olivLaw · US equity research
Hecla Mining Company HL
Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)
Hecla Mining is North America's largest silver producer, operating mines in Alaska, Idaho and Yukon and, since March 2026, without the sold Casa Berardi operation. The company reported sales above 745 million USD in the first half of 2026, showing how much the business depends on metal prices.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Hecla Mining Company (HL) stock was 14.95 USD (+13.17% on the day), with market capitalisation 10.0 bn USD, P/E 26.7 on diluted EPS of 0.56 USD over the last 12 months, dividend yield 0.07%, beta 1.41, 52-week range 12.11–31.81 USD. Latest reported quarter (Q3 2026): revenue of 394.8 m USD (+24.9% YoY), net income of 149.6 m USD (+48.5% YoY), diluted EPS 0.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.7
- neutral
- Bollinger (20, 2)
- 12.81 – 17.05
- in the upper half of the band · %B 0.50 · band width 28.4%
- SMA 50 / 200
- 17.39 / 18.52
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.92 / -0.97
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.1% | −1.1% | −11.0 pp | — |
| 3 months | −9.6% | −0.5% | −9.2 pp | — |
| 6 months | −17.6% | +4.4% | −22.0 pp | — |
| Year to date | −22.1% | +12.3% | −34.4 pp | — |
| 1 year | +24.9% | +13.5% | +11.4 pp | −13.2% |
| 3 years | +244.5% | +76.4% | +168.1 pp | +17.2% |
| 5 years | +149.6% | +63.7% | +85.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 249.7 m | 205.3 m | 219.0 m | 316.0 m | 682.7 m | 411.4 m | 333.9 m | 394.8 m |
| Cost of revenue | 181.3 m | 136.7 m | 184.5 m | 229.1 m | 199.9 m | 158.2 m | — | — |
| Gross profit | 68.3 m | 68.7 m | 85.3 m | 142.3 m | 325.9 m | 253.3 m | 179.8 m | 200.1 m |
| Operating income | 38.1 m | 47.4 m | 58.0 m | 111.0 m | 298.4 m | 223.1 m | 145.7 m | 157.2 m |
| Depreciation & amortisation | 41.2 m | 30.6 m | 32.1 m ≈ | 38.5 m ≈ | 64.4 m | 34.5 m | 36.9 m ≈ | 39.2 m ≈ |
| Interest expense | -85.9 m | 11.4 m | 10.9 m | 13.3 m | -77.2 m | 5.7 m | 2.4 m | 620.0 k |
| Pre-tax income | 20.0 m | 40.0 m | 49.0 m | 120.4 m | 269.8 m | 215.6 m | 136.6 m | 190.1 m |
| Income tax | 8.1 m | 15.6 m | 22.1 m | 31.0 m | 96.1 m | 50.9 m | 18.8 m | 40.5 m |
| Net income | 11.9 m | 28.9 m | 57.7 m | 100.7 m | 134.4 m | -19.0 m | 117.9 m | 149.6 m |
| Diluted EPS | 0.02 ≈ | 0.05 | 0.09 | 0.15 | 0.20 ≈ | -0.03 | 0.17 | 0.22 |
| Operating cash flow | 67.5 m | 35.7 m | 161.8 m ≈ | 148.0 m ≈ | 217.1 m | 194.2 m | 174.9 m ≈ | 203.0 m ≈ |
| Capex | 60.8 m | 37.8 m | 42.7 m ≈ | 44.4 m ≈ | 127.5 m | 39.3 m | 39.1 m ≈ | 51.7 m ≈ |
| Dividends paid | 8.6 m | 2.5 m | 2.5 m ≈ | 2.7 m ≈ | 2.7 m | 2.8 m | 2.5 m ≈ | 2.8 m ≈ |
| Share repurchases | 0 | 0 | 885.0 k ≈ | 0 ≈ | 0 | 1.2 m | 3.4 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 6 percentile of its own 17-quarter history (min 22.9, median 51.0, max 2,114.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 567.1 m | 673.3 m | 691.9 m | 807.5 m | 718.9 m | 720.2 m | 929.9 m | 1.4 bn |
| Revenue YoY | −1.8% | +18.7% | +2.8% | +16.7% | −11.0% | +0.2% | +29.1% | +53.0% |
| Net income | -26.6 m | -94.9 m | -9.5 m | 35.1 m | -37.3 m | -84.2 m | 35.8 m | 321.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −206.4% | unavailable | unavailable | +798.6% |
| Diluted EPS | -0.06 | -0.19 | -0.02 | 0.06 | -0.07 | -0.14 | 0.06 | 0.49 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −216.7% | unavailable | unavailable | +716.7% |
| net % | -4.7% | -14.1% | -1.4% | 4.3% | -5.2% | -11.7% | 3.8% | 22.6% |
| Free cash flow | -42.7 m | -555.0 k | 89.8 m | 111.3 m | -59.5 m | -148.4 m | 3.8 m | 310.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 241.6 m USD
- Financial debt
- 0 USD
- Net debt
- -241.6 m USD
- Equity
- 2.6 bn USD
- Total assets
- 3.6 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 2.72x
- ROE
- 13.9%
- ROA
- 9.8%
- FCF margin
- 21.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 691.9 m | 807.5 m | 718.9 m | 720.2 m | 929.9 m | 1.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 530.8 m | 589.7 m | 602.7 m | 607.3 m | 731.7 m | 800.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 161.1 m | 217.8 m | 116.2 m | 112.9 m | 198.2 m | 622.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Research & development | 0 | — | — | — | — | — | SEC (XBRL)· 18 Feb 2021verified |
