Hudbay Minerals Financials

HBM

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Hudbay Minerals (HBM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HBM FY2025 2026-04-22

Hudbay’s FY2025 earnings surge came from a lighter financing burden, while heavier reinvestment kept surplus cash from rising nearly as fast.

Between FY2024 and FY2025, net income climbed from $67.8M to $564.3M, far outpacing the change in underlying cash generation. Free cash flow still slipped to $240.6M as capex rose to $466.7M, which means the profit step-up was accompanied by heavier reinvestment rather than a similar increase in spendable cash.

The balance sheet posture is conservative for an asset-heavy operator, with long-term debt just $29.3M and debt-to-equity only 0.0091 in FY2025. With that lighter financing burden, interest expense fell from $148.7M to $19.4M, so more operating earnings reached shareholders instead of lenders.

FY2025's liquidity picture tightened even with $568.9M in cash, because the current ratio fell below 1.0x as near-term obligations expanded sharply. Rising accounts receivable to $377.8M suggests more sales were still waiting to be collected from customers at year-end, which helps explain why cash did not build as quickly as profit.

Financial Health Signals

Financial Profile 43/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Hudbay Minerals's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Hudbay Minerals's revenue grew 9.4% year-over-year to $2.2B, a solid pace of expansion. This earns a growth score of 57/100.

Leverage

100

Hudbay Minerals carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Hudbay Minerals's current ratio of 0.95 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Hudbay Minerals has a free cash flow margin of 10.9%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Hudbay Minerals's ROE of 17.5% shows moderate profitability relative to equity, earning a score of 34/100. This is up from 2.6% the prior year.

Piotroski F-Score Neutral

5/9

Hudbay Minerals passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.25x

For every $1 of reported earnings, Hudbay Minerals generates $1.25 in operating cash flow ($707.3M OCF vs $564.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.2B

YoY+9.4%

5Y CAGR+15.1%

Hudbay Minerals generated $2.2B in revenue in fiscal year 2025. This represents an increase of 9.4% from the prior year.

EBITDA

N/A

Net Income

$564.3M

YoY+732.3%

Hudbay Minerals reported $564.3M in net income in fiscal year 2025. This represents an increase of 732.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$240.6M

YoY-24.6%

Hudbay Minerals generated $240.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 24.6% from the prior year.

Cash & Debt

$568.9M

YoY+5.0%

5Y CAGR+5.3%

Hudbay Minerals held $568.9M in cash against $29.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

396M

YoY+0.1%

5Y CAGR+8.6%

Hudbay Minerals had 396M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

25.5%

YoY+22.2pp

5Y CAGR+38.8pp

Hudbay Minerals's net profit margin was 25.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 22.2 percentage points from the prior year.

Return on Equity

17.5%

YoY+14.9pp

5Y CAGR+26.0pp

Hudbay Minerals's ROE was 17.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 14.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$466.7M

YoY+34.5%

5Y CAGR+5.3%

Hudbay Minerals invested $466.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 34.5% from the prior year.

