Is HL a Buy? What to Consider in 2026
Short answer
The bull case for Hecla Mining (HL) rests on Leverage to silver and gold prices: Hecla's earnings are highly geared to silver and gold prices because its costs are relatively fixed while revenue moves with the market. Revenue (FY2025) is ~$1.4 billion (up ~53%). If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: 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. Whether HL is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
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). After years of heavy debt and thin margins, Hecla has pivoted into a much stronger position on the back of a powerful silver and gold rally. In full-year 2025 it produced a record 17.0 million ounces of silver and about 150,500 ounces of gold, grew revenue more than 50% to over $1.4 billion, and reported net income of roughly $321 million (about $0.49 per share), nearly nine times the prior year, with record adjusted EBITDA near $670 million. It has since paid down its debt to carry no long-term borrowings and generated record free cash flow in early 2026. The flip side is that HL is a high-beta stock: its 52-week range has spanned roughly $5 to $34, and its fortunes rise and fall with metal prices far more than with company-specific execution.
What's the case for buying HL?
1. Leverage to silver and gold prices.
Hecla's earnings are highly geared to silver and gold prices because its costs are relatively fixed while revenue moves with the market. The strong 2025 and early-2026 results were driven largely by a sharp rally in precious metals, which lifted margins on every ounce sold. This makes HL a way to gain amplified exposure to silver, though the same leverage works against it when metals fall.
2. Record production and a silver-focused pivot.
In 2025 Hecla hit record silver output of 17.0 million ounces and exceeded the top end of its gold guidance at about 150,500 ounces, with Lucky Friday setting a record 5.3 million ounces and Keno Hill ramping up. Management has tilted the portfolio more toward silver, guiding 2026 to 15.1 to 16.5 million ounces of silver. Consistent production from long-life US mines is central to the story.
3. Debt-free balance sheet and free cash flow.
Higher metal prices let Hecla convert operations into cash: it reported record free cash flow of about $144 million in the first quarter of 2026 and eliminated the roughly $550 million of net debt it carried 18 months earlier, leaving no long-term debt. A clean balance sheet gives it flexibility to fund growth, weather price downturns, and potentially return capital. Financial strength is a meaningful change from Hecla's more leveraged past.
4. Growth and exploration optionality.
Hecla is investing in expanding Keno Hill in the Yukon, extending mine lives at Greens Creek and Lucky Friday, and evaluating tailings and district-scale exploration upside near its existing operations. These projects could add production without the risk of buying assets in unfamiliar jurisdictions. The payoff depends on permitting, capital discipline, and metal prices staying supportive.
What are the risks to 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.
How is HL valued? (as of JULY 2026)
Snapshot for HL as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
- 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)
- Q1 2026 revenue / FCF: ~$411 million / ~$144 million free cash flow
- Market cap: ~$11 billion
- P/E (trailing): ~23x to 40x (varies by source)
- 52-week range: ~$5.48 to ~$34.17
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.
How do you decide if HL is a buy?
Rather than asking whether HL is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold HL indirectly through an index or sector ETF before adding more.
For the full picture, see the HL stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about HL against your real portfolio and see your actual exposure before deciding.
The bottom line on HL
The bottom line: Hecla Mining's story right now is Leverage to silver and gold prices, with revenue (fy2025) at ~$1.4 billion (up ~53%). If you believe that narrative continues, the call is about sizing HL sensibly and checking overlap with what you own; if you doubt it (the risk: 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.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
Build a basket around HL with Walnut
Use Hecla Mining as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is HL a good stock to buy right now?
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The case for Hecla Mining right now is Leverage to silver and gold prices, with revenue (fy2025) at ~$1.4 billion (up ~53%). If you believe that thesis holds, HL is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is 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. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does Hecla Mining do?
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Hecla Mining is the largest primary silver producer in the United States and one of the oldest listed US mining companies, founded in 1891.
What are the main risks of HL?
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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.
What does Hecla Mining do?
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Hecla Mining explores for, develops, and operates mines that produce silver and gold. It is the largest primary silver producer in the United States, running the Greens Creek mine in Alaska, Lucky Friday in Idaho, Keno Hill in Canada's Yukon, and the Casa Berardi gold mine in Quebec.
Is Hecla Mining a silver or a gold stock?
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Hecla is primarily a silver company and the largest primary silver producer in the US, but it also produces meaningful gold, plus lead and zinc as byproducts. In 2025 it produced about 17 million ounces of silver and roughly 150,500 ounces of gold, and management has tilted the portfolio further toward silver.
How can I buy HL stock?
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Hecla trades on the NYSE under the ticker HL. You can buy shares or fractional shares through any major brokerage, gain exposure through silver-miner ETFs such as SIL and SILJ that hold it, or include it as one holding in a thematic basket. Walnut is not an investment adviser.
Does Hecla Mining pay a dividend?
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Hecla pays a small dividend, and part of its silver dividend is linked to realized silver prices, so the payout can vary. The yield is modest and the stock is generally held for exposure to silver and gold prices rather than for income.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell HL; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.