First Majestic Silver vs MP Materials: A 2026 Financial Comparison

First Majestic Silver Corp. (NYSE:AG) and MP Materials Corp. (NYSE:MP) sit at opposite ends of the metals market. One mines precious metals in North America and Mexico. The other is the only fully integrated U.S. rare earth producer. Their recent financial results tell two distinct stories.

First Majestic reported FY2025 revenue of roughly $1.3 billion, up 128% from the prior year. The jump lifted net income to about $168 million, reversing a net loss in FY2024. Net margin landed near 13%. The company held a debt-to-equity ratio of 0.1x and a current ratio of 2.6x. Free cash flow reached $352 million, helped by the rally in silver and gold prices.

MP Materials, by contrast, posted FY2025 revenue of $224 million, a 10% gain. It still reported a net loss of $86 million, a negative margin of 38.3%. The company's current ratio stood at 7.2x, but its debt-to-equity ratio hit 0.4x. Free cash flow was negative $328 million as MP spent heavily on its downstream magnet manufacturing.

These numbers reflect different business stages. First Majestic operates four underground mines – San Dimas, Santa Elena, La Encantada, and Los Gatos – and benefits from the multiyear rally in gold and silver. Gold has more than doubled since early 2024; silver has nearly tripled, partly from industrial demand tied to renewable energy. A mining company's profits rise faster than spot prices early in a bull market because production costs lag the market price, allowing management to generate free cash flow and consider dividends or M&A.

MP Materials is still in the investment phase. It mines rare earths at Mountain Pass, California, and manufactures magnets at its Independence facility in Texas. Major customers include General Motors and Apple, along with the U.S. Department of Defense. That customer concentration adds a layer of risk, especially given the reliance on government offtake agreements. The company faces intense competition from low-cost Chinese producers and must protect its patented processing technology.

First Majestic's risks are tied to commodity prices and operational hazards at underground mines in Mexico and the U.S., plus regulatory changes in those jurisdictions. MP's risks center on scaling its magnet facilities – the Independence and 10X plants – without construction delays, and on maintaining its DoD relationship. Both companies are unprofitable from a GAAP perspective except for First Majestic's recent swing to profit.

Valuation metrics from Financial Modeling Prep show First Majestic trading at a lower price-to-sales ratio than MP Materials, with a more reasonable forward P/E. But the comparison is imperfect: MP is not yet profitable, so its forward multiples are based on estimates of future earnings. Analysts expect MP to turn a profit in 2027 and approach $1 billion in revenue by 2028, driven by the U.S. push to reduce reliance on Chinese rare earths.

First Majestic's bull case depends on silver and gold continuing their upward trend. If the metals rally stalls, the stock could give back gains because the forward-looking market may already be pricing in further advances. MP's case rests on national security and renewable energy demand, which are less tied to commodity futures arbitrage and more to policy and technology adoption.

For a long-term portfolio, MP Materials offers exposure to a government-backed critical minerals play. First Majestic provides a leveraged bet on precious metals with a cleaner balance sheet and current profitability. The choice depends on the investor's view of silver's trajectory versus the U.S. rare earth buildout.