Hecla Mining (HL)
Market Price (5/18/2026): $17.65 | Market Cap: $11.8 BilSector: Materials | Industry: Silver
Hecla Mining (HL)
Market Price (5/18/2026): $17.65Market Cap: $11.8 BilSector: MaterialsIndustry: Silver
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 66% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 45% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Sustainable Infrastructure. Themes include Solar Energy Generation, Show more. | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 43x Stock price has recently run up significantly12M Rtn12 month market price return is 263% Key risksHL key risks include [1] challenges integrating acquired properties and managing capital needs at existing mines, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 66% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 45% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Sustainable Infrastructure. Themes include Solar Energy Generation, Show more. |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 43x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 263% |
| Key risksHL key risks include [1] challenges integrating acquired properties and managing capital needs at existing mines, Show more. |
Qualitative Assessment
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Hecla Mining (HL) stock has lost about 20% since 1/31/2026 because of the following key factors:
1. Significant decline in precious metals prices at the beginning of the period.
Silver prices experienced a sharp correction, dropping approximately 42-43% from their all-time high of $121.64 per ounce on January 29, 2026, to consolidate in the $70-$80 per ounce range through April. Similarly, gold plummeted more than 12% on January 30, and silver lost over 35% on a single day, followed by a 41% drop over three days from its high, significantly impacting Hecla Mining as a precious metals producer.
2. Q1 2026 earnings per share (EPS) miss and reduced future earnings estimates.
Hecla Mining reported Q1 2026 EPS of $0.24 on May 5, 2026, which missed analysts' consensus estimates of $0.27. This earnings miss, coupled with an expectation for the company's earnings to decrease by 60.22% in the next year (from $0.93 to $0.37 per share), contributed to negative sentiment. Post-earnings, analysts, such as HC Wainwright, trimmed their FY2026 EPS estimates for Hecla from $0.75 to $0.71.
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1. Significant decline in precious metals prices at the beginning of the period.
Silver prices experienced a sharp correction, dropping approximately 42-43% from their all-time high of $121.64 per ounce on January 29, 2026, to consolidate in the $70-$80 per ounce range through April. Similarly, gold plummeted more than 12% on January 30, and silver lost over 35% on a single day, followed by a 41% drop over three days from its high, significantly impacting Hecla Mining as a precious metals producer.
2. Q1 2026 earnings per share (EPS) miss and reduced future earnings estimates.
Hecla Mining reported Q1 2026 EPS of $0.24 on May 5, 2026, which missed analysts' consensus estimates of $0.27. This earnings miss, coupled with an expectation for the company's earnings to decrease by 60.22% in the next year (from $0.93 to $0.37 per share), contributed to negative sentiment. Post-earnings, analysts, such as HC Wainwright, trimmed their FY2026 EPS estimates for Hecla from $0.75 to $0.71.
