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HL, Hecla Mining Company

Gold & Precious Metals capital-intensive Cyclical

A metals and mining business, a price-taker on a global commodity.

Latest annual: FY2025 10-K

HL · Hecla Mining Company

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.4B

+53.0% YoY · 16% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.6B 5-yr avg $920M

Operating margin 42.4% 5-yr avg 10.0%

ROIC 16% 5-yr avg 3%

Owner-earnings margin 34% 5-yr avg 4%

Free cash flow margin 29% 5-yr avg 1%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 21% and operating margin about 10% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −6.9% and 36% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. The cash cycle has run negative through the cycle (a median of −22 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −0%, above 15% in 0 of 7 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$646M	$578M	$567M	$673M	$692M	$807M	$719M	$720M	$930M	$1.4B	$1.6B	RevenueRevenue
28%	26%	14%	5%	23%	27%	16%	16%	21%	44%	50%	Gross marginGross mgn
7%	6%	6%	5%	5%	4%	6%	6%	5%	4%	4%	SG&A / revenueSG&A/rev
0%	1%	1%	0%	0%	—	—	—	—	—	0%	R&D / revenueR&D/rev
$109M	$60M	($39M)	($47M)	$67M	$83M	($12M)	($45M)	$106M	$515M	$690M	Operating incomeOp. inc.
16.9%	10.4%	−6.9%	−6.9%	9.7%	10.3%	−1.7%	−6.2%	11.4%	36.2%	42.4%	Operating marginOp. mgn
$62M	($29M)	($27M)	($95M)	($9M)	$35M	($37M)	($84M)	$36M	$322M	$274M	Net incomeNet inc.
31%	—	—	—	—	—	—	—	46%	33%	41%	Effective tax rateTax rate
											Cash flow & returns
$225M	$116M	$94M	$121M	$181M	$220M	$90M	$75M	$218M	$563M	$721M	Operating cash flowOp. cash
$125M	$126M	$141M	$196M	$155M	$173M	$145M	$164M	$190M	$166M	$169M	DepreciationDeprec.
$33M	$12M	($26M)	$14M	$29M	$7M	($24M)	($11M)	($17M)	$64M	$266M	Working capital & otherWC & other
$165M	$98M	$137M	$121M	$91M	$109M	$149M	$224M	$214M	$252M	$254M	CapexCapex
25.5%	17.0%	24.1%	18.0%	13.2%	13.5%	20.8%	31.1%	23.1%	17.7%	15.6%	Capex / revenueCapex/rev
$100M	$18M	($43M)	($555K)	$90M	$111M	($59M)	($88M)	$4M	$397M	$552M	Owner earningsOwner earn.
15.5%	3.1%	−7.5%	−0.1%	13.0%	13.8%	−8.3%	−12.2%	0.4%	27.9%	33.9%	Owner earnings marginOE mgn
$61M	$18M	($43M)	($555K)	$90M	$111M	($59M)	($148M)	$4M	$310M	$467M	Free cash flowFCF
9.4%	3.1%	−7.5%	−0.1%	13.0%	13.8%	−8.3%	−20.6%	0.4%	21.8%	28.7%	Free cash flow marginFCF mgn
$3M	$0	$139M	$0	$0	$0	$0	$0	$0	$0	$0	AcquisitionsAcquis.
$4M	$4M	$4M	$5M	$9M	$21M	$13M	$16M	$25M	$10M	$11M	Dividends paidDiv. paid
$4M	$3M	$3M	$2M	$3M	$5M	$4M	$2M	$1M	$885K	—	BuybacksBuybacks
4%	—	-1%	-2%	—	—	-0%	-1%	2%	13%	16%	ROICROIC
4%	-2%	-2%	-6%	-1%	2%	-2%	-4%	2%	12%	11%	Return on equityROE
4%	−2%	−2%	−6%	−1%	1%	−3%	−5%	1%	12%	10%	Retained to equityRetained/eq
											Balance sheet
$199M	$220M	$27M	$62M	$130M	$210M	$105M	$106M	$27M	$301M	$607M	Cash & investmentsCash+inv
$20M	$15M	$4M	$12M	$28M	$36M	$45M	$19M	$32M	$170M	$216M	ReceivablesReceiv.
—	—	—	$30M	$58M	—	$37M	$29M	$35M	$38M	$24M	InventoryInvent.
$60M	$47M	$78M	$58M	$69M	$68M	$85M	$82M	$89M	$102M	$98M	Accounts payablePayables
($40M)	($32M)	($74M)	($16M)	$17M	($32M)	($2M)	($33M)	($22M)	$106M	$142M	Operating working capitalOper. WC
$291M	$321M	$164M	$179M	$284M	$342M	$268M	$260M	$214M	$629M	$958M	Current assetsCur. assets
$126M	$112M	$136M	$117M	$147M	$160M	$178M	$157M	$198M	$232M	$194M	Current liabilitiesCur. liab.
2.3×	2.9×	1.2×	1.5×	1.9×	2.1×	1.5×	1.7×	1.1×	2.7×	4.9×	Current ratioCurr. ratio
$2.4B	$2.3B	$2.7B	$2.7B	$2.7B	$2.7B	$2.9B	$3.0B	$3.0B	$3.6B	$3.4B	Total assetsAssets
$507M	$508M	$541M	$523M	$507M	$516M	$518M	$653M	$509M	$269M	$512M	Total debtDebt
$308M	$289M	$513M	$460M	$377M	$306M	$413M	$547M	$482M	($33M)	($95M)	Net debt / (cash)Net debt
5.0×	1.6×	-1.0×	-1.0×	1.4×	2.0×	—	—	—	—	—	Interest coverageInt. cov.
$1.5B	$1.5B	$1.7B	$1.7B	$1.7B	$1.8B	$2.0B	$2.0B	$2.0B	$2.6B	$2.6B	Shareholders’ equityEquity
1.0%	1.1%	1.1%	0.8%	0.9%	0.8%	0.8%	0.9%	0.9%	0.8%	0.7%	Stock comp / revenueSBC/rev
											Per share
389M	397M	433M	490M	527M	542M	557M	606M	623M	656M	675M	Shares out (diluted)Shares
$1.66	$1.45	$1.31	$1.37	$1.31	$1.49	$1.29	$1.19	$1.49	$2.17	$2.41	Revenue / shareRev/sh
$0.16	$-0.07	$-0.06	$-0.19	$-0.02	$0.06	$-0.07	$-0.14	$0.06	$0.49	$0.41	EPS (diluted)EPS
$0.26	$0.04	$-0.10	$-0.00	$0.17	$0.21	$-0.11	$-0.15	$0.01	$0.61	$0.82	Owner earnings / shareOE/sh
$0.16	$0.04	$-0.10	$-0.00	$0.17	$0.21	$-0.11	$-0.24	$0.01	$0.47	$0.69	Free cash flow / shareFCF/sh
$0.01	$0.01	$0.01	$0.01	$0.02	$0.04	$0.02	$0.03	$0.04	$0.02	$0.02	Dividends / shareDiv/sh
$0.42	$0.25	$0.32	$0.25	$0.17	$0.20	$0.27	$0.37	$0.34	$0.38	$0.38	Cap. spending / shareCapex/sh
$3.76	$3.68	$3.90	$3.46	$3.25	$3.25	$3.55	$3.25	$3.28	$3.95	$3.81	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.0%/yr	+10.6%/yr
Owner earnings / share	+9.9%/yr	+28.9%/yr
EPS	+13.4%/yr	—
Dividends / share	+5.3%/yr	−0.6%/yr
Capital spending / share	−1.1%/yr	+17.4%/yr
Book value / share	+0.6%/yr	+4.0%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

