Hecla Mining CompanyHL
NYSE•Basic Materials•Other Precious Metals & Mining
Hecla Mining Company, together with its subsidiaries, provides precious and base metals in the United States, Canada, Japan, Korea, China, and internationally. The company mines for silver, gold, lead, and zinc concentrates, as well as carbon material containing silver and gold for custom smelters, metal traders, and third-party processors; and unrefined doré containing silver and gold. The company was incorporated in 1891 and is headquartered in Coeur d'Alene, Idaho.
Hecla Mining Company (HL) reported trailing twelve months revenue of $1.57B as of March 2026, a 57.0% increase year-over-year. Quarterly revenue reached $411.43M, reflecting continued top-line momentum.
Hecla Mining Company generated $273.81M in TTM net income, with quarterly EBITDA of $257.57M. The operating margin expanded from 20.0% to 54.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (54.2%) and net margin (-4.6%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 11.0% a year ago, reflecting increased costs or interest expense.
HL trades at a P/E of 42.2x (a premium multiple) and a P/S of 7.3x. The price-to-book ratio of 4.5x reflects a moderate premium to book value.
The company generated $154.98M in free cash flow over the trailing twelve months, a 944.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.38B in total assets with no in long-term debt against $2.57B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~28.9%, suggesting durable pricing power and cost discipline.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~102.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~42.6% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 8.6% — significant dilution, likely from stock compensation or capital raises.