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HBM

Hudbay Minerals Inc.

HBM

Hudbay Minerals Inc. • NYSE
$16.96 ▲ 2.23% (+0.37)
Market Cap $6.70 B
52w High $17.73
52w Low $5.95
Dividend Yield 0.01%
P/E 14.62
Volume 2.23M
Outstanding Shares 394.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $346.8M ▼ $-269.9M ▼ $222.4M ▲ 64.129% ▲ $0.56 ▲ $430.6M ▲
Q2-2025 $536.4M ▼ $23.4M ▼ $117.7M ▲ 21.943% ▲ $0.3 ▲ $273M ▼
Q1-2025 $594.9M ▲ $45.6M ▼ $100.4M ▲ 16.877% ▲ $0.25 ▲ $302.4M ▲
Q4-2024 $584.918M ▲ $168.534M ▲ $21.163M ▼ 3.618% ▼ $0.05 ▼ $273.98M ▲
Q3-2024 $485.8M $34.1M $49.7M 10.231% $0.13 $195M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $611.1M ▼ $5.917B ▲ $2.836B ▲ $3.08B ▲
Q2-2025 $625.5M ▲ $5.629B ▲ $2.765B ▲ $2.863B ▲
Q1-2025 $582.6M ▲ $5.507B ▲ $2.761B ▼ $2.653B ▲
Q4-2024 $581.8M ▲ $5.488B ▼ $2.84B ▼ $2.553B ▲
Q3-2024 $483.273M $5.508B $2.869B $2.538B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $222.4M ▲ $113.5M ▼ $-99.9M ▲ $-26.3M ▲ $-14.4M ▼ $3.1M ▼
Q2-2025 $114.7M ▲ $259.9M ▲ $-100.6M ▼ $-98.9M ▼ $62.9M ▲ $137.4M ▲
Q1-2025 $99.2M ▲ $124.8M ▼ $-84.3M ▲ $-20.8M ▲ $20.8M ▼ $31.8M ▼
Q4-2024 $67.8M ▲ $241.864M ▲ $-98.938M ▼ $-41.285M ▲ $98.527M ▲ $144.956M ▲
Q3-2024 $50.354M $146.178M $-95.867M $-92.277M $-40.494M $47.852M

Five-Year Company Overview

Income Statement

Income Statement Hudbay’s income statement shows a company that has moved from a more fragile position to a clearly profitable one, helped by stronger copper and gold prices and better operating performance. Revenue has climbed steadily over the last several years, and profit margins have widened meaningfully. The business has moved from thin or negative profitability to generating solid operating profit and healthy cash-style earnings. Net income, however, is still modest compared with the size of the business and has been somewhat uneven year to year. Past losses highlight that results are sensitive to metal prices, costs, and one‑off items. Overall, though, the recent trend is one of improved and more consistent underlying profitability, with some lingering volatility typical of a mid-sized miner.

Balance Sheet

Balance Sheet Hudbay’s balance sheet looks reasonably solid for a capital‑intensive mining company. Total assets have grown as the company invests in new projects and expansions. Cash levels have improved in the most recent year, giving the company a better liquidity cushion than it had a few years ago. Debt is meaningful but not excessive relative to the asset base and equity, and it has been broadly stable over time. Shareholders’ equity has risen, reflecting retained earnings and asset growth. This points to a gradually strengthening financial foundation, though the company still carries the usual balance sheet risk that comes with long-lived mining assets, project execution, and commodity price swings.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has trended upward, showing that the core business is throwing off more cash as production and efficiency improve. After a period of very tight or negative free cash flow, Hudbay is now consistently generating positive free cash flow, even after funding heavy spending on new and existing projects. Capital spending remains high, which is normal for a growth-oriented miner and necessary to develop Hudbay’s project pipeline. The key positive is that this investment is now more often funded from internal cash rather than relying purely on borrowing or new equity, which reduces financial strain and increases flexibility.

Competitive Edge

Competitive Edge Hudbay’s competitive position is built less on sheer size and more on cost discipline, diversification, and jurisdictional choice. On the cost side, several of its key mines are at the lower end of the global cost curve, especially once by‑product credits from gold and other metals are factored in. This gives Hudbay resilience when metal prices weaken and good leverage when prices rise. The company benefits from producing both copper and gold, which helps smooth earnings across commodity cycles. Its focus on relatively stable, mining‑friendly regions in the Americas also reduces some of the political and regulatory risk that global miners can face. On the other hand, Hudbay is not among the largest copper players, so it lacks the scale advantages and market influence of the global majors. Its portfolio is concentrated in a limited number of core assets and a few key growth projects, which raises exposure to operational issues, permitting outcomes, and local community relations at those specific sites. Strong ESG ratings and a reputation for responsible operations provide an additional soft advantage, particularly as customers and regulators pay more attention to how metals are produced.

Innovation and R&D

Innovation and R&D Hudbay is unusually active on the innovation and technology front for a mid-sized miner, and this is an important part of its strategy. The company is deploying advanced processing technologies such as Jameson Cells, the Albion Process, and IsaMill grinding to improve metal recoveries, cut energy use, and shrink plant footprints. These tools are designed to lower costs and improve environmental performance at both current operations and future projects like Copper World. Operationally, Hudbay is pushing electrification (for example, battery electric vehicles underground) and renewable fuels to cut emissions and operating costs. It is also exploring tailings reprocessing to extract metals from historical waste, which could turn legacy environmental liabilities into new sources of value. This approach does not look like pure “R&D” in a lab sense; it is more about adopting and integrating leading-edge technologies and processes into real mines. The payoff, if executed well, is a combination of lower costs, better sustainability metrics, and additional resource life, but it does carry execution and technology-integration risks.

Summary

Hudbay today looks like a more mature, better-balanced miner than it was several years ago. Financially, the company has moved from patchy profitability and tight cash to healthier margins, solid operating cash flow, and positive free cash flow, all while maintaining a reasonably robust balance sheet for a mining business. It is still exposed to the usual risks: metal price cycles, high capital needs, and project execution challenges. Strategically, Hudbay leans on three pillars: low-cost operations, a copper‑and‑gold production mix, and operations in generally stable parts of the Americas. Layered onto that is a clear commitment to technology, decarbonization, and tailings reprocessing, which could enhance both economics and ESG standing. The main opportunities lie in its growth projects—especially Copper World and potential tailings reprocessing—which could lift production and extend mine lives. The main risks center around permitting, community relations, construction timelines, capital cost overruns, and future copper and gold prices. Overall, Hudbay appears to be evolving from a cyclical, more fragile mid-cap miner toward a more resilient, innovation‑driven copper producer with meaningful upside potential but still very real execution and commodity‑cycle uncertainty.

NEWS

November 12, 2025 · 6:00 AM UTC

Hudbay's Third Quarter 2025 Results Demonstrate Operational Resilience

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October 28, 2025 · 6:41 PM UTC

SK hynix Announces 3Q25 Financial Results

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October 9, 2025 · 5:00 PM UTC

Hudbay to Host Conference Call for Third Quarter 2025 Results

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September 23, 2025 · 6:00 PM UTC

Hudbay Comments on Peru Social Unrest

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September 3, 2025 · 4:00 PM UTC

Hudbay Announces Board Appointment

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