Hecla's gross margin expanded to 61.6% in 2026Q1, reflecting a robust improvement from the 4.3% margin recorded in 2023Q4.
| 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 | Dec'96 |
|---|
| Sales/Revenue | 1.57B | 1.42B | 929.92M | 720.23M | 718.9M | 807.47M | 691.87M | 673.27M | 567.14M | 577.77M | 645.96M | 443.57M | 500.78M | 382.59M | 321.14M | 477.63M | 418.81M | 312.55M | 192.66M | 222.62M | 217.42M | 110.16M | 130.83M | 116.35M | 105.7M | 85.25M | 75.85M | 163.61M | 159.2M | 163.9M | 158.3M |
| Revenue Growth % | 57.04% | 53.03% | 29.12% | 0.18% | -10.97% | 16.71% | 2.76% | 18.71% | -1.84% | -10.56% | 45.63% | -11.43% | 30.89% | 19.13% | -32.76% | 14.04% | 34% | 62.23% | -13.46% | 2.39% | 97.36% | -15.8% | 12.44% | 10.08% | 23.99% | 12.39% | -53.64% | 2.77% | -2.87% | 3.54% | 1.54% |
| Cost of Goods Sold | 771.66M | 837.88M | 731.72M | 607.28M | 602.75M | 589.67M | 530.77M | 639.44M | 488.04M | 420.79M | 454.45M | 405.06M | 415.58M | 316.44M | 177.63M | 212.64M | 223.99M | 211.48M | 174.8M | 162.5M | 164.26M | 112.43M | 89.59M | 61.2M | 59.45M | 60.05M | 63.09M | 129.48M | 127.9M | 126.7M | 126.9M |
| COGS % of Revenue | - | 58.88% | 78.69% | 84.32% | 83.84% | 73.03% | 76.72% | 94.98% | 86.05% | 72.83% | 70.35% | 91.32% | 82.99% | 82.71% | 55.31% | 44.52% | 53.48% | 67.66% | 90.73% | 73% | 75.55% | 102.06% | 68.48% | 52.6% | 56.24% | 70.45% | 83.17% | 79.14% | 80.34% | 77.3% | 80.16% |
| Gross Profit | 801.45M | 585.14M | 198.21M | 112.95M | 116.16M | 217.8M | 161.1M | 33.83M | 79.1M | 156.99M | 191.51M | 38.51M | 85.2M | 66.15M | 143.52M | 265M | 194.82M | 101.07M | 17.86M | 60.12M | 53.15M | -2.27M | 41.24M | 55.16M | 46.25M | 25.19M | 12.76M | 34.14M | 31.3M | 37.2M | 31.4M |
| Gross Margin % | 50.95% | 41.12% | 21.31% | 15.68% | 16.16% | 26.97% | 23.28% | 5.02% | 13.95% | 27.17% | 29.65% | 8.68% | 17.01% | 17.29% | 44.69% | 55.48% | 46.52% | 32.34% | 9.27% | 27% | 24.45% | -2.06% | 31.52% | 47.4% | 43.76% | 29.55% | 16.83% | 20.87% | 19.66% | 22.7% | 19.84% |
| Gross Profit Growth % | - | 195.21% | 75.49% | -2.76% | -46.67% | 35.2% | 376.2% | -57.23% | -49.61% | -18.03% | 397.28% | -54.8% | 28.81% | -53.91% | -45.84% | 36.02% | 92.76% | 465.93% | -70.29% | 13.1% | 2441.54% | -105.5% | -25.23% | 19.25% | 83.58% | 97.41% | -62.62% | 9.07% | -15.86% | 18.47% | 4.32% |
| Operating Expenses | 93.27M | 52.07M | 91.93M | 157.62M | 128.59M | 134.38M | 94.12M | 80.51M | 84.16M | 70.36M | 66.29M | 59.34M | 53.5M | 68.22M | 75.41M | 57.6M | 246.37M | 25.8M | 43.22M | -24.49M | 51.45M | 39.23M | 42.17M | 42.09M | 13.96M | 10.95M | 33.95M | 67.22M | 35.8M | 36.7M | 70.6M |
| OpEx % of Revenue | - | 3.66% | 9.89% | 21.89% | 17.89% | 16.64% | 13.6% | 11.96% | 14.84% | 12.18% | 10.26% | 13.38% | 10.68% | 17.83% | 23.48% | 12.06% | 58.83% | 8.25% | 22.43% | -11% | 23.67% | 35.61% | 32.24% | 36.17% | 13.21% | 12.85% | 44.75% | 41.09% | 22.49% | 22.39% | 44.6% |
| Selling, General & Admin | 61.38M | 57.63M | 45.41M | 42.72M | 43.38M | 34.57M | 35.56M | 35.83M | 36.54M | 35.61M | 45.04M | 34.2M | 31.54M | 28.93M | 21.25M | 18.54M | 23.55M | 15.06M | 43.42M | 17.57M | 26.66M | 21.84M | 24.13M | 8.41M | 7.12M | 10.69M | 33.66M | 43.48M | 13.2M | 15.4M | 49.8M |
