Highlander Silver (HSLV)
Market Price (7/17/2026): $4.11 | Market Cap: $602.7 MilSector: Materials | Industry: Silver
Highlander Silver (HSLV)
Market Price (7/17/2026): $4.11Market Cap: $602.7 MilSector: MaterialsIndustry: Silver
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and 5G & Advanced Connectivity. Themes include Solar Energy Generation, Show more. | Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -108% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -79% Expensive valuation multiplesP/SPrice/Sales ratio is 33x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/EPrice/Earnings or Price/(Net Income) is 49x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -87%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -89% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and 5G & Advanced Connectivity. Themes include Solar Energy Generation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -108% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -79% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 33x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/EPrice/Earnings or Price/(Net Income) is 49x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -87%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -89% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
Qualitative Assessment
AI Analysis | Feedback
Updated on 7/16/2026
Highlander Silver (HSLV) stock has lost about 30% since 3/31/2026 because of the following key factors:
1. Continued pre-revenue status despite headline EPS beats. Highlander Silver remains a pre-revenue exploration and development company, consistently reporting no operational revenue in both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026). Despite reporting a remarkable 1,645.1% EPS beat for both fiscal Q1 2026 and fiscal Q2 2026, with EPS of $0.178 against an estimated $0.0102, these earnings likely stemmed from non-operational income such as gains on the sale of mineral interests or revaluation of investments.
2. Investor skepticism regarding earnings quality and deteriorating sentiment. The market reacted with skepticism to the reported earnings, with the stock price falling 0.82% following the fiscal Q1 2026 earnings announcement despite the massive EPS beat. Similarly, the stock declined 0.21% after the fiscal Q2 2026 earnings report, reflecting investor concerns about the sustainability of earnings not derived from core operations. This sustained skepticism led to a notable deterioration in investor sentiment, contributing to a 17% share price decline around early June 2026.
Show more
Highlander Silver (HSLV) stock has lost about 30% since 3/31/2026 because of the following key factors:
1. Continued pre-revenue status despite headline EPS beats. Highlander Silver remains a pre-revenue exploration and development company, consistently reporting no operational revenue in both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026). Despite reporting a remarkable 1,645.1% EPS beat for both fiscal Q1 2026 and fiscal Q2 2026, with EPS of $0.178 against an estimated $0.0102, these earnings likely stemmed from non-operational income such as gains on the sale of mineral interests or revaluation of investments.
2. Investor skepticism regarding earnings quality and deteriorating sentiment. The market reacted with skepticism to the reported earnings, with the stock price falling 0.82% following the fiscal Q1 2026 earnings announcement despite the massive EPS beat. Similarly, the stock declined 0.21% after the fiscal Q2 2026 earnings report, reflecting investor concerns about the sustainability of earnings not derived from core operations. This sustained skepticism led to a notable deterioration in investor sentiment, contributing to a 17% share price decline around early June 2026.
Show more
Updated on 7/16/2026
Highlander Silver (HSLV) stock has lost about 30% since 3/31/2026 because of the following key factors:
1. Continued pre-revenue status despite headline EPS beats. Highlander Silver remains a pre-revenue exploration and development company, consistently reporting no operational revenue in both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026). Despite reporting a remarkable 1,645.1% EPS beat for both fiscal Q1 2026 and fiscal Q2 2026, with EPS of $0.178 against an estimated $0.0102, these earnings likely stemmed from non-operational income such as gains on the sale of mineral interests or revaluation of investments.
2. Investor skepticism regarding earnings quality and deteriorating sentiment. The market reacted with skepticism to the reported earnings, with the stock price falling 0.82% following the fiscal Q1 2026 earnings announcement despite the massive EPS beat. Similarly, the stock declined 0.21% after the fiscal Q2 2026 earnings report, reflecting investor concerns about the sustainability of earnings not derived from core operations. This sustained skepticism led to a notable deterioration in investor sentiment, contributing to a 17% share price decline around early June 2026.
3. Significant shareholder dilution from increased shares outstanding. Highlander Silver experienced substantial shareholder dilution, with total shares outstanding growing by 92.9% over the past year. This increase in the number of shares impacts the per-share value and contributes to downward pressure on the stock price, as the company's capital structure expanded significantly without commensurate operational revenue generation.
Show less
Highlander Silver (HSLV) stock has lost about 30% since 3/31/2026 because of the following key factors:
1. Continued pre-revenue status despite headline EPS beats. Highlander Silver remains a pre-revenue exploration and development company, consistently reporting no operational revenue in both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026). Despite reporting a remarkable 1,645.1% EPS beat for both fiscal Q1 2026 and fiscal Q2 2026, with EPS of $0.178 against an estimated $0.0102, these earnings likely stemmed from non-operational income such as gains on the sale of mineral interests or revaluation of investments.
2. Investor skepticism regarding earnings quality and deteriorating sentiment. The market reacted with skepticism to the reported earnings, with the stock price falling 0.82% following the fiscal Q1 2026 earnings announcement despite the massive EPS beat. Similarly, the stock declined 0.21% after the fiscal Q2 2026 earnings report, reflecting investor concerns about the sustainability of earnings not derived from core operations. This sustained skepticism led to a notable deterioration in investor sentiment, contributing to a 17% share price decline around early June 2026.
