First Majestic Silver (FMV.DE) Stock Analysis & Winston Score

First Majestic Silver is a mining company that digs silver and gold out of the ground. It operates underground and open-pit mines, selling the raw metal it produces to refiners, industrial buyers, and commodity markets. The company is one of the largest pure-play silver producers in the world, meaning silver is its main focus rather than a side product. First Majestic makes money by selling silver and gold at whatever price the market sets on any given day. Most of its mines are located in Mexico and the United States, including the high-profile Jerritt Canyon gold mine in Nevada. The company has a gross margin above 40%, which shows it can produce metal at a meaningful discount to the prices it sells for. However, because silver and gold prices swing up and down based on global economic conditions and investor sentiment, the company's profits can change dramatically from year to year — this commodity price exposure is its biggest ongoing risk.