Want to see HL full AI Analyst Report?
Top Page
Hecla Mining Company
(NYSE:HL)
Select Model
Select Model
Rating:76Outperform
Price Target:
$16.50
▼(-15.56% Downside)
Action:Reiterated
Date:05/23/26
The score is driven primarily by strong financial performance (materially improved margins and strong TTM free cash flow) and a constructive earnings-call outlook (reiterated low-cost guidance, record Q1 cash flow, and a strengthened balance sheet). Offsetting these are weak technical signals (below key moving averages with negative MACD) and valuation uncertainty from a negative P/E, despite an attractive dividend yield.
Positive Factors
Strong cash generation
Sustained, high free cash flow and operating cash flow provide durable internal funding for sustaining capital, exploration, dividends and buybacks. Strong conversion (FCF ~67% of net income TTM) reduces reliance on external financing and boosts resilience across cycles.
Negative Factors
Keno Hill permitting delays
Material permitting timelines delay throughput and production growth, pushing expected returns and cash flow benefits further out. Multi-year permit reviews and phased approvals increase execution risk and make near-term volume improvements uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained, high free cash flow and operating cash flow provide durable internal funding for sustaining capital, exploration, dividends and buybacks. Strong conversion (FCF ~67% of net income TTM) reduces reliance on external financing and boosts resilience across cycles.
Read all positive factors
Hecla Mining Company Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Reports profit after operating costs for each segment or mine, highlighting which assets are most profitable and which are underperforming. Offers insight into cost structure, operational efficiency, and which operations can sustain dividends, fund expansion, or may require capital or restructuring.
Reports profit after operating costs for each segment or mine, highlighting which assets are most profitable and which are underperforming. Offers insight into cost structure, operational efficiency, and which operations can sustain dividends, fund expansion, or may require capital or restructuring.
Data provided by:
The Fly
The FlyHecla Mining Company (HL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.95B
Dividend Yield0.07%
Average Volume (3M)19.49M
Price to Earnings (P/E)39.8
Beta (1Y)1.63
Revenue Growth56.81%
EPS Growth525.85%
CountryUS
Employees1,830
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)0.41
Shares Outstanding670,712,400
10 Day Avg. Volume26,584,333
30 Day Avg. Volume19,488,219
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 Cap0.95
Enterprise Value/Revenue6.64
Enterprise Value/Gross Profit13.04
Enterprise Value/Ebitda12.36
Forecast
1Y Price Target
$22.54Price Target Upside15.36% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.84
Revenue Forecast (FY)$1.47B
Hecla Mining Company Business Overview & Revenue Model
Company Description
Hecla Mining Company, along with its subsidiaries, engages in the exploration, acquisition, development, and extraction of both precious and base metal resources across the United States and internationally. The company produces concentrates of si...
How the Company Makes Money
Hecla primarily makes money by selling metals it produces from its mining operations. Revenue is driven by (1) precious-metals sales—especially silver and gold—sold into commodity markets, typically priced using prevailing market benchmarks, and (...
Hecla Mining Company Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call emphasized a strong operational and financial turnaround: debt elimination, record free cash flow and EBITDA, low costs, and clear organic growth and exploration upsides. Challenges noted were largely execution and timing related (permitting at Keno Hill, early-stage project uncertainties, grade variability at Lucky Friday, and shipping/AR timing). Overall the narrative was confident and forward-looking with multiple near- and medium-term value-creation initiatives under evaluation.Positive Updates
Revenue Growth and Strong Top-Line
Revenue from continuing operations exceeded $410 million in Q1 2026, up 13% sequentially and approximately 100% higher than Q1 2025 (double the prior-year level).
Negative Updates
Keno Hill Permitting Constraints and Ramp Timing
Keno Hill throughput ramp to the 440 tpd target is constrained by permitting. A YESAB project proposal submission is expected by year-end with a ~12-month review; amended permits (QML and water license amendments) are estimated around mid-2029. Near-term constraints include Phase Two West tailings approvals, waste rock and storage limits, and earlier cold-weather related reduced power that impacted Q1 throughput.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth and Strong Top-Line
Revenue from continuing operations exceeded $410 million in Q1 2026, up 13% sequentially and approximately 100% higher than Q1 2025 (double the prior-year level).
