We predict that a dc voltage V appears across a magnetic multilayer undergoing ferromagnetic resonance. The voltage exists along a direction perpendicular to the layer plane. This is the magnetic analog of a photovoltaic cell. We calculate the rate of spin flip of conduction-electron spins, induced by the precession of the magnetization. Also, we solve the Valet-Fert spin-diffusion equation in the various layers. The dc voltage V is obtained by combining these two equations. For sufficiently large precession amplitude, V converges toward a fixed value of order ≃ħω/e≃10μV, where ω is the angular frequency of precession and e the electron charge.
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