Hecla Mining Company (HL)
NYSE:HL
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Hecla Mining Company
(NYSE:HL)
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Rating:69Neutral
Price Target:
$21.50
▲(11.57% Upside)
Action:ReiteratedDate:03/26/26
Score is driven primarily by strong financial performance (improved margins, free cash flow, and deleveraging) and a constructive earnings outlook highlighting operational momentum. These positives are tempered by weak current technicals (downtrend and negative MACD) and a relatively high P/E despite an attractive dividend yield.
Positive Factors
Deleveraged balance sheet
Hecla’s material reduction in debt and sizable equity/base assets meaningfully improves financial flexibility and lowers recurring interest costs. A stronger balance sheet supports capital allocation to organic growth, exploration and dividends, and reduces refinancing risk across commodity cycles.
Negative Factors
Near-term silver production step-down
A decline in guided production reduces near-term revenue and cash flow available for reinvestment, potentially delaying medium-term growth targets. Persistent production dips can pressure per‑ounce economics and require careful capital prioritization to avoid eroding momentum from 2025 gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraged balance sheet
Hecla’s material reduction in debt and sizable equity/base assets meaningfully improves financial flexibility and lowers recurring interest costs. A stronger balance sheet supports capital allocation to organic growth, exploration and dividends, and reduces refinancing risk across commodity cycles.
Read all positive factors
Hecla Mining Company (HL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.05B
Dividend Yield0.07%
Average Volume (3M)17.10M
Price to Earnings (P/E)38.9
Beta (1Y)1.58
Revenue Growth45.61%
EPS GrowthN/A
CountryUS
Employees1,830
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.21
Shares Outstanding670,349,800
10 Day Avg. Volume12,211,127
30 Day Avg. Volume17,104,088
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)4.83
Price to Sales (P/S)8.79
P/FCF Ratio40.33
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue9.12
Enterprise Value/Gross Profit21.28
Enterprise Value/Ebitda18.11
Forecast
1Y Price Target
$24.75Price Target Upside28.44% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)1.02
Revenue Forecast (FY)$1.63B
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...
How the Company Makes Money
Hecla makes money primarily by selling metals produced from its mining operations. The main revenue stream is sales of silver and gold, supplemented by sales of base metals (notably zinc and lead) that are produced alongside precious metals in pol...
Hecla Mining Company Key Performance Indicators (KPIs)
Hecla Mining Company Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call emphasized a strong transformational year with multiple financial and operational records, decisive balance sheet deleveraging, robust free cash flow, and several operational milestones (record production at Lucky Friday and Keno Hill, low-cost Greens Creek). Management articulated a clear silver-focused strategy and a pipeline of organic growth projects (Keno Hill ramp, Midas, Aurora) supported by substantial exploration investment. Near-term challenges include a modest step-down in 2026 silver production vs 2025, transitional accounting and potential loss on the Casa Berardi sale, weather-related Q1 impacts, and remaining uncertainties around Midas development and the need to replenish silver assets. Overall, the positive financial transformation, strong margins, and operational momentum materially outweigh the manageable near-term and strategic challenges.Positive Updates
Record Financial Performance
2025 record revenue of $1.4 billion; net income applicable to shareholders of $321 million ($0.49 per share); record adjusted EBITDA of $670 million.
Negative Updates
2026 Silver Production Guidance Lower Than 2025
2026 silver guidance of 15.1M–16.5M ounces is below 2025 production of 17M ounces, indicating near-term production step-down before medium-term growth initiatives.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Performance
2025 record revenue of $1.4 billion; net income applicable to shareholders of $321 million ($0.49 per share); record adjusted EBITDA of $670 million.
