Want to see TSE:HBM full AI Analyst Report?
Top Page
Hudbay Minerals
(TSX:HBM)
Select Model
Select Model
Rating:80Outperform
Price Target:
C$48.00
▲(15.47% Upside)
Action:Reiterated
Date:08/19/26
Overall score reflects a materially improved financial profile and a positive earnings-call outlook (strong liquidity, net cash position, guidance confidence) as the biggest supports. Technicals also indicate a sustained uptrend. The primary risks tempering the score are weaker cash conversion/free-cash-flow vs earnings, operational/cost variability, and high cyclicality (high beta).
Positive Factors
Production Growth Pipeline
Hudbay has a visible multi-year growth pipeline spanning brownfield expansions, Copper World and Cactus. Permitting progress and staged development could materially increase copper output and strengthen its position in the Americas.
Negative Factors
Weak Cash Conversion
Positive free cash flow is encouraging, but conversion substantially below earnings suggests working capital, sustaining investment or other cash uses are absorbing profits. Persistent weak conversion could constrain internally funded growth and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Production Growth Pipeline
Hudbay has a visible multi-year growth pipeline spanning brownfield expansions, Copper World and Cactus. Permitting progress and staged development could materially increase copper output and strengthen its position in the Americas.
Read all positive factors
Hudbay Minerals (HBM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$16.31B
Dividend Yield0.08%
Average Volume (3M)1.86M
Price to Earnings (P/E)15.7
Beta (1Y)2.78
Revenue Growth13.43%
EPS Growth129.98%
CountryCA
Employees2,233
SectorGeneral
Sector StrengthN/A
IndustryCopper
Share Statistics
EPS (TTM)1.70
Shares Outstanding444,144,740
10 Day Avg. Volume1,218,447
30 Day Avg. Volume1,857,931
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)2.43
Price to Sales (P/S)3.57
P/FCF Ratio39.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$42.81Price Target Upside2.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)1.52
Revenue Forecast (FY)C$2.92B
Hudbay Minerals Business Overview & Revenue Model
Company Description
Hudbay Minerals Inc. functions as a diverse mining enterprise dedicated to the exploration, extraction, and commercialization of base and precious metals throughout the Americas. Its product portfolio encompasses copper concentrates, which also yi...
How the Company Makes Money
Hudbay primarily makes money by producing and selling metals—most notably copper—derived from its mining and processing operations. Its main revenue stream is the sale of copper concentrate (and/or other copper products where applicable) to smelte...
Hudbay Minerals Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive outlook: management reported record trailing-12-month adjusted EBITDA, strong liquidity, consistent free cash flow generation, and clear progress on throughput and major growth projects (Copper World, Cactus, New Ingerbelle). Operational headwinds (higher site-level cash costs in Q2 for some operations, temporary equipment failures, concentrate shipment delays, and labour constraints) were disclosed but portrayed as managed, with concrete remediation actions underway and expectations to meet full-year guidance. Growth projects will carry higher near-term capital estimates (Copper World DFS expected to show increased CapEx), but management emphasized robust project economics driven by higher copper prices and project optionality. Overall, the positive cash generation, balance sheet strength, advancing development pipeline, and operational improvements outweighed the set of manageable execution and cost pressures.Positive Updates
Record Adjusted EBITDA and Strong Revenues
Trailing 12-month adjusted EBITDA reached a record $1.3 billion. Second quarter revenues were $631 million with adjusted EBITDA of $321 million and adjusted net earnings attributable to owners of $114 million ($0.28 per share).
Negative Updates
Higher Cash Costs in Specific Operations
Peru second quarter cash cost rose to $1.66 per pound of copper (increase vs Q1) due to lower gold by-product credits after Pampacancha depletion, higher fuel prices and planned semiannual maintenance. British Columbia cash cost was $3.22 per pound in Q2, above the 2026 guidance range for the quarter. Manitoba gold cash costs increased to $776 per ounce in Q2 due to lower gold production and higher unit operating costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Adjusted EBITDA and Strong Revenues
Trailing 12-month adjusted EBITDA reached a record $1.3 billion. Second quarter revenues were $631 million with adjusted EBITDA of $321 million and adjusted net earnings attributable to owners of $114 million ($0.28 per share).