| SG&A % of Revenue | - | 4.05% | 4.88% | 5.93% | 6.03% | 4.28% | 5.14% | 5.32% | 6.44% | 6.16% | 6.97% | 7.71% | 6.3% | 7.56% | 6.62% | 3.88% | 5.62% | 4.82% | 22.54% | 7.89% | 12.26% | 19.82% | 18.44% | 7.23% | 6.74% | 12.54% | 44.38% | 26.58% | 8.29% | 9.4% | 31.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 2.44M | 3.69M | 10.33M | 8.72M | 3.38M | 4.21M | 1.97M | 14.15M | 17.92M | 31.41M | 0 | 0 | 0 | 1.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 0.35% | 0.55% | 1.82% | 1.51% | 0.52% | 0.95% | 0.39% | 3.7% | 5.58% | 6.58% | - | - | - | 0.46% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.71M | -5.55M | 46.53M | 114.9M | 85.21M | 99.81M | 56.12M | 40.99M | -907K | 26.02M | 17.87M | 20.92M | 19.99M | 25.14M | 36.24M | 7.66M | 222.82M | 10.73M | -203K | -43.09M | 24.8M | 17.4M | 18.04M | 33.68M | 6.84M | 265K | 282K | 23.74M | 22.6M | 21.3M | 20.8M |
| Operating Income | 693.79M | 533.07M | 106.28M | -44.67M | -12.44M | 83.42M | 66.98M | -46.68M | -39.13M | 64.64M | 116.94M | -35.61M | 21.63M | -32.39M | 37.87M | 197.65M | -51.55M | 75.27M | -25.36M | 48.78M | 21.97M | -26.34M | -4.77M | -7.05M | 9.76M | -6.23M | -79.52M | -37.66M | -4.5M | 500K | -39.2M |
| Operating Margin % | 44.1% | 37.46% | 11.43% | -6.2% | -1.73% | 10.33% | 9.68% | -6.93% | -6.9% | 11.19% | 18.1% | -8.03% | 4.32% | -8.47% | 11.79% | 41.38% | -12.31% | 24.08% | -13.16% | 21.91% | 10.1% | -23.91% | -3.64% | -6.06% | 9.23% | -7.31% | -104.83% | -23.02% | -2.83% | 0.31% | -24.76% |
| Operating Income Growth % | - | 401.59% | 337.89% | -259.17% | -114.91% | 24.55% | 243.49% | -19.3% | -160.53% | -44.72% | 428.39% | -264.65% | 166.77% | -185.55% | -80.84% | 483.37% | -168.49% | 396.83% | -151.98% | 122.09% | 183.38% | -452.75% | 32.44% | -172.31% | 256.53% | 92.16% | -111.14% | -736.89% | -1000% | 101.28% | -284.31% |
| EBITDA | 853.2M | 706.5M | 303.59M | 119M | 132.71M | 256.07M | 221.98M | 149.73M | 101.78M | 191.11M | 234.36M | 76.97M | 133.8M | 49.97M | 87.98M | 244.99M | 10.06M | 139.72M | 17.84M | 75.96M | 61.73M | -5.26M | 17.11M | 13.41M | 32.41M | 14.51M | -57.15M | -13.92M | 18.1M | 21.8M | -18.4M |
| EBITDA Margin % | 54.24% | 49.65% | 32.65% | 16.52% | 18.46% | 31.71% | 32.08% | 22.24% | 17.95% | 33.08% | 36.28% | 17.35% | 26.72% | 13.06% | 27.4% | 51.29% | 2.4% | 44.7% | 9.26% | 34.12% | 28.39% | -4.78% | 13.08% | 11.52% | 30.66% | 17.02% | -75.35% | -8.51% | 11.37% | 13.3% | -11.62% |
| EBITDA Growth % | 157% | 132.72% | 155.12% | -10.33% | -48.17% | 15.36% | 48.26% | 47.11% | -46.74% | -18.45% | 204.46% | -42.47% | 167.75% | -43.2% | -64.09% | 2335.32% | -92.8% | 683.06% | -76.51% | 23.05% | 1273.41% | -130.74% | 27.63% | -58.63% | 123.37% | 125.38% | -310.52% | -176.92% | -16.97% | 218.48% | -235.29% |
| D&A (Non-Cash Add-back) | 159.41M | 173.44M | 197.31M | 163.67M | 145.15M | 172.65M | 155.01M | 196.41M | 140.91M | 126.47M | 117.41M | 112.58M | 112.17M | 82.37M | 50.11M | 47.35M | 61.62M | 64.45M | 43.2M | 27.18M | 39.77M | 21.08M | 21.88M | 20.46M | 22.65M | 20.74M | 22.36M | 23.74M | 22.6M | 21.3M | 20.8M |
