A Lagrangian formalism is used to find steady-state solution of the Landau–Lifshitz–Gilbert–Slonczewski equation corresponding to the linear autonomous dynamics of a magnetic auto-oscillatory system subject to the action of a spin-polarized electric current. In such a system, two concurrent dissipative mechanisms, arising from the positive intrinsic dissipation and the negative current-induced one, take place simultaneously and make the excitation of a steady precessional motion of the magnetization vector conceivable. The proposed formulation leads to the definition of a complex generalized non-Hermitian Eigenvalue problem, both in the case of a macrospin model and in the more general case of an ensemble of magnetic particles interacting each other through magnetostatic and exchange interactions. This method allows to identify the spin-wave normal modes which become unstable in the presence of the two competing dissipative contributions and provides an accurate estimation of the value of the excitation threshold current.