Latest Ratios: P/E Ratio 37.3x · EV/EBITDA 17.5x · ROE 13.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.3B | $12.6B | $3.1B | $2.9B | $3.1B | $2.8B | $3.4B | $1.7B | $1.0B | $1.6B | $2.0B |
| Enterprise Value | $12.3B | $12.6B | $3.6B | $3.5B | $3.5B | $3.2B | $3.8B | $2.1B | $1.5B | $1.9B | $2.4B |
| P/E Ratio → | 37.29 | 39.16 | 86.75 | — | — | 81.06 | — | — | — | — | 29.11 |
| P/S Ratio | 8.61 | 8.84 | 3.29 | 4.04 | 4.31 | 3.50 | 4.94 | 2.47 | 1.80 | 2.73 | 3.16 |
| P/B Ratio | 4.62 | 4.86 | 1.50 | 1.48 | 1.57 | 1.61 | 1.99 | 0.98 | 0.60 | 1.06 | 1.38 |
| P/FCF | 39.50 | 40.56 | 807.57 | — | — | 25.43 | 38.06 | — | — | 88.43 | 33.70 |
| P/OCF | 21.78 | 22.37 | 14.00 | 38.59 | 34.47 | 12.84 | 18.90 | 13.76 | 10.86 | 13.61 | 9.05 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.87 | 3.85 | 4.82 | 4.90 | 3.91 | 5.52 | 3.17 | 2.72 | 3.30 | 3.69 |
| EV / EBITDA | 17.50 | 17.97 | 11.79 | 29.16 | 26.53 | 12.34 | 17.21 | 14.25 | 15.14 | 9.97 | 10.17 |
| EV / EBIT | 22.90 | 24.23 | 30.85 | — | — | 66.55 | 79.09 | — | 200.70 | 33.12 | 20.07 |
| EV / FCF | — | 40.67 | 945.97 | — | — | 28.39 | 42.56 | — | — | 106.81 | 39.37 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.7% | 43.7% | 21.3% | 15.7% | 16.2% | 27.0% | 23.3% | 5.0% | 13.9% | 27.2% | 29.6% |
| Operating Margin | 37.7% | 37.7% | 11.4% | -6.2% | -1.7% | 10.3% | 9.7% | -6.9% | -6.9% | 11.2% | 18.1% |
| Net Profit Margin | 22.6% | 22.6% | 3.9% | -11.7% | -5.2% | 4.3% | -1.4% | -14.1% | -4.7% | -4.1% | 10.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.9% | 13.9% | 1.8% | -4.3% | -2.0% | 2.0% | -0.6% | -5.6% | -1.7% | -1.6% | 4.9% |
| ROA | 9.8% | 9.8% | 1.2% | -2.8% | -1.3% | 1.3% | -0.4% | -3.6% | -1.0% | -1.0% | 3.0% |
| ROIC | 15.5% | 15.5% | 3.1% | -1.4% | -0.4% | 3.0% | 2.3% | -1.6% | -1.5% | 2.7% | 5.0% |
| ROCE | 17.6% | 17.6% | 3.8% | -1.6% | -0.5% | 3.3% | 2.6% | -1.8% | -1.6% | 2.9% | 5.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.27 | 0.34 | 0.27 | 0.31 | 0.31 | 0.32 | 0.32 | 0.35 | 0.35 |
| Debt / EBITDA | 0.39 | 0.39 | 1.81 | 5.57 | 3.97 | 2.11 | 2.40 | 3.56 | 5.36 | 2.69 | 2.19 |
| Net Debt / Equity | — | 0.01 | 0.26 | 0.28 | 0.21 | 0.19 | 0.24 | 0.28 | 0.31 | 0.22 | 0.23 |
| Net Debt / EBITDA | 0.05 | 0.05 | 1.73 | 4.68 | 3.18 | 1.29 | 1.82 | 3.15 | 5.09 | 1.72 | 1.46 |
| Debt / FCF | — | 0.11 | 138.40 | — | — | 2.96 | 4.50 | — | — | 18.38 | 5.67 |
| Interest Coverage | 12.52 | 12.52 | 2.33 | -0.92 | -0.05 | 1.13 | 0.97 | -1.34 | 0.19 | 1.51 | 5.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.72 | 2.72 | 1.08 | 1.65 | 1.50 | 2.13 | 1.93 | 1.53 | 1.21 | 2.86 | 2.38 |
| Quick Ratio | 2.22 | 2.22 | 0.55 | 1.06 | 0.99 | 1.71 | 1.28 | 0.97 | 0.56 | 2.37 | 1.99 |
| Cash Ratio | 1.30 | 1.30 | 0.14 | 0.68 | 0.59 | 1.31 | 0.88 | 0.53 | 0.20 | 1.96 | 1.56 |
| Asset Turnover | — | 0.40 | 0.31 | 0.24 | 0.25 | 0.30 | 0.26 | 0.26 | 0.21 | 0.24 | 0.27 |
| Inventory Turnover | 6.98 | 6.98 | 6.97 | 6.48 | 6.65 | 8.70 | 5.52 | 9.66 | 5.58 | 7.71 | 9.08 |
| Days Sales Outstanding | — | 48.05 | 19.25 | 16.78 | 28.35 | 20.15 | 20.68 | 20.83 | 16.62 | 20.34 | 16.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | 0.8% | 0.5% | 0.4% | 0.7% | 0.3% | 0.3% | 0.4% | 0.3% | 0.2% |
| Payout Ratio | 3.1% | 3.1% | 70.8% | — | — | 57.3% | — | — | — | — | 5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.6% | 1.2% | — | — | 1.2% | — | — | — | — | 3.4% |
| FCF Yield | 2.5% | 2.5% | 0.1% | — | — | 3.9% | 2.6% | — | — | 1.1% | 3.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.3% | 0.2% | 0.2% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.8% | 0.5% | 0.4% | 0.9% | 0.3% | 0.3% | 0.7% | 0.4% | 0.4% |
| Shares Outstanding | — | $656M | $623M | $606M | $557M | $542M | $527M | $490M | $433M | $397M | $389M |
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Quick answers to the most common questions about buying HL stock.
