Hecla Mining Company (HL) AI Stock Analysis

• Market Cap: $15.04B
• Dividend Yield: 0.07%
• Average Volume (3M): 22.43M
• Price to Earnings (P/E): 73.9
• Beta (1Y): 1.38
• Revenue Growth: 45.61%
• EPS Growth: N/A
• Country: US
• Employees: 1,830
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.12
• Shares Outstanding: 670,098,700
• 10 Day Avg. Volume: 18,903,706
• 30 Day Avg. Volume: 22,426,430
• PEG Ratio: -0.61
• Price to Book (P/B): 1.49
• Price to Sales (P/S): 3.28
• P/FCF Ratio: 805.38
• Enterprise Value/Market Cap: 0.55
• Enterprise Value/Revenue: 6.77
• Enterprise Value/Gross Profit: 18.73
• Enterprise Value/Ebitda: 15.70
• 1Y Price Target: $15.42
• Price Target Upside: -26.62% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $24.50 ▲(16.61% Upside)

The score is supported most by improved financial performance (growth/profitability and low leverage) and a strong, confidence-building earnings call highlighting record results and significant debt reduction. This is tempered by a stretched valuation (high P/E) and technicals that are strong but overextended (RSI > 70), plus ongoing operational/cost risks (inflation and Keno Hill timeline).

Positive Factors

Sustained revenue growth and improving margins

Consistent top-line expansion and higher net margins indicate durable operational improvement rather than a one-off bump. This supports reinvestment capacity, stronger earnings power across cycles, and a greater ability to fund sustaining capex and shareholder distributions over the medium term.

Material deleveraging and stronger liquidity

Large reduction in net leverage and repayment of revolving debt meaningfully lowers interest burden and increases financial flexibility. This durable balance sheet improvement reduces bankruptcy and refinancing risk and enables disciplined capital allocation through commodity cycles.

Consistent free cash flow across producing assets

Multiple assets generating repeat positive free cash flow demonstrates diversified, resilient cash generation. Sustained FCF across mines underpins capacity to fund projects, dividends, and further deleveraging, reducing single-asset exposure and improving long-term cash conversion stability.

Negative Factors

Negative free cash flow growth trend

A declining free cash flow growth rate signals challenges converting operating strength into incremental liquidity. Persisting FCF contraction can constrain funding for development projects, dividends, or further deleveraging, increasing reliance on external financing during downturns.

Inflationary labor and contractor cost pressures

Structural wage inflation and dependence on scarce skilled contractors can push operating costs higher over multiple quarters. Elevated labor expense pressure erodes margins, raises sustaining costs, and may force higher per-ounce costs absent productivity gains or contract repricing.

Keno Hill development delays and capex risk

Delayed commercialization and potential cost overruns at Keno Hill increase execution risk and defer incremental production and cash flow. Extended timelines and budget creep reduce near-term growth visibility and may force reallocation of capital from other priorities, impacting long-term returns.

Hecla Mining Company Business Overview & Revenue Model

Company Description

Hecla Mining Company, together with its subsidiaries, discovers, acquires, develops, and produces precious and base metal properties in the United States and internationally. The company mines for silver, gold, lead, and zinc concentrates, as well as carbon material containing silver and gold for sale to custom smelters, metal traders, and third-party processors,; and doré containing silver and gold. It owns 100% interests in the Greens Creek mine located on Admiralty Island in southeast Alaska; the Lucky Friday mine situated in northern Idaho; the Casa Berardi mine located in the Abitibi region of northwestern Quebec, Canada; and the San Sebastian mine situated in the city of Durango, Mexico. The company also holds 100% interests in the Fire Creek mine located in Lander County, Nevada; and the Hollister and Midas mines situated in Elko County, Nevada. Hecla Mining Company was incorporated in 1891 and is headquartered in Coeur d'Alene, Idaho.

How the Company Makes Money

Hecla Mining Company generates revenue primarily through the sale of precious metals, specifically silver and gold. The company mines these metals from its operating mines and sells them in the global commodities market. The revenue model is heavily influenced by the prices of silver and gold, which can be volatile and are influenced by market demand, economic conditions, and geopolitical factors. Key revenue streams include the extraction and sale of ore, as well as potential royalties from mineral rights and partnerships with other mining entities. Additionally, Hecla benefits from cost management strategies and operational efficiencies that enhance profitability. The company may also engage in strategic partnerships or joint ventures to expand its resources and production capabilities, further contributing to its earnings.

Hecla Mining Company Financial Statement Overview

Summary

Hecla Mining Company demonstrates strong revenue growth and improved profitability, supported by a solid balance sheet with low leverage. However, challenges in operational efficiency and free cash flow generation need to be addressed. Overall, the company is on a positive trajectory with opportunities for further improvement in cash flow management.