656Mpeak FY2025

ROIC

13%low FY2019

Gross margin

44%low FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$397Mowner earningsvs.$322Mnet incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $397M of owner earnings, the operating cash left after the $166M it takes just to hold its position. It put $87M more into growth; free cash flow, after that spending, was $310M.

Reported net income$322M

Owner earnings$397M · 28% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$322M	$36M	($84M)	($37M)	$35M
Depreciation & amortizationnon-cash charge added back	+$166M	+$190M	+$164M	+$145M	+$173M
Stock-based compensationreal costnon-cash, but a real cost	+$11M	+$9M	+$7M	+$6M	+$6M
Working capital & othertiming of cash in and out, other non-cash items	+$64M	−$17M	−$11M	−$24M	+$7M
Cash from operations	$563M	$218M	$75M	$90M	$220M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$166M	−$214M	−$164M	−$149M	−$109M
Owner earnings	$397M	$4M	($88M)	($59M)	$111M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$87M	—	−$60M	—	—
Free cash flow	$310M	$4M	($148M)	($59M)	$111M
Owner-earnings marginowner earnings ÷ revenue	28%	0%	-12%	-8%	14%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $166M, roughly its depreciation, the rate its assets wear out). The other $87M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $11M), owner earnings is nearer $386M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? $222M · 0.4× operating profit

Modest net debt

Cash $242M + ST investments $60M − debt $523M

What this means
Netting $301M of cash and short-term investments against $523M of debt leaves $222M owed, about 0.4× a year's operating profit (1.0× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 14d

