The company has significantly strengthened its solvency, reducing the debt-to-equity ratio from 0.62 in 2023Q4 to 0.27 in 2026Q1 while growing total assets to $6.9 billion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Total Current Assets | 1.56B | 1.16B | 1.05B | 673.2M | 524.18M | 656.73M | 755.67M | 663.03M | 772.39M | 665.54M | 436.6M | 435.18M | 460.71M | 868.88M | 1.54B | 1.02B | 1.13B | 1.06B | 786.88M | 1.08B | 725.73M | 290.39M | 214.5M | 3.86M | 476.47K | 584.31K | 47.97K | 41.59K | 36.15K | 104.79K |
| Cash & Short-Term Investments | 1.01B | 568.06M | 581.8M | 249.8M | 225.66M | 270.99M | 439.13M | 396.15M | 515.5M | 356.5M | 146.86M | 53.85M | 178.55M | 593.02M | 1.34B | 880.58M | 901.55M | 72.5M | 579.02M | 764.99M | 331.04M | 121.97M | 53.7M | 1.63M | 123.98K | 18.83K | 21.36K | 10.51K | 15.08K | 86.59K |
| Cash Only | 1.01B | 568.06M | 541.8M | 249.8M | 225.66M | 270.99M | 439.13M | 396.15M | 515.5M | 356.5M | 146.86M | 53.85M | 178.55M | 593.02M | 1.34B | 880.58M | 901.55M | 72.5M | 579.02M | 764.99M | 331.04M | 121.97M | 53.7M | 1.63M | 123.98K | 18.83K | 21.36K | 10.51K | 15.08K | 86.59K |
| Short-Term Investments | 0 | 0 | 40M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 336M | 378.31M | 236.6M | 205.7M | 122.33M | 204.08M | 153.65M | 113.28M | 119.16M | 155.53M | 152.57M | 235.56M | 172.78M | 192.4M | 106.29M | 43.74M | 78.77M | 52.54M | 56.6M | 72.21M | 113.48M | 38.26M | 60.9M | 1.54M | 301.31K | 557.43K | 26.61K | 31.07K | 21.07K | 18.2K |
| Days Sales Outstanding | 42.83 | 62.45 | 42.73 | 44.43 | 30.55 | 49.59 | 51.34 | 33.41 | 29.54 | 40.48 | 49.34 | 97.04 | 124.26 | 144.69 | 54.93 | 18.3 | 36.82 | 27.86 | 25.6 | 20.55 | 42.76 | 24.88 | 2.01K | 91.25K | 86.6K | 331.53K | 38.83K | - | - | - |
| Inventory | 176.38M | 198.84M | 197.4M | 207.3M | 155.01M | 158.45M | 143.1M | 138.82M | 118.47M | 141.68M | 112.46M | 120.19M | 75.56M | 49.03M | 58.71M | 75.56M | 121.67M | 125.23M | 120.5M | 185.54M | 140.56M | 100.39M | 83.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 45.89 | 49.45 | 49.1 | 58.32 | 47.76 | 42.19 | 49.58 | 46.66 | 39.36 | 52.07 | 45.32 | 57.14 | 61.26 | 43.62 | 41.91 | 47.94 | 81.06 | 94.54 | 78.02 | 91.78 | 100 | 88.57 | 2.6K | - | - | - | - | - | - | - |
| Other Current Assets | 37.22M | 15.77M | 32.7M | 10.4M | 21.17M | 7.87M | 3.07M | 2.05M | 10.37M | 2.84M | 87.9M | 174.97M | 168.75M | 7.5M | 24.09M | 6.46M | 3.81M | 29.71M | 24.04M | 51.95M | 132.39M | 26.42M | 13.57M | 0 | 51.18K | 8.05K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 5.36B | 5.05B | 4.44B | 4.64B | 3.8B | 3.96B | 3.91B | 3.79B | 3.91B | 3.98B | 4.02B | 4.04B | 4.39B | 2.74B | 1.97B | 1.38B | 1.04B | 885.3M | 789.41M | 484.41M | 405.46M | 337.09M | 320.13M | 5.38M | 2.28M | 1.46M | 3.12M | 5.08M | 5.53M | 5.69M |
| Property, Plant & Equipment | 4.77B | 4.69B | 4.18B | 4.32B | 3.55B | 3.74B | 3.73B | 3.66B | 3.82B | 3.88B | 3.87B | 3.89B | 4.06B | 2.5B | 1.74B | 1.18B | 906.76M | 781.81M | 672.05M | 454.75M | 380.96M | 325.65M | 298.35M | 4.02M | 2.13M | 1.46M | 3.07M | 5.08M | 5.53M | 5.69M |
