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Hecla Mining Company

HCL.DE
76
Other Precious Metals · Basic Materials
Price
€17.89
-0.04 (-0.22%)
Market Cap
€12.00B
Exchange
Frankfurt Stock Exchange
Winston Score
76
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Exceptional
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Good
Dividends
Weak

Share count rising — dilution

+21.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 542.2M (2021) → 655.8M (2025)

Winston Score History

The full picture

Hecla Mining Company digs silver, gold, lead, and zinc out of the ground at mines across the United States and Canada. It sells these metals to refiners, smelters, and industrial buyers who turn them into things like electronics, jewelry, and solar panels. Hecla is the largest silver producer in the United States and one of the oldest mining companies in the country, tracing its roots back to 1891.

Hecla makes money by selling the metals it mines, so its revenue rises and falls with commodity prices. Most of its operations are in Idaho, Alaska, and Quebec, and it generates roughly $900 million in annual revenue. Its main competitive advantage is owning long-life, high-grade mines in stable jurisdictions, which keeps costs relatively low compared to peers. The biggest risk the company faces is a sustained drop in silver and gold prices, which would directly squeeze profits since Hecla has little control over what its metals sell for.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+100.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

1.3%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$638M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Hecla Mining Company is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
53.9%
Healthy — 53.9% gross margin
Profit after running costs
Operating Margin
44.0%
Excellent — 44.0% operating margin
Return on the money invested
ROCE
27.7%
Exceptional — 27.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+51.2%
Fast-growing sales (+51.2% YoY)
Profit growth
EPS YoY
+232.9%
Earnings growing fast (+232.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
220%
Turns 220% of profit into real cash
Spare cash per sale
FCF Margin
32.2%
Converts sales into free cash efficiently (32.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
27.52x
Comfortably covers interest (27.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
35.8x
Pricey — P/E 35.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+11.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (35.8 → 24.1)

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Dividends

Dividend
Dividend Yield
0.07%
Small dividend — 0.07% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-43.9%
Dividend cut (-43.9% YoY) — warning sign

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