| Operating income | 67.0 m | 83.4 m | -12.4 m | -44.7 m | 106.3 m | 514.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 155.0 m | 172.7 m | 145.1 m | 163.7 m | 190.5 m | 165.6 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 222.0 m ≈ | 256.1 m ≈ | 132.7 m ≈ | 119.0 m ≈ | 296.7 m ≈ | 680.4 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 49.6 m | 41.9 m | -42.8 m | -43.3 m | -49.8 m | -41.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | -1.3 m | 5.5 m | -44.9 m | -83.0 m | 66.2 m | 479.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | -8.2 m | -29.6 m | -7.6 m | 1.2 m | 30.4 m | 157.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | -9.5 m | 35.1 m | -37.3 m | -84.2 m | 35.8 m | 321.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | -0.02 | 0.06 | -0.07 | -0.14 | 0.06 | 0.49 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 527.3 m | 542.2 m | 557.3 m | 605.7 m | 622.5 m | 655.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 0.02 | 0.04 | 0.04 | 0.04 | 0.01 | 0.01 | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 129.8 m | 210.0 m | 104.7 m | 106.4 m | 26.9 m | 241.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 27.9 m | 36.4 m | 45.1 m | 19.4 m | 31.5 m | 170.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 57.6 m | — | 37.3 m | 28.8 m | 35.0 m | 26.5 m | SEC (XBRL)· 05 May 2026verified |
| Current assets | 284.3 m | 341.6 m | 267.7 m | 260.3 m | 214.2 m | 629.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.3 bn | 2.6 bn | 2.7 bn | 2.7 bn | 2.1 bn | SEC (XBRL)· 05 May 2026verified |
| Total assets | 2.7 bn | 2.7 bn | 2.9 bn | 3.0 bn | 3.0 bn | 3.6 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 68.5 m | 68.1 m | 84.7 m | 81.6 m | 89.0 m | 77.6 m | SEC (XBRL)· 05 May 2026verified |
| Short-term debt | — | — | — | 0 | 33.6 m | 0 | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 147.2 m | 160.4 m | 178.5 m | 157.5 m | 197.8 m | 231.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 986.4 m | 968.0 m | 948.2 m | 1.0 bn | 941.5 m | 969.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 1.7 bn † | 1.8 bn † | 2.0 bn † | 2.0 bn † | 2.0 bn † | 2.6 bn † | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 180.8 m | 220.3 m | 89.9 m | 75.5 m | 218.3 m | 562.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 91.0 m | 109.0 m | 149.4 m | 223.9 m | 214.5 m | 252.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 89.8 m ≈ | 111.3 m ≈ | -59.5 m ≈ | -148.4 m ≈ | 3.8 m ≈ | 310.2 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | 92.9 m | -107.0 m | -187.3 m | -231.3 m | -212.9 m | -270.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -19.4 m | -32.6 m | -7.5 m | 156.3 m | -83.8 m | -78.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 9.2 m | 20.7 m | 12.9 m | 15.7 m | 25.3 m | 10.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 2.7 m | 4.5 m | 3.7 m | 2.0 m | 1.2 m | 885.0 k | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation46
- Returns41
- Quality94
- Balance sheet100
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.47 – 18.50 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E9.47 – 18.50 (Mid 14.08)10 companies used · median multiple 25.2x · quartiles 16.9x – 33.1xCMP, IPI, KNF, LEU, MLM, SND, SQM, TTAM, USLM, VMC
- Dividend discount (DDM)outside the aggregate0.13 – 0.18 (Mid 0.15)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 21.0% | 88 (vs peers) | 10% |
| FCF conversion · Quality | 138.9% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 25.6% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 12.0x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 6.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 26.7x | 30 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.3% | 66 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.2% | 2 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 2.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns41/100 · 2/2 factors with a value
- Valuation46/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HECLA MINING COMPANY (HL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 53.0%; net margin 21.0%; ROE 14.5%.
