Hecla Mining Company (HL) AI Stock Analysis

• Market Cap: $15.85B
• Dividend Yield: 0.07%
• Average Volume (3M): 27.36M
• Price to Earnings (P/E): 49.0
• Beta (1Y): 1.40
• Revenue Growth: 45.61%
• EPS Growth: N/A
• Country: US
• Employees: 1,830
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.21
• Shares Outstanding: 670,349,800
• 10 Day Avg. Volume: 20,961,982
• 30 Day Avg. Volume: 27,364,878
• PEG Ratio: 0.05
• Price to Book (P/B): 4.83
• Price to Sales (P/S): 8.79
• P/FCF Ratio: 40.33
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 11.17
• Enterprise Value/Gross Profit: 26.08
• Enterprise Value/Ebitda: 22.19
• 1Y Price Target: $24.25
• Price Target Upside: 2.58% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: $23.00 ▼(-2.71% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by a materially improved financial profile (strong 2025 margins and cash generation alongside significant deleveraging) and a constructive earnings-call outlook despite near-term production step-down. These positives are partially offset by weak technical momentum and a high P/E multiple, with the dividend yield providing some valuation support.

Positive Factors

Deleveraging and cash generation

Hecla's 2025 cash generation and rapid deleveraging materially lower financial risk and increase optionality. Strong operating and free cash flow plus a much-improved balance sheet support funding for exploration, dividends, project development and provide resilience across commodity cycles.

Low‑cost flagship (Greens Creek)

Greens Creek's ultra-low AISC and high output form a durable competitive advantage, producing strong margin and cash conversion even at lower metal prices. Its cash generation supports corporate reinvestment and cushions consolidated margins, improving through-cycle earnings stability.

Exploration pipeline and Keno Hill turnaround

A materially higher exploration budget and recent reserve additions plus Keno Hill's first full-year profitability strengthen Hecla's organic reserve replacement and medium-term growth runway. This reduces reliance on acquisitions and supports sustainable production growth if drilling execution holds.

Negative Factors

Near‑term production step‑down

Guided silver output below prior-year levels implies a near-term revenue and cash‑flow reduction, delaying progress toward the company's ~20Moz medium-term target. Lower production compresses margin flexibility and could slow deleveraging or reinvestment timing if metal prices weaken.

Midas development uncertainty

Midas offers upside but remains pre‑development and needs extensive studies and capital. Uncertain timeline and potential funding requirements create execution risk and weaken near‑term visibility on how much production the project will realistically add to Hecla's pipeline.

Asset scarcity and exploration cost pressure

Hecla's growth target relies on exploration or selective M&A in a competitive market for silver assets. Elevated drill costs and scarce quality targets raise the risk that reserve replacement is costly or slow, pressuring long‑term production targets and returns if exploration outcomes fall short.

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

Financials reflect a strong 2025 turnaround: revenue grew to ~$1.42B, margins expanded sharply (net margin ~23%), and free cash flow rose to ~$310M with operating cash flow of ~$563M. Balance-sheet strength improved meaningfully with major deleveraging noted, but results have been historically volatile with prior-year losses/negative FCF, which tempers confidence in through-cycle stability.

Income Statement

Hecla shows a clear earnings recovery and strong recent momentum. Annual revenue rose to $1.42B in 2025 (up ~16%), and profitability improved sharply with net margin expanding to ~23% (from ~4% in 2024 and losses in 2022–2023). Gross margin also strengthened materially (~44% in 2025 vs ~21% in 2024), indicating better pricing/cost performance. The key weakness is higher historical volatility typical of miners—results swung from losses (2022–2023) to strong profits (2025), which reduces confidence in through-cycle stability.

Balance Sheet

The balance sheet looks strong and improving. Total debt declined from ~$663M (2023) and ~$551M (2024) to $0 in 2025, bringing leverage down to effectively nil versus equity of ~$2.59B. Total assets increased to ~$3.56B in 2025, and return on equity improved to ~12% (from low/negative levels in 2022–2024), reflecting both better profitability and a healthier capital structure. The main drawback is that returns have been inconsistent over the cycle, so the improved profitability needs to prove durable.

Cash Flow

Cash generation strengthened significantly in 2025 with operating cash flow of ~$563M and free cash flow of ~$310M (up ~29%). Cash flow also covered reported earnings well in 2025, with operating cash flow running at ~2.43x net income, supporting earnings quality. However, cash flow has been choppy: free cash flow was near breakeven in 2024 and materially negative in 2022–2023, highlighting sensitivity to operating conditions and capital needs.

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

• Technical Analysis Sentiment: Positive
• Last Price: 23.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 23.64 is above the 20-day moving average (MA) of 23.42, above the 50-day MA of 22.83, and above the 200-day MA of 12.80, indicating a bullish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 51.16 is Neutral, neither overbought nor oversold. The STOCH value of 78.32 is Neutral, 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
HMY	78 Outperform	$13.43B	17.13	32.05%	0.87%	29.08%	72.12%
CMCL	77 Outperform	$593.49M	11.77	20.25%	2.06%	38.04%	424.35%
CDE	76 Outperform	$15.91B	26.92	26.41%	―	72.94%	―
DRD	73 Outperform	$3.15B	17.81	34.09%	1.02%	30.05%	73.40%
HL	66 Neutral	$15.85B	48.98	13.89%	0.07%	45.61%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SBSW	49 Neutral	$11.27B	-39.73	-12.14%	―	6.27%	93.14%

Hecla Mining Company Corporate Events

Hecla Mining Declares Dividends Following Record 2025 Performance

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 million in operating cash flow and $310 million in free cash flow, cut total debt in half to $276 million, and reduced its net leverage ratio to 0.1x, leaving it with $242 million in cash and all operations free-cash-flow positive.

Operationally, Hecla’s silver output reached 17 million ounces in 2025, at the top end of guidance, while consolidated gold production from Casa Berardi and Greens Creek hit 151,000 ounces, both exceeding targets. The miner logged record results at Lucky Friday, a first profitable year at Keno Hill, improved safety metrics, and advanced permitting at key U.S. projects, while the pending sale of its Casa Berardi Mine for up to $593 million, announced after year-end and expected to close in the first quarter of 2026, is set to sharpen its focus as a premier North American silver producer.

On February 17, 2026, Hecla’s board also declared a cash dividend of $0.00375 per common share, payable around March 24, 2026, to shareholders of record on March 9, 2026. It further approved a dividend of $0.875 per share on its Series B Cumulative Convertible Preferred Stock, payable around April 1, 2026, to holders of record on March 16, 2026, underscoring the impact of its strengthened balance sheet and cash generation on capital returns.

The most recent analyst rating on (HL) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Hecla Mining Company stock, see the HL Stock Forecast page.

Hecla Highlights Strong 2025 Reserves, Boosts 2026 Exploration

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 ounces during 2025, and substantial gold reserves and resources. The company outlined strong 2025 performance at key assets including Greens Creek and Lucky Friday, raised cutoff grades to reflect cost inflation, and announced plans to nearly double its 2026 exploration and pre-development budget to $55 million, aiming to more than replace annual reserve depletion, while resources figures still include the Casa Berardi mine that is subject to a pending sale agreement announced on January 26, 2026.

The most recent analyst rating on (HL) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Hecla Mining Company stock, see the HL Stock Forecast page.

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.