| Fixed Asset Turnover | 0.52x | 0.47x | 0.48x | 0.39x | 0.41x | 0.40x | 0.29x | 0.34x | 0.39x | 0.36x | 0.29x | 0.23x | 0.12x | 0.19x | 0.41x | 0.74x | 0.86x | 0.88x | 1.20x | 2.82x | 2.54x | 1.72x | 0.04x | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - |
| Goodwill | 71.63M | 72.47M | 69.2M | 75.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 181.46M | 67.03M | 67.11M | 66.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 7.52M | 7.09M | 5.5M | 4M | 4.77M | 5.9M | 5.41M | 5.03M | 4.16M | 5.58M | 6.61M | 8.86M | 10.39M | 12.75M | 12.96M | 11.63M | 0 | 0 | 0 | 0 | 0 | 0 | 459.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 613.84M | 130.66M | 12.1M | 6.5M | 9.8M | 11.16M | 15.67M | 11.29M | 15.16M | 22.25M | 13.7M | 9.27M | 16.1M | 45.35M | 71.85M | 6.31M | 104.97M | 26.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 90.1M | 89.04M | 68.3M | 85.7M | 109.13M | 67.9M | 56.34M | 44.1M | 58.6M | 38.47M | 54.33M | 95.34M | 75.06M | 83.33M | 68.08M | 105.69M | 30.3M | 77.46M | 106.52M | 8.2M | 8.25M | 11.44M | 21.32M | 1.36M | 152.85K | 0 | 47.89K | 0 | 0 | 3.75K |
| Total Assets | 6.92B | 6.21B | 5.49B | 5.31B | 4.33B | 4.62B | 4.67B | 4.46B | 4.69B | 4.65B | 4.46B | 4.48B | 4.85B | 3.61B | 3.51B | 2.4B | 2.17B | 1.94B | 1.58B | 1.57B | 1.13B | 627.48M | 534.63M | 9.24M | 2.76M | 2.05M | 3.17M | 5.12M | 5.56M | 5.79M |
| Asset Turnover | 0.38x | 0.36x | 0.37x | 0.32x | 0.34x | 0.33x | 0.23x | 0.28x | 0.31x | 0.30x | 0.25x | 0.20x | 0.10x | 0.13x | 0.20x | 0.36x | 0.36x | 0.35x | 0.51x | 0.82x | 0.86x | 0.89x | 0.02x | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - |
| Asset Growth % | 49.71% | 13.2% | 3.29% | 22.81% | -6.29% | -1.08% | 4.73% | -4.9% | 0.79% | 4.31% | -0.51% | -7.59% | 34.28% | 2.97% | 46.18% | 10.39% | 11.95% | 23.13% | 0.6% | 38.51% | 80.28% | 17.37% | 5686.93% | 235.22% | 34.65% | -35.41% | -38.1% | -7.96% | -4% | - |
| Total Current Liabilities | 1.15B | 1.23B | 537.2M | 537.4M | 447.65M | 509.22M | 448.79M | 391.75M | 327.16M | 356.87M | 315.06M | 377.56M | 373.6M | 321.23M | 315.1M | 192.22M | 228.33M | 148.68M | 159.38M | 192.88M | 170.06M | 110.34M | 92.98M | 790.97K | 627.12K | 1M | 584.41K | 548.76K | 1.16M | 1.07M |
| Accounts Payable | 349.14M | 84.65M | 66.7M | 69.3M | 83.82M | 84.28M | 104.6M | 68.74M | 61.4M | 71.34M | 80.51M | 62.36M | 67.5M | 54.41M | 68.54M | 92.61M | 133.58M | 110.2M | 111.6M | 144.39M | 120.5M | 79.15M | 53.83M | 788.11K | 390.65K | 422.75K | 395.64K | 255.07K | 667.09K | 623.49K |
| Days Payables Outstanding | 74.2 | 21.05 | 16.59 | 19.49 | 25.83 | 22.44 | 36.24 | 23.11 | 20.4 | 26.22 | 32.44 | 29.65 | 54.73 | 48.41 | 48.93 | 58.76 | 88.98 | 83.19 | 72.26 | 71.42 | 85.72 | 69.83 | 1.68K | - | - | - | - | - | - | - |
| Short-Term Debt | 502.85M | 497.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.49M | 70.49M | 14.77M | 0 | 0 | 0 | 0 | 0 | 2.73M | 7.37M | 3.43M | 0 | 0 | 0 | 6.35K | 181.85K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 168.91M | 52.01M | 63.1M | 88.3M | 79.74M | 96.95M | 104.37M | 87.95M | 88.11M | 52.34M | 66.47M | 69.96M | 70.95M | 61.62M | 71.28M | 0 | 0 | 0 | 34.51K | 51.5K | 465.85K | 0 | 22.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 195.94M | 470.24M | 72.7M | 127.5M | 136.23M | 155.72M | 189.64M | 187.46M | 142.77M | 151.37M | 54.94M | 44.8M | 260.87M | 54.44M | 157.89M | 73.52M | 59.21M | 38.48M | 26.61M | 37.72M | 42.68M | 31.18M | 22.32M | 3.08K | 230.12K | 395.47K | 188.77K | 293.69K | 494.61K | 444.03K |
