Coeur Mining or First Majestic: Which Miner Offers Better Value?

Coeur Mining, Inc. CDE and First Majestic Silver Corp. AG are prominent precious metals mining companies that benefit from a strong upcycle in gold and silver markets. Both are well-positioned to capitalize on the ongoing strength in these markets.  Coeur Mining is a North America-focused producer of silver and gold, with key assets in the United States and Canada, and recently delivered improved margins and cash flow on the back of higher metal prices, operational optimization and portfolio expansion initiatives. First Majestic, headquartered in Canada with core operations in Mexico and the United States, is primarily leveraged to silver, with growing gold exposure, and has reported solid production growth, improved operating stability and enhanced shareholder returns as prices strengthened.  Both companies are riding favorable industry trends, including rising precious-metal prices driven by inflation hedging, central-bank buying and geopolitical uncertainty, alongside increased sector consolidation and renewed investor interest in mining equities. The Case for CDECoeur has delivered a strong operational performance driven by strategic expansion, robust production growth and disciplined cost management, positioning it as a leading North American precious metals producer. Coeur reported record production and financial results, including $555 million in revenue and 111,364 ounces of gold plus 4.8 million ounces of silver in the third quarter of 2025, with realized metal prices rising 15% for silver and 4% for gold, contributing to significant margin expansion and strong free cash flow generation. A key driver of Coeur’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 1.6 million ounces of silver and 16.5 thousand ounces of gold in the third quarter of 2025. Coeur’s flagship assets, like Rochester in Nevada, produced roughly 1.6 million ounces of silver and 14.8 thousand ounces of gold in the quarter. Palmarejo in Mexico, which added 1.5 million ounces of silver and 24.8 thousand ounces of gold, is expected to help deliver a total 2025 production of 392,500–438,000 ounces of gold and 17.1–19.2 million ounces of silver.  At the end of September 2025, CDE’s cash and cash equivalents were around $266 million, higher than $77 million a year ago. The debt to capital was 10.5%. Free cash flow in the third quarter was about $189 million. The Case for AGFirst Majestic delivered a standout third-quarter 2025 operational performance, driven by strong production growth, strategic asset integration and favorable pricing. In the third quarter, the company produced a record 3.9 million ounces of silver, marking a 96% year-over-year increase, and total silver-equivalent (AgEq) output reached 7.7 million ounces, up 39% from the year-ago level, including 35,681 ounces of gold. The cornerstone for this growth is the Los Gatos Silver Mine, in which First Majestic holds a 70% interest following its acquisition earlier in 2025, which contributed 2.13 million silver-equivalent (AgEq) ounces during the quarter, including 1.41 million ounces of silver, 13.9 million pounds of zinc and 7.65 million pounds of lead. At San Dimas, continued development and throughput optimization helped produce around 2.69 million AgEq ounces, including 1.47 million ounces of silver and 13,945 ounces of gold, a 27% increase year over year, driven by higher grades and processing rates. Santa Elena and La Encantada also contributed 2.26 million AgEq ounces and 0.58 million AgEq ounces, respectively, supporting overall production growth. Across the company’s properties, First Majestic completed 79,481 m of drilling in the third quarter, deploying up to 30 rigs to advance exploration and resource conversion efforts. This project activity underpinned a record 7.7 million AgEq ounces produced in the third quarter of 2025, with silver output alone at 3.9 million ounces. At the end of September 2025, CDE’s cash and cash equivalents were around $575 million, up from $219 million a year ago. The debt to capital was 6.9%. Free cash flow in the third quarter was about $55 million. CDE and AG: Price Performance & ValuationCDE stock is up 104.2% in the past six months, and AG is up 99.8%. Image Source: Zacks Investment ResearchCDE is currently trading at a forward 12-month sales multiple of 4.38X, whereas AG is trading at a forward 12-month sales multiple of 7.68X. Image Source: Zacks Investment ResearchHow the Zacks Consensus Estimate Compares for CDE & AGThe Zacks Consensus Estimate for CDE’s fiscal 2025 sales implies year-over-year growth of 96%. The same for EPS suggests a 322.22% year-over-year rise.Image Source: Zacks Investment ResearchEPS estimates for fiscal 2025 have been trending lower over the past 60 days. Image Source: Zacks Investment ResearchThe consensus estimate for AG’s fiscal 2026 sales and EPS implies a year-over-year rise of 87% and 279%, respectively.Image Source: Zacks Investment ResearchEPS estimates for 2025 have been trending northward over the past 60 days. Image Source: Zacks Investment ResearchCDE or AG: Which Stock Holds the Edge?While both First Majestic and Coeur Mining benefited from favorable precious-metals markets in the third quarter, CDE emerges as the stronger overall pick. Coeur’s advantage lies in its more balanced gold-and-silver portfolio, smoother operational execution and stronger earnings visibility. The company’s disciplined cost management, successful integration of high-quality assets and improved balance-sheet profile, along with better price performance and cheaper valuation, further enhance its investment appeal. Taken together, these qualitative factors position CDE as the stock with the edge, offering a more compelling and resilient growth. CDE carries a Zacks Rank of #1 (Strong Buy), whereas AG has a Zacks Rank of #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.#1 Semiconductor Stock to Buy (Not NVDA)The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Coeur Mining, Inc. (CDE): Free Stock Analysis Report First Majestic Silver Corp. (AG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks