Hecla Mining Company (HL) AI Stock Analysis

• Market Cap: $15.09B
• Dividend Yield: 0.07%
• Average Volume (3M): 24.83M
• Price to Earnings (P/E): 74.2
• Beta (1Y): 1.35
• 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: 35,764,930
• 30 Day Avg. Volume: 24,829,316
• 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: 1.01
• Enterprise Value/Revenue: 12.45
• Enterprise Value/Gross Profit: 34.47
• Enterprise Value/Ebitda: 28.90
• 1Y Price Target: $23.93
• Price Target Upside: 11.04% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 75 Outperform
• Price Target: $25.00 ▲(16.01% Upside)

Score is driven primarily by strong technical momentum and solid financial performance (growth, profitability, and low leverage). The earnings call reinforced improving balance sheet strength and cash generation, while valuation (very high P/E) is the main constraint despite a strong dividend yield.

Positive Factors

Record financial performance and revenue growth

Hecla's record quarterly revenue and net income reflect a resilient operating model converting production into sustained profits. Durable revenue growth gives management flexibility to fund exploration, capex and shareholder returns while absorbing commodity cycle volatility over the medium term.

Major deleveraging and conservative balance sheet

An 83% reduction in net leverage materially lowers interest expense and increases financial flexibility. This stronger balance sheet supports sustained capital allocation to projects, dividends and exploration while reducing bankruptcy and refinancing risk during commodity downturns.

Asset-level free cash flow generation and low unit costs

Consistent positive free cash flow across core mines and low reported cash costs indicate durable cash generation. Asset-level FCF funds reinvestment and shareholder returns, and the strong performance at Greens Creek enhances portfolio resilience and long-term funding of growth initiatives.

Negative Factors

Negative free cash flow growth trend

A declining free cash flow growth rate signals pressure converting operating cash into excess capital after sustaining investments. Over several quarters this can constrain discretionary budgets for exploration, dividends or buybacks and increase dependence on external financing for expansion.

Keno Hill delay and capex overrun risk

Extended ramp to commercial production and higher-than-planned underground development increase execution risk and push out project returns. Persistent capex creep can erode expected ROI, strain near-term cash flow and complicate capital allocation for other long‑lead investments.

Higher capex and slightly lower 2026 production outlook

Near‑term guidance showing modestly lower production alongside materially higher capital spending implies grade or project-driven replacement needs. Sustained elevated capex reduces free cash flow potential and raises execution and price risk if metal assumptions soften over the medium term.

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

Solid fundamentals: strong revenue growth (15.51% TTM) and improved margins (gross 23.09%, net 11.18%), supported by conservative leverage (debt-to-equity 0.24; equity ratio 76.03%). Main offset is weaker cash conversion trends, with negative free cash flow growth (-10.47% TTM).

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: Neutral
• Last Price: 21.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HL, the sentiment is Neutral. The current price of 21.55 is below the 20-day moving average (MA) of 25.36, above the 50-day MA of 20.75, and above the 200-day MA of 11.50, indicating a neutral trend. The MACD of 1.43 indicates Positive momentum. The RSI at 41.95 is Neutral, neither overbought nor oversold. The STOCH value of 10.10 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HL.

Hecla Mining Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HMY	78 Outperform	$14.29B	16.75	32.05%	0.87%	29.08%	72.12%
CMCL	77 Outperform	$529.72M	10.49	20.25%	2.06%	38.04%	424.35%
HL	75 Outperform	$15.09B	74.18	8.88%	0.07%	45.61%	―
DRD	73 Outperform	$2.83B	22.23	28.10%	1.02%	30.05%	73.40%
CDE	67 Neutral	$13.12B	29.97	19.57%	―	72.94%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SBSW	57 Neutral	$12.91B	―	-8.31%	―	6.27%	93.14%

Hecla Mining Company Corporate Events

Hecla Mining to Divest Casa Berardi, Refocus on Silver

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 Orezone Gold Corporation for total consideration of up to $593 million, with closing targeted for the first quarter of 2026. The deal structure combines $160 million in cash at closing, approximately 65.7 million Orezone shares currently valued at about $112 million, $80 million in deferred cash payments over 30 months, and up to $241 million in contingent payments tied to production, permitting milestones and future gold prices; management framed the sale as a disciplined portfolio reshaping that will allow Hecla to sharpen its focus on its core silver assets such as Keno Hill and Greens Creek, reduce debt, and reinforce its balance sheet, thereby reinforcing its positioning as a leading silver producer and potentially delivering enhanced value to shareholders while transferring Casa Berardi’s future upside to Orezone.

The most recent analyst rating on (HL) stock is a Hold with a $25.00 price target. To see the full list of analyst forecasts on Hecla Mining Company stock, see the HL Stock Forecast page.

Hecla Mining Unveils Strong 2025 Output, 2026 Outlook

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, slightly exceeding the high end of its gold guidance range. All primary silver operations met or beat guidance, with Lucky Friday delivering a record 5.3 million ounces of silver on higher throughput and grades, Greens Creek posting higher silver and gold volumes on improved grades, Keno Hill increasing silver production on stronger grades, and Casa Berardi lifting gold production by 5% on better recoveries. For 2026, Hecla guided to somewhat lower consolidated silver production of 15.1–16.5 million ounces and gold production of 134,000–146,000 ounces due mainly to anticipated lower grades at Greens Creek and Casa Berardi, but signaled an aggressive growth posture with a record $55 million earmarked for exploration and pre-development—nearly double 2025 levels—and total capital spending of $255–$279 million. The company expects to maintain strong silver margins with consolidated silver total cost of sales forecast at $471 million and modestly higher unit cash costs and AISC, supported by high assumed metal prices, underscoring management’s confidence in continued cash generation and long-term shareholder value despite slightly lower production guidance.

The most recent analyst rating on (HL) stock is a Hold with a $35.00 price target. To see the full list of analyst forecasts on Hecla Mining Company stock, see the HL Stock Forecast page.

Hecla Mining announces 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.