HBM
Hudbay Minerals Inc.
HBM's fundamentals are strong: its operating margin rose 4 points to 31% and revenue grew 13%, though free cash flow fell 32%. Its PE of 13x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect strong earnings growth, though they disagree widely on how much.
HBM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Strong |
HBM's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
HBM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $21.62 | — |
| Current | 13x | $21.62 | — |
| Cheap | 16x | $27.20 | +26% |
| Fair | 24x | $40.66 | +88% |
| Expensive | 40x | $68.13 | +215% |
Historical ranges are pointers, not guarantees.
HBM's PE is in its cheap range at 13x, but its recent earnings include one-off gains. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
HBM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for HBM, with profitability improving. However, they disagree widely on these estimates.
HBM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.90 | +12% |
| Q2 2026 | $1.69 | +132% |
| Q1 2026 | $1.66 | +326% |
| Q4 2025 | $1.44 | +620% |
| Q3 2025 | $1.16 | +383% |
| Q2 2025 | $0.73 | +204% |
| Q1 2025 | $0.39 | +70% |
| Q4 2024 | $0.20 | +5.3% |
| Q3 2024 | $0.24 | +700% |
HBM's earnings per share have climbed steadily: $1.69 over the past year, up 132% from the year before, and higher year over year for 10 quarters in a row. Its recent earnings include one-off gains.
HBM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $651M | +21% |
| Q1 2026 | $757.3M | +27% |
| Q4 2025 | $732.9M | +25% |
| Q3 2025 | $346.8M | -29% |
| Q2 2025 | $536.4M | +26% |
| Q1 2025 | $594.9M | +13% |
| Q4 2024 | $584.9M | -2.9% |
| Q3 2024 | $485.8M | +1.1% |
HBM's revenue is growing: $651M last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 36% | +8 points |
| Q1 2026 | 40% | +9.3 points |
| Q4 2025 | 30% | +4 points |
| Q3 2025 | 3% | -19 points |
| Q2 2025 | 28% | +18 points |
| Q1 2025 | 31% | +9.3 points |
| Q4 2024 | 26% | +4 points |
| Q3 2024 | 22% | -2.2 points |
HBM's operating margin was 36% last quarter, up 8 points from the same quarter a year ago, near the top of its range since 2019.
HBM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $107.5M | -22% |
| Q1 2026 | $69.8M | +120% |
| Q4 2025 | $66M | -54% |
| Q3 2025 | $3.1M | -94% |
| Q2 2025 | $137.4M | +171% |
| Q1 2025 | $31.8M | -59% |
| Q4 2024 | $145M | -2.1% |
| Q3 2024 | $47.9M | -42% |
HBM still generates free cash flow, though less than at its 2023 peak: $246M over the past year.
HBM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +3.3M shares |
| 1 year | +1.6% | +6.2M shares |
| 3 years | +48% | +130M shares |
| 5 years | +54% | +141M shares |
| Available history | +54% | +141M shares |
HBM has 402M diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
HBM hasn't bought back shares in the past year.
HBM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.0x | Net Cash |
| Q1 2026 | 0.0x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.8x | Very low |
| Q3 2024 | 1.0x | Healthy |
HBM has more cash than debt.
HBM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.9 | Neutral |
| Stochastic | 11.3 | Oversold |
HBM's weekly RSI is 43 (neutral) and its Stochastic is 11 (oversold).
HBM PE vs Basic Materials Sector
| Metric | HBM | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 19x | 31% below |
| PE % | 2 | 40 | 38 pts below |
HBM is trading at 13x earnings, a 31% discount to the Basic Materials sector's median of 19x, though its recent earnings include one-off gains.
HBM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.7 | 8.9% below |
| 20 week MA | $24.7 | 12% below |
| 50 week MA | $23.9 | 9.5% below |
| 100 week MA | $17.2 | 26% above |
| 200 week MA | $11.8 | 83% above |
HBM has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 83% above its 200-week average.
HBM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $4.10 | $6.76 | +65% |
| 2021 | $6.76 | $7.10 | +5% |
| 2022 | $7.10 | $5.17 | -27% |
| 2023 | $5.17 | $5.52 | +6.8% |
| 2024 | $5.52 | $8.20 | +49% |
| 2025 | $8.20 | $20.2 | +147% |
| 2026 YTD | $20.2 | $21.6 | +6.9% |
HBM has finished higher in five of the last six years, two of them by more than 50%. It's up 6.9% so far in 2026.