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First Majestic Silver vs Franco Nevada: AG and FNV compared
First Majestic Silver is the larger company: $394M of revenue in its latest quarter (Q3 2026) against $369M for Franco Nevada (Q2 2025). Franco Nevada is more profitable, with an operating margin of 82.8% against 38.6%.
Where the money goes: AG and FNV
First Majestic Silver (AG) · Q3 2026
First Majestic Silver, Q3 2026: revenue $394M, operating margin 38.6%, net earnings $74.5M. The chart follows the revenue to costs, profit and cash.
Franco Nevada (FNV) · Q2 2025
Franco Nevada, Q2 2025: revenue $369M (+42% year over year), operating margin 82.8%, net earnings $247M, operating cash flow $430M. The chart follows the revenue to costs, profit and cash.
| First Majestic Silver (AG) | Franco Nevada (FNV) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2025 |
| Revenue | $394M | $369M |
| Revenue growth, Y/Y | — | +42% |
| Gross margin | — | 73.6% |
| Operating margin | 38.6% | 82.8% |
| Net earnings | $74.5M | $247M |
| Net margin | 18.9% | 66.9% |
| Operating cash flow | — | $430M |
| Free cash flow | — | $430M |
| Market value | $7.6B | $49.2B |
| P/E | 35.8× | 44.2× |
| Analysts’ mean target | $24.00 | $282.36 |
Where the revenue comes from
Franco Nevada
- Revenue: $369M (100%)
- Basic: $1.3M (0%)
Questions
Which is bigger, First Majestic Silver or Franco Nevada?
First Majestic Silver is the larger company: $394M of revenue in its latest quarter (Q3 2026) against $369M for Franco Nevada (Q2 2025).
Is First Majestic Silver or Franco Nevada growing faster?
Franco Nevada is more profitable, with an operating margin of 82.8% against 38.6%.
More: First Majestic Silver earnings · how First Majestic Silver makes money · Franco Nevada earnings · how Franco Nevada makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Nov 5, 2026; 6-K filed Aug 11, 2025). Fiscal quarters can end on different dates. Not investment advice.