Hecla Mining CO/DE/ (HL) intrinsic value & 10-year financials
Hecla Mining CO/DE/ (HL) has a Graham intrinsic value of $13.54 per share. At $15.30 on Oct 17, 2026, the stock trades 13% above that value. Over the last 10 fiscal years revenue grew 9.2% a year to $1.4B, with an average return on invested capital of 2.5%.
- Graham intrinsic value
- $13.54
- Share price (Oct 17, 2026)
- $15.30
- Price vs Graham value
- 13% above
- Market cap
- $10.0B
- Revenue (FY2025)
- $1.4B
- Revenue growth (10-yr CAGR)
- 9.2%
- ROIC (10-yr avg)
- 2.5%
- Free cash flow (FY2025)
- $310.2M
HL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.4B | $321.7M | $0.49 | $310.2M | 36.2% | 13.4% |
| FY2024 | $929.9M | $35.8M | $0.06 | $3.8M | 11.4% | 2.3% |
| FY2023 | $720.2M | -$84.2M | -$0.14 | -$148.4M | -6.2% | -1.8% |
| FY2022 | $718.9M | -$37.3M | $0.07 | -$59.5M | 1.7% | 0.6% |
| FY2021 | $807.5M | $35.1M | $0.06 | $111.3M | 10.3% | 4.0% |
| FY2020 | $691.9M | -$16.8M | -$0.03 | $89.8M | 7.5% | 2.4% |
| FY2019 | $673.3M | -$99.6M | -$0.20 | -$555.0K | -8.5% | -2.1% |
| FY2018 | $567.1M | -$26.6M | -$0.06 | -$42.7M | -6.9% | -1.6% |
| FY2017 | $577.8M | -$23.5M | -$0.06 | $17.8M | 11.2% | 3.6% |
| FY2016 | $646.0M | $69.5M | $0.18 | $60.5M | 18.1% | 4.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HECLA MINING CO/DE/ is a consistent compounder, expanding top-line revenue at 9.2% annually over the past decade.
HECLA MINING CO/DE/ has historically struggled to out-earn its cost of capital, averaging just 2.5% ROIC.
HECLA MINING CO/DE/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HECLA MINING CO/DE/ is modeled at 11.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $13.54 per share.