The estimated value range is 9.47–18.50 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 14.08 USD, the price of 14.95 USD leaves a potential of -5.8% (value / price − 1) and a margin of safety of -6.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 21.0%
- FCF conversion: 138.9%
- Revenue CAGR 3Y: 25.6%
- Interest coverage: 12.0x
- Current ratio: 6.0x
- Payout ratio (FCF): 2.0%
What contradicts it
- P/E (TTM): 26.7x
- Shareholder yield (distributions): 0.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MLMMartin Marietta Materials, Inc. | 39.6 bn | 14.7 | 16.8% | 31.9% | +8.6% | −11% / +20% |
| VMCVulcan Materials Company | 38.2 bn | 35.2 | 12.9% | 13.8% | +7.1% | +0% / +39% |
| SQMChemical & Mining Co Of Chile Inc | 15.1 bn | 24.0 | 14.3% | 15.1% | −39.4% | −11% / +15% |
| HLHecla Mining Company | 10.0 bn | 26.7 | 14.5% | 21.0% | +53.0% | +25% / +244% |
| IONRIoneer Ltd | 7.2 bn | — | -4.3% | — | unavailable | −44% / −35% |
| USLMUnited States Lime & Minerals Inc | 3.5 bn | 26.6 | 20.0% | 35.1% | +17.3% | +1% / +191% |
| KNFKnife River Corporation | 3.5 bn | 26.3 | 8.0% | 4.0% | +8.5% | −17% / +4% |
| TTAMTitan America SA | 2.6 bn | 14.2 | 20.8% | 11.1% | +1.8% | −12% / unavailable |
| UUUUEnergy Fuels Inc. | 1.9 bn | — | -14.1% | -100.0% | −15.6% | −50% / −10% |
| LEUCentrus Energy Corp | 1.3 bn | 42.2 | 8.1% | 10.2% | +1.5% | −64% / +85% |
| CMPCompass Minerals International, Inc. | 976.5 m | 54.2 | 7.2% | 1.4% | +11.3% | +22% / −4% |
| GAUGaliano Gold Inc. | 540.4 m | — | -12.7% | -6.5% | +93.6% | −14% / +220% |
| IPIIntrepid Potash, Inc. | 418.0 m | 17.1 | 4.8% | 8.0% | +17.1% | +24% / +52% |
| SNDSmart Sand, Inc. | 185.3 m | 16.9 | 4.4% | 2.7% | +6.0% | +48% / +124% |
| ABATAmerican Battery Technology Company | 183.9 m | — | -74.5% | -337.5% | +406.8% | −66% / −70% |
| ATLXAtlas Lithium Corporation | 52.1 m | — | -103.0% | -33,954.4% | −86.1% | −65% / −93% |
| LGOLargo Inc. | 27.7 m | — | -46.4% | -62.3% | −12.0% | −67% / −84% |
| ELVRElevra Lithium Limited | — | — | -54.2% | -131.8% | +11.2% | −40% / unavailable |
| TECKTeck Resources Limited | — | — | 5.5% | 13.0% | +18.7% | +50% / +71% |
1- and 3-year price returns: for HL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.95 Total return -33% · Per year -33% | 17.52 Total return 17% · Per year 17% | 26.28 Total return 76% · Per year 76% |
| 3 years | 11.81 Total return -21% · Per year -7% | 23.17 Total return 55% · Per year 16% | 37.84 Total return 153% · Per year 36% |
| 5 years | 14.01 Total return -6% · Per year -1% | 30.64 Total return 105% · Per year 15% | 54.49 Total return 265% · Per year 30% |
- Exit P/E± 5.79
- Net margin± 4.05
- Annual revenue growth± 3.02
- Annual dilution± 0.34
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Hecla Mining is North America's largest silver producer, operating mines in Alaska, Idaho and Yukon and, since March 2026, without the sold Casa Berardi operation. The company reported sales above 745 million USD in the first half of 2026 2, showing how much the business depends on metal prices.
SWOT
Strengths
- A leading position in North American silver production with operations in stable jurisdictions in the US and Canada.
- A strong balance sheet with no financial debt at the end of the second quarter of 2026 and an undrawn credit facility.
- High operating cash flow in the second quarter of 2026, supported by strong mines such as Lucky Friday.
Weaknesses
- Heavy dependence on silver and gold prices makes revenue very volatile.
- Keno Hill has not yet reached commercial production, and its output guidance was lowered.
- Silver output in the first half of 2026 was below the same period of 2025 at Greens Creek.
Opportunities
- Greens Creek projects, such as the pyrite circuit and tailings reprocessing, could add production if approved.
