Hecla Mining Company
HLNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $14.29 Prior regular-session close from the quote source.
- $14.09–$14.41 Regular-session low and high so far today.
- 18.4M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $12.80–$34.17 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own HL if Hecla converts its North American silver-gold assets and operational improvements into high free cash flow when metals prices or production permit, and is using portfolio sales and disciplined capital allocation to lock in returns.
HL price history
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Investment thesis
What must happen next
Hecla's operating improvements and portfolio focus will convert higher realized metal prices into sustained, multi-year operating cash flow rather than a one-year spike.HoldingMateriality: High
Operating cash flow rose from $218,277,000 (2024) to $562,638,000 (2025) showing a large increase in cash generation. If true, the company can fund growth, reduce leverage, and justify its current multiple; if false, earnings and valuation will fall when prices normalize.
Watch: A sustained material decline in realized silver/gold prices that reduces revenue per ounce and compresses margins.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow rose from $218,277,000 (2024) to $562,638,000 (2025) showing a large increase in cash generation.
Open source ↗The sale of Casa Berardi (pending) will materially strengthen the balance sheet and provide cash and equity proceeds to fund projects or return capital, improving financial flexibility.HoldingMateriality: High
Cash increased from $26,868,000 (2024) to $241,558,000 (2025) demonstrating improved liquidity ahead of the announced Casa Berardi transaction. Proceeds would reduce capital constraints, enable disciplined capital allocation, and lower risk from legacy Canadian operations; failure or delay leaves the company more exposed to capital shortfalls and acquisition integration risk.
Watch: Regulatory or permit conditions preventing or delaying closing (transaction subject to approvals).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash increased from $26,868,000 (2024) to $241,558,000 (2025) demonstrating improved liquidity ahead of the announced Casa Berardi transaction.
Open source ↗Keno Hill is a key growth driver, but its ramp to commercial production and sustained output depends on local infrastructure reliability (notably power); failure there would stall revenue growth.HoldingMateriality: Medium
Revenue rose from $929,925,000 (2024) to $1,423,019,000 (2025), consistent with production increases and/or higher metal realizations. If Keno Hill ramps as planned, revenue and reserves expand and justify reinvestment; if power or permitting issues persist, expected production and revenue will underperform.
Watch: Repeated or extended power reductions by Yukon Energy that limit mill or mine throughput.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue rose from $929,925,000 (2024) to $1,423,019,000 (2025), consistent with production increases and/or higher metal realizations.
Open source ↗Material increases in environmental remediation or closure financial assurance requirements can force impairments or cash outflows that materially reduce ROIC and net returns.HoldingMateriality: Medium
Company discloses environmental and asset retirement obligations as a material risk (Item 1 Business) and the Casa Berardi sale terms explicitly reference reductions tied to closure financial assurance exceeding $150.0 million. If closure costs rise or regulators demand larger financial assurance, free cash flow and balance sheet strength erode; if managed, the company retains capital for growth and returns.
Watch: Regulatory agencies increasing required financial assurance or closure scope far beyond current plans.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Company discloses environmental and asset retirement obligations as a material risk (Item 1 Business) and the Casa Berardi sale terms.
Open source ↗
Full investment case & evidence
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Original research
Hecla's operating improvements and portfolio focus will convert higher realized metal prices into sustained, multi-year operating cash flow rather than a one-year spike. If true, the company can fund growth, reduce leverage, and justify its current multiple; if false, earnings and valuation will fall when prices normalize.
The sale of Casa Berardi (pending) will materially strengthen the balance sheet and provide cash and equity proceeds to fund projects or return capital, improving financial flexibility. Proceeds would reduce capital constraints, enable disciplined capital allocation, and lower risk from legacy Canadian operations; failure or delay leaves the company more exposed to capital shortfalls and acquisition integration risk.
Keno Hill is a key growth driver, but its ramp to commercial production and sustained output depends on local infrastructure reliability (notably power); failure there would stall revenue growth. If Keno Hill ramps as planned, revenue and reserves expand and justify reinvestment; if power or permitting issues persist, expected production and revenue will underperform.
Material increases in environmental remediation or closure financial assurance requirements can force impairments or cash outflows that materially reduce ROIC and net returns. If closure costs rise or regulators demand larger financial assurance, free cash flow and balance sheet strength erode; if managed, the company retains capital for growth and returns.
All standing thesis claims
Original report summary
Hecla converts its North American silver-gold assets and operational improvements into high free cash flow when metals prices or production permit, and is using portfolio sales and disciplined capital allocation to lock in returns.
Bull case and bear case
Bull case and bear case for Hecla Mining Co
Where the evidence on Hecla Mining Co stands: Holding on the latest evidence (Nov 12, 2026). Of its 4 thesis points, 4 holding.
Bull case: what the evidence supports
Hecla's operating improvements and portfolio focus will convert higher realized metal prices into sustained, multi-year operating cash flow rather than a one-year spike.
The sale of Casa Berardi (pending) will materially strengthen the balance sheet and provide cash and equity proceeds to fund projects or return capital, improving financial flexibility.
Keno Hill is a key growth driver, but its ramp to commercial production and sustained output depends on local infrastructure reliability (notably power); failure there would stall revenue growth.
Material increases in environmental remediation or closure financial assurance requirements can force impairments or cash outflows that materially reduce ROIC and net returns.
Bear case: what would count against it
A sustained material decline in realized silver/gold prices that reduces revenue per ounce and compresses margins.
Regulatory or permit conditions preventing or delaying closing (transaction subject to approvals).
Repeated or extended power reductions by Yukon Energy that limit mill or mine throughput.
Company research
Research on Hecla Mining Co
- Reporting · Hecla Mining Company (NYSE: HL) Did Not Add $500 Million of Debt
The new revolving facility more than doubles committed borrowing capacity, but capacity is not the same as an outstanding loan.
Thesis-Break Engine
Thesis-break watch · Hecla Mining Co
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Hecla Mining Co filed an SEC 8-K on 2026-11-10: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Hecla Mining Co filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Hecla Mining Co filed an SEC 8-K on 2026-09-18: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A sustained material decline in realized silver/gold prices that reduces revenue per ounce and compresses margins.
- Regulatory or permit conditions preventing or delaying closing (transaction subject to approvals).
- Repeated or extended power reductions by Yukon Energy that limit mill or mine throughput.
- Regulatory agencies increasing required financial assurance or closure scope far beyond current plans.
HL news
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Financial statements
HL income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
HL: quick answers
- What is HL's short interest?
- As of October 30, 2026, 37.8M HL shares were sold short, 5.62% of its shares outstanding, up 3.7% from the count before. At the stock's average daily volume that is 1.3 days to cover. FINRA publishes the count twice a month. HL short interest history
- Have members of Congress traded HL?
- 3 trades in HL have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed HL trade
- Which well-known investors own HL?
- 1 of the 37 well-known funds tracked here reported HL shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
HL in well-known investors’ portfolios
1 of 37 funds reported HL shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.02% | $5.8M | −21.8% | Q2 2026 |