At a glance
Hecla Mining Company is worth $10.02B, about 30 times its fiscal 2025 earnings. Revenue grew 53.0% to $1.42B in fiscal 2025, with 22.6% kept as profit; over 5 years it has grown 15.5% a year. It pays a 0.11% dividend yield, and returned $97.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +17.1% over the past year with dividends reinvested and +20.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.5% in the 2020 crash (S&P 500: 33.7%) and 52.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 24 months after the lows.
The business in plain English
Hecla Mining has supplied silver and other metals since 1891, and its mines are in the US and Canada. They turn ore into concentrates, a processed material rich in silver, zinc, lead, gold and sometimes copper, plus doré, an unrefined bar of silver and gold. Its customers are smelters, metal traders and refiners, which pay for the metal these products contain. So revenue moves with metal prices. In 2025, revenue was $1.42 billion, up 53%, while the average price Hecla received for silver rose to $45.25 an ounce from $28.58 in 2024.
At the end of 2025, Hecla ran four wholly owned operations. Greens Creek, on Alaska's Admiralty Island near Juneau, was the largest, with 44.3% of 2025 metals sales. Casa Berardi, a gold and silver mine in Quebec, supplied 23.0%. Lucky Friday in northern Idaho, a Hecla mine since 1958, supplied 22.2%. Keno Hill in Canada's Yukon, acquired through the 2022 Alexco purchase, added 10.5% but was still ramping up toward commercial production.
On January 26, 2026, Hecla agreed to sell Casa Berardi to Orezone Gold for up to $593 million, including $160 million in cash at closing. That leaves the business leaning more heavily on Greens Creek and Lucky Friday. Revenue for the quarter ended June 30, 2026, was $333.9 million, up 52.4% from a year earlier.
Price history
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HL +17.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $333.9M, up 52.4% from a year earlier, and net income was $117.9M (+104.3%).
- For fiscal 2025, revenue was $1.42B (+53.0% year over year; +15.5% a year from FY2020 to FY2025) with a 22.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.5% good |
|---|---|
| Operating margin | 36.2% good |
| Free cash flow margin | 21.8% good |
| Return on equity (FY2025) | 12.4% watch |
| Return on assets (FY2025) | 9% good |
| Net cash (cash minus debt) | $630.3M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $691.9M | $-9.5M | $89.8M |
| FY2021 | $807.5M | $35.1M | $111.3M |
| FY2022 | $718.9M | $-37.3M | $-59.5M |
| FY2023 | $720.2M | $-84.2M | $-148.4M |
| FY2024 | $929.9M | $35.8M | $3.8M |
| FY2025 | $1.42B | $321.7M | $310.2M |
Valuation snapshot
| Market value | $10.02B |
|---|---|
| P/E ratio | 30.4 |
| Dividend yield | 0.11% |
Rank among 1514 US companies
Market value at each year end
Hecla Mining’s market value went from $3.13B at the end of 2024 to $10.02B on Oct 28, 2026, about 3.2 times as much; since the end of 2025 it is down 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.02B | -22.1% |
| 2025 | $12.86B | +311.1% |
| 2024 | $3.13B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HL price data to Oct 28, 2026 | -22.2% | +17.1% | +54.0% | +20.3% | +10.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.2% |
| 2025 | +291.8% |
| 2024 | +2.8% |
| 2023 | -12.6% |
| 2022 | +7.2% |
| 2021 | -18.9% |
| 2020 | +92.0% |
| 2019 | +44.6% |
| 2018 | -40.3% |
| 2017 | -24.1% |
| 2016 | +178.1% |
| 2015 | -31.9% |
| 2014 | -9.1% |
| 2013 | -46.9% |
| 2012 | +12.6% |
| 2011 | -53.4% |
| 2010 | +82.2% |
| 2009 | +120.7% |
| 2008 | -70.0% |
| 2007 | +22.1% |
| 2006 | +88.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 85.4% over that stretch · deepest drop along the way 91.9%, back to its old high 202.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.8% over that stretch · deepest drop along the way 51.5%, back to its old high 2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.9% over that stretch · deepest drop along the way 52%, back to its old high 24 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($7.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 17, 2025 | David C Sienko Sr. VP, GC & Secretary | sell | $4.0M |
| Dec 19, 2025 | Michael L. Clary Sr. VP & CAO | sell | $1.5M |
| Jan 6, 2026 | Kurt Allen VP-Exploration | sell | $934K |
| Aug 20, 2026 | Patrick Shay Malone VP - Sustainability | sell | $496K |
| Jan 6, 2026 | Kurt Allen VP-Exploration | sell | $210K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.2% | Jun 30, 2026 |
| VAN ECK ASSOCIATES CORP | 5.32% | Mar 31, 2026 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 4.2% | Dec 31, 2024 |
ETFs with the most weight in HL
| SLVP iShares MSCI Global Silver Miners ETF | 10.01% |
| SILJ Amplify Junior Silver Miners ETF | 8.83% |
| XME SPDR S&P Metals & Mining ETF | 4.66% |
| AGMI Themes Silver Miners ETF | 4.24% |
| GOEX Global X Gold Explorers ETF | 3.94% |
| SIL Global X Silver Miners ETF | 3.71% |
| PYZ Invesco Dorsey Wright Basic Materials Momentum ETF | 2.48% |
| GDXJ VanEck Junior Gold Miners ETF | 1.85% |
What could go wrong
- Keno Hill is still ramping up. Hecla's Yukon mine, acquired through the 2022 purchase of Alexco, was still below commercial production at the end of 2025 and has exceeded water-discharge permit limits. Setbacks could force a write-down of its book value.