- Demand from green technologies could support silver prices over the longer term.
- A restart of the Midas mill in Nevada, if the resource expands enough to support operations.
Threats
- A prolonged fall in metal prices could lead to asset write-downs.
- Receipt of the deferred and contingent Casa Berardi payments is not assured.
- Environmental rules and mine closure obligations could increase costs.
Risks
- Metal priceshigh
A prolonged fall in silver or gold prices could reduce revenue and lead to write-downs.
- Casa Berardi sale proceedsmedium
Deferred and contingent payments depend on the buyer's financial condition and on reaching production milestones.
- Environmental and reclamation obligationsmedium
Permit exceedances at Keno Hill and reclamation costs could rise if estimates change.
- Reserve and resource uncertaintymedium
Reserve and resource estimates can be revised, which could affect mine plans and depreciation.
- Regulatory risklow
Permit approvals and legislative changes could delay growth projects.
Investment thesis
What would need to be true (bull case)
- The company has a debt-free balance sheet and a strong position as North America's silver leader, which gives it flexibility.
- If silver prices stay high and Keno Hill reaches commercial production, cash flow could rise significantly.
- Projects at Greens Creek and in Nevada could add production without large investment in new infrastructure.
What would break the thesis
- Revenue depends on metal prices, which fell in the second quarter of 2026 and could keep fluctuating sharply.
- Part of the Casa Berardi deal value depends on uncertain future payments, which could reduce actual proceeds.
- Keno Hill has not yet reached commercial production, and the lowered guidance shows execution risk.
What to watch
- Greens Creek production pace and silver guidanceQ3 2026
- Completion of the surface cooling project at Lucky FridaySeptember 2026
- Keno Hill progress toward commercial production2027
- Approval decision on Greens Creek growth projectsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Hecla Mining Company discovers, acquires and develops mines producing silver, gold, lead, zinc and copper, an activity carried on since 1891 1. Its products are concentrates containing precious and base metals, carbon containing silver and gold, and unrefined doré, sold to smelters, traders and refiners. Revenue comes almost entirely from metals sold, so results track silver and gold prices directly.
The strategy focuses on safe operation, strengthening the balance sheet, improving return on invested capital and generating free cash flow 1. In 2026 the company sold Hecla Quebec, which held Casa Berardi, to concentrate capital on its silver assets 2. Advancing Keno Hill to commercial production remains a key priority.
The company operates in stable jurisdictions in the US and Canada, which it says reduces political risk compared with global peers 2. Three mines (Greens Creek, Lucky Friday and Keno Hill) produced together 37% of US and Canadian silver output in 2025 2. Exploration in Nevada and Montana supports the longer-term pipeline.
Segments
Greens Creek (Alaska)
The largest contributor to metal sales, about 44.3% in fiscal 2025 1. It produces silver, zinc and precious metal concentrates plus gravity concentrate for doré. In the second quarter of 2026 silver output fell on lower throughput and grades 2.
Market context
Trends
- Demand for silver in green technologiestailwind
The company argues that demand from green technology industries could support silver prices over the longer term 2.
- Metal price volatilityheadwind
Silver and gold prices fell in the second quarter of 2026, reducing revenue from the previous quarter 3.
- Portfolio consolidation after the Casa Berardi salemixed
The sale removed a gold-focused asset and concentrated the company on silver, which ended the second quarter of 2026 with no financial debt 3.
- Organic growth projectstailwind
The Greens Creek pyrite concentrate circuit and tailings reprocessing could add production if approved 2.
Competitive position
Hecla presents itself as North America's largest silver producer, with an asset exposure to silver that it considers better than its nearest peers, by its own assessment 1. Competition comes from other silver and base metal producers in the US, Canada and abroad, which operate in different jurisdictions.
A direct comparison with competitors depends on cost structure and production profile, and the source material gives no detailed peer data. The company stresses that operating in stable jurisdictions reduces political risk relative to global peers 2.
- Pan American SilverPAAS
A large silver producer in Latin America, cited as a common sector comparison; details are not drawn from the analysed sources.
- First Majestic SilverAG
A silver producer with operations in Mexico, relevant as a competitor through its production profile rather than data in the analysed sources.
- Coeur MiningCDE
A silver and gold producer in North America, a direct competitor in the US and Canadian silver market.
- Orezone Gold
The buyer of Casa Berardi, to which Hecla agreed a sale with deferred and contingent payments.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report18 Sept 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Item 3.03 · Financial statements and exhibits
- Current report28 Aug 2026Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Other events
- Current report22 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Other events
- Proxy statement10 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hecla Mining Company · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hecla Mining Company · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hecla Mining Company · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.