Income Statement

Hecla Mining Company shows a strong revenue growth rate of 15.51% TTM, indicating robust top-line expansion. The gross profit margin has improved to 23.09% TTM, reflecting better cost management. The net profit margin has also increased to 11.18% TTM, showcasing enhanced profitability. However, the EBIT margin slightly decreased to 12.29% TTM, suggesting some operational challenges. Overall, the income statement reflects positive growth and profitability trends, with some room for improvement in operational efficiency.

Balance Sheet

The company's debt-to-equity ratio of 0.24 TTM indicates a conservative leverage position, which is favorable for financial stability. The return on equity has improved to 7.35% TTM, demonstrating better utilization of shareholder funds. The equity ratio stands at 76.03% TTM, highlighting a strong equity base. While the balance sheet shows solid financial health, the company should continue to monitor its leverage to maintain stability.

Cash Flow

Operating cash flow to net income ratio of 1.66 TTM suggests strong cash generation relative to earnings. However, the free cash flow growth rate is negative at -10.47% TTM, indicating challenges in generating free cash flow. The free cash flow to net income ratio of 0.64 TTM shows a moderate conversion of earnings to cash. While the cash flow statement reflects good cash generation, the decline in free cash flow growth is a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.22B	929.92M	720.23M	718.90M	807.47M	691.87M
Gross Profit	442.33M	198.21M	112.95M	116.16M	217.80M	161.10M
EBITDA	527.63M	313.36M	124.00M	143.03M	220.12M	203.32M
Net Income	308.98M	35.80M	-84.22M	-37.35M	35.09M	-9.46M
Balance Sheet
Total Assets	3.22B	2.98B	3.01B	2.93B	2.73B	2.70B
Cash, Cash Equivalents and Short-Term Investments	133.91M	26.87M	106.37M	104.74M	210.01M	129.83M
Total Debt	289.68M	550.71M	662.82M	527.23M	539.21M	533.65M
Total Liabilities	772.20M	941.55M	1.04B	948.21M	968.02M	986.42M
Stockholders Equity	2.45B	2.04B	1.97B	1.98B	1.76B	1.71B
Cash Flow
Free Cash Flow	240.27M	3.79M	-148.39M	-59.49M	111.29M	89.78M
Operating Cash Flow	413.05M	218.28M	75.50M	89.89M	220.34M	180.79M
Investing Cash Flow	-226.20M	-212.87M	-231.29M	-187.27M	-107.03M	-92.90M
Financing Cash Flow	-74.69M	-83.82M	156.33M	-7.50M	-32.60M	-19.38M

Hecla Mining Company Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 21.01
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HL, the sentiment is Positive. The current price of 21.01 is above the 20-day moving average (MA) of 20.18, above the 50-day MA of 17.09, and above the 200-day MA of 10.00, indicating a bullish trend. The MACD of 1.50 indicates Negative momentum. The RSI at 73.11 is Negative, neither overbought nor oversold. The STOCH value of 86.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HL.

Hecla Mining Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DRD	79 Outperform	$2.74B	22.18	28.10%	1.02%	30.05%	73.40%
HMY	77 Outperform	$13.07B	16.24	32.05%	0.87%	29.08%	72.12%
CMCL	77 Outperform	$563.31M	11.15	20.25%	2.06%	38.04%	424.35%
HL	70 Outperform	$15.04B	73.95	8.88%	0.07%	45.61%	―
CDE	68 Neutral	$13.10B	31.68	19.57%	―	72.94%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SBSW	58 Neutral	$11.28B	-61.68	-8.31%	―	6.27%	93.14%

Hecla Mining Company Corporate Events

Hecla Mining announces leadership transition and severance agreement

Effective December 31, 2025, Michael L. Clary ceased serving as Senior Vice President and Chief Administrative Officer of Hecla Mining Company, and his employment will formally terminate on January 1, 2026, after which he will continue with the company as a consultant. Under a separation agreement tied to a previously disclosed change-in-control and severance arrangement, Clary will receive supplemental severance in two annual installments totaling $834,072.86 in exchange for a release of claims and customary non-disparagement and confidentiality covenants, marking an orderly leadership transition within the company’s administrative ranks.

The most recent analyst rating on (HL) stock is a Sell with a $12.00 price target. To see the full list of analyst forecasts on Hecla Mining Company stock, see the HL Stock Forecast page.

Hecla Mining Announces Dividend Amid Strong Q3 Results

On November 5, 2025, Hecla Mining Company announced a dividend for its common and preferred stock, reflecting its strong financial performance in the third quarter of 2025. The company reported record quarterly revenue of $409.5 million, a 35% increase over the previous quarter, and achieved significant profitability with a net income of $100.6 million. Hecla also highlighted its operational achievements, including increased silver and gold production, and substantial deleveraging, which has strengthened its financial position and operational flexibility.

The most recent analyst rating on (HL) stock is a Buy with a $8.50 price target. To see the full list of analyst forecasts on Hecla Mining Company stock, see the HL Stock Forecast page.