HBM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.2B+9.4%	$2.0B+19.6%	$1.7B+15.6%	$1.5B-2.7%	$1.5B+37.5%	$1.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	-$19.4M+87.0%	-$148.7M-2.3%	-$145.3M-22.6%	-$118.5M+46.4%	-$221.0M-55.8%	-$141.9M
Income Tax	$347.7M+89.2%	$183.8M+123.3%	$82.3M+223.6%	$25.4M-38.9%	$41.6M+220.6%	-$34.5M
Net Income	$564.3M+732.3%	$67.8M-2.4%	$69.5M-1.3%	$70.4M+128.8%	-$244.4M-69.0%	-$144.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HBM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.2B+13.4%	$5.5B+3.3%	$5.3B+22.8%	$4.3B-6.3%	$4.6B-1.1%	$4.7B
Current Assets	$1.2B+10.9%	$1.0B+55.7%	$673.2M+28.4%	$524.2M-20.2%	$656.7M-13.1%	$755.7M
Cash & Equivalents	$568.9M+5.0%	$541.8M+116.9%	$249.8M+10.7%	$225.7M-16.7%	$271.0M-38.3%	$439.1M
Inventory	$199.2M+0.9%	$197.4M-4.8%	$207.3M+33.7%	$155.0M-2.2%	$158.5M+10.7%	$143.1M
Accounts Receivable	$377.8M+60.4%	$235.5M+15.8%	$203.4M+79.7%	$113.2M-44.5%	$204.1M+44.5%	$141.2M
Goodwill	$72.6M+4.9%	$69.2M-8.1%	$75.3M	$0	N/A	N/A
Total Liabilities	$3.0B+5.4%	$2.8B-8.6%	$3.1B+12.8%	$2.8B-12.3%	$3.1B+5.8%	$3.0B
Current Liabilities	$1.2B+128.7%	$537.2M0.0%	$537.4M+20.0%	$447.6M-12.1%	$509.2M+13.5%	$448.8M
Long-Term Debt	$29.3M-33.9%	$44.3M-27.9%	$61.4M+36.9%	$44.9M+0.9%	$44.5M+48.0%	$30.0M
Total Equity	$3.2B+22.0%	$2.6B+20.0%	$2.2B+40.4%	$1.6B+6.4%	$1.5B-13.1%	$1.7B
Retained Earnings	$460.5M+549.7%	-$102.4M+41.0%	-$173.6M+26.3%	-$235.5M+22.0%	-$301.8M-465.9%	-$53.3M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$6.2B+13.4%	$5.5B+3.3%	$5.3B+22.8%	$4.3B-6.3%	$4.6B-1.1%	$4.7B+4.6%	$4.5B-4.8%	$4.7B
Current Assets	$1.2B+10.9%	$1.0B+55.7%	$673.2M+28.4%	$524.2M-20.2%	$656.7M-13.1%	$755.7M+14.0%	$663.0M-14.2%	$772.4M
Cash & Equivalents	$568.9M+5.0%	$541.8M+116.9%	$249.8M+10.7%	$225.7M-16.7%	$271.0M-38.3%	$439.1M+10.9%	$396.1M-23.2%	$515.5M
Inventory	$199.2M+0.9%	$197.4M-4.8%	$207.3M+33.7%	$155.0M-2.2%	$158.5M+10.7%	$143.1M+3.1%	$138.8M+17.2%	$118.5M
Accounts Receivable	$377.8M+60.4%	$235.5M+15.8%	$203.4M+79.7%	$113.2M-44.5%	$204.1M+44.5%	$141.2M+33.2%	$106.0M-9.5%	$117.2M
Goodwill	$72.6M+4.9%	$69.2M-8.1%	$75.3M	$0	N/A	N/A	N/A	N/A
Total Liabilities	$3.0B+5.4%	$2.8B-8.6%	$3.1B+12.8%	$2.8B-12.3%	$3.1B+5.8%	$3.0B+13.5%	$2.6B+4.2%	$2.5B
Current Liabilities	$1.2B+128.7%	$537.2M0.0%	$537.4M+20.0%	$447.6M-12.1%	$509.2M+13.5%	$448.8M+14.6%	$391.8M+19.7%	$327.2M
Long-Term Debt	$29.3M-33.9%	$44.3M-27.9%	$61.4M+36.9%	$44.9M+0.9%	$44.5M+48.0%	$30.0M-38.9%	$49.2M-95.0%	$981.0M
Total Equity	$3.2B+22.0%	$2.6B+20.0%	$2.2B+40.4%	$1.6B+6.4%	$1.5B-13.1%	$1.7B-8.0%	$1.8B-15.2%	$2.2B
Retained Earnings	$460.5M+549.7%	-$102.4M+41.0%	-$173.6M+26.3%	-$235.5M+22.0%	-$301.8M-465.9%	-$53.3M-156.1%	$95.0M-78.5%	$442.8M