| EBIT | 464.19M | 533.07M | 116.05M | -39.68M | -2.12M | 47.47M | 48.31M | -64.78M | 7.68M | 57.54M | 118.77M | -5.27M | 40.84M | -13.24M | 26.26M | 236.02M | -72.34M | 71.47M | -13.79M | 84.61M | 1.7M | -43.12M | -20.76M | 3.46M | 26.29M | 14.24M | -21.18M | -42.65M | -9.23M | 500K | -39.2M |
| Net Interest Income | -30.03M | -41.58M | -49.83M | -43.32M | -42.79M | -41.95M | -49.57M | -48.45M | -40.94M | -38.01M | -21.8M | -24.47M | -26.49M | -21.03M | -2.34M | -2.75M | -2.08M | -10.21M | -15.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 916K | 286K | 662K | 85K | 129K | 126K | 1.12M | 3.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 24.37M | 41.58M | 49.83M | 43.32M | 42.79M | 41.95M | 49.57M | 48.45M | 40.94M | 38.01M | 21.8M | 25.39M | 26.77M | 21.69M | 2.43M | 2.88M | 2.21M | 11.33M | 19.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -44.07M | -53.89M | -40.06M | -38.32M | -32.48M | -77.89M | -68.24M | -66.55M | 5.86M | -67.66M | -12.46M | 4.95M | -9.04M | -2.53M | -14.03M | 35.5M | -22.99M | -15.13M | -8.01M | -4.72M | 39.85M | 1.64M | 1.42M | 1.18M | -1.4M | -3.35M | -5.32M | -1.14M | 3.41M | 900K | 7.5M |
| Pretax Income | 649.72M | 479.18M | 66.22M | -83M | -44.91M | 5.53M | -1.26M | -113.23M | -33.26M | -3.64M | 96.97M | -30.66M | 12.58M | -34.92M | 23.83M | 233.14M | -74.55M | 60.15M | -33.37M | 44.07M | 61.82M | -24.7M | -3.34M | -5.87M | 7.95M | -9.58M | -84.83M | -38.89M | -1.2M | 1.4M | -31.7M |
| Pretax Margin % | 41.3% | 33.67% | 7.12% | -11.52% | -6.25% | 0.68% | -0.18% | -16.82% | -5.87% | -0.63% | 15.01% | -6.91% | 2.51% | -9.13% | 7.42% | 48.81% | -17.8% | 19.24% | -17.32% | 19.79% | 28.43% | -22.42% | -2.56% | -5.05% | 7.52% | -11.24% | -111.84% | -23.77% | -0.75% | 0.85% | -20.03% |
| Income Tax | 90.42M | 157.47M | 30.41M | 1.22M | -7.57M | -29.57M | 8.2M | -18.32M | -6.7M | 19.88M | 27.43M | 56.31M | -5.24M | -9.79M | 8.88M | 81.98M | -123.53M | -7.68M | 3.81M | -9.13M | -7.3M | 660K | 2.79M | 1.22M | -2.92M | 0 | 13K | -285K | -900K | 1.9M | 700K |
| Effective Tax Rate % | 13.92% | 32.86% | 45.93% | -1.47% | 16.85% | -535.09% | -651.75% | 16.18% | 20.14% | -546.13% | 28.28% | -183.67% | -41.64% | 28.05% | 37.26% | 35.16% | 165.71% | -12.77% | -11.41% | -20.72% | -11.81% | -2.67% | -83.49% | -20.73% | -36.73% | 0% | -0.02% | 0.73% | 75% | 135.71% | -2.21% |
| Net Income | 559.29M | 321.71M | 35.8M | -84.22M | -37.35M | 35.09M | -9.46M | -94.91M | -26.56M | -23.52M | 69.55M | -86.97M | 17.82M | -25.13M | 14.95M | 151.16M | 48.98M | 67.83M | -54.47M | 53.2M | 69.12M | -25.36M | -6.13M | -6.02M | 8.64M | 2.34M | -83.97M | -39.99M | -300K | -500K | -32.4M |
| Net Margin % | 35.55% | 22.61% | 3.85% | -11.69% | -5.2% | 4.35% | -1.37% | -14.1% | -4.68% | -4.07% | 10.77% | -19.61% | 3.56% | -6.57% | 4.66% | 31.65% | 11.7% | 21.7% | -28.27% | 23.9% | 31.79% | -23.02% | -4.69% | -5.17% | 8.17% | 2.74% | -110.7% | -24.44% | -0.19% | -0.31% | -20.47% |
