Hecla Mining (HL)

NYSEMaterialsOther Precious MetalsSnapshot 2026-10-23

$13.85-1.84%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Hecla Mining’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	343.64M
EPS	—	0.153
Annual ending 2026-12-31
Revenue	—	1.42B
EPS	—	0.689
Annual ending 2027-12-31
Revenue	—	1.49B
EPS	—	0.952

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Free cash flow from continuing operations	Free cash flow reached a record $144 million in Q1 2026.	Intact	free cash flow falls below 100 million USD next quarter	Free cash flow: $135.777M FY2026-Q2; GAAP. Published target: >=144 million USD. The target does not explicitly identify fiscal versus calendar quarters. Source published Aug 4, 2026135,777,000 USD · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Free cash flow from continuing operations was $135 million in 2025-Q4, increased to a record $144 million in 2026-Q1, and remained strong at $136 million in 2026-Q2. The trajectory shows sustained strong cash flow generation supporting operational and growth objectives. Delivery assessment Oct 24, 2026
Operating income	Operating income improved to $223 million in Q1 2026.	Intact	operating income falls below 150 million USD next quarter	Operating income: $145.698M FY2026-Q2; GAAP. Published target: >=223 million USD. The target does not explicitly identify fiscal versus calendar quarters. Source published Aug 4, 2026145,698,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: e90d0818-0f87-4906-a230-da47b3b9314a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Consolidated silver cash costs improved from ($0.23) per ounce in 2025-Q4 to ($8.10) per ounce in 2026-Q2, and AISC decreased from $18.11 to $6.07 per ounce over the same period. Management lowered cost guidance reflecting outperformance in first half 2026. The trajectory shows delivering on cost discipline and operational profitability. Delivery assessment Oct 24, 2026
Revenue growth	A primary condition in Hecla Mining's published investment case. The stated target is >=7% YoY growth.	Broken	YoY revenue growth falls below 7% next year	Revenue growth: 9.81% FY2026-Q2; GAAP. Published target: >=7% YoY growth. Target period is not explicitly aligned with this observation. Source published Aug 4, 20269.809655 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: e90d0818-0f87-4906-a230-da47b3b9314a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPSUnavailable

Unavailable → Unavailable · observed estimates

FY2027 revenue: comparable history unavailable.

