HL NYSE Russell 1000 Earnings call
Hecla Mining (HL) · Q2 2026 results and valuation
Share price: $14.12 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income turned to a profit from a loss last quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q1 2026
Outlook given
Net income 117.9M vs -19.0M
Revenue −18.9%
2 · How management spoke
Restrained
Less upbeat than 75% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Rising
Free cash flow reached $136 million this quarter, supporting a reported adjusted EBITDA of $199 million which is more than double the $94 million…
Valuation
Is Hecla Mining undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $22.73 a share — the stock trades 38% below it. Today's price assumes 13.5% growth a year.
Current price
$14.12
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+13.5% for 10 yrs
Fair value / share
$22.73
Buy below
$17.04
Price vs fair value
Undervalued 38%
Price vs buy-below price
Undervalued 17%
Read between the lines
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Key theme
Hecla ended the second quarter of 2026 with a position of real strength and a balance sheet that the company describes as its strongest.
Source quote
“And I'm speaking to the financial strength, a position today that marks Hecla ended the third (sic) [ second ] quarter of 2026 from a position of real strength. And the attributes shown on this slide that define us as North America's premier silver producers, they haven't changed.”
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Guidance
The new circuit is expected to add 1 million to 1.2 million ounces of silver and 10,000 to 15,000 ounces of gold in additional volume once fully ramped up.
Source quote
“Once fully ramped up, we expect the new circuit could add approximately 1 million to 1.2 million ounces of silver and 10,000 to 15,000 ounces of gold in additional...”
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Guidance
HL projected $500 million of consolidated free cash flow for the full year based on silver at $50 and gold at $3,500, which are below current spot prices.
Source quote
“A $50 silver and $3,500 gold, we project about $500 million of consolidated free cash flow for the full year, with these prices below current spot prices.”
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Figure
At June 30, 2026, metals prices, this represents an in situ value of roughly $6.1 billion, I must emphasize is supporting…
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“This was a quarter of continued strong financial results, building on a track record that has helped us delever and move into a position of real financial strength, the kind...”
“Our second best quarter on record and very close to the record $144 million we posted last quarter.”
“And nearer term, we've got 2 organic opportunities at Greens Creek that I'm really excited to give you more detail on today.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 333.9M | 411.4M | −18.9% | 219.0M | +52.4% |
| Gross profit | 179.8M | 253.3M | −29.0% | 85.3M | +110.8% |
| Operating income | 145.7M | 223.1M | −34.7% | 58.0M | +151.3% |
| Net income | 117.9M | -19.0M | Turned profit | 57.7M | +104.3% |
| EPS | 0.17 | -0.03 | Turned profit | 0.09 | +88.9% |
| P/E today 34.0 | 30.9 | 45.4 | −14.5 | 37.4 | −6.5 |
Topics
Most discussed now
- Hecla Mining is working with a vendor who specializes in new technology and set to commence Phase 3 metallurgical test work this...
- You should see less cash taxes paid from Hecla than many of Hecla Mining's peers.
- New Hecla Mining doesn't run large diesel haul truck fleets that define low-grade open pit operations so its diesel consumption per ounce...
- If the studies pan out, Hecla Mining would produce marketable pyrite concentrate stream from mill tailings that currently goes to the...
- It's expected to be a low capital intensity project with CapEx currently estimated at about $40 million to $60 million...
Faded since Q1 2026
- Dropped With historic grades averaging over two ounces per ton gold equivalent, and seven drill-ready targets now defined across the large...
- Fading Before I get into the quarter, I want to take a moment to acknowledge where Hecla Mining stands as a company...
- Fading Hecla Mining harvested the cash flows to that point, secured substantial value including a 9.9% equity stake in Orezone and the...
Latest announcements
Official filings, newest first.
- Material agreement; Agreement terminated; New financial obligation; Change to shareholder rights · SEC 8-K
- Other events · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Agreement terminated; 2.04 · SEC 8-K
- Acquisition or disposal; Other events · SEC 8-K
- Director or officer change · SEC 8-K