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First Majestic vs. Coeur Mining: Which Mining Stock Offers Better Prospects?
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Key Takeaways
First Majestic Silver delivered 37% AgEq output growth in Q4 2025, led by strong mine performance.
Coeur Mining posted solid output but faces rising costs, with expenses up 36% year over year.
First Majestic Silver benefits from rising estimates and First Mint growth, strengthening its outlook.
First Majestic Silver Corp. (AG - Free Report) and Coeur Mining, Inc. (CDE - Free Report) are familiar names operating in the precious metals mining industry. First Majestic, headquartered in Canada with core operations in Mexico and the United States, is primarily leveraged to silver, with growing gold exposure. Coeur Mining is a North America-focused producer of silver and gold, with key assets in the United States and Canada.
Both companies have been benefiting from strength across the silver and gold mining industries, supported by higher metal prices and sustained investments in expanding production capacity in recent years.
Silver has benefited from resilient industrial demand and mounting supply deficits. Industrial applications, including electronics, electric mobility, renewable energy systems and communication infrastructure, currently account for more than half of global annual silver demand. In this backdrop, let’s take a closer look at both the companies’ fundamentals, growth prospects and challenges.
The Case for First Majestic Silver
First Majestic is benefiting from strength across its four major operating mines in Mexico, which are the Santa Elena Silver/Gold mine, the Los Gatos Silver mine, the San Dimas Silver/Gold mine and the La Encantada Silver mine. Although AG is facing major tax-related issues in Mexico, record production across these sites is driving the company’s performance. In fourth-quarter 2025, Santa Elena, Los Gatos, San Dimas and La Encantada mines contributed 29.1%, 26.7%, 31.2% and 12.8%, respectively, to AG’s total silver-equivalent ounces production.
AG’s total production reached 7.8 million silver-equivalent (AgEq) ounces in the fourth quarter. The figure comprises a record 4.2 million silver ounces and 41,417 gold ounces. It also includes 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper. The AgEq ounces produced reflected strong 37% year-over-year growth, supported by a 77% surge in silver production.
Despite the recent decline, silver prices are expected to remain strong, supported by market deficit, high industrial demand in solar and AI sectors and strong safe-haven demand. Notably, demand for electronics, electrification and solar energy now accounts for a significant portion of global silver demand. With the acquisition of Gatos Silver (in January 2025), AG gained a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This transaction enhanced its position as an intermediate primary silver producer.
AG is also well poised to benefit from strong momentum in its First Mint LLC business, its wholly owned minting facility. The business generated record fourth-quarter results, with revenues increasing 149.5% to $22.7 million. The ounces of silver sold by the business during the quarter accounted for approximately 8% of the company’s total silver production.
The Case for CDE
Coeur Mining has delivered a strong operational performance driven by strategic expansion, robust production growth and disciplined operational execution. The company reported record production and financial results, including $675 million in revenues and 112,429 ounces of gold plus 4.7 million ounces of silver in the fourth quarter of 2025, with strong realized metal prices, contributing to significant margin expansion and strong free cash flow generation.
A key driver of Coeur Mining’s growth is its acquisition and integration of the Las Chispas mine in Sonora, Mexico. This high-grade, low-cost underground operation has been fully integrated, and it delivered 1.4 million ounces of silver and 14.7 thousand ounces of gold in the third quarter of 2025.
Coeur Mining’s flagship assets, like Rochester in Nevada, produced roughly 1.7 million ounces of silver and 17.7 thousand ounces of gold in the quarter. Palmarejo in Mexico added 1.6 million ounces of silver and 25.7 thousand ounces of gold during the quarter. CDE expects to deliver a total 2026 production of 390,000–460,000 ounces of gold and 18.2–21.3 million ounces of silver.
However, the company has been grappling with rising operational expenses, thereby adversely impacting its profitability. The company’s costs applicable to sales increased to $215.9 million, reflecting an increase of 36% year over year. Adjusted costs applicable to sales per ounce of gold totaled $1,207, while the same for silver was $17.29. General and administrative expenses rose 37% in the same period due to increased stock-based compensation expenses.
CDE and AG: Price Performance & Valuation
Image Source: Zacks Investment Research
In the past six months, CDE stock has gained 68.3%, while AG has declined 8.7%.
CDE is currently trading at a forward 12-month price-to-sales (P/S) multiple of 2.38X, higher than its five-year median of 1.80X. AG is currently trading at a forward 12-month P/S multiple of 8.77X, higher than its five-year median of 3.47X.
Image Source: Zacks Investment Research
How Does the Zacks Consensus Estimate Compare for AG & CDE?
The Zacks Consensus Estimate for First Majestic’s earnings for 2026 is pegged at 60 cents per share, indicating an improvement of 30.4% year over year. The 2027 estimate of $1.11 implies growth of 85%. The estimates for both 2026 and 2027 have been trending north over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Coeur’s 2026 earnings is pinned at $1.47 per share, indicating year-over-year growth of 83.8%. Earnings estimates of $1.87 for 2027 indicate a rise of 27.1%. While the estimates for 2026 have declined over the past 60 days, the same for 2027 has increased.
Image Source: Zacks Investment Research
Final Take
First Majestic remains well-positioned for growth in the quarters ahead, supported by persistent strength across its major operating mines in Mexico. Combined with a solid balance sheet and favorable precious-metals market conditions, these factors position AG to deliver sustainable growth and improved financial performance in the quarters ahead.
In contrast, while Coeur Mining delivered strong production, near-term challenges remain. Rising operating and development costs, tepid stock performance and downward estimate revisions present near-term challenges. Given these factors, AG seems a better choice for investors than CDE currently.
