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what it is
Hecla digs silver, gold, and base metals from mines in the U.S., Canada, and Mexico.
how it gets paid
FY2025 consolidated sales were ~$1.42B (GAAP), up 53% vs. ~$930M in FY2024. Revenue still skews to silver and gold (~48% / ~37% / ~15% silver, gold, base metals — illustrative split of the ~$1.4B mix the market often cites).
why it's growing
The filing narrative: higher realized precious metals and zinc prices, timing of sales in a rising price environment, and higher payable silver/gold ounces sold. On costs, the company quotes consolidated silver cash cost of ($1.75)/oz and AISC of $11.28/oz after by-product credits for FY2025.
what just happened
Q4 2025: sales $448M, basic EPS $0.20, net income to common $134M. FY2025: net income $321M ($0.49/share). Pending sale of Casa Berardi for up to $593M (expected to close Q1 2026 per release).
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
~38× trailing p/e on FY2025 $0.49 EPS — metal beta in the multiple
~0.1% dividend yield — $0.00375/quarter common (policy)
$310M FY2025 free cash flow (non-GAAP, company definition)
xvary composite: 62/100 — average
What they do
Hecla digs silver, gold, and base metals from mines in the U.S., Canada, and Mexico.
Operating footprint includes Greens Creek, Lucky Friday, Keno Hill, and (until closing) Casa Berardi. FY2025 production: 17.0M oz silver and 151k oz gold — both above prior guidance. Keno Hill delivered first full-year profitability under Hecla ownership; Casa Berardi is under a definitive sale for up to $593M. Your bet remains ounces × prices × execution.
How they make money
$1.42B
FY2025 GAAP sales · +53% vs. FY2024 (~$930M)
Silver (approx. mix)
~$0.68B
illustrative
Gold (approx. mix)
~$0.53B
illustrative
Lead & zinc / other
~$0.21B
illustrative
FY2025 total sales from Hecla Q4/FY2025 release (Feb 17, 2026). Metal mix bars use a conventional ~48/37/15 split scaled to ~$1.42B — see segment tables in the 10-K for exact GAAP allocation.
The products that matter
primary precious-metals output
Silver Production
48% of top line
Silver is still the narrative anchor for Hecla’s polymetallic mines; realized prices and treatment charges swing the P&L quarter to quarter. Use the release’s cash-cost / AISC tables for economics, not a single stale price quote.
price driver
secondary precious-metals output
Gold Production
37% of top line
Gold is material at Casa Berardi and Greens Creek; FY2025 consolidated gold production was 151k oz. 2026 guidance was revised for the pending Casa Berardi sale (see company outlook tables).
second engine
lead and zinc by-products
Lead & Zinc
16% of top line
By-product credits (lead, zinc, etc.) are what make consolidated silver unit costs look as good as they do — management breaks this out in the non-GAAP reconciliations.
margin support
Key numbers
$1.42B
FY2025 sales
Record consolidated sales per the Feb 2026 release — still a commodity pass-through at heart.
~38×
trailing p/e
$18.84 ÷ $0.49 FY2025 GAAP EPS ≈ 38× — moves daily with the tape and tax/price noise.
~43.7%
FY2025 gross margin
$622M gross profit on $1,423M sales in the earnings tables — up sharply vs. prior year with prices and volumes.
$670M
adj. EBITDA FY25
Company-reported adjusted EBITDA nearly doubled vs. prior year — non-GAAP; read the reconciliation in the release.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $276M total debt · $34M net debt
- net profit margin ~22.6% net margin FY2025 — $321M NI on $1.42B sales
- return on equity ~12% ROE — FY2025 $321M NI vs. ~$2.59B stockholders’ equity (thousands in release)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn’t embedded on this snapshot page.
source: not shown here · use your broker or index total-return data
What just happened
Q4 & FY 2025
Q4 2025: $448M sales · $0.20 basic EPS
Feb 17, 2026 release: Q4 2025 sales $448.1M vs. $245.1M in Q4 2024 (~83% vs. prior year). FY2025 sales $1,423.0M vs. $929.9M (+53%). Net income to common $321.2M ($0.49 basic EPS) vs. $35.3M ($0.06) in FY2024. Gross profit $622M FY2025. Operating cash flow $563M; free cash flow $310M (non-GAAP). Cash $242M at Dec 31, 2025; total debt $276M; net debt $34M. Declared common dividend $0.00375/share quarterly.