| Current Ratio | 1.36x | 0.95x | 1.95x | 1.25x | 1.17x | 1.29x | 1.68x | 1.69x | 2.36x | 1.86x | 1.39x | 1.15x | 1.23x | 2.70x | 4.87x | 5.29x | 4.95x | 7.10x | 4.94x | 5.61x | 4.27x | 2.63x | 2.31x | 4.88x | 0.76x | 0.58x | 0.08x | 0.08x | 0.03x | 0.10x |
| Quick Ratio | 1.20x | 0.78x | 1.58x | 0.87x | 0.82x | 0.98x | 1.36x | 1.34x | 2.00x | 1.47x | 1.03x | 0.83x | 1.03x | 2.55x | 4.69x | 4.90x | 4.42x | 6.26x | 4.18x | 4.65x | 3.44x | 1.72x | 1.41x | 4.88x | 0.76x | 0.58x | 0.08x | 0.08x | 0.03x | 0.10x |
| Cash Conversion Cycle | 14.52 | 90.85 | 75.24 | 83.25 | 52.49 | 69.34 | 64.68 | 56.97 | 48.5 | 66.33 | 62.21 | 124.53 | 130.79 | 139.89 | 47.91 | 7.48 | 28.89 | 39.21 | 31.36 | 40.91 | 57.04 | 43.61 | 2.93K | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.76B | 1.76B | 2.3B | 2.57B | 2.31B | 2.63B | 2.52B | 2.22B | 2.18B | 2.15B | 2.38B | 2.31B | 2.37B | 1.76B | 1.42B | 428.21M | 195.71M | 165.15M | 136.15M | 171.05M | 133.91M | 292.22M | 314.56M | 800.84K | 0 | 0 | 0 | 0 | 342.35K | 373.04K |
| Long-Term Debt | 538.67M | 564.77M | 1.11B | 1.29B | 1.18B | 1.18B | 1.14B | 985.25M | 981.03M | 979.58M | 1.22B | 1.21B | 972.29M | 731.92M | 482.03M | 0 | 0 | 0 | 0 | 3.24M | 8.76M | 164.88M | 185.94M | 801.22K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 129.14M | 29.25M | 44.3M | 61.4M | 44.86M | 44.47M | 30.04M | 49.17M | 53.76M | 66.25M | 9.76M | 0 | 0 | 0 | -61.78M | 0 | 0 | 0 | 82.17K | 1.63M | 4.27M | 7.76M | 9.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.47B | 374.62M | 340.4M | 407.2M | 251.29M | 261.76M | 229.43M | 237.83M | 324.09M | 302.09M | 354.92M | 294.53M | 380.71M | 275.77M | 242.16M | 185.76M | 42.14M | 33.36M | 18.09M | 725.03K | 499.31K | 1.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 570.37M | 527.24M | 501.7M | 481.5M | 421.29M | 717.31M | 679M | 467.01M | 340.91M | 351.56M | 1.15B | 283.58M | 1.4B | 316.64M | 305.65M | 242.45M | 153.57M | 131.8M | 117.98M | 166.03M | 120.59M | 118.14M | 118.87M | -386 | 0 | 0 | 0 | 0 | 342.35K | 373.04K |
| Total Liabilities | 2.91B | 2.99B | 2.84B | 3.11B | 2.75B | 3.14B | 2.97B | 2.61B | 2.51B | 2.5B | 2.69B | 2.69B | 2.74B | 2.08B | 1.74B | 620.43M | 424.04M | 313.83M | 295.52M | 363.92M | 303.97M | 402.55M | 407.55M | 1.59M | 627.12K | 1M | 584.41K | 548.76K | 1.5M | 1.44M |
| Total Debt | 1.07B | 1.09B | 1.18B | 1.38B | 1.25B | 1.26B | 1.2B | 1.07B | 1.06B | 1.06B | 1.23B | 1.28B | 986.42M | 731.92M | 482.03M | 0 | 0 | 1.2M | 3.15M | 15.63M | 19.93M | 172.64M | 200.6M | 800.84K | 6.35K | 181.85K | 0 | 0 | 0 | 0 |
| Net Debt | 61.3M | 523.84M | 640.5M | 1.13B | 1.02B | 987.29M | 760.05M | 671.06M | 539.77M | 707.65M | 1.09B | 1.22B | 807.87M | 138.91M | -862M | -880.58M | -901.55M | -71.3M | -575.87M | -749.36M | -311.12M | 50.67M | 146.9M | -829.16K | -117.63K | 163.02K | -21.36K | -10.51K | -15.08K | -86.59K |
