HECLA MINING CO/DE/ (HL) FY2025 10-K Annual Report
HECLA MINING CO/DE/ (HL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
HECLA MINING CO/DE/ FY2025 10-K Analysis
Business Overview
- • Core business: Precious metals mining with primary revenue from concentrate sales of silver, gold, and other metals
- • No new products or segments highlighted; emphasis on concentrate sales from Greens Creek, Lucky Friday, Keno Hill mines
- • Strategic focus on improved concentrate revenue recognition estimates amid variable metal prices; adoption of forward pricing at shipment
- • Revenue $1.423B in 2025, up 53% from $929.9M in 2024; net income $321.7M vs $35.8M prior year
- • Unusual: Recognition of $1.046B concentrate revenue requires complex, subjective judgment on variable consideration and metal pricing adjustments
Management Discussion & Analysis
- • Revenue exceeded $1.4B in 2025, record sales achieved; YoY comparison not explicitly stated
- • Gross profit: Keno Hill $53.7M vs prior year loss; Casa Berardi $112.4M improvement YoY (exact prior year not specified)
- • Best segment: Lucky Friday record production 5.3M ounces silver; worst not explicit, but Keno Hill newly profitable
- • Operating cash flow $562.6M; capital expenditures $252.4M total including $54.6M Greens Creek, $72.9M Lucky Friday, $61.5M Casa Berardi, $58.2M Keno Hill; redeemed $212M Senior Notes; dividends $10.4M
- • 2026 outlook: sale of Casa Berardi pending for up to $593M cash and equity to strengthen balance sheet, focus on silver assets, continued growth and exploration in US and Canada
Risk Factors
- • Regulatory risk from credit risk exposure on commodity forward contracts with counterparties exceeding spot prices, impacting revenue volatility
- • Geopolitical risk from CAD/USD exchange rate fluctuations with forecasted 2026 operating costs of CAD $95.2 million at Casa Berardi and Keno Hill combined
- • Operational risk from high foreign exchange loss of $5.7 million in 2025 due to re-measurement of Canadian mining assets and liabilities
- • Competitive risk from metal price volatility managed by collars and options causing $51.5 million net losses in 2025 on silver and gold hedges
- • Financial risk from $225 million credit facility with variable interest, where a 1% rate increase would raise annual interest expense by $2.2 million
HECLA MINING CO/DE/ FY2025 Key Financial MetricsXBRL
Revenue
$1.4B
▲ +53.0% YoY
Net Income
$322M
▲ +798.6% YoY
Gross Margin
43.7%
▲ +2241bp YoY
Operating Margin
36.2%
▲ +2475bp YoY
Net Margin
22.6%
▲ +1876bp YoY
ROE
12.4%
▲ +1066bp YoY
Total Assets
$3.6B
▲ +19.4% YoY
EPS (Diluted)
$0.49
▲ +716.7% YoY
Operating Cash Flow
$563M
▲ +157.8% YoY
Source: XBRL data from HECLA MINING CO/DE/ FY2025 10-K filing on SEC EDGAR. All figures in USD.
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