HLHECLA MINING CO/DE/

Mining & Quarrying Of Nonmetallic Minerals (no Fuels)

Revenue: $1.4B; 53% YoY
Operating margin: 36.2%; 217% YoY
EBITDA: $680M; 129% YoY
Market cap: $7.2B
Employees: 1,865; $763K revenue each
Net debt / EBITDA: 0.0×; $29M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
175% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$763K · 86th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$807M	$719M	$720M	$930M	$1.4B	53%
Operating income	$83M	−$12M	−$45M	$106M	$515M	384%
Net income	$35M	−$37M	−$84M	$36M	$322M	799%
Operating cash flow	$220M	$90M	$75M	$218M	$563M	158%
Capex	$109M	$149M	$224M	$214M	$252M	18%
Stock-based comp	$6M	$6M	$7M	$9M	$11M	26%
Buybacks	$5M	$4M	$2M	$1M	$885K	26%
Dividends	$21M	$13M	$16M	$25M	$10M	59%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 8
Net: −$10M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	303	237
FY2024	—	—	78	95
FY2023	—	—	75	87
FY2022	—	—	87	85
FY2021	—	—	81	92