- Casa Berardi sale may pay less. Of the up-to-$593 million Hecla may get from Orezone Gold for its Quebec mine, up to $241 million depends on production, permits and gold prices. Orezone can trim payments if closure guarantees top $150 million.
- Two mines carry most of the business. Greens Creek in Alaska supplied 44.3% of 2025 metals sales and Lucky Friday in Idaho 22.2%. Without Casa Berardi, they matter even more. An accident or seismic event at either could cut output sharply.
- Results swing with metal prices. Hecla lost $84.2 million in 2023 and earned $321.7 million in 2025, as the average price it got for silver rose from $23.33 to $45.25 an ounce. A sustained metal-price slump could bring losses back.
- Reliance on smelters and a few customers. Hecla's concentrates go to a small number of smelters, metal traders and refiners. If a smelter shuts down or raises its processing fees, Hecla may struggle to sell its output on good terms.
- Permits and cleanup costs can climb. Mining needs permits, and closure rules require Hecla to fund cleanup and post financial guarantees. Stricter rules, lawsuits or permit delays could raise costs or stall projects such as the Libby exploration project in Montana.
Recent events
- Major agreement signed; Major agreement ended; New debt or financial obligation; Change to shareholder rights
- Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Other company announcement
- Major agreement ended; Debt obligation accelerated
- Acquisition or sale of assets completed; Other company announcement
- Executive or board change
- Quarterly results released; Other company announcement
- Investor presentation or announcement
For income and retirement investors
Hecla pays a dividend, but it is tiny: $0.01 per share in 2024 and 2025, down from $0.0375 in 2021 through 2023, for a yield of 0.11% as of October 28, 2026. There is no streak of increases. The 2025 payout used about 3% of earnings and of free cash flow (cash left after capital spending), so it is easy to cover but offers almost no income. Share buybacks were small, $12.3 million over 2021–2025, while the share count rose 25.1% from August 2021 to July 2026, diluting existing owners.
The stock has fallen hard in downturns. It dropped 91.9% in 2008 and did not regain its April 2008 high until September 2025, almost 17 years later. It fell 51.5% in the 2020 COVID crash but recovered within about two months, then lost 52% in 2022 and took 24 months to recover. A single stock like this carries far more risk than a diversified fund.
Questions investors ask
How does Hecla Mining make money?
Hecla makes money by mining metal and selling it to smelters, metal traders and refiners. Its mines ship concentrates, a processed material containing silver, zinc, lead, gold and some copper, and doré, an unrefined silver-gold bar. Greens Creek in Alaska produced 44.3% of 2025 metals sales and Lucky Friday in Idaho 22.2%. Revenue was $1.42 billion in 2025 and net income $321.7 million. Its operating margin was 36.2%, meaning about 36 cents of operating profit per dollar of sales.
Does Hecla Mining pay a dividend?
Yes, but it is very small. Hecla paid $0.01 per share in 2025, and the yield was 0.11% as of October 28, 2026. The dividend has shrunk from $0.0375 a share each year in 2021 through 2023. The 2025 payout used about 3% of earnings, so it is easy to afford, but it offers little income. Hecla's annual report (10-K) also warns that it may not be able to pay dividends in the future.
Why did Hecla agree to sell Casa Berardi?
Hecla agreed to sell Casa Berardi after reviewing how the Quebec mine fit its future strategy. On January 26, 2026, it announced a deal with Orezone Gold worth up to $593 million: $160 million in cash at closing, Orezone shares valued at $112 million that day, $30 million and $50 million in later cash payments, and up to $241 million tied to production, permits and gold prices. The mine supplied 23.0% of 2025 metals sales. Hecla expected the deal to close in the first quarter of 2026.
How volatile is Hecla Mining stock?
Very volatile. As of October 28, 2026, its one-year volatility (a gauge of price swings) was 70.8% and its beta was 2.65, meaning it tended to move more than twice as much as the broad market. It gained nearly 292% in 2025, then fell 22.2% from the start of 2026 through October 28. Because profits hinge on silver and gold prices, metal swings hit the stock quickly. Hecla is held by 68 ETFs, including iShares MSCI Global Silver Miners ETF (SLVP), which spreads this risk across many silver miners.
How much debt does Hecla Mining have?
Very little, as of June 30, 2026. Hecla reported total debt of $7.6 million against $637.9 million in cash and investments, leaving net cash (cash minus debt) of about $630.3 million. That cushion matters for a miner whose earnings swing with metal prices. However, a September 18, 2026 filing reported a new major agreement and a new debt or financial obligation, so borrowing may have changed since that balance sheet date.