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Stock Movement Drivers
Fundamental Drivers
The -21.7% change in HL stock from 1/31/2026 to 5/17/2026 was primarily driven by a -42.9% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.52 | 17.64 | -21.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,169 | 1,573 | 34.6% |
| Net Income Margin (%) | 17.0% | 17.4% | 2.1% |
| P/E Multiple | 75.6 | 43.2 | -42.9% |
| Shares Outstanding (Mil) | 669 | 670 | -0.2% |
| Cumulative Contribution | -21.7% |
Market Drivers
1/31/2026 to 5/17/2026| Return | Correlation | |
|---|---|---|
| HL | -21.7% | |
| Market (SPY) | 7.1% | 49.8% |
| Sector (XLB) | 2.5% | 65.1% |
Fundamental Drivers
The 37.1% change in HL stock from 10/31/2025 to 5/17/2026 was primarily driven by a 74.3% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.86 | 17.64 | 37.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,004 | 1,573 | 56.7% |
| Net Income Margin (%) | 10.0% | 17.4% | 74.3% |
| P/E Multiple | 81.7 | 43.2 | -47.2% |
| Shares Outstanding (Mil) | 637 | 670 | -5.0% |
| Cumulative Contribution | 37.1% |
Market Drivers
10/31/2025 to 5/17/2026| Return | Correlation | |
|---|---|---|
| HL | 37.1% | |
| Market (SPY) | 9.0% | 40.6% |
| Sector (XLB) | 18.6% | 57.5% |
Fundamental Drivers
The 208.9% change in HL stock from 4/30/2025 to 5/17/2026 was primarily driven by a 352.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.71 | 17.64 | 208.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 930 | 1,573 | 69.2% |
| Net Income Margin (%) | 3.8% | 17.4% | 352.1% |
| P/E Multiple | 100.2 | 43.2 | -56.9% |
| Shares Outstanding (Mil) | 628 | 670 | -6.3% |
| Cumulative Contribution | 208.9% |
Market Drivers
4/30/2025 to 5/17/2026| Return | Correlation | |
|---|---|---|
| HL | 208.9% | |
| Market (SPY) | 34.8% | 22.0% |
| Sector (XLB) | 22.3% | 36.8% |
Fundamental Drivers
The 195.6% change in HL stock from 4/30/2023 to 5/17/2026 was primarily driven by a 118.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.97 | 17.64 | 195.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 719 | 1,573 | 118.8% |
| P/S Multiple | 5.0 | 7.5 | 51.6% |
| Shares Outstanding (Mil) | 597 | 670 | -10.9% |
| Cumulative Contribution | 195.6% |
Market Drivers
4/30/2023 to 5/17/2026| Return | Correlation | |
|---|---|---|
| HL | 195.6% | |
| Market (SPY) | 84.7% | 31.2% |
| Sector (XLB) | 32.5% | 43.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HL Return | -19% | 7% | -13% | 3% | 292% | 1% | 208% |
| Peers Return | -32% | -21% | -11% | 13% | 184% | 25% | 94% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| HL Win Rate | 33% | 50% | 42% | 42% | 75% | 60% | |
| Peers Win Rate | 35% | 50% | 47% | 48% | 67% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| HL Max Drawdown | -49% | -52% | -48% | -35% | -29% | -46% | |
| Peers Max Drawdown | -51% | -52% | -43% | -38% | -27% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PAAS, AG, CDE, SSRM, FSM. See HL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)
How Low Can It Go
| Event | HL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.6% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 31 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.1% | -7.8% |
| % Gain to Breakeven | 16.5% | 8.5% |
| Time to Breakeven | 10 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.5% | -9.5% |
| % Gain to Breakeven | 62.6% | 10.5% |
| Time to Breakeven | 225 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.9% | -6.7% |
| % Gain to Breakeven | 12.2% | 7.1% |
| Time to Breakeven | 18 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.9% | -24.5% |
| % Gain to Breakeven | 49.0% | 32.4% |
| Time to Breakeven | 48 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.5% | -33.7% |
| % Gain to Breakeven | 106.0% | 50.9% |
| Time to Breakeven | 62 days | 140 days |
In The Past
Hecla Mining's stock fell -15.6% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
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| Event | HL | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.5% | -9.5% |
| % Gain to Breakeven | 62.6% | 10.5% |
| Time to Breakeven | 225 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.9% | -24.5% |
| % Gain to Breakeven | 49.0% | 32.4% |
| Time to Breakeven | 48 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.5% | -33.7% |
| % Gain to Breakeven | 106.0% | 50.9% |
| Time to Breakeven | 62 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.2% | -19.2% |
| % Gain to Breakeven | 32.0% | 23.8% |
| Time to Breakeven | 57 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -32.0% | -12.2% |
| % Gain to Breakeven | 47.0% | 13.9% |
| Time to Breakeven | 20 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -53.3% | -6.8% |
| % Gain to Breakeven | 114.0% | 7.3% |
| Time to Breakeven | 87 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -38.1% | -17.9% |
| % Gain to Breakeven | 61.6% | 21.8% |
| Time to Breakeven | 3514 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -21.2% | -15.4% |
| % Gain to Breakeven | 26.9% | 18.2% |
| Time to Breakeven | 50 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -88.9% | -53.4% |
| % Gain to Breakeven | 801.9% | 114.4% |
| Time to Breakeven | 748 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -28.3% | -8.6% |
| % Gain to Breakeven | 39.4% | 9.5% |
| Time to Breakeven | 81 days | 47 days |
In The Past
Hecla Mining's stock fell -15.6% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Hecla Mining (HL)
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.