$1.42B
FY2025 sales
$0.49
FY2025 EPS
$310M
FY2025 FCF
the number that mattered
Deleveraging plus cash generation: net leverage 0.1× vs. 1.6× a year ago (company metric) — that is the balance-sheet inflection the filing emphasizes alongside record EBITDA.
-
Casa Berardi sale: definitive agreement for up to $593M; positioning as “North America’s premier silver company” post-close (expected Q1 2026).
-
Silver ops: FY2025 consolidated silver cash cost ($1.75)/oz and AISC $11.28/oz after by-product credits; 17.0M oz produced.
-
2026 outlook: consolidated silver production guidance 15.1–16.5M oz; exploration/pre-development spend targeted ~$55M.
-
Working capital: elevated receivables at year-end on metal prices and concentrate timing; majority collected Jan–Feb 2026 per disclosure.
source: Hecla Mining Company, “Reports Fourth Quarter and Full Year 2025 Results,” Business Wire, Feb 17, 2026
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What could go wrong
Hecla's risks are specific, not theoretical: two metals drive most of the revenue, production guidance has to hold, and the stock already prices in a lot of the recent improvement.
med
silver and gold do most of the heavy lifting
silver was 48% of the latest quarter's revenue and gold was 37%. When 85% of your top line comes from two metals, the income statement starts behaving like a price chart with mines attached.
a pullback in either metal would hit revenue, free cash flow, and sentiment at the same time.
med
production still has to hit guidance
2026 guidance (release): silver 15.1–16.5M oz; gold 65–72k oz including partial Casa Berardi before sale close. Misses vs. guidance hit cash and sentiment fast.
Miners are judged on ounces and costs every quarter — there is no “soft miss” when leverage to spot prices is this high.
med
the tape can outrun any single analyst sheet
Consensus targets move with metal prices. The filing risk is simpler: if silver/gold mean-revert while the equity still embeds strong forward cash, the multiple compresses fast.
Do not anchor to a stale price target — anchor to production, costs, and balance sheet.
med
price stability is only 10 / 100
the balance sheet looks cleaner, but the stock still trades with miner-level swings. That means bigger drawdowns, faster narrative changes, and less patience from the market when the tape turns.
you can be right on the company and still hate the ride.
Most of the revenue story is still silver and gold, FY2025 earnings were strong on higher prices/volumes, and price stability remains low in this model’s score. That is a workable setup when metals cooperate — not a forgiving one when they don’t.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
production versus the low end
Track 2026 company guidance (silver 15.1–16.5M oz; gold range revised for Casa Berardi timing) against actual quarterly production.
trend
silver price momentum
silver was 48% of the latest quarter's top line. If the metal cools, the equity usually notices before the filings do.
metric
free cash flow conversion
FY2025 free cash flow was $310M (company non-GAAP). Watch whether working capital gives back or adds after year-end concentrate timing.
risk
estimate revisions
Forward EPS is a moving target with metal curves and the Casa Berardi close — reconcile any street model to the filing cash-cost and production tables.
Analyst rankings
short-term outlook
top 5%
momentum score 1 is the highest rating. in human-speak, analysts think the near-term trade still has fuel.
risk profile
below average
stability score 4 means more volatility than most stocks. miners rarely do calm.
chart momentum
average
technical score 3 says the chart is no longer screaming. the story improved faster than the tape.
earnings predictability
35 / 100
earnings are harder to model here because prices and production both move the result. expect bumps, not smooth compounding.
source: institutional data
Institutional activity
Institutional ownership data for HL is being compiled for this page.
source: institutional data
Price targets
3-5 year target range
$6
$27
$18.84
current price
$17
target midpoint · 10% from current · 3-5yr high: $25 (+35% · 8% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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