# Hecla Mining Company (HL)

> Source: Nexqual · https://nexqual.com/HL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hecla Mining Company (HL), nexqual.com/HL" · informational, not investment advice.

**Price:** USD 14.11 (-6.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 15.14 · day 13.97–14.6 · 52w 11.81–34.17 · market cap $9.48B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.60B, net income $334M (20.8% margin), free cash flow $484M (SEC filings).
- Valuation: P/E 28.4x (avg 62.3x at the last 2 fiscal year-ends), EV/EBITDA 9.9x, net cash $478M.
- 2 of 80 tracked superinvestors hold HL (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $498K; 1 not under a Rule 10b5-1 plan ($498K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (10 analysts), mean target USD 21.88 (range 17–32).
- Total return with dividends: 1Y +9.2% vs S&P 500 +14.9%; 5Y +146.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.15, revenue estimate $340M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $807M | $719M | $720M | $930M | $1.42B | $1.60B |
| Gross profit | $218M | $116M | $113M | $198M | $622M | — |
| Operating income | $83.4M | -$12.4M | -$44.7M | $106M | $515M | $737M |
| Net income | $35.1M | -$37.3M | -$84.2M | $35.8M | $322M | $334M |
| EPS (diluted) | $0.06 | -$0.07 | -$0.14 | $0.06 | $0.49 | — |
| Free cash flow | $111M | -$59.5M | -$148M | $3.8M | $310M | $484M |
| Gross margin | 27.0% | 16.2% | 15.7% | 21.3% | 43.7% | — |
| Operating margin | 10.3% | -1.7% | -6.2% | 11.4% | 36.2% | 46.0% |
| Net margin | 4.3% | -5.2% | -11.7% | 3.8% | 22.6% | 20.8% |
| Revenue growth | +16.7% | -11.0% | +0.2% | +29.1% | +53.0% | — |
| Cash + short-term investments | $210M | $105M | $106M | $26.9M | $301M | — |
| Total debt | $516M | $518M | $653M | $543M | $263M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 28.4x · P/S 5.9x · EV/EBITDA 9.9x · EV/Sales 5.6x · P/FCF 19.6x · P/B 3.5x · FCF yield 5.11% · Earnings yield 3.52% · Dividend yield (paid, TTM) 0.11% · Buyback yield (TTM) 0.05% · Net cash $478M · EV $9.00B
P/E at fiscal year-ends: Dec 2025 39.1x, Dec 2024 85.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold HL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 0.06% | $262K | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 0.01% | $6.2M | Reduced -17.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-20 | Malone Patrick Shay | VP - Sustainability | 23,994 | $498K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 10 analysts; mean target USD 21.88 (low 17, high 32).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-16 | RBC Capital | Target lowered | Outperform | $24 → $20 |
| 2026-08-21 | Jefferies | Initiated | Hold | $22 |
| 2026-07-14 | Scotiabank | Target lowered | Sector Perform | $25 → $21 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.2% | +146.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.3% | +19.8% |
| Volatility (annualized) | 71.3% | 59.6% |
| Max drawdown | -55.8% (Jan 2026→Jun 2026) | -55.6% (Jan 2026→Oct 2026) |

## Peers (Other Precious Metals & Mining)
BVN (Buenaventura Mining Company Inc) USD 28.49 -6.41% · SBSW (D/B/A Sibanye-Stillwater Limite) USD 9.32 -4.61% · TFPM (Triple Flag Precious Metals Cor) USD 29.37 -4.52% · PPTA (Perpetua Resources Corp.) USD 17.26 -7.90% · SIND (Sinda Ltd.) USD 11.46 -0.09% · SLSR (Solaris Resources Inc.) USD 6.58 -7.06%

## More
Full page: https://nexqual.com/HL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Metal | $323.0M | 96.8% | +52.1% |
| Silver Contracts | $213.7M | 64.0% | +74.5% |
| Metal Sales | $165.3M | 49.5% | +35.5% |
| Reconciliation Of Sales | $165.3M | 49.5% | +35.5% |
| Gold | $43.2M | 12.9% | +11.1% |
| Zinc | $37.5M | 11.2% | +20.3% |
| Lead | $24.4M | 7.3% | +13.4% |
| Copper | $8,000 | 0.0% | -99.2% |
| Total revenue | $333.9M | 100% | — |
The lines above cover 291.3% of total revenue.

## Customer concentration

Period ended 2025-12-31: 24.5%, 23.4%, 13.9%, 10.4%, 10% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Company outlook (8-K filed 2026-08-04)

- "Guidance section for more details. • Individual Mine Performance: o Greens Creek: Produced nearly 2.1 million ounces of silver and over 14 thousand ounces of gold."
- "Costs applicable to sales of $35 million, with silver cash cost of $3.95 per ounce and AISC of $17.08 per ounce (both after by-product credits). 2,3,5 The surface cooling project is 88% complete and remains on track for completion in September. o Keno Hill: Produced 0.6 million ounces of silver in the second quarter after working through a lower-grade zone."
- "In Nevada, 2026 exploration investment guidance of $16 million is more than three times the 2025 level with expanded programs at Midas and new programs at Hollister and Aurora."
- "See "Project Pipeline Update" section below for further details. o Exploration: As previously announced on July 29, 2026, drilling extended the high-grade Bermingham Deep trend at Keno Hill toward the historic Hector-Calumet Mine - a past-producer of approximately 96 million ounces of silver - now traceable over 800 feet of strike length."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.15 | $0.24 | -39.4% | $340.2M | 8 |
| Next quarter (ends 2026-12-31) | $0.15 | $0.25 | -37.5% | $0 | 5 |
| Current fiscal year (ends 2026-12-31) | $0.71 | $0.84 | -15.5% | $1.42B | 8 |
| Next fiscal year (ends 2027-12-31) | $0.95 | $1.16 | -18.0% | $1.71B | 9 |