HudBay Minerals Inc
HudBay Minerals Inc’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 9.39% from fiscal 2024. In the quarter to June 2026, revenue grew 17.7%, EPS grew 13.3%, free cash flow grew 4.51% and total debt fell 19.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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HudBay Minerals Inc (HBM) Altman Z-score
HudBay Minerals Inc's Altman Z-score for fiscal 2025 is 2.51, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.51 | 1.17 |
| FY2024 | 1.34 | 0.52 |
| FY2023 | 0.82 | 0.08 |
| FY2022 | 0.74 | 0.09 |
| FY2021 | 0.65 | 0.01 |
| FY2020 | 0.64 | 0.22 |
| FY2019 | 0.42 | (0.65) |
| FY2018 | 1.07 | (0.14) |
| FY2017 | 1.20 | 0.43 |
| FY2016 | 0.78 | 0.53 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.01) | — | −0.01 | |
| Retained earnings / total assets | 0.07 | — | 0.10 | |
| EBIT / total assets | 0.15 | — | 0.49 | |
| Market value of equity / total liabilities | 2.62 | — | 1.57 | |
| Sales / total assets | 0.36 | — | 0.36 | |
| Altman Z-score | Grey zone | 2.51 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.30 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IE Ivanhoe Electric Inc. compare | 19.2× |
| SCCO Southern Copper Corporation compare | 9.2× |
| ERO Ero Copper Corp. compare | 3.2× |
| FCX Freeport-McMoRan Inc. compare | 2.6× |
| HBM HudBay Minerals Inc | 2.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets