Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin55.3%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-4.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
C
Years to Pay Off Debt-14.0 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$501M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$764M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Price-to-Book4.16x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$155M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings$55M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Hecla Mining Company
Hecla Mining Company, together with its subsidiaries, provides precious and base metals in the United States, Canada, Japan, Korea, China, and internationally. The company mines for silver, gold, lead, and zinc concentrates, as well as carbon material containing silver and gold for custom smelters, metal traders, and third-party processors; and unrefined doré containing silver and gold. The company was incorporated in 1891 and is headquartered in Coeur d'Alene, Idaho.
Hecla Mining Company, together with its subsidiaries, provides precious and base metals in the United States, Canada, Japan, Korea, China, and internationally. The company mines for silver, gold, lead, and zinc concentrates, as well as carbon material containing silver and gold for custom smelters, metal traders, and third-party processors; and unrefined doré containing silver and gold. The company was incorporated in 1891 and is headquartered in Coeur d'Alene, Idaho.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
164,653
134,409
Reconciled Depreciation
34,468
39,107
Reconciled Cost Of Revenue
158,178
199,903
EBITDA
255,677
232,926
EBIT
221,209
193,819
Net Interest Income
-5,656
-5,526
Interest Expense
5,656
5,526
Normalized Income
172,285
155,003
Net Income From Continuing And Discontinued Operation
-19,028
134,409
Total Expenses
183,783
219,830
Total Operating Income As Reported
223,107
220,039
Diluted Average Shares
675,154
673,797
Basic Average Shares
670,392
669,874
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-19,160
134,271
Net Income Common Stockholders
-19,160
134,271
Preferred Stock Dividends
132
138
Net Income
-19,028
134,409
Net Income Including Noncontrolling Interests
-19,028
134,409
Net Income Discontinuous Operations
-183,681
Net Income Continuous Operations
164,653
134,409
Tax Provision
50,900
53,884
Pretax Income
215,553
188,293
Other Income Expense
-6,441
-34,462
Other Non Operating Income Expenses
3,549
-5,612
Special Income Charges
-4,543
-8,242
Gain On Sale Of Business
-1,297
-4,965
Other Special Charges
3,246
3,277
Impairment Of Capital Assets
110
Gain On Sale Of Security
-5,447
-20,608
Net Non Operating Interest Income Expense
-5,656
-5,526
Interest Expense Non Operating
5,656
5,526
Operating Income
227,650
228,281
Operating Expense
25,605
19,927
Other Operating Expenses
9,852
712
Selling General And Administration
15,753
19,215
General And Administrative Expense
15,753
19,215
Other Gand A
15,753
19,215
Gross Profit
253,255
248,208
Cost Of Revenue
158,178
199,903
Total Revenue
411,433
448,111
Operating Revenue
411,433
448,111
Balance Sheet
2026
2025
2024
Treasury Shares Number
8,967
8,920
Preferred Shares Number
158
158
Ordinary Shares Number
670,614
670,300
Share Issued
679,582
679,220
Net Debt
27,069
515,676
Total Debt
266,247
275,800
Tangible Book Value
2,570,774
2,591,607
Invested Capital
2,833,420
2,860,234
Working Capital
763,792
397,780
Net Tangible Assets
2,570,813
2,591,646
Capital Lease Obligations
3,601
7,173
Common Stock Equity
2,570,774
2,591,607
Preferred Stock Equity
39
39
Total Capitalization
2,833,459
2,860,273
Total Equity Gross Minority Interest
2,570,813
2,591,646
Stockholders Equity
2,570,813
2,591,646
Gains Losses Not Affecting Retained Earnings
-5,491
-3,334
Other Equity Adjustments
-5,491
-3,334
Treasury Stock
36,977
35,816
Retained Earnings
-203,819
-182,143
Additional Paid In Capital
2,647,282
2,643,211
Capital Stock
169,818
169,728
Common Stock
169,779
169,689
Preferred Stock
39
39
Total Liabilities Net Minority Interest
805,480
968,999
Total Non Current Liabilities Net Minority Interest
611,631
737,435
Other Non Current Liabilities
40,914
33,912
Derivative Product Liabilities
0
2,021
Non Current Deferred Liabilities
194,069
246,425
Non Current Deferred Taxes Liabilities
194,069
246,425
Long Term Debt And Capital Lease Obligation
262,646
268,627
Long Term Debt
262,646
268,627
Long Term Provisions
114,002
188,471
Current Liabilities
193,849
231,564
Other Current Liabilities
18,602
39,107
Current Debt And Capital Lease Obligation
3,601
7,173
Current Capital Lease Obligation
3,601
7,173
Current Debt
33,617
Current Notes Payable
0
33,617
Current Provisions
12,402
13,795
Payables And Accrued Expenses
159,244
171,489
Current Accrued Expenses
16,498
45,797
Interest Payable
2,906
7,678
Payables
142,746
125,692
Total Tax Payable
44,891
23,410
Accounts Payable
97,855
102,282
Total Assets
3,376,293
3,560,645
Total Non Current Assets
2,418,652
2,931,301
Other Non Current Assets
118,527
33,773
Investments And Advances
158,481
47,842
Other Investments
47,842
33,897
Investmentin Financial Assets
158,481
47,842
Available For Sale Securities
158,481
47,842
Net PPE
2,141,644
2,849,686
Accumulated Depreciation
-2,167,004
-2,010,007
Gross PPE
2,141,644
5,016,690
Construction In Progress
864,178
738,307