| Net Income Growth % | 694.15% | 798.59% | 142.51% | -125.49% | -206.42% | 471.1% | 90.04% | -257.3% | -12.94% | -133.82% | 179.97% | -587.93% | 170.93% | -268.05% | -90.11% | 208.61% | -27.78% | 224.52% | -202.39% | -23.04% | 372.56% | -313.43% | -1.96% | -169.64% | 269.19% | 102.79% | -109.97% | -13230% | 40% | 98.46% | 68.14% |
| Net Income (Continuing) | 559.29M | 321.71M | 35.8M | -84.22M | -37.35M | 35.09M | -9.46M | -94.91M | -26.56M | -28.52M | 61.57M | -86.97M | 17.82M | -25.13M | 14.95M | 151.16M | 48.98M | 67.83M | -37.17M | 53.2M | 69.12M | -25.36M | -6.13M | -7.09M | 10.86M | -9.58M | -84.85M | -43.39M | -4.67M | -500K | -32.4M |
| Discontinued Operations | 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 | 0 |
| Minority Interest | 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 | 0 |
| EPS (Diluted) | 0.83 | 0.49 | 0.06 | -0.14 | -0.07 | 0.06 | -0.03 | -0.20 | -0.06 | -0.06 | 0.18 | -0.23 | 0.05 | -0.08 | 0.05 | 0.51 | 0.13 | 0.23 | -0.39 | 0.43 | 0.57 | -0.21 | -0.05 | -0.05 | -0.18 | -0.08 | -1.26 | -0.64 | -0.01 | -0.01 | -0.63 |
| EPS Growth % | 1722.22% | 765.72% | 140.43% | -108.96% | -204.04% | 302.52% | 84.1% | -226.26% | -3.55% | -132.89% | 178.26% | -560% | 163.37% | -257.8% | -90.2% | 292.31% | -43.48% | 158.97% | -190.7% | -24.56% | 371.43% | -303.85% | 4.41% | 69.78% | -125% | 93.65% | -96.88% | - | - | 98.52% | 70.14% |
| EPS (Basic) | - | 0.49 | 0.06 | -0.14 | -0.07 | 0.06 | -0.03 | -0.20 | -0.06 | -0.06 | 0.18 | -0.23 | 0.05 | -0.08 | 0.05 | 0.54 | 0.14 | 0.24 | -0.39 | 0.43 | 0.57 | -0.21 | -0.05 | -0.05 | -0.18 | -0.08 | -1.26 | -0.64 | -0.01 | -0.01 | -0.63 |
| Diluted Shares Outstanding | 675.15M | 655.77M | 622.53M | 605.67M | 557.34M | 542.18M | 527.33M | 490.45M | 433.42M | 397.39M | 389.32M | 373.95M | 357.44M | 318.68M | 297.57M | 297.03M | 269.6M | 233.62M | 141.27M | 121.07M | 119.7M | 118.46M | 118.05M | 110.61M | 80.25M | 69.4M | 66.79M | 62.35M | 56M | 53.75M | 51.33M |
| Basic Shares Outstanding | 670.39M | 651.97M | 620.85M | 605.67M | 557.34M | 536.19M | 527.33M | 490.45M | 433.42M | 397.39M | 386.42M | 373.95M | 353.44M | 318.68M | 285.38M | 280.96M | 251.15M | 224.93M | 141.27M | 120.42M | 119.25M | 118.46M | 118.05M | 110.61M | 80.25M | 69.4M | 66.79M | 62.35M | 56M | 53.75M | 51.13M |
| Dividend Payout Ratio | - | 3.05% | 70.75% | - | - | 57.33% | - | - | - | - | 5.56% | - | 19.9% | - | 114.49% | 3.7% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity price volatility exposure
According to the latest quarterly filings, Hecla Mining achieved a 57.4% year-over-year revenue growth in 2026Q1, signaling a robust acceleration in top-line performance that appears to be outpacing the more moderate growth trajectories observed in several of the company's primary silver-focused industry peers.
The consistent upward trend in quarterly revenue, moving from $160.7M in 2023Q4 to $411.4M in 2026Q1, suggests that the company is successfully leveraging its core assets to capture favorable market pricing. Investors should monitor whether this growth is sustainable or if it remains highly sensitive to the cyclical nature of silver and gold spot prices.