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Here are 1-3 brief analogies for Hecla Mining (HL):
- Think of it as a Barrick Gold or Newmont, but with a major emphasis on silver alongside gold.
- It's like a smaller, more specialized Rio Tinto or BHP Billiton, focused on mining precious metals such as silver and gold.
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- Silver Concentrates: Concentrated silver ore produced from mining operations.
- Gold Concentrates: Concentrated gold ore produced from mining operations.
- Lead Concentrates: Concentrated lead ore produced from mining operations.
- Zinc Concentrates: Concentrated zinc ore produced from mining operations.
- Carbon Material: Material containing silver and gold, extracted during the processing of ore.
- Doré: A semi-pure alloy composed of silver and gold.
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Hecla Mining Company (HL) sells its mined precious and base metals primarily to other companies.
Based on the provided description, its major customers fall into the following categories:
- Custom Smelters: These companies process the raw ore and concentrates to extract the pure metals.
- Metal Traders: These companies buy and sell metals and metal products, acting as intermediaries in the supply chain.
- Third-Party Processors: These companies further process the concentrates or other materials for various industrial or commercial uses.
The provided background information does not specify the names of individual customer companies or their public symbols.
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Rob Krcmarov, President and Chief Executive Officer
Rob Krcmarov was appointed President and Chief Executive Officer in November 2024. Prior to joining Hecla, he served on the executive leadership team at Barrick Gold Corporation for 13 years, with his most recent role being Executive Vice President of Exploration and Growth. He brings over 30 years of industry expertise to Hecla. Mr. Krcmarov began his career in 1987 at Homestake Gold Australia Ltd. His international experience spans many countries across five continents. He holds a Master of Economic Geology from the University of Tasmania and a Bachelor of Science in Geology from the University of Adelaide.
Russell D. Lawlar, Senior Vice President and Chief Financial Officer
Russell D. Lawlar was appointed Senior Vice President, Chief Financial Officer effective March 1, 2021. He manages the financial strategy and capital allocation for the company. He previously served as Treasurer from February 2018 to February 2022. Mr. Lawlar has held various positions of increasing responsibility at Hecla since 2010, including Controller at the Greens Creek operation from February 2015 to February 2018. Before joining Hecla, he was an Audit Manager with BDO USA, LLP from August 2004 to November 2010.
Carlos Aguiar, Senior Vice President and Chief Operating Officer
Carlos Aguiar was appointed Senior Vice President and Chief Operating Officer in November 2024. His focus is on ensuring solid operational performance across all of Hecla's assets. He previously held roles such as Vice President – Operations from August 2023 to November 2024, Vice-President General Manager of the Lucky Friday Mine from July 2021 to August 2023, and Vice President – General Manager at the San Sebastian Mine from April 2016 to June 2021. Mr. Aguiar joined Hecla in 1996 and has over 25 years of engineering and management experience in the mining industry. He holds a degree in Chemical Engineering with a minor in Metallurgy from the University of Sonora (Mexico).
David C. Sienko, Senior Vice President – General Counsel & Corporate Secretary
David C. Sienko serves as Senior Vice President – General Counsel & Corporate Secretary. He is a part of the leadership team responsible for setting the strategic direction and overseeing the overall operations of Hecla Mining.