HBM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$707.3M+6.2%	$666.2M+39.7%	$476.9M-2.2%	$487.8M+26.7%	$385.1M+60.8%	$239.5M
Capital Expenditures	$466.7M+34.5%	$347.1M+23.5%	$281.1M-9.0%	$309.0M-12.3%	$352.2M-2.5%	$361.2M
Free Cash Flow	$240.6M-24.6%	$319.1M+63.0%	$195.8M+9.5%	$178.8M+443.7%	$32.9M+127.0%	-$121.7M
Investing Cash Flow	-$468.4M-22.3%	-$382.9M-40.9%	-$271.8M+19.5%	-$337.7M+10.3%	-$376.3M-4.8%	-$359.0M
Financing Cash Flow	-$214.4M-2202.0%	$10.2M+105.6%	-$182.4M+7.1%	-$196.3M-11.6%	-$175.9M-208.5%	$162.1M
Dividends Paid	$5.6M+1.8%	$5.5M+22.2%	$4.5M+11.2%	$4.0M-2.4%	$4.1M+9.6%	$3.8M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HBM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	25.5%+22.2pp	3.4%-0.8pp	4.1%-0.7pp	4.8%+21.1pp	-16.3%-3.0pp	-13.2%
Return on Equity	17.5%+14.9pp	2.6%-0.6pp	3.1%-1.3pp	4.5%+21.0pp	-16.6%-8.0pp	-8.5%
Return on Assets	9.1%+7.8pp	1.2%-0.1pp	1.3%-0.3pp	1.6%+6.9pp	-5.3%-2.2pp	-3.1%
Current Ratio	0.95-1.0	1.95+0.7	1.25+0.1	1.17-0.1	1.29-0.4	1.68
Debt-to-Equity	0.010.0	0.02-0.0	0.030.0	0.030.0	0.03+0.0	0.02
FCF Margin	10.9%-4.9pp	15.8%+4.2pp	11.6%-0.6pp	12.2%+10.0pp	2.2%+13.3pp	-11.1%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.95-1.0	1.95+0.7	1.25+0.1	1.17-0.1	1.29-0.4	1.680.0	1.69-0.7	2.36
Debt-to-Equity	0.010.0	0.02-0.0	0.030.0	0.030.0	0.03+0.0	0.020.0	0.03-0.4	0.45
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.95), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Hudbay Minerals's annual revenue?

Hudbay Minerals (HBM) reported $2.2B in total revenue for fiscal year 2025. This represents a 9.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Hudbay Minerals's revenue growing?

Hudbay Minerals (HBM) revenue grew by 9.4% year-over-year, from $2.0B to $2.2B in fiscal year 2025.

Is Hudbay Minerals profitable?

Yes, Hudbay Minerals (HBM) reported a net income of $564.3M in fiscal year 2025, with a net profit margin of 25.5%.

How much debt does Hudbay Minerals have?

As of fiscal year 2025, Hudbay Minerals (HBM) had $568.9M in cash and equivalents against $29.3M in long-term debt.

What is Hudbay Minerals's net profit margin?

Hudbay Minerals (HBM) had a net profit margin of 25.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Hudbay Minerals's return on equity (ROE)?

Hudbay Minerals (HBM) has a return on equity of 17.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Hudbay Minerals's free cash flow?

Hudbay Minerals (HBM) generated $240.6M in free cash flow during fiscal year 2025. This represents a -24.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Hudbay Minerals's operating cash flow?

Hudbay Minerals (HBM) generated $707.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Hudbay Minerals's total assets?

Hudbay Minerals (HBM) had $6.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Hudbay Minerals's capital expenditures?

Hudbay Minerals (HBM) invested $466.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Hudbay Minerals have outstanding?

Hudbay Minerals (HBM) had 396M shares outstanding as of fiscal year 2025.

What is Hudbay Minerals's current ratio?

Hudbay Minerals (HBM) had a current ratio of 0.95 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Hudbay Minerals's debt-to-equity ratio?

Hudbay Minerals (HBM) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Hudbay Minerals's return on assets (ROA)?

Hudbay Minerals (HBM) had a return on assets of 9.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Hudbay Minerals's Piotroski F-Score?

Hudbay Minerals (HBM) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Hudbay Minerals's earnings high quality?

Hudbay Minerals (HBM) has an earnings quality ratio of 1.25x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Hudbay Minerals?

Hudbay Minerals (HBM) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.