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First Majestic Silver vs McEwen: AG and MUX compared
First Majestic Silver is the larger company: $264M of revenue in its latest quarter (Q2 2025) against $59.2M for McEwen (Q2 2026). First Majestic Silver is growing faster (+94% against +27% a year earlier). First Majestic Silver is more profitable, with an operating margin of 21.4% against 13.0%.
Where the money goes: AG and MUX
First Majestic Silver (AG) · Q2 2025
First Majestic Silver, Q2 2025: revenue $264M (+94% year over year), operating margin 21.4%, net earnings $52.5M. The chart follows the revenue to costs, profit and cash.
McEwen (MUX) · Q2 2026
McEwen, Q2 2026: revenue $59.2M (+27% year over year), operating margin 13.0%, net earnings $9.6M, operating cash flow $46.2M. The chart follows the revenue to costs, profit and cash.
| First Majestic Silver (AG) | McEwen (MUX) | |
|---|---|---|
| Latest quarter | Q2 2025 | Q2 2026 |
| Revenue | $264M | $59.2M |
| Revenue growth, Y/Y | +94% | +27% |
| Gross margin | — | 33.9% |
| Operating margin | 21.4% | 13.0% |
| Net earnings | $52.5M | $9.6M |
| Net margin | 19.9% | 16.2% |
| Operating cash flow | — | $46.2M |
| Market value | $7.6B | — |
| P/E | 35.8× | — |
| Analysts’ mean target | $24.00 | — |
Where the revenue comes from
First Majestic Silver
- Silver: $144M (54%)
- Gold: $88.8M (34%)
- Zinc: $21.0M (8%)
- Lead: $10.7M (4%)
Questions
Which is bigger, First Majestic Silver or McEwen?
First Majestic Silver is the larger company: $264M of revenue in its latest quarter (Q2 2025) against $59.2M for McEwen (Q2 2026).
Is First Majestic Silver or McEwen growing faster?
First Majestic Silver is growing faster (+94% against +27% a year earlier).
Which is more profitable, First Majestic Silver or McEwen?
First Majestic Silver is more profitable, with an operating margin of 21.4% against 13.0%.
More: First Majestic Silver earnings · how First Majestic Silver makes money · McEwen earnings · how McEwen makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Aug 14, 2025; 10-Q filed Aug 5, 2026). Fiscal quarters can end on different dates. Not investment advice.