Hecla Mining Company's current P/E ratio is 37.3x. The historical average is 51.6x. This places it at the 45th percentile of its historical range.
Hecla Mining Company's current EV/EBITDA is 17.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.7x.
Hecla Mining Company's return on equity (ROE) is 13.9%. The historical average is -2.6%.
Based on historical data, Hecla Mining Company is trading at a P/E of 37.3x. This is at the 45th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hecla Mining Company's current dividend yield is 0.08% with a payout ratio of 3.1%.
Hecla Mining Company has 43.7% gross margin and 37.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hecla Mining Company's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Cost inflation and guidance overhang
Metrics are mathematically derived from official filings.
Margin Expansion Driven by Byproduct Credits
Gross margin surged to 64.9% in 2026Q2 from 39.3% a year earlier, as reported in financial statements, reflecting higher metal prices and byproduct credits. Operating margin reached 43.6%, but net margin of 35.3% suggests tax and non-operating items warrant scrutiny.
The dramatic margin expansion appears price-led rather than volume-driven, as the 53% revenue growth aligns with favorable metal prices. The gap between operating margin (43.6%) and net margin (35.3%) in 2026Q2 indicates significant non-operating costs or tax effects, which investors should monitor for sustainability. The reliance on byproduct credits from lead and zinc means margin durability depends on those commodity prices, not just silver and gold.
Return on Capital Inflecting Sharply
ROIC improved from 0.1% in 2024Q1 to 4.9% in 2026Q2, as per quarterly data, while ROE rose to 4.5% from negative levels. This suggests the company is beginning to generate meaningful returns on its invested capital after a period of low profitability.
The improvement in ROIC and ROE is consistent with the surge in metal prices and the near-elimination of debt, which reduces the capital base. However, the absolute levels remain modest, indicating that the company's large asset base (PP&E of $2.1B) is still not generating high returns relative to its replacement cost. The trend suggests a cyclical recovery rather than a structural improvement in capital efficiency, as asset turnover remains low at 0.10.
Working Capital Cycle Lengthens on Inventory
Cash conversion cycle extended to 59 days in 2026Q2 from 30 days in 2024Q2, as per reported figures, driven by higher DSO (56 days) and DIO (69 days). This suggests that the company is tying up more cash in receivables and inventory, possibly due to timing of concentrate sales.
The lengthening of the cash conversion cycle is notable, with DSO rising from 18 days in 2024Q2 to 56 days in 2026Q2, and DIO increasing from 50 to 69 days. This may indicate that the company is holding more inventory at remote sites or that customers are taking longer to pay, which could strain liquidity despite the strong cash position. The DPO also increased to 66 days, partially offsetting the impact, but the overall trend suggests less efficient working capital management.
Near-Zero Leverage Provides Strategic Optionality
Debt-to-equity collapsed to 0.00 in 2026Q2 from 0.34 in 2024Q1, with total debt of only $12.7M, as reported in financial statements. Interest coverage improved to 63.1x, indicating minimal refinancing risk and ample capacity for future investments.
The dramatic deleveraging, with debt falling from $671.1M to $12.7M, transforms the balance sheet into a fortress, as highlighted in prior analysis. This near-zero leverage suggests that the company has significant financial flexibility to fund growth projects or make acquisitions without straining its balance sheet. The interest coverage ratio of 63.1x is exceptionally comfortable, but investors should note that the low leverage may also indicate a lack of aggressive capital deployment, which could limit growth if not utilized.
Liquidity Buffer Strengthens to Fortress Levels
Current ratio improved to 5.20 in 2026Q2 from 1.08 in 2024Q4, with quick ratio at 4.55, as per balance sheet data. Cash of $483.5M covers total debt over 38 times, indicating a robust buffer against operational shocks.
The liquidity position is exceptionally strong, with current assets far exceeding current liabilities, providing a cushion against commodity price volatility or operational disruptions. The quick ratio of 4.55 suggests that even without selling inventory, the company can meet its short-term obligations. This fortress-like liquidity may indicate a conservative capital allocation strategy, but it also provides the company with the ability to weather downturns or seize opportunities.
Misapplied Ratio: P/E on Cyclical Earnings
The trailing P/E of 32.37 is misleading for a cyclical miner like Hecla, as it is based on peak earnings that may not be sustainable. As reported in financial statements, forward P/E of 20.05 suggests the market expects earnings to normalize, but investors should use EV/EBITDA or P/NAV for a more accurate valuation.
The P/E ratio is commonly misapplied to mining companies because earnings are highly cyclical and can swing dramatically with commodity prices. Hecla's trailing P/E of 32.37 appears expensive, but this is due to depressed earnings in the past year; the forward P/E of 20.05 indicates the market anticipates higher earnings. A more appropriate metric is EV/EBITDA, which at 15.20 is more comparable to peers like Coeur (15.58) and Pan American (11.61), reflecting the company's asset quality and balance sheet strength. Investors should also consider price-to-NAV, which accounts for the value of reserves, rather than relying solely on earnings-based multiples.