Read all positive updates
Company Guidance
Hecla guided 2026 consolidated silver production of 15.1–16.5 million ounces (with a medium‑term pathway to ~20 million ounces) and provided mine‑level guidance: Greens Creek 7.5–8.1Moz silver and 51–55koz gold with AISC near $0/oz (after by‑product credits); Lucky Friday 4.7–5.2Moz silver with AISC $23.50–$26/oz and a surface cooling project 79% complete on track for mid‑2026; Keno Hill 2.9–3.2Moz silver with $61–66M of capital spend (ramping to 440 tpd nameplate) and a $13M Keno exploration budget; company exploration spend of $45–55M (Nevada‑weighted); management expects to be debt‑free in 2026 (year‑end 2025 total debt $276M; gross debt/adjusted EBITDA 0.4x) and modeled cash flows of roughly $600M at $75 Ag/$4,500 Au rising to ~$850M at $100 Ag/$5,500 Au, and notes that post‑Casa Berardi the company’s silver revenue exposure would be about 73%.Hecla Mining Company Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
82
Very Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.42B | 929.92M | 720.23M | 718.90M | 807.47M |
| Gross Profit | 585.14M | 198.21M | 112.95M | 116.16M | 217.80M |
| EBITDA | 706.50M | 313.36M | 124.00M | 143.03M | 220.12M |
| Net Income | 321.71M | 35.80M | -84.22M | -37.35M | 35.09M |
Balance Sheet | |||||
| Total Assets | 3.78B | 2.98B | 3.01B | 2.93B | 2.73B |
| Cash, Cash Equivalents and Short-Term Investments | 301.20M | 26.87M | 106.37M | 104.74M | 210.01M |
| Total Debt | 298.61M | 550.71M | 662.82M | 527.23M | 539.21M |
| Total Liabilities | 1.19B | 941.55M | 1.04B | 948.21M | 968.02M |
| Stockholders Equity | 2.59B | 2.04B | 1.97B | 1.98B | 1.76B |
Cash Flow | |||||
| Free Cash Flow | 310.25M | 3.79M | -148.39M | -59.49M | 111.29M |
| Operating Cash Flow | 562.64M | 218.28M | 75.50M | 89.89M | 220.34M |
| Investing Cash Flow | -270.50M | -212.87M | -231.29M | -187.27M | -107.03M |
| Financing Cash Flow | -78.00M | -83.82M | 156.33M | -7.50M | -32.60M |
Hecla Mining Company Technical Analysis
Positive
19.27
Price Trends
21.04
Negative
20.62
Negative
15.11
Positive
Market Momentum
-0.49
Negative
49.02
Neutral
61.23
Neutral
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 19.27 is above the 20-day moving average (MA) of 18.63, below the 50-day MA of 21.04, and above the 200-day MA of 15.11, indicating a neutral trend. The MACD of -0.49 indicates Negative momentum. The RSI at 49.02 is Neutral, neither overbought nor oversold. The STOCH value of 61.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HL.
Hecla Mining Company Risk Analysis
Hecla Mining Company disclosed 54 risk factors in its most recent earnings report. Hecla Mining Company reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Hecla Mining Company Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.73B | 0.61 | 32.58% | 1.02% | 30.05% | 73.40% | |
73 Outperform | $10.49B | 5.53 | 32.51% | 0.87% | 29.08% | 72.12% | |
70 Outperform | $20.94B | 19.33 | 19.56% | ― | 72.94% | ― | |
69 Neutral | $13.05B | 38.89 | 13.65% | 0.07% | 45.61% | ― | |
69 Neutral | $489.95M | 9.25 | 22.79% | 2.06% | 38.04% | 424.35% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | $9.17B | -27.73 | -12.94% | ― | 6.27% | 93.14% |
* Basic Materials Sector Average
HL
Hecla Mining Company
19.27
13.42
229.40%
CDE
Coeur Mining
20.31
14.24
234.60%
DRD
Drdgold
31.69
15.77
99.11%
HMY
Harmony Gold Mining
16.55
-0.46
-2.72%
SBSW
Sibanye Stillwater
13.06
8.73
201.69%
CMCL
Caledonia Mining
25.38
12.73
100.66%
Hecla Mining Company Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Hecla Mining Sells Casa Berardi, Refocuses on Silver Growth
Positive
Mar 25, 2026
On March 25, 2026, Hecla Mining Company completed the sale of its subsidiary that owns the Casa Berardi gold mine in Quebec to an affiliate of Orezone Gold Corporation, receiving $160 million in cash and about 65.8 million Orezone shares, with pot...
Executive/Board Changes
Hecla Mining Announces Board Retirement and Audit Chair Transition
Neutral
Feb 20, 2026
On February 19, 2026, Hecla Mining Company announced the retirement of Stephen F. Ralbovsky from its Board of Directors, where he had served since 2016 and most recently chaired the Audit Committee and sat on the Health, Safety, Environmental and ...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Hecla Mining Declares Dividends Following Record 2025 Performance
Positive
Feb 17, 2026
Hecla Mining Company reported that 2025 was a record year, with revenue surpassing $1.4 billion, a 53% increase over 2024, and net income applicable to common shareholders rising to $321 million, or $0.49 per share. The company generated $563 mill...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Hecla Highlights Strong 2025 Reserves, Boosts 2026 Exploration
Positive
Feb 13, 2026
On February 13, 2026, Hecla Mining Company reported its year-end 2025 mineral reserves and resources and detailed exploration results, highlighting its continued strength in silver with 231 million ounces of reserves after producing 17 million oun...
Business Operations and StrategyM&A Transactions
Hecla Mining to Divest Casa Berardi, Refocus on Silver
Positive
Jan 28, 2026
On January 26, 2026, Hecla Mining Company announced it had entered into a definitive agreement to sell its wholly owned subsidiary Hecla Quebec Inc., owner of the Casa Berardi operation and a portfolio of exploration properties in Quebec, to Orezo...
Business Operations and StrategyFinancial Disclosures
Hecla Mining Unveils Strong 2025 Output, 2026 Outlook
Positive
Jan 26, 2026
On January 26, 2026, Hecla Mining Company reported preliminary full-year 2025 production results showing silver output of 17.0 million ounces, more than 5% above 2024 levels and at the top end of guidance, and gold production of 150,509 ounces, sl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.