Brian Erickson, Vice President – Operations
Brian Erickson was appointed Vice President – Operations in January 2025. Prior to this role, he served as Vice President—Alaska and Yukon from March to December 2024, and as Vice President—General Manager of the Greens Creek mine in Alaska from August 2019 to March 2024. Mr. Erickson has more than 25 years of experience in the production and maintenance of operating mines and as a geologist in the mining industry. Before joining Hecla, he was Mine Superintendent for Kennecott Greens Creek Mining Company from December 1996 to 2008 and an Underground Production Geologist for Sunshine Mining & Refining Co. in 1996.
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The key risks to Hecla Mining (HL) primarily stem from the inherent nature of the mining industry and its specific operational profile:
- Commodity Price Volatility: Hecla Mining's revenues are directly dependent on the market prices of silver, gold, lead, and zinc. Significant financial risks arise from the volatility of these metals prices, which can directly impact revenue and profitability. A sustained decline in these prices could lead to losses, asset write-downs, and potentially impact operations. Hecla's increased focus on silver production further links its outlook to silver market conditions and industrial demand trends, amplifying its exposure to price fluctuations.
- Operational and Geological Risks: The company faces inherent operational risks associated with underground precious metals mining, including potential disruptions, increased production costs, and variances in ore grade or recovery rates. Reliance on a limited number of key mining complexes, such as Greens Creek and Lucky Friday, creates vulnerability to localized operational disruptions.
- Regulatory and Environmental Risks: Hecla Mining is subject to extensive and stringent environmental laws and regulations across the jurisdictions where it operates (United States, Canada, Mexico). Compliance challenges, potential changes in legislation, and complex permitting processes can result in increased costs, operational delays, or legal actions. The company has faced fines for environmental infractions at its Greens Creek mine in Alaska and its Keno Hill unit in Yukon for issues such as hazardous waste management and water quality standards, highlighting the significance of these risks.
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Hecla Mining (HL) - Addressable Markets for Main Products
-
Silver:
- The global silver market size was valued at USD 87.12 billion in 2024 and is projected to reach USD 202.07 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 9.86% during the forecast period (2025-2033).
- Another estimate places the global silver market size at USD 23.51 billion in 2025, expected to grow to USD 36.51 billion by 2035 with a CAGR of 4.50%.
- The U.S. silver market is expected to grow to a value of USD 4.2 billion by 2035.
-
Gold:
- The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a CAGR of 6.51% over the forecast period (2025-2030).
- Another assessment indicates the global gold market size was valued at USD 1308.43 billion in 2026 and is expected to reach USD 1878.48 billion by 2035, expanding at a CAGR of 4.1% from 2026 to 2035.
- In terms of volume, the global gold market size stood at 4,890.0 Tons in 2025 and is expected to grow to 7,424.4 Tons by 2034, recording a CAGR of 4.70%.
- The U.S. gold market is likely to reach 343.7 tons in 2026.
-
Lead:
- The global lead market size was evaluated at USD 24 billion in 2023 and is slated to reach USD 36 billion by the end of 2032 with a CAGR of nearly 6% between 2024 and 2032.
- Another report states the global lead market size was valued at USD 29.9 billion in 2025 and is projected to grow at a 4.2% CAGR, reaching approximately USD 47.1 billion by 2036.
- The global lead market size was also valued at USD 23.55 billion in 2025 and is expected to reach USD 39.26 billion by 2034, growing at a CAGR of 5.84%.
- The United States lead market is projected to grow at a 4.5% CAGR from 2026 to 2036. The U.S. is the world's fourth-largest producer of lead.
-
Zinc:
- The global zinc market size was valued at USD 27.2 billion in 2024 and is poised to grow to USD 52.14 billion by 2033, growing at a CAGR of 7.5% during the forecast period (2026–2033).
- Another estimate for the global zinc market size was USD 26.95 billion in 2025 and is projected to reach USD 44.73 billion by 2033, growing at a CAGR of 6.57% during the forecast period (2026–2033).
- The global zinc mining market size was estimated at USD 66,085.3 million in 2022 and is projected to reach USD 91,334.1 million by 2030, growing at a CAGR of 4.1% from 2023 to 2030.
