Warrior Met Coal vs Hecla Mining
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The short version
- Hecla Mining is the larger business, with $1.4B of revenue in fiscal 2025 against $1.3B for Warrior Met Coal.
- Hecla Mining grew revenue faster (53.0%, against −14.1%).
- Hecla Mining kept more of each dollar of sales as operating profit (36.2% operating margin, against 3.5%).
- Hecla Mining turned more of its sales into free cash flow (21.8% FCF margin, against −7.0%).
- Hecla Mining earned a higher return on the capital invested in it (13.5%, against 2.4%).
- Investors pay more for each dollar of Hecla Mining’s earnings: a P/E of 28.3x against 20.7x for Warrior Met Coal.
| Latest fiscal year | HCC · FY25 | HL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.5B | $9.4B |
| Revenue | $1.3B | $1.4B |
| Free cash flow | −$91.0M | $310M |
| Net income | $57.0M | $322M |
| Growth | ||
| Revenue growth | −14.1% | 53.0% |
| 5-year growth | 10.9% | 15.5% |
| Share count change | 0.5% | 5.3% |
| Profitability | ||
| Gross margin | 25.0% | 43.7% |
| Operating margin | 3.5% | 36.2% |
| Net margin | 4.4% | 22.6% |
| FCF margin | −7.0% | 21.8% |
| Return on capital | 2.4% | 13.5% |
| Return on equity | 2.7% | 13.9% |
| Balance sheet | ||
| Net debt | −$61.6M | −$18.7M |
| Net debt / EBITDA | −0.3x | −0.0x |
| Dividends and buybacks | $17.8M | $11.3M |
| Valuation & quality | ||
| P/E | 20.7x | 28.3x |
| Piotroski F-score | 4 | 8 |
Revenue
FY16
HCC —
HL $646M
FY17
HCC $1.2B
HL $578M
FY18
HCC $1.4B
HL $567M
FY19
HCC $1.3B
HL $673M
FY20
HCC $783M
HL $692M
FY21
HCC $1.1B
HL $808M
FY22
HCC $1.7B
HL $719M
FY23
HCC $1.7B
HL $720M
FY24
HCC $1.5B
HL $930M
FY25
HCC $1.3B
HL $1.4B
HCC
HL
Operating margin
FY16
HCC —
HL 16.9%
FY17
HCC 36.2%
HL 10.4%
FY18
HCC 36.9%
HL −6.9%
FY19
HCC 30.2%
HL −6.9%
FY20
HCC −3.5%
HL 9.7%
FY21
HCC 23.0%
HL 10.3%
FY22
HCC 46.1%
HL −1.7%
FY23
HCC 32.3%
HL −6.2%
FY24
HCC 16.7%
HL 11.4%
FY25
HCC 3.5%
HL 36.2%
HCC
HL
Free cash flow
FY16
HCC —
HL $60.5M
FY17
HCC $342M
HL $17.8M
FY18
HCC $458M
HL −$42.7M
FY19
HCC $426M
HL −$0.6M
FY20
HCC $25.1M
HL $89.8M
FY21
HCC $294M
HL $111M
FY22
HCC $637M
HL −$59.5M
FY23
HCC $209M
HL −$148M
FY24
HCC −$89.8M
HL $3.8M
FY25
HCC −$91.0M
HL $310M
HCC
HL
Return on capital
FY16
HCC —
HL 4.4%
FY17
HCC —
HL 2.7%
FY18
HCC 59.8%
HL −1.6%
FY19
HCC 32.8%
HL −1.7%
FY20
HCC −2.3%
HL 2.5%
FY21
HCC 20.4%
HL 4.0%
FY22
HCC 72.1%
HL −0.4%
FY23
HCC 41.5%
HL −1.4%
FY24
HCC 14.6%
HL 2.3%
FY25
HCC 2.4%
HL 13.5%
HCC
HL
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.