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Hecla Mining Company
(NYSE:HL)
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Rating:80Outperform
Price Target:
$24.00
▲(58.52% Upside)
Action:Reiterated
Date:08/21/26
HL scores well primarily on improved financial performance (strong profitability/cash generation and a de-risked balance sheet) and a constructive earnings call with reiterated guidance and strong liquidity. Technicals are supportive but look overbought, while valuation is a headwind due to a high P/E despite a strong dividend yield.
Positive Factors
Strong profitability and cash generation
The sharp earnings recovery and strong cash conversion improve Hecla’s ability to fund mine operations, exploration and development internally, reducing reliance on external capital while supporting resilience across the next several quarters.
Negative Factors
Commodity price exposure
Revenue and cash generation remain tied to silver and gold benchmarks, while production costs are comparatively less flexible. A sustained metal-price decline could compress margins, reduce free cash flow and weaken project funding capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and cash generation
The sharp earnings recovery and strong cash conversion improve Hecla’s ability to fund mine operations, exploration and development internally, reducing reliance on external capital while supporting resilience across the next several quarters.
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
$13.80B
Dividend Yield0.06%
Average Volume (3M)37.72M
Price to Earnings (P/E)41.6
Beta (1Y)1.59
Revenue Growth51.13%
EPS Growth399.24%
CountryUS
Employees1,865
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.50
Shares Outstanding671,768,430
10 Day Avg. Volume49,505,471
30 Day Avg. Volume37,718,295
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$23.39Price Target Upside54.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.77
Revenue Forecast (FY)$1.42B
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:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial picture: robust adjusted EBITDA, near‑record free cash flow, record site-level cash generation, improved safety, and a very strong balance sheet that provides flexibility to invest in high-return, low‑CapEx organic projects (pyrite circuit, tailings reprocessing) and exploration. Offsetting items include a QoQ revenue decline driven by lower metal prices and shipment timing, early-stage nature and payability uncertainty for some projects, modestly higher AISC guidance at Lucky Friday due to sustaining capex, and multi-year permitting timelines (notably Keno Hill) which add execution/timing risk. On balance, the highlights — scale of cash generation, deleveraging to net cash, clear project pipeline and encouraging exploration — materially outweigh the lowlights.Positive Updates
Strong adjusted EBITDA and profitability
Adjusted EBITDA from continuing operations was $199 million, more than double the $94 million a year ago (≈+112%), demonstrating substantially improved margins and operating leverage.
Negative Updates
Quarterly revenue decline due to metal prices and shipment timing
Revenue from continuing operations was $334 million versus a record $411 million in Q1 2026. Management attributed the decline to a pullback in metal prices from earlier highs and timing (a meaningful amount of Greens Creek silver concentrate was produced but not sold by quarter-end, shifting revenue into Q3).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong adjusted EBITDA and profitability
Adjusted EBITDA from continuing operations was $199 million, more than double the $94 million a year ago (≈+112%), demonstrating substantially improved margins and operating leverage.