- The U.S. zinc market is projected to grow from USD 3.11 billion in 2025 to USD 5.37 billion by 2033, at a CAGR of 7.11%. The U.S. zinc mining market generated a revenue of USD 2,449.9 million in 2022 and is expected to reach USD 2,480.7 million by 2030.
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```htmlExpected Drivers of Future Revenue Growth for Hecla Mining (HL)
- Strong and Rising Precious Metal Prices: Hecla Mining's revenue growth is significantly influenced by the market prices of silver and gold. Analysts predict a surge in global silver demand, with prices experiencing notable increases, and gold maintaining its role as a safe-haven asset amid economic and geopolitical uncertainties. This sustained strength in metal prices is expected to continue driving revenue.
- Increased Silver Production from Core Mines: Despite a projected slight dip in overall silver production for 2026, Hecla is focused on maximizing output from key assets. The Lucky Friday mine achieved record silver production in 2025, and Keno Hill also recorded new production highs, with both operations expected to continue contributing substantially. The company also has a "credible pathway" to reach 20 million ounces of silver production in the medium term.
- Strategic Focus on Silver and Divestment of Non-Core Assets: Hecla is strategically transforming its portfolio to become the leading North American silver producer. The planned sale of the Casa Berardi gold mine is anticipated to increase silver's contribution to consolidated revenues to approximately 73%, allowing for a sharper focus and more efficient capital allocation towards its higher-margin silver operations.
- Enhanced Exploration and Pre-development Investments: The company plans to significantly increase its investment in exploration and pre-development in 2026, nearly doubling the amount spent in 2025. These investments, particularly in Nevada and near-mine programs, are aimed at discovering and developing the next generation of production, such as the Aurora project, which received necessary approvals for major exploration in 2026.
- Improved Operational Efficiencies and New Recovery Technologies: Hecla has demonstrated improved profitability and operational efficiencies across its mines, contributing to stronger financial performance. Furthermore, positive Phase 2 test results from a collaboration to process mine tailings for additional silver and gold recovery indicate potential for improved resource recovery and future revenue streams from existing materials.
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Capital Allocation Decisions for Hecla Mining (HL) (2021-2026)
Share Repurchases
- Hecla Mining initiated a share repurchase program in November 2023, authorizing the purchase of up to $25 million of its Class A Common stock, active from January 1, 2024, to December 31, 2025.
- As of June 30, 2025, the company repurchased 356,732 shares for an aggregate price of $6.7 million under this program.
- Approximately $4.8 million remained under the authorized share repurchase program as of June 30, 2025.
Share Issuance
- In 2025, Hecla Mining sold approximately 36 million common shares at an average price of $6.10 each through an At-The-Market (ATM) financing facility, generating $216.2 million in proceeds.
- These proceeds were primarily used to redeem $212 million of its 7.25% Senior Notes due in 2028, and to fully repay CAD$50 million Senior Notes issued to Investissement Quebec.
- The number of shares outstanding increased from 0.606 billion in 2022 to 0.623 billion in 2023 (a 2.78% increase) and further to 0.656 billion in 2025 (a 5.34% increase from 2024).
Outbound Investments
- Hecla Mining announced the sale of its Casa Berardi mine to Orezone Gold for up to $593 million, with the transaction expected to close in the first quarter of 2026.
- This strategic divestment aims to concentrate capital allocation on Hecla's silver assets, positioning the company as North America's premier pure-play silver producer.
Capital Expenditures
- Hecla Mining's capital expenditures were $109 million in 2021, $149 million in 2022, $224 million in 2023, and $214 million in 2024.
- For 2026, the company plans total capital expenditures of $216-$238 million, revised from an earlier guidance of $255-$279 million due to the Casa Berardi sale.
- The 2026 capital expenditures are focused on projects like Greens Creek ($66-71 million for a tailings facility), Lucky Friday ($68-73 million for cooling project completion and new tailings), and Keno Hill ($13 million for mine development and infrastructure). The company also plans to nearly double its exploration and pre-development spending to $55 million in 2026, focusing on Nevada, Greens Creek, Keno Hill, and Lucky Friday.