Read all positive updates
Company Guidance
Management reiterated 2026 operational guidance of 15.1–16.5 million ounces of silver with consolidated AISC below $10/oz, while reporting Q1 continuing-operations revenue >$410M, record adjusted EBITDA of $265M and record consolidated free cash flow of $144M; Q1 silver production was ~3.9M oz (Greens Creek 2.2M oz Ag and 13k oz Au, Lucky Friday 1.2M oz, Keno Hill ~0.5M oz), consolidated cash costs near negative $3/oz, Greens Creek cash costs nearly -$12/oz and AISC -$8.39/oz, and mine-level free cash flow of roughly $126M (Greens Creek), $49M (Lucky Friday) and $16.3M (Keno Hill). The balance sheet strength underpins the plan—$588M cash, $266M total debt (net cash ~$321M) and no long-term debt after redeeming remaining senior notes, a fully undrawn $225M revolver with a $75M accordion, a board-approved 20M-share buyback program, and a stepped-up 2026 exploration/pre-development budget of $55M (including $16M for Nevada); management also highlighted near-term, low‑capex growth opportunities (Greens Creek pyrite concentrate circuit with cash flow potential in ~2 years and an internal estimate of relatively modest capital, plus Greens Creek tailings containing ~10.4M tons with an estimated ~50M oz Ag and ~600k oz Au valued at ~ $6.8B gross at year‑end 2025 prices) and projected 2026 consolidated free cash flow of >$900M at $100/oz Ag & $5,500/oz Au (and >$700M at $75 Ag & $4,500 Au).Hecla Mining Company Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
78
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.57B | 1.42B | 929.92M | 720.23M | 718.90M | 807.47M |
| Gross Profit | 801.45M | 622.20M | 198.21M | 112.95M | 116.16M | 217.80M |
| EBITDA | 845.51M | 686.33M | 313.36M | 124.00M | 143.03M | 220.12M |
| Net Income | 273.81M | 321.71M | 35.80M | -84.22M | -37.35M | 35.09M |
Balance Sheet | ||||||
| Total Assets | 3.38B | 3.56B | 2.98B | 3.01B | 2.93B | 2.73B |
| Cash, Cash Equivalents and Short-Term Investments | 607.12M | 301.20M | 26.87M | 106.37M | 104.74M | 210.01M |
| Total Debt | 266.25M | 275.80M | 550.71M | 662.82M | 527.23M | 539.21M |
| Total Liabilities | 805.48M | 969.00M | 941.55M | 1.04B | 948.21M | 968.02M |
| Stockholders Equity | 2.57B | 2.59B | 2.04B | 1.97B | 1.98B | 1.76B |
Cash Flow | ||||||
| Free Cash Flow | 467.33M | 310.25M | 3.79M | -148.39M | -59.49M | 111.29M |
| Operating Cash Flow | 721.15M | 562.64M | 218.28M | 75.50M | 89.89M | 220.34M |
| Investing Cash Flow | -50.82M | -270.50M | -212.87M | -231.29M | -187.27M | -107.03M |
| Financing Cash Flow | -106.76M | -78.00M | -83.82M | 156.33M | -7.50M | -32.60M |
Hecla Mining Company Technical Analysis
Positive
19.54
Price Trends
17.03
Negative
18.77
Negative
17.97
Negative
Market Momentum
-0.39
Negative
51.90
Neutral
61.31
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 19.54 is above the 20-day moving average (MA) of 15.49, above the 50-day MA of 17.03, and above the 200-day MA of 17.97, indicating a neutral trend. The MACD of -0.39 indicates Negative momentum. The RSI at 51.90 is Neutral, neither overbought nor oversold. The STOCH value of 61.31 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 55 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $10.95B | 39.83 | 11.04% | 0.07% | 56.81% | 525.85% | |
76 Outperform | $18.11B | 13.92 | 16.27% | ― | 116.56% | 325.61% | |
73 Outperform | $10.68B | 10.11 | 32.51% | 0.87% | 31.10% | 57.19% | |
70 Outperform | $388.44M | 6.36 | 24.36% | 2.06% | 40.20% | 141.58% | |
67 Neutral | $1.99B | 2.13 | 32.58% | 1.02% | 32.68% | 91.90% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
45 Neutral | $6.27B | -19.63 | -12.94% | ― | 19.11% | 27.86% |
* Basic Materials Sector Average
HL
Hecla Mining Company
16.33
10.18
165.44%
CDE
Coeur Mining
17.30
7.82
82.51%
DRD
Drdgold
21.90
8.16
59.38%
HMY
Harmony Gold Mining
16.09
1.65
11.43%
SBSW
Sibanye Stillwater
8.96
1.21
15.61%
CMCL
Caledonia Mining
20.09
-1.41
-6.58%
Hecla Mining Company Corporate Events
Executive/Board ChangesShareholder Meetings
Hecla Shareholders Extend Director Stock Plan, Elect Board
Positive
May 22, 2026
On May 21, 2026, Hecla shareholders approved an amendment to the company’s stock plan for nonemployee directors, extending its expiration date from May 15, 2027 to May 15, 2036. The decision reflects a long-term commitment to equity-based co...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Hecla Mining Posts Record Q1 Cash Flow, Strengthens Balance Sheet
Positive
May 5, 2026
On May 5, 2026, Hecla reported first-quarter 2026 results showing revenue from continuing operations exceeding $411 million, up 13% from the prior quarter and 100% from a year earlier, with net income from continuing operations jumping to $165 mil...
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.