| Debt / Equity | 0.27x | 0.34x | 0.45x | 0.62x | 0.79x | 0.85x | 0.71x | 0.58x | 0.48x | 0.50x | 0.70x | 0.72x | 0.47x | 0.48x | 0.27x | - | - | 0.00x | 0.00x | 0.01x | 0.02x | 0.77x | 1.58x | 0.10x | 0.00x | 0.17x | - | - | - | - |
| Debt / EBITDA | 0.96x | 1.09x | 1.40x | 1.99x | 1.94x | 3.33x | 3.67x | 18.44x | 1.67x | 1.64x | 2.63x | - | 18.03x | 11.03x | 2.69x | - | - | 0.01x | 0.01x | 0.03x | 0.04x | 1.43x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.05x | 0.52x | 0.76x | 1.63x | 1.59x | 2.61x | 2.33x | 11.60x | 0.85x | 1.09x | 2.31x | - | 14.76x | 2.09x | -4.81x | -2.84x | -3.97x | -0.52x | -2.40x | -1.54x | -0.70x | 0.42x | - | - | - | - | - | - | - | - |
| Interest Coverage | 16.10x | 13.34x | 4.38x | 2.93x | 2.64x | -1.04x | -1.00x | -4.68x | 1.85x | 1.57x | 0.93x | -4.98x | 3.95x | -4.28x | 4.35x | 32.15x | 14.90x | 919.63x | 297.56x | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 4.01B | 3.23B | 2.65B | 2.21B | 1.57B | 1.48B | 1.7B | 1.85B | 2.18B | 2.14B | 1.76B | 1.79B | 2.11B | 1.53B | 1.77B | 1.78B | 1.75B | 1.63B | 1.28B | 1.2B | 827.22M | 224.92M | 127.08M | 7.65M | 2.13M | 1.05M | 2.58M | 4.57M | 4.06M | 4.35M |
| Equity Growth % | 95.45% | 21.82% | 19.97% | 40.4% | 6.43% | -13.12% | -8.03% | -15.18% | 1.61% | 21.61% | -1.35% | -15.2% | 37.87% | -13.52% | -0.59% | 1.68% | 7.48% | 27.03% | 6.47% | 45.41% | 267.78% | 77% | 1561.86% | 259.2% | 103.39% | -59.5% | -43.46% | 12.63% | -6.78% | - |
| Book Value per Share | 10.05 | 8.13 | 7.02 | 7.10 | 5.99 | 5.65 | 6.51 | 7.07 | 8.34 | 8.81 | 7.48 | 7.62 | 10.05 | 8.89 | 10.28 | 10.59 | 11.56 | 10.56 | 9.37 | 9.36 | 6.87 | 2.65 | 14.29 | 1.75 | 0.72 | 0.89 | 2.22 | 4.91 | 5.07 | 6.21 |
| Total Shareholders' Equity | 3.55B | 3.23B | 2.55B | 2.1B | 1.57B | 1.48B | 1.7B | 1.85B | 2.18B | 2.14B | 1.76B | 1.79B | 2.11B | 1.54B | 1.77B | 1.78B | 1.74B | 1.63B | 1.28B | 1.2B | 827.22M | 224.92M | 127.08M | 7.65M | 2.13M | 1.05M | 2.58M | 4.57M | 4.06M | 4.35M |
| Common Stock | 2.68B | 2.66B | 2.64B | 2.24B | 1.78B | 1.78B | 1.78B | 1.78B | 1.78B | 1.78B | 1.59B | 1.58B | 1.4B | 958.98M | 1.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 99.94M | 16.49M | 10.56M | 13.49M | 0 | 0 | 0 | 0 |
| Retained Earnings | 650.13M | 459.66M | -102.4M | -173.6M | -235.5M | -301.84M | -53.33M | 95.03M | 442.77M | 377.15M | 216.93M | 255.69M | 545M | 530.6M | 688.6M | 722.76M | 1.04B | 978.95M | 749.62M | 877.37M | 551.41M | 67.79M | -5.4M | -14.69M | -8.83M | -12.96M | -6.72M | -4.61M | -3.27M | -3.29M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 214.9M | 102.11M | 14.3M | 30.2M | 26.54M | -182K | -24.2M | -24.25M | -41.25M | -10.3M | -42.04M | -45M | 163.35M | 46.54M | 53.56M | 53.96M | 41.69M | 6.16M | -15.06M | -5.45M | -48.9K | -54.24K | 29.8M | 5.45M | 74.32K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 464.22M | 0 | 94.2M | 110M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.42M | -312.62K | 2.15M | 9.7M | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensive project execution
