Latest Ratios: P/E Ratio 14.8x · EV/EBITDA 9.1x · ROE 19.4%. (1997–2025 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 | $8.6B | $7.9B | $3.1B | $1.7B | $1.3B | $1.9B | $1.8B | $1.1B | $1.2B | $2.1B | $1.3B |
| Enterprise Value | $9.1B | $8.4B | $3.7B | $2.8B | $2.3B | $2.9B | $2.6B | $1.8B | $1.8B | $2.9B | $2.4B |
| P/E Ratio → | 14.76 | 13.60 | 40.50 | 26.29 | 18.78 | — | — | — | 14.30 | 15.44 | — |
| P/S Ratio | 3.87 | 3.56 | 1.51 | 1.02 | 0.91 | 1.26 | 1.67 | 0.88 | 0.84 | 1.53 | 1.19 |
| P/B Ratio | 2.65 | 2.44 | 1.15 | 0.78 | 0.85 | 1.28 | 1.08 | 0.59 | 0.57 | 1.00 | 0.76 |
| P/FCF | 43.25 | 39.78 | 9.63 | 8.77 | 7.43 | 57.63 | — | 20.99 | 4.27 | 7.39 | 4.76 |
| P/OCF | 12.72 | 11.70 | 4.59 | 3.60 | 2.73 | 4.92 | 7.64 | 3.49 | 2.57 | 3.97 | 2.83 |
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 | — | 3.80 | 1.83 | 1.68 | 1.61 | 1.92 | 2.37 | 1.42 | 1.20 | 2.03 | 2.15 |
| EV / EBITDA | 9.06 | 8.37 | 4.37 | 4.10 | 3.66 | 7.63 | 7.93 | 30.33 | 2.81 | 4.38 | 5.18 |
| EV / EBIT | 16.17 | 8.38 | 10.49 | 11.04 | 12.28 | — | — | — | 7.38 | 11.32 | 16.20 |
| EV / FCF | — | 42.43 | 11.65 | 14.53 | 13.13 | 87.64 | — | 33.98 | 6.14 | 9.84 | 8.61 |
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 | 33.6% | 33.6% | 27.4% | 23.2% | 18.9% | 8.7% | 3.6% | 12.2% | 25.4% | 29.2% | 19.7% |
| Operating Margin | 25.4% | 25.4% | 20.7% | 17.8% | 20.7% | 1.2% | -3.4% | -23.3% | 20.3% | 25.1% | 15.0% |
| Net Profit Margin | 25.7% | 25.7% | 3.8% | 3.9% | 4.8% | -16.3% | -13.2% | -27.8% | 5.8% | 10.0% | -3.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.4% | 19.4% | 3.2% | 3.5% | 4.6% | -15.4% | -8.2% | -17.1% | 4.0% | 7.1% | -2.0% |
| ROA | 9.7% | 9.7% | 1.4% | 1.4% | 1.6% | -5.3% | -3.2% | -7.5% | 1.8% | 3.1% | -0.8% |
| ROIC | 12.0% | 12.0% | 9.5% | 7.6% | 9.0% | 0.6% | -1.1% | -8.3% | 8.0% | 9.3% | 4.3% |
| ROCE | 11.3% | 11.3% | 8.6% | 6.9% | 7.6% | 0.4% | -0.9% | -6.9% | 6.9% | 8.4% | 4.1% |
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 | 0.34 | 0.34 | 0.45 | 0.62 | 0.79 | 0.85 | 0.71 | 0.58 | 0.48 | 0.50 | 0.70 |
| Debt / EBITDA | 1.09 | 1.09 | 1.40 | 1.99 | 1.94 | 3.33 | 3.67 | 18.44 | 1.67 | 1.64 | 2.63 |
| Net Debt / Equity | — | 0.16 | 0.24 | 0.51 | 0.65 | 0.67 | 0.45 | 0.36 | 0.25 | 0.33 | 0.62 |
| Net Debt / EBITDA | 0.52 | 0.52 | 0.76 | 1.63 | 1.59 | 2.61 | 2.33 | 11.60 | 0.85 | 1.09 | 2.31 |
| Debt / FCF | — | 2.65 | 2.02 | 5.76 | 5.70 | 30.01 | — | 12.99 | 1.87 | 2.44 | 3.85 |
| Interest Coverage | 13.34 | 13.34 | 4.38 | 2.93 | 2.64 | -1.04 | -1.00 | -4.68 | 1.85 | 1.57 | 0.93 |
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 | 0.95 | 0.95 | 1.95 | 1.25 | 1.17 | 1.29 | 1.68 | 1.69 | 2.36 | 1.86 | 1.39 |
| Quick Ratio | 0.78 | 0.78 | 1.58 | 0.87 | 0.82 | 0.98 | 1.36 | 1.34 | 2.00 | 1.47 | 1.03 |
| Cash Ratio | 0.46 | 0.46 | 1.08 | 0.46 | 0.50 | 0.53 | 0.98 | 1.01 | 1.58 | 1.00 | 0.47 |
| Asset Turnover | — | 0.36 | 0.37 | 0.32 | 0.34 | 0.33 | 0.23 | 0.28 | 0.31 | 0.30 | 0.25 |
| Inventory Turnover | 7.38 | 7.38 | 7.43 | 6.26 | 7.64 | 8.65 | 7.36 | 7.82 | 9.27 | 7.01 | 8.05 |
| Days Sales Outstanding | — | 62.45 | 42.73 | 44.43 | 30.55 | 49.59 | 51.34 | 33.41 | 29.54 | 40.48 | 49.34 |
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% | 0.2% | 0.3% | 0.3% | 0.2% | 0.2% | 0.4% | 0.3% | 0.2% | 0.3% |
| Payout Ratio | 1.0% | 1.0% | 7.2% | 6.8% | 5.8% | — | — | — | 4.7% | 2.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 7.4% | 2.5% | 3.8% | 5.3% | — | — | — | 7.0% | 6.5% | — |
| FCF Yield | 2.3% | 2.5% | 10.4% | 11.4% | 13.5% | 1.7% | — | 4.8% | 23.4% | 13.5% | 21.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.2% | 0.3% | 0.3% | 0.2% | 0.2% | 0.4% | 0.3% | 0.2% | 0.3% |
| Shares Outstanding | — | $397M | $377M | $311M | $262M | $261M | $261M | $261M | $261M | $244M | $236M |
Commodity price and jurisdictional volatility