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|---|---|---|---|---|---|---|---|
| 04302026 | CDE | Coeur Mining | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 03272026 | AXTA | Axalta Coating Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.9% | 5.9% | -2.7% |
| 03272026 | IFF | International Flavors & Fragrances | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -1.1% | -1.1% | -3.0% |
| 03132026 | IP | International Paper | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -18.3% | -18.3% | -18.3% |
| 03062026 | ARIS | Aris Mining | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -7.4% | -7.4% | -16.7% |
| 11212025 | HL | Hecla Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 34.7% | 34.7% | 0.0% |
| 06302022 | HL | Hecla Mining | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 43.2% | 32.0% | -11.9% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 19.03 |
| Mkt Cap | 10.9 |
| Rev LTM | 1,734 |
| Op Inc LTM | 703 |
| FCF LTM | 534 |
| FCF 3Y Avg | 217 |
| CFO LTM | 735 |
| CFO 3Y Avg | 435 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 70.7% |
| Rev Chg 3Y Avg | 37.2% |
| Rev Chg Q | 89.6% |
| QoQ Delta Rev Chg LTM | 15.9% |
| Op Inc Chg LTM | 265.5% |
| Op Inc Chg 3Y Avg | 333.1% |
| Op Mgn LTM | 39.6% |
| Op Mgn 3Y Avg | 21.3% |
| QoQ Delta Op Mgn LTM | 5.9% |
| CFO/Rev LTM | 45.5% |
| CFO/Rev 3Y Avg | 27.7% |
| FCF/Rev LTM | 33.2% |
| FCF/Rev 3Y Avg | 10.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.9 |
| P/S | 5.3 |
| P/Op Inc | 13.6 |
| P/EBIT | 12.9 |
| P/E | 23.4 |
| P/CFO | 12.4 |
| Total Yield | 4.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.4% |
| 3M Rtn | -12.3% |
| 6M Rtn | 34.1% |
| 12M Rtn | 172.0% |
| 3Y Rtn | 236.4% |
| 1M Excs Rtn | -10.6% |
| 3M Excs Rtn | -20.7% |
| 6M Excs Rtn | 21.2% |
| 12M Excs Rtn | 153.8% |
| 3Y Excs Rtn | 127.9% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $17.64 | |
| Market Cap ($ Bil) | 11.8 | |
| First Trading Date | 02/14/1985 | |
| Distance from 52W High | -44.5% | |
| 50 Days | 200 Days | |
| DMA Price | $18.94 | $16.71 |
| DMA Trend | up | down |
| Distance from DMA | -6.9% | 5.6% |
| 3M | 1YR | |
| Volatility | 65.3% | 71.7% |
| Downside Capture | 344.16 | 160.18 |
| Upside Capture | 147.96 | 271.35 |
| Correlation (SPY) | 44.2% | 28.8% |
HL Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.42 | 2.22 | 2.37 | 2.24 | 1.19 | 1.23 |
| Up Beta | 2.02 | 2.12 | 2.13 | 2.01 | 0.61 | 0.96 |
| Down Beta | 12.04 | 0.83 | 1.93 | 1.07 | 0.79 | 1.13 |
| Up Capture | 131% | 147% | 184% | 510% | 376% | 473% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 10 | 18 | 28 | 64 | 134 | 374 |
| Down Capture | 711% | 328% | 287% | 190% | 106% | 108% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 24 | 35 | 60 | 117 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HL | |
|---|---|---|---|---|
| HL | 270.8% | 71.2% | 2.13 | - |
| Sector ETF (XLB) | 20.3% | 16.7% | 0.94 | 41.9% |
| Equity (SPY) | 27.4% | 12.1% | 1.71 | 29.4% |
| Gold (GLD) | 42.5% | 26.8% | 1.30 | 64.0% |
| Commodities (DBC) | 45.4% | 18.5% | 1.88 | 16.4% |
| Real Estate (VNQ) | 11.5% | 13.5% | 0.56 | 16.4% |
