Hecla Mining: Revenue Surges 52%, Earnings Miss Anyway
Hecla Mining grew trailing revenue 52.4% to $1.74 billion but recorded EPS misses in Q1 and Q2 2026, the first back-to-back pair after consecutive double-digit beats. A 61.4% gross margin suggests the
Hecla Mining: Two EPS Misses Despite a 52% Revenue Surge
NEW YORK, September 2 —
Hecla Mining Company (HL) grew trailing revenue 52.4% to $1.74 billion and still cannot clear the earnings bar, recording EPS misses in both Q1 and Q2 2026 after two consecutive double-digit beats. The gap between surging topline and slipping per-share delivery raises an uncomfortable question about what lies between revenue and profit at the Idaho silver miner.
- Q2 EPS of $0.17 missed the consensus by 4.5%; Q1 EPS missed by 0.8%, the first back-to-back pair.
- VP of Sustainability sold 23,994 shares at $20.76 to $20.97 on August 20, collecting $498,136; stock now at .
- Gross margin is 61.4%; free cash flow is $342 million trailing; debt is $0.02 billion.
The Cost Line the Topline Cannot Outrun
Hecla Mining Company mines silver, gold, lead, and zinc, selling concentrates and doré to custom smelters and metal traders across the U.S., Canada, Japan, Korea, and China. After posting double-digit EPS beats in Q3 and Q4 2025, the company landed Q1 2026 at $0.24 against a estimate, then Q2 2026 at $0.17 against , missing the Q2 revenue consensus as well, per its August 4 earnings 8-K. A 61.4% gross margin would typically give a miner room to absorb growth costs and still deliver per-share progress; that it is not doing so places the drag below the gross line, beyond the topline expansion's reach.
No Buyers, One Seller
Patrick Shay Malone, Hecla's VP of Sustainability, sold 23,994 shares in two open-market transactions on August 20, 2026, at $20.76 and $20.97 per share, collecting approximately $498,136, per filings. The stock now trades at , below his entire exit range. What sharpens the signal is not the transaction alone but the context around it: zero insider purchases against roughly $500,000 in open-market sales across the 90-day window. A VP sale is not ordinarily decisive; the timing, arriving after back-to-back misses with the stock near its recent high, is harder to ignore.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| HL | $13.8B | 19.3x | +112.8% |
| CDE | $21.9B | 10.3x | +44.6% |
| PAAS | $21.3B | 10.9x | +46.9% |
| AG | $10.3B | 20.5x | +109.7% |
| KGC | $35.6B | 9.8x | +34.9% |
| EXK | $3.3B | 9.3x | +58.8% |
Q3 Becomes the Verdict
The near-zero debt ($0.02 billion against $0.49 billion in cash) and $342 million in trailing free cash flow provide a floor against fundamental collapse, and the consensus analyst target of implies the market has not fully repriced for a persistent miss pattern. Stress-testing Hecla's earnings trajectory through a DCF framework against a third consecutive shortfall shows how quickly the 19.2x forward multiple can compress. The number to watch in Q3: whether EPS recovers toward the trailing $0.83 annual run rate, or the miss pattern extends into a trend. Run the free Hecla Mining Company deep-dive →
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Frequently Asked Questions
Why did Hecla Mining miss EPS despite 52% revenue growth?
Despite a 61.4% gross margin, Hecla Mining missed EPS estimates in both Q1 and Q2 2026. The article notes that with such a strong gross margin, the company should have had room to absorb growth costs and deliver per-share progress, placing the drag below the gross line, beyond the topline expansion's reach.
What were Hecla Mining's recent earnings results?
Hecla Mining reported Q2 EPS of $0.17, missing the $0.178 consensus by 4.5%, after a Q1 miss of 0.8%. These were the company's first back-to-back EPS misses following double-digit beats in Q3 and Q4 2025.
What is Hecla Mining's financial position?
Hecla Mining holds $0.49 billion in cash against only $0.02 billion in debt, with $342 million in trailing free cash flow. This strong balance sheet provides a floor against fundamental collapse.
Did insiders buy or sell Hecla Mining stock?
VP of Sustainability Patrick Shay Malone sold 23,994 shares on August 20, 2026, for approximately $498,136. The signal is sharpened by zero insider purchases during the same 90-day window.
What is the analyst price target for Hecla Mining?
The consensus analyst target is $23.375, implying the market has not fully repriced for the persistent miss pattern. The stock currently trades at $20.425, below the entire range of the VP's August sales at $20.76 to $20.97.
Hecla Mining has now missed EPS estimates in two consecutive quarters — Q2 and Q1 2026 — and fell short of the Q2 revenue consensus, even as trailing-twelve-month revenue surged 52.4% to $1.74 billion; the company's VP of Sustainability sold roughly $498,000 in shares at $20.76–$20.97 on August 20, and the stock has since slipped to $20.425, below his exit price.