Based on recent market data, Hudbay trades at a forward P/E of 14.20, which appears to discount the company relative to pure-play copper peers, likely reflecting investor caution regarding the capital intensity of the Copper World project and the inherent risks of its Peruvian operations.
The current EV/EBITDA multiple of 9.75 suggests that the market is pricing in a moderate growth trajectory, though this valuation may be constrained by the company's historical volatility in earnings. Investors should monitor whether the integration of Copper Mountain leads to a valuation re-rating as the market gains confidence in the company's expanded North American production profile.
As reported in financial statements, Hudbay's ROIC has trended toward 5.8% in 2026Q1, indicating a recovery in capital efficiency as the company successfully transitions from a period of heavy investment to a phase of operational optimization across its polymetallic asset base.
The improvement in ROIC from the 2024 lows suggests that the company is beginning to generate better returns on its invested capital, though it remains below the levels seen in more specialized precious metal producers. Sustained improvement will likely depend on the company's ability to maintain high mill recovery rates at the New Britannia facility while managing the cost structure of its newer acquisitions.
According to quarterly filings, the cash conversion cycle has fluctuated significantly, reaching 6 days in 2026Q1 compared to 46 days in early 2025, which highlights the inherent challenges in managing inventory and concentrate shipping schedules across diverse geographic mining operations.
The volatility in the cash conversion cycle suggests that Hudbay's working capital efficiency is highly sensitive to logistics and the timing of concentrate sales. While the recent compression in the cycle is a positive indicator of improved liquidity management, investors should remain wary of potential future spikes in inventory build-ups that could temporarily constrain free cash flow.
Based on reported figures, Hudbay has significantly improved its balance sheet health, reducing the debt-to-equity ratio to 0.27 in 2026Q1, which provides a more comfortable cushion for managing interest obligations compared to the higher leverage levels observed in previous fiscal periods.
The interest coverage ratio of 20.06x in 2026Q1 suggests that the company is currently well-positioned to service its debt, even in a higher interest rate environment. This improved solvency profile warrants further investigation into how management intends to balance future capital allocation between debt reduction and the funding of the Copper World project.
The P/E ratio is frequently misapplied to Hudbay, as it obscures the significant impact of precious metal streaming agreements and by-product credits that fundamentally alter the company's true economic earning power compared to traditional, single-commodity copper producers.
Investors should instead focus on adjusted cash cost metrics and EV/EBITDA, which better account for the non-cash nature of streaming obligations and the polymetallic revenue mix. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, as it fails to capture the structural hedge provided by gold and zinc production.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying HBM stock.
Hudbay Minerals Inc.'s current P/E ratio is 14.8x. The historical average is 25.6x. This places it at the 46th percentile of its historical range.
Hudbay Minerals Inc.'s current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
Hudbay Minerals Inc.'s return on equity (ROE) is 19.4%. The historical average is -10.4%.
Based on historical data, Hudbay Minerals Inc. is trading at a P/E of 14.8x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hudbay Minerals Inc.'s current dividend yield is 0.07% with a payout ratio of 1.0%.
Hudbay Minerals Inc. has 33.6% gross margin and 25.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hudbay Minerals Inc.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.