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Hecla Mining Company (HL) USD

At a glance: strengths & risks
✓Revenue growing (+53%)✓Profit growing (+799%)✓Margins improving (32%→48%)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 12.9 vs avg 19.0)

Sector: Gold mining

Geography: United States, Canada

COMM_HL

Price chart

18.37 USDDay 3.61%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
18.37 USD · 3.61%
Market cap
12.3 bn USD

Growth

Δ revenue y/y
9.8%
Δ EBITDA y/y
42.0%

Multiples

P/E (LTM)
36.9x
3y avg: 74.0x
P/B (FY)
4.8x
P/E (ann.)
26.1x
EV/EBITDA (LTM)
12.9x
3y avg: 19.0x
EV/EBITDA (ann.)
14.9x

Cash return

Dividend yield
0.1%
FCF yield (LTM)
4.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-41.5%
↓ details

Liquidity

Daily turnover (listing)
713.3 mln USD

Shares: yahoo_fundamentals_timeseries/HL

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK333.9
y/y 9.8%
145.7
y/y 55.4%
53.5
y/y 15.1%
199.2
y/y 42.0%
117.9
y/y 104.3%
174.9-39.13185.3
y/y -3.7%
2677.8
y/y 15.9%
18.0%-470.7Link
2026-03-31Q1 2026 (3M)PARTIAL411.4
y/y 100.4%
223.1
y/y 370.6%
34.5
y/y 12.6%
257.6
y/y 230.2%
-19.0
y/y -165.9%
194.2-39.33376.3
y/y 11.7%
2570.8
y/y 24.0%
-2.9%-344.5Link
2025-12-31Q4 2025 (3M)OK504.1
y/y 101.9%
225.0
y/y 489.9%
39.1
y/y -5.1%
264.1
y/y 232.9%
134.4
y/y 1027.2%
217.1-82.33560.6
y/y 19.4%
2591.6
y/y 27.1%
12.8%-9.4Link
2025-09-30Q3 2025 (3M)OK409.5
y/y 67.1%
148.6
y/y 561.4%
49.4
y/y 11.9%
198.0
y/y 197.4%
100.7
y/y 5619.8%
148.0-57.93221.8
y/y 9.0%
2449.6
y/y 20.2%
5.6%135.9Link
2025-06-30Q2 2025 (3M)OK304.0
y/y 23.8%
93.8
y/y 130.9%
46.5
y/y -13.8%
140.2
y/y 48.4%
57.7
y/y 107.1%
161.8-74.33309.4
y/y 12.6%
2310.0
y/y 16.7%
10.5%260.4Link
2025-03-31Q1 2025 (3M)OK205.3
y/y 8.3%
47.4
y/y 836.1%
30.6
y/y -40.3%
78.0
y/y 38.6%
28.9
y/y —
35.7-37.83023.6
y/y 1.0%
2074.0
y/y 5.9%
5.6%537.1Link
2024-12-31Q4 2024 (3M)OK249.7
y/y 55.4%
38.1
y/y 190.0%
41.2
y/y -20.7%
79.3
y/y 729.1%
11.9
y/y 127.8%
67.5-60.82981.1
y/y -1.0%
2039.5
y/y 3.6%
1.8%545.6Link
2024-09-30Q3 2024 (3M)OK245.1
y/y 34.7%
22.5
y/y —
44.1
y/y 18.9%
66.6
y/y 172.3%
1.8
y/y —
55.0-55.72955.7
y/y -0.2%
2038.3
y/y 3.1%
0.1%510.2Link
2024-06-30Q2 2024 (3M)OK245.7
y/y 37.9%
40.6
y/y 743.9%
53.9
y/y 55.3%
94.5
y/y 139.1%
27.9
y/y —
78.7-50.42939.8
y/y -0.2%
1980.1
y/y -0.6%
5.7%558.0Link
2024-03-31Q1 2024 (3M)OK189.5
y/y -5.0%
5.1
y/y -8.8%
51.2
y/y 28.4%
56.3
y/y 23.9%
-5.8
y/y —
17.1-47.62994.3
y/y 2.3%
1958.6
y/y -1.7%
-1.2%582.3Link
2023-12-31Q4 2023 (3M)OK160.7
y/y —
-42.4
y/y —
52.0
y/y —
9.6
y/y —
-42.9
y/y —
0.9-62.63011.1
y/y —
1968.1
y/y —
-4.3%582.1Link
2023-09-30Q3 2023 (3M)OK181.9
y/y —
-12.6
y/y —
37.1
y/y —
24.5
y/y —
-22.4
y/y —
10.2-55.42961.2
y/y —
1977.8
y/y —
-1.5%504.3Link
2023-06-30Q2 2023 (3M)OK178.1
y/y —
4.8
y/y —
34.7
y/y —
39.5
y/y —
-15.7
y/y —
23.8-51.52945.5
y/y —
1992.8
y/y —
-3.2%453.0Link
2023-03-31Q1 2023 (3M)OK199.5
y/y —
5.6
y/y —
39.9
y/y —
45.4
y/y —
-3.2
y/y —
40.6-54.42925.6
y/y —
1992.2
y/y —
—421.0Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Long-term debt (incl. LT leases)263
− Cash & equivalents588
Net debt-325

Net debt / LTM EBITDA: -0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-10001002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-500-25002505002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 6.10x of reported net profit; after capex, 0.96x. Loss years (2022, 2023) are left out of the ratio.
year20212022202320242025
cash flow / profit6.28x——6.10x1.75x
accruals, % of assets-6.8%-4.3%-5.3%-6.1%-6.8%
Last twelve months (to 2025-Q3): 2.20x of profit came back as operating cash flow.
net debt / EBITDA -0.0x · EBIT covers interest 12.4x · capex 1.1x of depreciation · dividends 39% of free cash flow · share count +4.9% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold

Proved reserves
7.35 mln gold ounces eq.
2025
Reserve life (R/P)
13.5 yrs
reserves ÷ annual output
Annual production
0.54 mln gold ounces eq.
2025

Production, mln gold ounces eq.