Other Properties
2,141,644
8,859
Machinery Furniture Equipment
1,879,231
1,805,236
Land And Improvements
32,962
35,680
Current Assets
957,641
629,344
Other Current Assets
28,038
26,017
Inventory
80,336
114,785
Work In Process
Raw Materials
80,336
114,785
Receivables
242,149
187,340
Other Receivables
26,615
17,110
Accounts Receivable
215,534
170,230
Cash Cash Equivalents And Short Term Investments
607,118
301,202
Other Short Term Investments
19,568
59,644
0
Cash And Cash Equivalents
587,550
241,558
Cash Flow
2026
2025
2024
Free Cash Flow
154,981
134,709
Repurchase Of Capital Stock
-1,161
Repayment Of Debt
-1,249
-2,072
Issuance Of Debt
0
0
Issuance Of Capital Stock
63
0
Capital Expenditure
-39,265
-82,346
Interest Paid Supplemental Data
10,006
1,814
Income Tax Paid Supplemental Data
5,722
1,306
End Cash Position
588,722
242,732
Beginning Cash Position
242,732
135,082
Effect Of Exchange Rate Changes
-330
233
Changes In Cash
346,320
107,417
Financing Cash Flow
-13,564
-4,771
Cash From Discontinued Financing Activities
-8,431
Cash Flow From Continuing Financing Activities
-5,133
-4,771
Cash Dividends Paid
-2,786
-2,699
Net Common Stock Issuance
-1,098
885
Common Stock Payments
-1,161
Common Stock Issuance
63
0
Net Issuance Payments Of Debt
-1,249
-2,072
Net Long Term Debt Issuance
-1,249
-2,072
Long Term Debt Payments
-1,249
-2,072
Long Term Debt Issuance
0
0
Investing Cash Flow
165,638
-104,867
Cash From Discontinued Investing Activities
-8,799
Cash Flow From Continuing Investing Activities
174,437
-104,867
Net Other Investing Changes
735
20
Net Investment Purchase And Sale
39,694
-22,541
Sale Of Investment
95,378
24,391
Purchase Of Investment
-55,684
-46,932
Net Business Purchase And Sale
173,273
Sale Of Business
173,273
Net PPE Purchase And Sale
-39,265
-82,346
Sale Of PPE
Purchase Of PPE
-39,265
-82,346
Operating Cash Flow
194,246
217,055
Cash From Discontinued Operating Activities
11,324
Cash Flow From Continuing Operating Activities
182,922
217,055
Change In Working Capital
-55,938
-52,375
Change In Other Current Assets
-19,085
9,222
Change In Payables And Accrued Expense
5,632
16,232
Change In Accrued Expense
-15,094
7,313
Change In Payable
20,726
8,919
Change In Account Payable
-777
3,571
Change In Tax Payable
21,503
5,348
Change In Income Tax Payable
21,503
5,348
Change In Inventory
483
-12,421
Change In Receivables
-42,968
-65,408
Changes In Account Receivables
-42,968
-65,408
Other Non Cash Items
9,575
15,460
Stock Based Compensation
2,784
3,356
Asset Impairment Charge
-2,421
-9,964
Deferred Tax
27,878
46,456
Deferred Income Tax
27,878
46,456
Depreciation Amortization Depletion
34,468
39,107
Operating Gains Losses
-498
-699
Gain Loss On Investment Securities
113
Net Foreign Currency Exchange Gain Loss
-498
2,196
Net Income From Continuing Operations
164,653
134,409
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $205M▲ $411M+100.4%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 33.4%▲ 61.6%+28.1pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 110.9%▲ 55.3%-55.5pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 14.1%▼ -4.6%-18.7pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$411M/qtr (≈$1.6B ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
4.94x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$155M
vs Positive
Operating Cash Flow
$194M
Latest quarter · Buffett's cash reality check
ROIC
5.7%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
4.2x
Net Assets: $2.6B
⚠️Net margin compressed 18.7pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
Peers & Industry
No auto-detected peers for Other Precious Metals & Mining. You can manually compare HL against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.56%
Low — management has little skin in the game
Return on Equity (ROE)
-0.7%
Weak — poor returns on equity
Return on Assets (ROA)
-0.6%
Poor — assets are not generating adequate returns
Debt Trend YoY
-3.5% YoY
Debt is declining — management is deleveraging
Leadership Team
Robert Krcmarov
CEO, President & Director
Age 60
Pay: $2,652,633
Russell Lawlar
Senior VP & CFO
Age 45
Pay: $1,369,937
Carlos Aguiar
Senior VP & COO
Age 54
Pay: $1,309,787
Robert Brown Sc.,
Vice President of Corporate Development
Age 56
Pay: $772,761
Patrick Malone
Vice President of Sustainability
Age 52
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
13.46%
90,272,790
State Street Corporation
4.98%
33,386,594
Van Eck Associates Corporation
4.94%
33,120,490
Vanguard Portfolio Management LLC
4.71%
31,608,659
Vanguard Capital Management LLC
4.31%
28,924,998
Mirae Asset Global ETFs Holdings Ltd.
3.07%
20,617,157
Tidal Investments LLC
2.93%
19,660,325
Geode Capital Management, LLC
2.80%
18,782,689
Risk Analysis
Beta (Market Risk)
1.27
Moderate volatility — moves slightly more than market
Short Interest
0.0% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.11x
Conservative balance sheet — low financial risk
Current Ratio
4.94x
Strong liquidity — Graham approved
52-Week Price Range
Low: $5.48Current: $15.96High: $34.17
Currently at 37% of 52-week range
Hecla Mining Company (HL) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 61.6%. Operating margin: 55.3%. Net margin: -4.6%. Market cap: $10.7B. Sector: Basic Materials. Industry: Other Precious Metals & Mining. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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