.491 - 1565.172
=5047.319

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2060.948 - 343.971 - 86.893
=1630.084

* 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.

What does a Scaled Net Operating Assets of 0.53 mean?
First Majestic Silver (TSX:AG) has a Scaled Net Operating Assets of 0.53 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on First Majestic Silver and its competitors.
Is First Majestic Silver's Scaled Net Operating Assets too high?
First Majestic Silver's current Scaled Net Operating Assets is 0.53. 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 Scaled Net Operating Assets compare to EXK?
First Majestic Silver's Scaled Net Operating Assets of 0.53 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 Scaled Net Operating Assets for a Metals & Mining company?
A good Scaled Net Operating Assets depends on the Metals & Mining industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on First Majestic Silver and its competitors. First Majestic Silver's current Scaled Net Operating Assets is 0.53. 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 Scaled Net Operating Assets is 0.53. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For First Majestic Silver (TSX:AG), the current Scaled Net Operating Assets is 0.53 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 (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:

  • Scaled Net Operating Assets: 0.53
  • GF Value™: C$14.01 vs. price of C$25.26 (80.3% above fair value)
  • GF Score™: 66/100 with 2 warning signs

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 Business Description

Address 925 West Georgia Street, Suite 1800, Vancouver, BC, CAN, V6C 3L2
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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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$25.26
Price
C$14.01
GF Value