AG currently carries a Zacks Rank #2 (Buy), while CDE has a Zacks Rank #4 (Sell).
View the Zacks #1 Rank List
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First Majestic vs. Coeur Mining: Which Mining Stock Offers Better Prospects?
Key Takeaways
First Majestic Silver Corp. (AG - Free Report) and Coeur Mining, Inc. (CDE - Free Report) are familiar names operating in the precious metals mining industry. First Majestic, headquartered in Canada with core operations in Mexico and the United States, is primarily leveraged to silver, with growing gold exposure. Coeur Mining is a North America-focused producer of silver and gold, with key assets in the United States and Canada.
Both companies have been benefiting from strength across the silver and gold mining industries, supported by higher metal prices and sustained investments in expanding production capacity in recent years.
Silver has benefited from resilient industrial demand and mounting supply deficits. Industrial applications, including electronics, electric mobility, renewable energy systems and communication infrastructure, currently account for more than half of global annual silver demand. In this backdrop, let’s take a closer look at both the companies’ fundamentals, growth prospects and challenges.
The Case for First Majestic Silver
First Majestic is benefiting from strength across its four major operating mines in Mexico, which are the Santa Elena Silver/Gold mine, the Los Gatos Silver mine, the San Dimas Silver/Gold mine and the La Encantada Silver mine. Although AG is facing major tax-related issues in Mexico, record production across these sites is driving the company’s performance. In fourth-quarter 2025, Santa Elena, Los Gatos, San Dimas and La Encantada mines contributed 29.1%, 26.7%, 31.2% and 12.8%, respectively, to AG’s total silver-equivalent ounces production.
AG’s total production reached 7.8 million silver-equivalent (AgEq) ounces in the fourth quarter. The figure comprises a record 4.2 million silver ounces and 41,417 gold ounces. It also includes 14.2 million pounds of zinc, 8.1 million pounds of lead and 235,886 pounds of copper. The AgEq ounces produced reflected strong 37% year-over-year growth, supported by a 77% surge in silver production.
Despite the recent decline, silver prices are expected to remain strong, supported by market deficit, high industrial demand in solar and AI sectors and strong safe-haven demand. Notably, demand for electronics, electrification and solar energy now accounts for a significant portion of global silver demand.
With the acquisition of Gatos Silver (in January 2025), AG gained a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This transaction enhanced its position as an intermediate primary silver producer.
AG is also well poised to benefit from strong momentum in its First Mint LLC business, its wholly owned minting facility. The business generated record fourth-quarter results, with revenues increasing 149.5% to $22.7 million. The ounces of silver sold by the business during the quarter accounted for approximately 8% of the company’s total silver production.
The Case for CDE
Coeur Mining has delivered a strong operational performance driven by strategic expansion, robust production growth and disciplined operational execution. The company reported record production and financial results, including $675 million in revenues and 112,429 ounces of gold plus 4.7 million ounces of silver in the fourth quarter of 2025, with strong realized metal prices, contributing to significant margin expansion and strong free cash flow generation.
A key driver of Coeur Mining’s growth is its acquisition and integration of the Las Chispas mine in Sonora, Mexico. This high-grade, low-cost underground operation has been fully integrated, and it delivered 1.4 million ounces of silver and 14.7 thousand ounces of gold in the third quarter of 2025.
Coeur Mining’s flagship assets, like Rochester in Nevada, produced roughly 1.7 million ounces of silver and 17.7 thousand ounces of gold in the quarter. Palmarejo in Mexico added 1.6 million ounces of silver and 25.7 thousand ounces of gold during the quarter. CDE expects to deliver a total 2026 production of 390,000–460,000 ounces of gold and 18.2–21.3 million ounces of silver.
However, the company has been grappling with rising operational expenses, thereby adversely impacting its profitability. The company’s costs applicable to sales increased to $215.9 million, reflecting an increase of 36% year over year. Adjusted costs applicable to sales per ounce of gold totaled $1,207, while the same for silver was $17.29. General and administrative expenses rose 37% in the same period due to increased stock-based compensation expenses.
CDE and AG: Price Performance & Valuation
Image Source: Zacks Investment Research
In the past six months, CDE stock has gained 68.3%, while AG has declined 8.7%.
CDE is currently trading at a forward 12-month price-to-sales (P/S) multiple of 2.38X, higher than its five-year median of 1.80X. AG is currently trading at a forward 12-month P/S multiple of 8.77X, higher than its five-year median of 3.47X.
Image Source: Zacks Investment Research
How Does the Zacks Consensus Estimate Compare for AG & CDE?
The Zacks Consensus Estimate for First Majestic’s earnings for 2026 is pegged at 60 cents per share, indicating an improvement of 30.4% year over year. The 2027 estimate of $1.11 implies growth of 85%. The estimates for both 2026 and 2027 have been trending north over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Coeur’s 2026 earnings is pinned at $1.47 per share, indicating year-over-year growth of 83.8%. Earnings estimates of $1.87 for 2027 indicate a rise of 27.1%. While the estimates for 2026 have declined over the past 60 days, the same for 2027 has increased.
Image Source: Zacks Investment Research
Final Take
First Majestic remains well-positioned for growth in the quarters ahead, supported by persistent strength across its major operating mines in Mexico. Combined with a solid balance sheet and favorable precious-metals market conditions, these factors position AG to deliver sustainable growth and improved financial performance in the quarters ahead.
In contrast, while Coeur Mining delivered strong production, near-term challenges remain. Rising operating and development costs, tepid stock performance and downward estimate revisions present near-term challenges. Given these factors, AG seems a better choice for investors than CDE currently.
AG currently carries a Zacks Rank #2 (Buy), while CDE has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.