0.5420210.5520220.5220230.5620240.542025

Proved reserves

YearReserves, mln gold ounces eq.
20257.35
20237.49
20227.91
20217.41

Production

YearProduction, mln gold ounces eq.per day, mln gold ounces eq.
20260.09 * (3M)
−35.1%		0.00
20250.54
−3.4%		0.00
20240.56
+7.6%		0.00
20230.52
−4.9%		0.00
20220.55
+1.1%		0.00
20210.540.00
20200.13 * (3M)0.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Silver

Current 65spot vs LTM +3%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -41.5% ▲ +0.0 pp 1d

Main driver: Silver +4% vs LTM; revenue ×1.05 vs costs ×1.04; EBITDA 919→740; at 12.0× EV/EBITDA → -41%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Silver (rev)+45%64.6662.3042.37+4%-32%
Gold (rev)+30%4 375.604 242.243 238.53+3%-24%
Copper (rev)+10%14 686.7312 225.5910 873.44+20%-11%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 659
LTM EBITDA919
LTM cash costs (revenue − EBITDA)740
2 · Revenue projection
Revenue multiplier — spot×1.047 (+5%)
= Spot revenue1 736
Revenue multiplier — 3y price×0.774 (-23%)
= 3-year-price revenue1 284
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs770
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs770
4 · EBITDA projection (revenue − costs)
= Spot EBITDA967
= 3-year-price EBITDA514
Conservative EBITDA = min(spot, avg)740
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA8 885
Net debt-461
Target market cap = EV − net debt9 346
Current market cap12 313

Upside = target market cap ÷ current − 1 = -41.5%

Life of mine: 13 yrs — before haircut -24.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q3182189-4.0%2436-32.9%
2023 Q4161193-16.6%1035-72.6%
2024 Q1190184+3.1%5630+89.3%
2024 Q2246207+18.6%9558+61.8%
2024 Q3245224+9.4%6772-7.6%
2024 Q4250243+2.9%7985-6.9%
2025 Q1205263-21.8%78100-22.2%
2025 Q2304268+13.3%140108+30.4%
2025 Q3410299+37.2%198135+47.2%
2025 Q4504406+24.2%264233+13.2%
2026 Q1411574-28.4%258384-32.9%
2026 Q2334507-34.1%199310-35.7%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +53% vs +29% the year before — a +23.9 pp move. 3-year CAGR +26%.
revenue growth by year: 2023 +0% · 2024 +29% · 2025 +53%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.2x · target 75th pct (3y) 16.7x · LTM avg 21.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-220.004 USDEx-dividend: 0.004 USD per sharePaidYahoo Finance (ex-div)
2026-03-090.004 USDEx-dividend: 0.004 USD per sharePaidYahoo Finance (ex-div)
2025-11-240.004 USDEx-dividend: 0.004 USD per sharePaidYahoo Finance (ex-div)
2025-08-220.004 USDEx-dividend: 0.004 USD per sharePaidYahoo Finance (ex-div)
2025-05-230.004 USDEx-dividend: 0.004 USD per sharePaidYahoo Finance (ex-div)
2025-03-100.004 USDEx-dividend: 0.004 USD per sharePaidYahoo Finance (ex-div)
2024-11-210.014 USDEx-dividend: 0.014 USD per sharePaidYahoo Finance (ex-div)
2024-08-260.014 USDEx-dividend: 0.014 USD per sharePaidYahoo Finance (ex-div)
2024-05-230.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2024-03-110.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2023-11-220.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2023-08-230.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2023-06-140.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2023-05-190.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2023-03-080.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2022-11-230.004 USDEx-dividend: 0.004 USD per sharePaidYahoo Finance (ex-div)
2022-08-180.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2022-05-240.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2022-03-080.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2021-11-180.006 USDEx-dividend: 0.006 USD per sharePaidYahoo Finance (ex-div)
2021-08-200.011 USDEx-dividend: 0.011 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Hecla Mining Company (HL) — from primary filings.

Hecla Mining Company explores for, mines, and processes precious and base metals, primarily silver, gold, lead, and zinc, which it sells to smelters, metal traders, and processors.

Frequently asked questions

What is Hecla Mining Company (HL)'s P/E ratio?
Hecla Mining Company (HL) trades at a P/E of 36.9x (price to trailing 12-month earnings).
What is Hecla Mining Company (HL)'s EV/EBITDA?
Hecla Mining Company (HL) trades at 12.9x EV/EBITDA.
What is Hecla Mining Company (HL)'s P/B ratio?
Hecla Mining Company (HL) trades at a P/B of 4.8x.
What is Hecla Mining Company (HL)'s dividend yield?
Hecla Mining Company (HL)'s trailing 12-month dividend yield is 0.1%.
What is Hecla Mining Company (HL)'s return on equity (ROE)?
Hecla Mining Company (HL)'s ROE is 18.0%.
What is Hecla Mining Company (HL)'s market capitalization?
Hecla Mining Company (HL)'s market cap is 12.3 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map