AG vs HL: How AG and Hecla Mining Compare (2026)
Last updated July 2026
Short answer
AG and HL are similarly sized, but HL trades noticeably cheaper on forward earnings (12.73x vs 14.86x): the market is paying up for AG's profile and pricing HL more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
AG vs HL: the tie-breaker metrics
Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | AG | HL | What it tells you |
|---|---|---|---|
| Market cap | $8.47B | $10.29B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 14.86 | 12.73 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 29.08 | 22.22 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 2.11 | 1.29 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 39% of range | 34% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 2.93 | 4.00 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: HL is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how AG and HL affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AG and HL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AG and HL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does AG (AG) do?
First Majestic Silver Corp. (NYSE: AG) is a precious-metals producer that operates four underground mines in Mexico: San Dimas in Durango, Santa Elena in Sonora, La Encantada in Coahuila, and Cerro Los Gatos in Chihuahua. The company mines silver and gold as its primary products, along with byproduct zinc, lead, and copper. In January 2025 First Majestic completed its roughly $1.05 billion all-stock acquisition of Gatos Silver, adding a 70% interest in the Los Gatos joint venture and lifting 2025 silver production to a record 15.4 million ounces, up about 84% from the prior year.
What does Hecla Mining (HL) do?
Hecla Mining is the largest primary silver producer in the United States and one of the oldest listed US mining companies, founded in 1891. It generates most of its revenue from silver and gold mined at four operations: the Greens Creek polymetallic mine in Alaska (its cornerstone asset), the deep Lucky Friday silver mine in Idaho, the Keno Hill silver district in Canada's Yukon, and the Casa Berardi gold mine in Quebec. As a miner, Hecla sells the metal it produces into world markets, so its profitability is driven by two levers it partly controls (how many ounces it mines and at what cost) and one it does not (the market price of silver and gold).
AG vs HL: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- AG drivers: Silver and gold price leverage; Los Gatos integration and scale.
- HL drivers: Leverage to silver and gold prices; Record production and a silver-focused pivot.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The single largest risk is the silver price itself: a sustained decline would compress margins far faster than the metal falls because mining costs are largely fixed. For HL, hecla's single biggest risk is that it is a price-taker on silver and gold: a sharp risk-off move can send the metals, and HL stock, down 20% or more in a short span regardless of how well the mines run.
AG or HL: which should you pick?
AG vs HL: the full fundamentals
AG. First Majestic posted record Q1 2026 revenue of about $476.7 million, up roughly 95% year over year, with net earnings near $128 million and EPS around $0.26 as silver and gold prices surged. The stock trades at a trailing P/E in the low 30s and a forward P/E near 18, reflecting expectations that elevated metal prices continue. The dividend yield is negligible (well under 1%), so the return case rests almost entirely on the metal price and production.
HL. Hecla's valuation looks elevated on trailing earnings, which is typical for miners because profits are depressed at lower metal prices and expand quickly when prices rise. As a leveraged play on silver and gold, its multiple can appear high or low depending on where analysts assume metal prices settle. Figures are as of July 2026 and move with commodity prices.
Headline figures (approximate, Q1 2026): AG shows q1 2026 revenue ~$477M, q1 2026 net earnings ~$128M, q1 2026 eps ~$0.26, q1 2026 free cash flow ~$224M; HL shows revenue (fy2025) ~$1.4 billion (up ~53%), net income (fy2025) ~$321 million (~$0.49/share), adjusted ebitda (fy2025) ~$670 million (record), silver production (fy2025) ~17.0 million ounces (record).
The bottom line: AG vs HL
AG and HL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AG and HL exposure against your real portfolio. It is not an investment adviser.
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FAQ
What is the difference between AG and HL?
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First Majestic Silver Corp. Hecla Mining is the largest primary silver producer in the United States and one of the oldest listed US mining companies, founded in 1891. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is AG or HL the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, AG or HL?
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On forward P/E (as of July 2026), AG trades at 14.86x and HL at 12.73x, so HL is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both AG and HL?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of AG vs HL?
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AG: The single largest risk is the silver price itself: a sustained decline would compress margins far faster than the metal falls because mining costs are largely fixed. Geographic concentration is severe, with essentially all production in Mexico, exposing the company to peso currency swings, mining royalty and tax changes, permitting delays, and local security or labor disruptions. Rising input costs (energy, labor, consumables) can erode margins even when metal prices are steady. As a smaller producer than majors like Pan American or Fresnillo, AG has less operational diversification to absorb a single mine outage. The stock has historically been highly volatile and can move on sentiment and short interest as much as on fundamentals. HL: Hecla's single biggest risk is that it is a price-taker on silver and gold: a sharp risk-off move can send the metals, and HL stock, down 20% or more in a short span regardless of how well the mines run. Mining is capital-intensive and operationally risky, with exposure to ground conditions, equipment failures, labor disputes, and accidents that can halt production at a single key mine like Greens Creek or Lucky Friday. Rising operating and energy costs can compress margins even when metal prices are firm, and permitting, environmental, and regulatory requirements in the US and Canada add cost and delay. The stock is also high-beta and volatile, trading over a very wide range, so timing and price paid matter a great deal to the outcome.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AG or HL; figures are approximate and dated (as of July 2026). Verify current data before investing.