3. Significant shareholder dilution from increased shares outstanding. Highlander Silver experienced substantial shareholder dilution, with total shares outstanding growing by 92.9% over the past year. This increase in the number of shares impacts the per-share value and contributes to downward pressure on the stock price, as the company's capital structure expanded significantly without commensurate operational revenue generation.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -30.3% change in HSLV stock from 3/31/2026 to 7/16/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7162026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.88 | 4.10 | -30.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 18 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 32.8 | |
| Shares Outstanding (Mil) | 81 | 147 | -44.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 7/16/2026| Return | Correlation | |
|---|---|---|
| HSLV | -30.3% | |
| Market (SPY) | 15.4% | 62.9% |
| Sector (XLB) | 1.8% | 54.4% |
Fundamental Drivers
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Market Drivers
12/31/2025 to 7/16/2026| Return | Correlation | |
|---|---|---|
| HSLV | ||
| Market (SPY) | 10.4% | 64.3% |
| Sector (XLB) | 12.7% | 59.3% |
Fundamental Drivers
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Market Drivers
6/30/2025 to 7/16/2026| Return | Correlation | |
|---|---|---|
| HSLV | ||
| Market (SPY) | 22.5% | 64.3% |
| Sector (XLB) | 17.6% | 59.3% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/16/2026| Return | Correlation | |
|---|---|---|
| HSLV | ||
| Market (SPY) | 75.3% | 64.3% |
| Sector (XLB) | 29.6% | 59.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HSLV Return | - | - | - | - | - | -33% | -33% |
| Peers Return | -26% | -21% | -16% | 36% | 205% | -12% | 79% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| HSLV Win Rate | - | - | - | - | - | 20% | |
| Peers Win Rate | 32% | 47% | 45% | 48% | 68% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| HSLV Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -50% | -53% | -48% | -35% | -31% | -47% | |
| 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, HL, EXK.
[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 7/16/2026 (YTD)
How Low Can It Go
HSLV has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.0% | -18.8% |
| % Gain to Breakeven | 20.5% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.5% | -9.5% |
| % Gain to Breakeven | 14.3% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.4% | 23.8% |
| Time to Breakeven | 101 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.9% | -12.2% |
| % Gain to Breakeven | 21.7% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% 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.
HSLV has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.8% | -6.8% |
| % Gain to Breakeven | 31.2% | 7.3% |
| Time to Breakeven | 171 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.2% | -17.9% |
| % Gain to Breakeven | 39.3% | 21.8% |
| Time to Breakeven | 459 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -56.6% | -53.4% |
| % Gain to Breakeven | 130.3% | 114.4% |
| Time to Breakeven | 701 days | 1085 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% 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.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.65 |
| Mkt Cap | 8.8 |
| Rev LTM | 1,537 |
| Op Inc LTM | 628 |
| FCF LTM | 486 |
| FCF 3Y Avg | 139 |
| CFO LTM | 714 |
| CFO 3Y Avg | 331 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 113.4% |
| Rev Chg 3Y Avg | 43.7% |
| Rev Chg Q | 100.4% |
| QoQ Delta Rev Chg LTM | 18.6% |
| Op Inc Chg LTM | 268.2% |
| Op Inc Chg 3Y Avg | 333.1% |
| Op Mgn LTM | 36.9% |
| Op Mgn 3Y Avg | 19.4% |
| QoQ Delta Op Mgn LTM | 6.1% |
| CFO/Rev LTM | 43.4% |
| CFO/Rev 3Y Avg | 26.1% |
| FCF/Rev LTM | 31.3% |
| FCF/Rev 3Y Avg | 4.0% |
Price Behavior
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HSLV Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.29 | 3.74 | 3.63 | 0.58 | 1.33 | 1.22 |
| Up Beta | 3.91 | 5.22 | 4.05 | 0.45 | -0.88 | 0.22 |
| Down Beta | 3.01 | 2.85 | 2.68 | -1.54 | -2.24 | -3.19 |
| Up Capture | 262% | 256% | 271% | 201% | 88% | 8% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 16 | 27 | 32 | 32 | 32 |
| Down Capture | 338% | 391% | 413% | 215% | 142% | 77% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 23 | 33 | 41 | 41 | 41 |
[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 HSLV | |
|---|---|---|---|---|
| HSLV | -38.4% | 79.6% | -1.41 | - |
| Sector ETF (XLB) | 15.9% | 17.5% | 0.69 | 59.3% |
| Equity (SPY) | 21.8% | 12.6% | 1.29 | 64.3% |
| Gold (GLD) | 19.1% | 28.0% | 0.61 | 76.6% |
| Commodities (DBC) | 27.9% | 18.9% | 1.16 | -23.5% |
| Real Estate (VNQ) | 16.9% | 14.0% | 0.88 | 26.1% |
| Bitcoin (BTCUSD) | -45.3% | 42.8% | -1.29 | 43.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HSLV | |
|---|---|---|---|---|
| HSLV | -9.2% | 79.6% | -1.41 | - |
| Sector ETF (XLB) | 6.6% | 19.0% | 0.24 | 59.3% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 64.3% |
| Gold (GLD) | 16.7% | 18.4% | 0.73 | 76.6% |
| Commodities (DBC) | 8.5% | 19.5% | 0.33 | -23.5% |
| Real Estate (VNQ) | 3.2% | 18.9% | 0.07 | 26.1% |
| Bitcoin (BTCUSD) | 14.5% | 53.5% | 0.45 | 43.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HSLV | |
|---|---|---|---|---|
| HSLV | -4.7% | 79.6% | -1.41 | - |
| Sector ETF (XLB) | 10.5% | 20.6% | 0.45 | 59.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 64.3% |
| Gold (GLD) | 10.9% | 16.1% | 0.55 | 76.6% |
| Commodities (DBC) | 6.5% | 18.0% | 0.28 | -23.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 26.1% |
| Bitcoin (BTCUSD) | 57.8% | 66.2% | 0.98 | 43.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 6-K |
Investor Activity (13F)
Updated Jul 17, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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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Core Cache Last Updated: 7/16/2026