Tight

DSO 44 + DIO 17 − DPO 47 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -0%

Below average through the cycle

7-yr median, range -2%–13%; 12% latest = NOPAT $346M ÷ invested capital $2.9B

Industry peers: median 7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran 12% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 0%

Thin through the cycle

10-yr median margin, range -12%–28%; latest $397M = operating cash $563M − maintenance capex $166M

Industry peers: median 4%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 28% of revenue this year, a 0% median across 10 years. It chose to put $87M more into growth, so free cash flow this year was $310M — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $11M of SBC) leaves $386M.
Are earnings backed by cash? 1.75×

Cash-backed

Cash from ops $563M ÷ net income $322M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 3%

Reinvests most of it

Dividends + buybacks $11M ÷ Owner Earnings $397M

What this means
Of $397M Owner Earnings, $11M (3%) went back to shareholders, $10M dividends, $885K buybacks. But the buybacks barely exceed stock issued to employees ($11M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.52×

Expanding

Capex $252M ÷ depreciation $166M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.4B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.72×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Near

Debt ≤ working capital · $523M vs $398M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +4114%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.14/share (latest year $0.48), the averaged base the calculator's gate runs on, and book value is $3.86/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 10

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 7% → 14% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about 7% early to 14% lately, median 10% — pricing power intact or improving.
Reinvestment, incremental ROIC 15%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +15%/yr

What this means
Owner earnings grew about 15% a year over the record.
Worst year 2019 · −6.9% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.
Share count +6.0%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$958M

Cash & short-term investments$607M
Receivables$216M
Inventory$24M
Other current assets$111M

Current liabilities$194M

Accounts payable$98M
Other current liabilities$96M

Current ratio4.94×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.82×stricter: inventory excluded

Cash ratio3.13×strictest: cash alone against what's due

Working capital$764Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+100.4%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 4.9×

Deeper floors

Tangible book value$2.6Bequity stripped of goodwill & intangibles

Net current asset value$152MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$514M$9M of it operating leases

Deferred revenue$20Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $1.9B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$1.6B · 82%
Dividends$111M · 6%
Buybacks$27M · 1%
Retained (debt / cash)$204M · 11%

Returned to owners$138M
26% of the owner earnings the business produced over the span, $111M as dividends and $27M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $5M and cash and short-term investments rose $408M.
Average price paid for buybacks—
Buybacks ran $27M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count73.4%
The diluted count rose from 389M to 675M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.02/sh
Paid in 10 of the years on record, the per-share dividend growing about 5% a year. It was cut at least once along the way.
Return on what it retained225%
Of the earnings it kept rather than paid out ($35M over the span), annual owner earnings (first three years vs last three) grew $79M, so each retained $1 added about 2.25 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$11M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 2% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Hecla Mining Company is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

2 of the 5 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?73.4%
Diluted shares grew 73.4% over 2016–2025, even as the company spent $27M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid receivables and inventory outpace sales?3% → 13% of sales
Receivables and inventory grew from $20M to $216M while revenue grew 152%: working capital is climbing faster than sales (3% of revenue then, 13% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Pension & retirement, Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Gold & Precious Metals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
MLMMartin Marietta Materials Inc.	$6.2B	25%	19.1%	9%	13%
KNFKnife Riv Holding Co.	$3.1B	18%	9.1%	13%	4%
MDUMDU Resources Group, Inc.	$1.9B	—	9.9%	5%	-0%
HLHecla Mining Company	$1.4B	22%	10.0%	-0%	2%
CMPCompass Minerals Intl Inc	$1.2B	—	8.3%	4%	4%
LEUCentrus Energy Corp.	$449M	26%	11.0%	—	7%
USLMUnited States Lime & Minerals Inc.	$373M	30%	22.1%	21%	18%
IPIIntrepid Potash Inc	$298M	—	-2.1%	-1%	-3%
Group median	—	25%	9.9%	5%	4%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Hecla Mining Company has delivered.

Hecla Mining Company’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Hecla Mining Company earns about $25M on its 1.7% median owner-earnings margin. This year’s 27.9% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($25M) Net of stock comp (−$12M) Steady-state · maintenance capex ($556M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+67%/yr

Owner-earnings growth · ’16→’25+17%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $467M on 671M shares outstanding, per the 10-Q cover, as of 2026-05-01; net cash $95M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($254M) runs well above depreciation ($169M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $556M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh HL against another business →

Cite: Owner Scorecard, "Hecla Mining Company (HL), the owner's record," https://ownerscorecard.com/c/HL, data as of 2026-07-09.

Manual order: ← HIW its page in the Manual HLF →

Industry order: ← GROY the Gold & Precious Metals chapter HMY →