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	Unavailable	3 / 1
2026-07-25	Unavailable	Unavailable	3 / 1
2026-07-26	$1.16	Unavailable	8 / 1
2026-07-27	Unavailable	Unavailable	3 / 1
2026-07-28	$1.16	Unavailable	8 / 1
2026-07-29	$1.19	Unavailable	7 / 1
2026-07-30	$1.19	Unavailable	7 / 1
2026-07-31	$1.19	Unavailable	7 / 1
2026-08-01	Unavailable	Unavailable	3 / 1
2026-08-02	$1.19	Unavailable	7 / 1
2026-08-03	Unavailable	Unavailable	3 / 1
2026-08-04	$1.19	Unavailable	7 / 1
2026-08-05	$1.19	Unavailable	7 / 1
2026-08-06	$1.19	Unavailable	7 / 1
2026-08-07	Unavailable	Unavailable	3 / 1
2026-08-08	$1.06	Unavailable	8 / 4
2026-08-09	$1.06	Unavailable	8 / 4
2026-08-10	$1.06	Unavailable	8 / 4
2026-08-12	$1.06	Unavailable	8 / 4
2026-08-13	Unavailable	Unavailable	3 / 1
2026-08-14	Unavailable	Unavailable	3 / 1
2026-08-15	Unavailable	Unavailable	3 / 2
2026-08-16	Unavailable	Unavailable	3 / 2
2026-08-17	Unavailable	Unavailable	3 / 2
2026-08-18	Unavailable	Unavailable	3 / 2
2026-08-19	Unavailable	Unavailable	3 / 2
2026-08-20	Unavailable	Unavailable	3 / 3
2026-08-21	Unavailable	Unavailable	3 / 3
2026-08-22	Unavailable	Unavailable	3 / 3
2026-08-23	Unavailable	Unavailable	4 / 3
2026-08-24	Unavailable	Unavailable	4 / 3
2026-08-25	Unavailable	Unavailable	4 / 3
2026-08-26	Unavailable	Unavailable	4 / 3
2026-08-27	Unavailable	Unavailable	4 / 3
2026-08-28	Unavailable	Unavailable	4 / 3
2026-08-29	Unavailable	Unavailable	4 / 3
2026-08-30	Unavailable	Unavailable	4 / 3
2026-08-31	Unavailable	Unavailable	4 / 3
2026-09-01	Unavailable	Unavailable	4 / 3
2026-09-02	Unavailable	Unavailable	4 / 3
2026-09-03	Unavailable	Unavailable	4 / 3
2026-09-04	Unavailable	Unavailable	4 / 3
2026-09-05	Unavailable	Unavailable	4 / 3
2026-09-06	Unavailable	Unavailable	4 / 3
2026-09-07	Unavailable	Unavailable	4 / 3
2026-09-08	Unavailable	Unavailable	4 / 3
2026-09-09	Unavailable	Unavailable	4 / 3
2026-09-10	Unavailable	Unavailable	4 / 3
2026-09-11	Unavailable	Unavailable	4 / 3
2026-09-12	Unavailable	Unavailable	4 / 3
2026-09-13	Unavailable	Unavailable	4 / 3
2026-09-14	Unavailable	Unavailable	4 / 3
2026-09-15	Unavailable	Unavailable	4 / 3
2026-09-16	Unavailable	Unavailable	4 / 3
2026-09-17	Unavailable	Unavailable	4 / 3
2026-09-18	Unavailable	Unavailable	4 / 3
2026-09-19	Unavailable	Unavailable	4 / 3
2026-09-20	Unavailable	Unavailable	4 / 4
2026-09-21	Unavailable	Unavailable	4 / 4
2026-09-22	Unavailable	Unavailable	4 / 4
2026-09-23	Unavailable	Unavailable	4 / 4
2026-09-24	Unavailable	Unavailable	4 / 4
2026-09-25	Unavailable	Unavailable	4 / 3
2026-09-26	Unavailable	Unavailable	4 / 3
2026-09-27	Unavailable	Unavailable	4 / 3
2026-09-28	Unavailable	Unavailable	4 / 3
2026-09-29	Unavailable	Unavailable	4 / 3
2026-09-30	Unavailable	Unavailable	4 / 3
2026-10-01	Unavailable	Unavailable	4 / 3
2026-10-02	Unavailable	Unavailable	4 / 3
2026-10-03	Unavailable	Unavailable	4 / 3
2026-10-04	Unavailable	Unavailable	4 / 3
2026-10-05	Unavailable	Unavailable	4 / 3
2026-10-06	Unavailable	Unavailable	4 / 3
2026-10-07	Unavailable	Unavailable	4 / 3
2026-10-08	Unavailable	Unavailable	4 / 3
2026-10-09	Unavailable	Unavailable	4 / 3
2026-10-10	Unavailable	Unavailable	4 / 3
2026-10-11	Unavailable	Unavailable	4 / 3
2026-10-12	Unavailable	Unavailable	4 / 3
2026-10-13	Unavailable	Unavailable	4 / 3
2026-10-14	Unavailable	Unavailable	4 / 2
2026-10-15	Unavailable	Unavailable	3 / 2
2026-10-16	Unavailable	Unavailable	3 / 2
2026-10-17	Unavailable	Unavailable	3 / 2
2026-10-18	Unavailable	Unavailable	3 / 1
2026-10-19	Unavailable	Unavailable	3 / 1
2026-10-20	Unavailable	Unavailable	3 / 1
2026-10-21	Unavailable	Unavailable	4 / 1
2026-10-22	Unavailable	Unavailable	3 / 1
2026-10-23	Unavailable	Unavailable	3 / 1
2026-10-24	Unavailable	Unavailable	3 / 1

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	4	5	1
2026-06-01	4	5	1
2026-07-01	4	5	0
2026-08-01	4	6	0
2026-09-01	4	6	0
2026-10-01	4	6	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 4 Buy / Strong Buy · 6 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Free cash flow from continuing operationsFree cash flow: $135.777M
Operating incomeOperating income: $145.698M
Revenue growthPublished status: Broken

Next proof point

Nov 4, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.4%Typical daily move · historical

Downside history

-56.5%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Hecla Mining outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a high-risk, loss-making mining business with strong recent financial performance, rather than a steady earnings compounder. Its long-term thesis is intact, but company momentum has weakened and confidence in the assessment has fallen to medium.

What's priced into Hecla Mining

HL is expensive versus peers, with expectations judged unjustified and a meaningful gap between the valuation and the evidence supporting it. The snapshot reports low fragility, but that does not remove the risk that the valuation rests on expectations the business may not meet.

What the fundamentals likely do

Near term, free cash flow has stayed strong and management has delivered on its balance-sheet priority, ending 2026-Q2 debt free with substantial cash. However, HL has missed its most recent quarter and is on a run of consecutive earnings misses; momentum has also weakened, while sector conditions remain a headwind. Over the multi-year view, exploration spending and advancing projects support growth, but execution is still mixed.

What Hecla Mining hinges on

A guidance cut on the next call would be a meaningful negative, while continued earnings strength and higher guidance from sector peers could support the Materials backdrop. Misses or lower guidance from those peers could remove that support. Progress on growth projects, sustained cash generation, and management's handling of recent capital-allocation events also matter.