First Majestic Silver vs. Hecla Mining: Rapid Acceleration vs. Steady Growth in Revenue
Key Points
First Majestic Silver recently surpassed Hecla Mining in quarterly revenue, showing a visibly steeper upward trajectory over the tracked periods.
Both companies have demonstrated consistent quarter-over-quarter revenue growth in recent quarters, with sequential increases accelerating noticeably in the most recent periods.
Hecla Mining, however, has a more diversified revenue base and better margins than First Majestic Silver.
Investors should watch whether the two companies maintain the upward trajectory or if the revenue gap between them begins to narrow in the coming quarters.
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First Majestic Silver: Surging Late-Year Revenue
First Majestic Silver (NYSE:AG) primarily engages in the acquisition, exploration, development, and production of mineral properties, with a focus on silver and gold output across North America.
Among recent developments, First Majestic announced plans to restart its Jerritt Canyon gold mine, targeting 2027, and reported ongoing international arbitration regarding a Mexican tax dispute, while generating a net margin of around 18% for the quarter ended Dec. 31, 2025.
Hecla Mining: A Consistent Upward Climb
Hecla Mining (NYSE:HL) discovers, develops, and produces precious and base metal properties globally, mining primarily for silver, gold, lead, and zinc concentrates.
It recently completed the sale of its Casa Berardi mine to reduce outstanding debt and reported a gross margin of around 53% for the quarter ended Dec. 31, 2025. On the flip side, Hecla is facing an environmental lawsuit regarding a Montana exploration project.
Why Revenue Matters for Retail Investors
Revenue here refers to the data provider's standardized income statement revenue line item and serves as the foundational indicator of a business's ability to generate sales from its core operations before any expenses are deducted.
Quarterly Revenue for First Majestic Silver and Hecla Mining
| Quarter (Period End) | First Majestic Silver Revenue | Hecla Mining Revenue |
|---|---|---|
| Q1 2024 (March 2024) | $106.6 million | $189.5 million |
| Q2 2024 (June 2024) | $136.7 million | $245.7 million |
| Q3 2024 (Sept. 2024) | $147.0 million | $245.1 million |
| Q4 2024 (Dec. 2024) | $173.3 million | $249.7 million |
| Q1 2025 (March 2025) | $246.0 million | $261.3 million |
| Q2 2025 (June 2025) | $264.7 million | $304.0 million |
| Q3 2025 (Sept. 2025) | $286.7 million | $409.5 million |
| Q4 2025 (Dec. 2025) | $471.1 million | $448.1 million |
Data source: Company filings.
Foolish Take
Hecla Mining and First Majestic are two top silver stocks, but their asset bases differ, which can alter the investment thesis and returns for investors.
Hecla’s revenue base is larger and a lot more diversified, making it less dependent on silver prices alone. In its last quarter, Hecla generated 60% revenue from silver and 29% from gold, with metals like zinc and lead making up the remaining. That gives Hecla significantly stronger operating margins and makes its revenue more resilient during weaker silver markets. Its Greens Creek mine is especially valuable because by-product credits keep production costs very low.
First Majestic Silver is the more direct and aggressive bet on silver, as much of its revenue is tied to silver prices. That means if silver rallies sharply, First Majestic’s revenue could grow at a much faster clip than Hecla’s. But that also means revenues are more volatile when silver prices weaken. Heavy dependence on Mexico is also an added risk.
In the long run, Hecla Mining could provide stronger returns through steadier revenue and superior margins. The proceeds from the Casa Berardi sale, combined with strong cash flows, should not only help Hecla pare debt but also ramp up spending on key mines, making it a top silver stock to buy on dips.
Data source: Company filings. Data as of April 28, 2026.
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Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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