Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.07, read 2026-11-05
Ethical passes the values gate
Price15.39 USD
Fair value16.20
Ethical score70.0/100
Value readFairas of 4 Nov 2026
Our investment reviews on this name
2026-09-21Read Markdown19.56-21.3% to today ✓Markup gives way to Markdown after an 11% rise in 12 weeks
2026-07-02Read Markup17.65-12.8% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
First Majestic Silver Corp. holds its Markdown at $15.39. The statistical read favours the sellers, held for 31 days.
As held on the ledger · 2026-11-04
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 31 days
Price at the screen
$15.39
Valuation
20.14 trailing · 14.17 forward price to earnings
Values screen
PASS· score 70.0
Beta
2.19
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
6.58%
Below 33%
Interest-bearing debt is just 6.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
3.84%
Below 33%
Cash held in interest-bearing accounts and securities is 3.8% of assets, under the one-third limit.
Pass
Receivables
18.74%
Below 49%
Money owed to the company is 18.7% of assets, under the 49% limit.
Pass
Revenue purity
1.16%
Below 5%
Only 1.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
First Majestic Silver clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 7%, inside the ~33% line, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 4 Nov 2026: it trades at roughly a 5% discount to our $16.20 fair value, 57.30% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. A 5.0% discount to the base estimate.
Where our models see it going: fair-value estimate $16.20, with a range of $16.20 to $18.63, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Silver Miner Looks Cheap But Hides Cycle Trap
Picture a miner chasing silver veins that shine bright one year and vanish the next, with prices swinging on industrial demand and investor mood. First Majestic digs and processes the metal across North American sites, posting 95% revenue growth and a 20% profit margin lately. Yet the forward multiple of 15.7 times earnings sits against an 11% return on equity and no clear moat, while the market prices the shares almost in line with our fair value.
We pass because this is a classic cyclical business where peak earnings often flatter the multiple and leave investors holding falling output or weaker prices later. Strong recent numbers and an ethical screen pass do not change the pattern that low multiples in metals frequently mark the top of the cycle rather than a bargain.
Commodity swings, exploration costs and thin analyst coverage add real downside if silver demand softens. The buy-rated targets from two houses sit well above current levels, but history shows those forecasts can shift fast when the cycle turns. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
AG trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-02Markdown$14.26-10.8%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 10.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-10-26Markdown$15.98-0.7%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-10-19Markdown$16.09-6.9%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-10-12Markdown$17.28-2.2%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-10-02Markdown$17.66-9.7%Entry 8
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 9.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-09-21Markdown · changed$19.56+13.2%Entry 7
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 13.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-08-21Markup$17.28+9.3%Entry 6
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 9.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-07-20Markup$15.81-10.4%Entry 5
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 10.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-07-18Markup$17.65+0.0%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
2026-07-16Markup$17.65+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (2 analysts) rates it buy, with a mean price target of $27.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.