According to recent quarterly filings, Hudbay’s total assets expanded to $6.9 billion in 2026Q1 from $5.3 billion in 2023Q4, signaling a deliberate shift toward scaling the production base while simultaneously improving the company's net equity position from $2.1 billion to $3.5 billion over the same period.
The consistent growth in total assets relative to liabilities suggests that the company is successfully deploying capital into productive mining infrastructure. This trajectory indicates a strengthening balance sheet that may provide the necessary foundation for future project development without excessive reliance on external financing.
Based on reported financial statements, Hudbay has successfully reduced its debt-to-equity ratio from 0.62 in 2023Q4 to 0.27 in 2026Q1, reflecting a disciplined approach to capital structure management even as the company integrates new assets and pursues aggressive growth in its North American mining portfolio.
The reduction in leverage appears to be a strategic move to lower interest expense and increase financial flexibility for upcoming capital-intensive projects. Investors should monitor whether this trend continues as the company approaches the final investment decisions for its Arizona-based development pipeline.
As indicated by the latest balance sheet data, Hudbay’s cash position has surged to $1.0 billion in 2026Q1, a significant improvement from the $250.5 million reported in 2023Q4, providing a robust liquidity buffer that mitigates risks associated with commodity price volatility and operational disruptions in Peru.
The current ratio of 1.36 suggests that the company maintains sufficient short-term liquidity to meet its immediate obligations. This improved cash position appears to provide a meaningful cushion against the inherent cyclicality of the base metals industry and the high fixed costs of its mining operations.
Based on the company's reported figures, retained earnings have shifted from a deficit of $172.7 million in 2023Q4 to a positive $650.1 million in 2026Q1, marking a fundamental improvement in the quality of equity and reflecting the successful execution of the company's recent operational mine plans.
This transition from accumulated losses to positive retained earnings suggests that the company has moved past the most capital-intensive phase of its recent expansion. The improvement in equity quality warrants further investigation into whether this trend can be sustained through future commodity price cycles.
Quick answers to the most common questions about buying HBM stock.
As of 2025, Hudbay Minerals Inc. (HBM) had total assets of $6.21B including $1.16B in current assets.
Hudbay Minerals Inc. (HBM) carries total debt of $1.09B, offset by $568.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hudbay Minerals Inc. (HBM) has total shareholders' equity (book value) of $3.23B ($8.13 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hudbay Minerals Inc. (HBM) reported a current ratio of 0.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.