As reported in recent financial statements, Hecla's gross margin expanded significantly to 61.6% in 2026Q1, reflecting a substantial improvement from the 4.3% margin recorded in 2023Q4, which suggests that the company is effectively managing its cost of goods sold relative to its realized metal prices.
This margin expansion appears to be driven by improved operational throughput and the strategic benefit of byproduct credits from lead and zinc. The ability to maintain such high gross margins warrants further investigation into whether these efficiencies are permanent structural improvements or temporary benefits from favorable commodity price realizations.
Based on the provided income statement data, Hecla's operating income has scaled aggressively to $223.1M in 2026Q1, demonstrating significant operating leverage as the company's revenue growth has consistently outpaced the growth in its relatively stable SG&A expenses over the last ten quarters.
The company's ability to convert revenue into operating profit at a 54.2% margin indicates strong expense discipline and effective fixed-cost absorption at its primary mining sites. This trend suggests that the company is well-positioned to benefit from further production increases without a proportional rise in overhead costs.
Data from recent filings indicates that while operating income remains strong, net income has experienced significant fluctuations, such as the $266.5M reported in 2026Q1, which may be influenced by non-operating items or tax adjustments that require careful reconciliation by fundamental analysts.
The divergence between operating income and net income suggests that investors should look beyond headline EPS to understand the impact of non-cash items and one-time charges. The presence of stock-based compensation, while relatively modest, remains a factor that could impact the quality of earnings over the long term.
While current performance is strong, the company's heavy reliance on spot metal prices, as evidenced by the historical sensitivity of its margins, suggests that any downturn in silver or gold markets could rapidly compress profitability, a risk often highlighted by short-sellers in the mining sector.
The company's reliance on byproduct credits means that a decline in lead or zinc prices could paradoxically increase the reported cash costs of silver production. Investors should remain cautious regarding the potential for margin compression if the current favorable commodity price environment shifts unexpectedly.
Quick answers to the most common questions about buying HL stock.
For fiscal year 2025, Hecla Mining Company (HL) reported total revenue of $1.42B. This represents a 798.9% increase compared to $158.3M in 1996.
Hecla Mining Company (HL) is profitable, generating $321.7M in net income for the fiscal year ending 2025 with a net profit margin of 22.6%.
Hecla Mining Company (HL) reported an operating income of $533.1M, resulting in an operating profit margin of 37.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Hecla Mining Company (HL) generated $585.1M in gross profit for the year, representing a gross profit margin of 41.1%. This demonstrates the company's core pricing power and production efficiency.