Hecla Mining vs Ingevity
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KIRA’s take AI analyst
I put Hecla Mining and Ingevity side by side, using each one’s latest annual report. Here is what stands out:
- Hecla Mining is the larger business, with $1.4B of revenue in fiscal 2025 against $1.2B for Ingevity.
- Hecla Mining grew revenue faster (53.0%, against −2.7%).
- Ingevity turned more of its sales into free cash flow (23.4% FCF margin, against 21.8%).
- Ingevity earned a higher return on the capital invested in it (24.6%, against 13.5%).
- Investors pay more for each dollar of Ingevity’s earnings: a P/E of 47.4x against 28.5x for Hecla Mining.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Hecla Mining
HL
8/11
Revenue growth5-year growthGross marginOperating marginNet marginReturn on equityPiotroski F-scoreNet debt / EBITDA
Ingevity
NGVT
3/11
FCF marginReturn on capitalShare count change
Side by side
Best in the row
| Latest fiscal year | HL FY25 | NGVT FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.4B | $2.5B |
| Revenue | $1.4B | $1.2B |
| Free cash flow | $310M | $274M |
| Net income | $322M | −$167M |
| Growth | ||
| Revenue growth | 53.0% | −2.7% |
| 5-year growth | 15.5% | −0.8% |
| Share count change | 5.3% | −0.3% |
| Profitability | ||
| Gross margin | 43.7% | 39.5% |
| Operating margin | 36.2% | 35.9% |
| Net margin | 22.6% | −14.3% |
| FCF margin | 21.8% | 23.4% |
| Return on capital | 13.5% | 24.6% |
| Return on equity | 13.9% | −148.6% |
| Balance sheet | ||
| Net debt | −$18.7M | $1.1B |
| Net debt / EBITDA | −0.0x | 2.2x |
| Dividends and buybacks | $11.3M | $56.3M |
| Valuation & quality | ||
| P/E | 28.5x | 47.4x |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.