Hecla Mining Company
HL Basic Materials Other Precious Metals & Mining
In the quarter to June 2026, revenue grew 52.5%, EPS grew 100.0%, free cash flow grew 13.9% and total debt fell 98.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
Follow HL
Hecla Mining Company (HL) Beneish M-score
Hecla Mining Company's Beneish M-score for fiscal 2025 is −1.02; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.02 | 1.49 |
| FY2024 | −2.51 | 0.66 |
| FY2023 | −3.17 | (1.13) |
| FY2022 | −2.04 | 0.29 |
| FY2021 | −2.33 | 0.83 |
| FY2020 | −3.15 | (1.96) |
| FY2019 | −1.20 | 1.31 |
| FY2018 | −2.50 | 0.31 |
| FY2017 | −2.81 | 0.45 |
| FY2016 | −3.27 | (0.83) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.50 | — | 2.30 | |
| Gross margin index | 0.49 | — | 0.26 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 1.53 | — | 1.36 | |
| Depreciation index | 1.20 | — | 0.14 | |
| SG&A index | 0.83 | — | −0.14 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 0.59 | — | −0.19 | |
| Beneish M-score | Flagged by the model | −1.02 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SBSW Sibanye Gold Limited compare | −4.1× |
| MUX McEwen Inc. compare | −2.6× |
| TFPM Triple Flag Precious Metals Corp. compare | −2.4× |
| MTA Metalla Royalty & Streaming Ltd. compare | −2.2× |
| BVN Buenaventura Mining Company Inc. compare | −1.6× |
| ASM Avino Silver compare | −1.1× |
| HL Hecla Mining Company | −1.0× |
| PPTA Perpetua Resources Corp. compare | — |
| SLSR Solaris Resources Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI