Hecla Mining vs Metallus
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The short version
- Hecla Mining is the larger business, with $1.4B of revenue in fiscal 2025 against $1.2B for Metallus.
- Hecla Mining grew revenue faster (53.0%, against 6.9%).
- Hecla Mining turned more of its sales into free cash flow (21.8% FCF margin, against −8.0%).
- Hecla Mining earned a higher return on the capital invested in it (13.5%, against 0.3%).
- Investors pay more for each dollar of Metallus’s earnings: a P/E of 102.1x against 28.3x for Hecla Mining.
| Latest fiscal year | HL · FY25 | MTUS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.4B | $880M |
| Revenue | $1.4B | $1.2B |
| Free cash flow | $310M | −$93.0M |
| Net income | $322M | −$1.2M |
| Growth | ||
| Revenue growth | 53.0% | 6.9% |
| 5-year growth | 15.5% | 6.9% |
| Share count change | 5.3% | −5.4% |
| Profitability | ||
| Gross margin | 43.7% | 8.2% |
| Operating margin | 36.2% | — |
| Net margin | 22.6% | −0.1% |
| FCF margin | 21.8% | −8.0% |
| Return on capital | 13.5% | 0.3% |
| Return on equity | 13.9% | −0.2% |
| Balance sheet | ||
| Net debt | −$18.7M | −$153M |
| Net debt / EBITDA | −0.0x | −2.6x |
| Dividends and buybacks | $11.3M | $13.1M |
| Valuation & quality | ||
| P/E | 28.3x | 102.1x |
| Piotroski F-score | 8 | 5 |
Revenue
FY16
HL $646M
MTUS $870M
FY17
HL $578M
MTUS $1.3B
FY18
HL $567M
MTUS $1.6B
FY19
HL $673M
MTUS $1.2B
FY20
HL $692M
MTUS $831M
FY21
HL $808M
MTUS $1.3B
FY22
HL $719M
MTUS $1.3B
FY23
HL $720M
MTUS $1.4B
FY24
HL $930M
MTUS $1.1B
FY25
HL $1.4B
MTUS $1.2B
HL
MTUS
Operating margin
FY16
HL 16.9%
MTUS −7.2%
FY17
HL 10.4%
MTUS −1.8%
FY18
HL −6.9%
MTUS 0.4%
FY19
HL −6.9%
MTUS —
FY20
HL 9.7%
MTUS —
FY21
HL 10.3%
MTUS —
FY22
HL −1.7%
MTUS —
FY23
HL −6.2%
MTUS —
FY24
HL 11.4%
MTUS —
FY25
HL 36.2%
MTUS —
HL
MTUS
Free cash flow
FY16
HL $60.5M
MTUS $31.7M
FY17
HL $17.8M
MTUS −$24.9M
FY18
HL −$42.7M
MTUS −$21.5M
FY19
HL −$0.6M
MTUS $32.3M
FY20
HL $89.8M
MTUS $157M
FY21
HL $111M
MTUS $185M
FY22
HL −$59.5M
MTUS $107M
FY23
HL −$148M
MTUS $73.7M
FY24
HL $3.8M
MTUS −$24.0M
FY25
HL $310M
MTUS −$93.0M
HL
MTUS
Return on capital
FY16
HL 4.4%
MTUS −6.7%
FY17
HL 2.7%
MTUS −2.8%
FY18
HL −1.6%
MTUS 0.7%
FY19
HL −1.7%
MTUS −12.7%
FY20
HL 2.5%
MTUS −6.4%
FY21
HL 4.0%
MTUS 38.0%
FY22
HL −0.4%
MTUS 15.1%
FY23
HL −1.4%
MTUS 15.6%
FY24
HL 2.3%
MTUS 0.7%
FY25
HL 13.5%
MTUS 0.3%
HL
MTUS
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.