Read all positive updates
Company Guidance
Management reiterated robust 2026 guidance and outlook, reporting continuing-operations revenue of $334M (mine revenue $323M), adjusted EBITDA $199M, net income from continuing ops $118M ($0.18/sh), operating cash flow $175M and consolidated free cash flow $136M (site free cash flows: Greens Creek $130M, Lucky Friday $88M, Keno Hill ~ $15M); the company ended Q2 with $483M cash, no long-term debt, an essentially undrawn $225M revolver (+$75M accordion) and a net cash position of ~ $472M versus net debt ~ $270M a year ago. Production and cost guidance: Greens Creek now guided to 8.0–8.3M oz Ag and 51–55k oz Au for 2026 (Q2: 2.1M oz Ag, >14k oz Au; Q2 CAS $50M; cash costs -$17.11/oz; AISC -$10.71/oz); Lucky Friday narrowed to 4.9–5.2M oz Ag (Q2 record 1.5M oz; Q2 CAS $35M; cash costs $3.95/oz; AISC $17.80/oz); Keno Hill 2026 guidance 2.2–2.6M oz Ag (Q2: 625k oz; positive free cash flow five quarters running). Project and capital metrics: the Greens Creek pyrite circuit could add ~1.0–1.2M oz Ag and 10–15k oz Au annually with estimated CapEx $40–60M and incremental Opex $10–15M/yr and first production targeted Q4 2027–H1 2028 (≈1‑year ramp), tailings reprocessing tests underway on material with ~51M oz Ag and ~600k oz Au in situ (~$6.1B at 6/30/26 prices), 2026 exploration/predevelopment budget $55M ($24M near-mine, $16M Nevada, $10M early-stage), and modeled 2026 after-tax free cash flow of ~$500M at $50 Ag/$3,500 Au, ~$700M at $75/$4,500 and ~$800M at $100/$5,500; safety TRIFR improved to 1.57.Hecla Mining Company Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.60B | 1.42B | 929.92M | 720.23M | 718.90M | 807.47M |
| Gross Profit | 898.50M | 622.20M | 198.21M | 112.95M | 116.16M | 217.80M |
| EBITDA | 895.49M | 686.33M | 313.36M | 124.00M | 143.03M | 220.12M |
| Net Income | 333.85M | 321.71M | 35.80M | -84.22M | -37.35M | 35.09M |
Balance Sheet | ||||||
| Total Assets | 3.19B | 3.56B | 2.98B | 3.01B | 2.93B | 2.73B |
| Cash, Cash Equivalents and Short-Term Investments | 485.34M | 301.20M | 26.87M | 106.37M | 104.74M | 210.01M |
| Total Debt | 12.73M | 275.80M | 550.71M | 662.82M | 527.23M | 539.21M |
| Total Liabilities | 507.45M | 969.00M | 941.55M | 1.04B | 948.21M | 968.02M |
| Stockholders Equity | 2.68B | 2.59B | 2.04B | 1.97B | 1.98B | 1.76B |
Cash Flow | ||||||
| Free Cash Flow | 515.61M | 310.25M | 3.79M | -148.39M | -59.49M | 111.29M |
| Operating Cash Flow | 734.27M | 562.64M | 218.28M | 75.50M | 89.89M | 220.34M |
| Investing Cash Flow | -4.30M | -270.50M | -212.87M | -231.29M | -187.27M | -107.03M |
| Financing Cash Flow | -542.94M | -78.00M | -83.82M | 156.33M | -7.50M | -32.60M |
Hecla Mining Company Technical Analysis
Positive
15.14
Price Trends
15.96
Positive
17.06
Positive
18.60
Positive
Market Momentum
1.14
Negative
71.33
Negative
86.26
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 15.14 is below the 20-day moving average (MA) of 16.74, below the 50-day MA of 15.96, and below the 200-day MA of 18.60, indicating a bullish trend. The MACD of 1.14 indicates Negative momentum. The RSI at 71.33 is Negative, neither overbought nor oversold. The STOCH value of 86.26 is Negative, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $21.51B | 16.75 | 12.49% | 0.13% | 116.79% | 211.59% | |
80 Outperform | $13.80B | 41.64 | 12.98% | 0.09% | 51.13% | 399.24% | |
80 Outperform | $470.81M | 7.48 | 24.33% | 3.00% | 35.48% | 72.78% | |
73 Outperform | $2.38B | 2.80 | 32.58% | 2.51% | 32.68% | 91.90% | |
71 Outperform | $13.29B | 13.52 | 32.51% | 2.46% | 31.10% | 57.19% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
45 Neutral | $8.23B | -25.97 | -12.94% | 3.72% | 19.11% | 27.86% |
* Basic Materials Sector Average
HL
Hecla Mining Company
20.82
12.94
164.08%
CDE
Coeur Mining
21.11
9.05
75.10%
DRD
Drdgold
29.51
12.58
74.31%
HMY
Harmony Gold Mining
22.02
6.33
40.38%
SBSW
Sibanye Stillwater
11.82
3.68
45.19%
CMCL
Caledonia Mining
24.91
-0.29
-1.16%
Hecla Mining Company Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Hecla Mining Highlights Strong Q2 Results and Dividends
Positive
Aug 4, 2026
On August 4, 2026, Hecla reported second quarter 2026 results showing revenue of $334 million, lower than the record first quarter due to softer realized silver and gold prices, but with higher silver and gold production and strong cash generation...
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...
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.