| Bitcoin (BTCUSD) | -23.7% | 41.8% | -0.54 | 24.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HL | |
|---|---|---|---|---|
| HL | 20.3% | 59.3% | 0.55 | - |
| Sector ETF (XLB) | 4.9% | 18.9% | 0.16 | 46.1% |
| Equity (SPY) | 13.6% | 17.1% | 0.63 | 34.3% |
| Gold (GLD) | 19.4% | 17.9% | 0.88 | 61.1% |
| Commodities (DBC) | 10.9% | 19.4% | 0.45 | 31.9% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.06 | 32.0% |
| Bitcoin (BTCUSD) | 7.2% | 55.9% | 0.34 | 18.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HL | |
|---|---|---|---|---|
| HL | 15.7% | 62.8% | 0.50 | - |
| Sector ETF (XLB) | 10.3% | 20.6% | 0.44 | 38.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 30.8% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 57.2% |
| Commodities (DBC) | 8.3% | 17.9% | 0.38 | 30.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 28.0% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.06 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/26/2026 | -5.8% | -29.2% | -25.7% |
| 11/5/2025 | 11.9% | 28.2% | 30.9% |
| 8/6/2025 | 18.2% | 27.2% | 47.7% |
| 5/1/2025 | -17.0% | -10.1% | 3.0% |
| 2/13/2025 | -14.6% | -18.1% | -7.6% |
| 11/7/2024 | -2.9% | -12.6% | -10.8% |
| 7/11/2024 | 7.4% | 11.4% | -9.2% |
| 4/9/2024 | -1.6% | -5.9% | -12.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 10 |
| # Negative | 10 | 10 | 13 |
| Median Positive | 5.5% | 6.9% | 18.8% |
| Median Negative | -5.4% | -8.0% | -13.5% |
| Max Positive | 18.2% | 28.2% | 61.5% |
| Max Negative | -17.0% | -29.2% | -35.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Silver Production | 15.10 Mil | 15.80 Mil | 16.50 Mil | -4.8% | Lowered | Guidance: 16.60 Mil for 2025 | |
| 2026 Gold Production | 65,000 | 68,500 | 72,000 | -53.6% | Lowered | Guidance: 0.15 Mil for 2025 | |
| 2026 Total Capital Investment | 216.00 Mil | 227.00 Mil | 238.00 Mil | -2.2% | Lowered | Guidance: 232.00 Mil for 2025 | |
| 2026 Exploration and Pre-development Investment | 55.00 Mil | 100.0% | Higher New | Actual: 27.50 Mil for 2025 | |||
Prior: Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Silver Production | 16.20 Mil | 16.60 Mil | 17.00 Mil | 2.2% | Raised | Guidance: 16.25 Mil for 2025 | |
| 2025 Gold Production | 0.14 Mil | 0.15 Mil | 0.15 Mil | 12.2% | Raised | Guidance: 0.13 Mil for 2025 | |
| 2025 Capital Expenditures | 222.00 Mil | 232.00 Mil | 242.00 Mil | 0 | Affirmed | Guidance: 232.00 Mil for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Allen, Kurt | VP-Exploration | Direct | Sell | 1062026 | 21.91 | 52,219 | 1,144,009 | 4,746,150 | Form |
| 2 | Clary, Michael L | Sr. VP & CAO | Direct | Sell | 12192025 | 20.30 | 75,000 | 1,522,500 | 7,240,442 | Form |
| 3 | Sienko, David C | Sr. VP, GC & Secretary | Direct | Sell | 12192025 | 19.42 | 207,553 | 4,030,679 | 17,601,705 | Form |
| 4 | Lawlar, Russell Douglas | Sr. VP & CFO | 401(k) Plan | Sell | 11122025 | 15.02 | 18,535 | Form | ||
| 5 | Lawlar, Russell Douglas | Sr. VP & CFO | Direct | Sell | 11122025 | 15.00 | 148,372 | 2,225,580 | 5,211,030 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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