Does Hecla Mining Stock Lead the Pack?
Hecla Mining’s (HL) stock has performed strongly over the past year, reflecting a transformative 2025 with record revenue exceeding $1.4 billion and a significant increase in net income. However, how does it truly measure up against its key silver and gold mining peers? A closer look reveals robust operating profitability, with an operating margin reported around 30.5% to 36.2%, and solid revenue growth, which surged 53% in 2025. Yet, a high valuation, with its P/E ratio ranging from 45.48x to 73.45x in February 2026, relative to many rivals may limit significant further upside, despite consistent free cash flow generation, which reached $310 million in 2025.
- HL’s 30.5% operating margin is strong, yet FSM’s 31.5% leads, signaling FSM’s superior cost control or portfolio optimization.
- HL’s 45.6% revenue growth, outpacing PAAS, SSRM but behind AG, CDE, FSM, highlights varied success in metal prices and production/acquisitions.
- HL’s 327.6% stock gain and 80.7 PE suggest investor optimism, yet AG’s stronger returns reflect better production-driven growth.
Here’s how Hecla Mining stacks up across size, valuation, and profitability versus key peers.
| HL | PAAS | AG | CDE | SSRM | FSM | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 16.1 | 24.5 | 13.5 | 15.7 | 6.2 | 3.8 |
| Revenue ($ Bil) | 1.2 | 3.3 | 1.0 | 1.7 | 1.4 | 1.4 |
| PE Ratio | 80.7 | 38.7 | 176.4 | 38.4 | 28.1 | 16.3 |
| LTM Revenue Growth | 45.6% | 21.7% | 83.9% | 68.3% | 30.3% | 68.1% |
| LTM Operating Margin | 30.5% | 24.3% | 17.1% | 29.7% | 20.7% | 31.5% |
| LTM FCF Margin | 14.9% | 22.9% | 15.1% | 21.7% | 13.4% | 16.7% |
| 12M Market Return | 327.6% | 157.9% | 379.6% | 303.8% | 190.1% | 154.0% |
For more details on Hecla Mining, read Buy or Sell HL Stock. Below we compare HL’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| HL | 45.6% | 29.1% | 0.2% | -11.0% |
| PAAS | 21.7% | 21.7% | 55.0% | -8.5% |
| AG | 83.9% | -2.2% | -8.1% | 6.7% |
| CDE | 68.3% | 28.3% | 4.5% | -5.7% |
| SSRM | 30.3% | -30.2% | 24.3% | -22.1% |
| FSM | 68.1% | 26.1% | 23.6% | 13.6% |
Operating Margin Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| HL | 30.5% | 18.4% | 5.4% | 2.8% |
| PAAS | 24.3% | 12.4% | 3.6% | -4.4% |
| AG | 17.1% | 1.0% | -9.8% | -8.2% |
| CDE | 29.7% | 20.4% | 1.9% | 0.2% |
| SSRM | 20.7% | -18.0% | 19.8% | 16.5% |
| FSM | 31.5% | 24.2% | 14.2% | 12.2% |
PE Ratio Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| HL | 80.7 | 332.8 | -35.3 | -71.8 |
| PAAS | 38.7 | 168.8 | -63.7 | -10.1 |
| AG | 176.4 | -48.3 | -11.5 | -14.2 |
| CDE | 38.4 | 118.6 | -18.9 | -11.5 |
| SSRM | 28.1 | -17.0 | -14.5 | 11.6 |
| FSM | 16.3 | 23.5 | -24.9 | -8.8 |
Still not sure about HL stock? Consider portfolio approach.
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