Latest Ratios: P/E Ratio 33.6x · EV/EBITDA 15.7x · 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 | $11.0B | $12.6B | $3.1B | $2.9B | $3.1B | $2.8B | $3.4B | $1.7B | $1.0B | $1.6B | $2.0B |
| Enterprise Value | $11.1B | $12.6B | $3.6B | $3.5B | $3.5B | $3.2B | $3.8B | $2.1B | $1.5B | $1.9B | $2.4B |
| P/E Ratio → | 33.59 | 39.16 | 86.75 | — | — | 81.06 | — | — | — | — | 29.11 |
| P/S Ratio | 7.76 | 8.84 | 3.29 | 4.04 | 4.31 | 3.50 | 4.94 | 2.47 | 1.80 | 2.73 | 3.16 |
| P/B Ratio | 4.16 | 4.86 | 1.50 | 1.48 | 1.57 | 1.61 | 1.99 | 0.98 | 0.60 | 1.06 | 1.38 |
| P/FCF | 35.58 | 40.56 | 807.57 | — | — | 25.43 | 38.06 | — | — | 88.43 | 33.70 |
| P/OCF | 19.62 | 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 | — | 8.88 | 3.85 | 4.82 | 4.90 | 3.91 | 5.52 | 3.17 | 2.72 | 3.30 | 3.69 |
| EV / EBITDA | 15.71 | 17.89 | 11.79 | 29.16 | 26.53 | 12.34 | 17.21 | 14.25 | 15.14 | 9.97 | 10.17 |
| EV / EBIT | 20.82 | 23.71 | 30.85 | — | — | 66.55 | 79.09 | — | 200.70 | 33.12 | 20.07 |
| EV / FCF | — | 40.75 | 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 | 41.1% | 41.1% | 21.3% | 15.7% | 16.2% | 27.0% | 23.3% | 5.0% | 13.9% | 27.2% | 29.6% |
| Operating Margin | 37.5% | 37.5% | 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 | 9.5% | 9.5% | 1.2% | -2.8% | -1.3% | 1.3% | -0.4% | -3.6% | -1.0% | -1.0% | 3.0% |
| ROIC | 15.3% | 15.3% | 3.1% | -1.4% | -0.4% | 3.0% | 2.3% | -1.6% | -1.5% | 2.7% | 5.0% |
| ROCE | 16.8% | 16.8% | 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 | 0.12 | 0.12 | 0.27 | 0.34 | 0.27 | 0.31 | 0.31 | 0.32 | 0.32 | 0.35 | 0.35 |
| Debt / EBITDA | 0.42 | 0.42 | 1.81 | 5.57 | 3.97 | 2.11 | 2.40 | 3.56 | 5.36 | 2.69 | 2.19 |
| Net Debt / Equity | — | 0.02 | 0.26 | 0.28 | 0.21 | 0.19 | 0.24 | 0.28 | 0.31 | 0.22 | 0.23 |
| Net Debt / EBITDA | 0.08 | 0.08 | 1.73 | 4.68 | 3.18 | 1.29 | 1.82 | 3.15 | 5.09 | 1.72 | 1.46 |
| Debt / FCF | — | 0.18 | 138.40 | — | — | 2.96 | 4.50 | — | — | 18.38 | 5.67 |
| Interest Coverage | 12.82 | 12.82 | 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 | — | 0.38 | 0.31 | 0.24 | 0.25 | 0.30 | 0.26 | 0.26 | 0.21 | 0.24 | 0.27 |
| Inventory Turnover | 7.30 | 7.30 | 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 | 3.0% | 2.6% | 1.2% | — | — | 1.2% | — | — | — | — | 3.4% |
| FCF Yield | 2.8% | 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 |
Commodity price volatility exposure
According to recent market data, Hecla trades at a P/E of 31.71, which appears to command a significant premium over peers like Fortuna Mining, suggesting investors are pricing in the scarcity value of its Tier-1 North American asset base rather than purely near-term earnings multiples.
The forward P/E of 18.48 implies that the market anticipates a substantial earnings expansion, likely driven by the recent production ramp-up and favorable byproduct pricing. However, the high P/S ratio of 7.32 warrants caution, as it suggests that any deviation from current production targets or a softening in silver prices could lead to a sharp valuation contraction.
As reported in financial statements, Hecla's ROIC has improved to 7.2% in 2026Q1 from a low of -1.3% in 2023Q4, indicating that the company is finally beginning to generate meaningful returns on its invested capital after a prolonged period of heavy capital expenditure and operational development.
This trend suggests that the capital-intensive investments in the Lucky Friday and Casa Berardi mines are beginning to yield operational efficiencies. Investors should monitor whether this ROIC trajectory can be sustained above the company's cost of capital, as historical volatility in mining returns often masks underlying asset quality issues.
Based on the provided quarterly figures, Hecla's cash conversion cycle remains inconsistent, with inventory days fluctuating between 49 and 61 over the last year, reflecting the inherent logistical challenges of managing concentrate shipments from remote sites like Greens Creek in a volatile commodity price environment.
The variability in DSO and DIO suggests that the company's working capital efficiency is highly sensitive to external shipping and smelting bottlenecks. While the current liquidity position is strong, the lack of a stable CCC trend implies that operational cash flow may continue to experience unpredictable quarterly swings.
As indicated by the latest balance sheet data, Hecla's current ratio has surged to 4.94 in 2026Q1, a significant improvement from the 1.08 level seen in 2024Q4, which suggests the company is well-positioned to withstand potential operational disruptions or sudden downturns in global metal demand.
The quick ratio of 4.53 further confirms that the company maintains a high degree of liquid assets relative to its short-term liabilities, providing a substantial safety margin. This liquidity profile appears to be a deliberate strategic choice to mitigate the risks associated with the company's high fixed-cost underground mining operations.
The most commonly misapplied metric for Hecla is the 'silver equivalent' production figure, which often obscures the distinct margin profiles and operational risks of the company's gold-heavy Casa Berardi mine, potentially leading investors to overestimate the purity of the company's silver exposure.
Analysts should instead focus on segment-specific AISC and realized margins to understand the true earning power of the business. Relying on consolidated silver equivalent metrics risks ignoring the fact that gold production volatility can significantly decouple the company's financial performance from the spot price of silver.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HL stock.
Hecla Mining Company's current P/E ratio is 33.6x. 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 15.7x. 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 33.6x. 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 0.09% with a payout ratio of 3.1%.
Hecla Mining Company has 41.1% gross margin and 37.5% 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.