Read all positive updates
Company Guidance
Hudbay said it remains on track to meet full‑year 2026 production guidance for all metals, reporting Q2 consolidated production of 28,000 tonnes of copper and 51,000 ounces of gold, Q2 revenue of $631 million and adjusted EBITDA of $321 million, with operating cash flow before working capital of $210 million and adjusted net earnings of $114 million ($0.28/share). Q2 unit metrics included consolidated cash cost of negative $0.40/lb Cu and sustaining cash cost of $1.39/lb (year‑to‑date cash cost ≈ negative $1/lb), while Peru Q2 cash cost was $1.66/lb; Manitoba gold cash cost was $776/oz. The company generated >$100 million of free cash flow in Q2 (>$400 million over the last 12 months), held liquidity >$1 billion (cash $890M + $154M revolver), a net cash position of $80M and net debt/EBITDA of -0.1x. Operational guidance highlights: Constancia permitted to 34 Mtpa (mill ~86,000 tpd) with pebble crushers coming in Q3, Lalor hoisting ~3,500 tpd and New Britannia recoveries ~90%, Copper Mountain processed 3.6 Mt in Q2 (avg ~40,000 tpd) and is targeting permitted 50,000 tpd in H2, while BC growth CapEx rises ~ $30M to $115M in 2026. Growth roadmap guidance: brownfield investments to boost consolidated Cu ~24% to ~150,000 t in 2027, Copper World DFS ~95% complete with FID on track later this year and first production H2 2029 ( Copper World ~250,000 t by decade end), Cactus acquisition with ~$30M planned in H2 2026 and a PFS in H2 2027, and Mason PFS targeted H2 2027; sensitivity noted of roughly $0.04/lb Cu cash‑cost impact per $10 change in WTI.Hudbay Minerals Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.47B | 2.20B | 2.02B | 1.69B | 1.46B | 1.50B |
| Gross Profit | 942.07M | 639.91M | 553.80M | 784.22M | 276.89M | 131.02M |
| EBITDA | 1.56B | 1.02B | 780.90M | 651.30M | 502.54M | 231.76M |
| Net Income | 673.50M | 578.45M | 76.70M | 66.37M | 70.38M | -244.36M |
Balance Sheet | ||||||
| Total Assets | 8.05B | 6.21B | 5.49B | 5.31B | 4.33B | 4.62B |
| Cash, Cash Equivalents and Short-Term Investments | 939.47M | 568.06M | 581.80M | 250.52M | 225.66M | 270.99M |
| Total Debt | 911.72M | 1.06B | 1.20B | 1.38B | 1.25B | 1.26B |
| Total Liabilities | 2.80B | 2.99B | 2.84B | 3.11B | 2.75B | 3.14B |
| Stockholders Equity | 4.79B | 3.23B | 2.55B | 2.10B | 1.57B | 1.48B |
Cash Flow | ||||||
| Free Cash Flow | 222.52M | 197.90M | 317.30M | 195.75M | 178.84M | 6.38M |
| Operating Cash Flow | 765.17M | 672.77M | 666.20M | 476.85M | 487.80M | 383.82M |
| Investing Cash Flow | -214.71M | -501.02M | -382.90M | -271.78M | -337.67M | -375.00M |
| Financing Cash Flow | -282.61M | -146.83M | 10.20M | -182.39M | -196.30M | -175.90M |
Hudbay Minerals Technical Analysis
Neutral
41.57
Price Trends
35.30
Positive
35.49
Positive
32.96
Positive
Market Momentum
0.50
Positive
45.61
Neutral
25.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HBM, the sentiment is Neutral. The current price of 41.57 is above the 20-day moving average (MA) of 39.10, above the 50-day MA of 35.30, and above the 200-day MA of 32.96, indicating a neutral trend. The MACD of 0.50 indicates Positive momentum. The RSI at 45.61 is Neutral, neither overbought nor oversold. The STOCH value of 25.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:HBM.
Hudbay Minerals Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$16.31B | 15.69 | 18.43% | 0.08% | 13.43% | 129.98% | |
78 Outperform | C$28.62B | 13.63 | 22.97% | 0.33% | 28.67% | ― | |
73 Outperform | C$5.13B | 11.90 | 30.09% | ― | 93.28% | 113.62% | |
72 Outperform | C$11.01B | 16.86 | 13.69% | ― | 36.25% | 524.95% | |
63 Neutral | C$4.10B | 981.50 | 1.33% | ― | 68.28% | ― | |
58 Neutral | C$36.66B | -296.43 | -0.73% | 0.63% | 15.02% | -140.36% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
TSE:HBM
Hudbay Minerals
36.73
17.63
92.27%
TSE:TKO
Trekor Metals
11.21
6.19
123.31%
TSE:LUN
Lundin Mining
33.45
16.77
100.50%
TSE:CS
Capstone Copper
14.37
3.93
37.64%
TSE:ERO
Ero Copper
49.17
25.63
108.88%
TSE:FM
First Quantum Minerals
43.94
17.20
64.32%
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.