HBM Basic Materials

Hudbay Minerals Inc.

$21.44-1.20%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Basic Materials
Industry: Copper
Country: Canada
Market cap: 9.5B USD
Enterprise value: 9.8B USD

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.31 vs a peer median of 0.69) and less short-term liquidity (current ratio 0.95 vs a peer median of 1.76)higher risk: bigger price swings (beta 2.31 vs peers 0.69) and less liquidity (current ratio 0.95 vs peers 1.76)

Ranks #258 of 1,217 basic materials companies (top 22%)

See how it ranks against its peers

Worth knowing

Profit isn't fully turning into cash. Free cash flow is only 42% of reported profit.
Free cash flow is only 42% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.
Operating margin at a 6-year high. 41% in 2025, the best of the last 6 years.
Hudbay Minerals kept 41% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Profits growing faster than sales. Since 2022: revenue +51%, operating profit +328%.
Since 2022, Hudbay Minerals's revenue grew 51% while operating profit grew 328%: each extra dollar of sales is adding more profit.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

67/ 100▲ 1 since Oct 27 close

Oct 5 65 → Nov 4 67 (+2)

Valuation

Is the price right?

73/100

Moderate▲ 4 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 69 → 73

Share price -8.3%+5
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ EBITDA yield
▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield6.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value30% base weight · Z-score 0.84Sector median: 0.0364 · MAD: 0.0364

EBITDA yield15.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value50% base weight · Z-score 1.28Sector median: 0.0854 · MAD: 0.0520

Free cash flow yield2.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.09Sector median: 0.0261 · MAD: 0.0261

Other data (not scored)

Book yield38.1%

SEC filings (IFRS mapped) · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5947 · MAD: 0.3137

Growth

Is it growing?

95/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 9.4%

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth640.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 8.87Sector median: 0.0941 · MAD: 0.3300

3-year revenue growth14.8%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score 2.05Sector median: -0.0005 · MAD: 0.0725

Revenue growth9.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.63Sector median: 0.0335 · MAD: 0.0952

Profitability

Does it earn well?

92/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Operating margin rose 21.6 points to 41.5%

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin41.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 5.45Sector median: 0.0757 · MAD: 0.0617

Return on assets9.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.50Sector median: 0.0249 · MAD: 0.0265

Return on invested capital19.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.26Sector median: 0.0675 · MAD: 0.0575

Other data (not scored)

Gross margin33.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.2138 · MAD: 0.1202

Return on equity17.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0537 · MAD: 0.0694

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.31

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.96Sector median: 0.6950 · MAD: 0.2810

Current ratio0.95×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -1.20Sector median: 1.7610 · MAD: 0.6770

Debt / equity0.31×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.16Sector median: 0.3578 · MAD: 0.2929

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Hudbay Minerals

Is Hudbay Minerals getting weaker?: Its latest SEC filing (Mar 27, 2026) got stronger: operating margin rose 21.6 points to 41.5%. Its overall score is 67/100, up 1 since Oct 28, 2026.
How is Hudbay Minerals valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 73/100 against 1,371 basic materials peers. EBITDA yield 15.2% vs a peer median of 8.5% (stronger than 81% of peers).EBITDA yield 15.2% vs peers 8.5% (stronger than 81% of peers).
Is Hudbay Minerals growing?: Yes, faster than most of its peers. Growth scores 95/100 against 1,371 basic materials peers. Earnings per share growth 640.1% vs a peer median of 9.4% (stronger than 95% of peers).Earnings per share growth 640.1% vs peers 9.4% (stronger than 95% of peers).
How profitable is Hudbay Minerals?: More profitable than most of its peers. Profitability scores 92/100 against 1,371 basic materials peers. Operating margin 41.5% vs a peer median of 7.6% (stronger than 95% of peers).Operating margin 41.5% vs peers 7.6% (stronger than 95% of peers).
How risky is Hudbay Minerals?: Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Beta 2.31 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.31 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Mar 27, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Operating margin rose 21.6 points to 41.5%

	Previous year	Latest year	Change
Revenue (12 months)	2.0B USD	2.2B USD	+9.4%
Net income (12 months)	76.7M USD	568.5M USD	+641.2%
Operating margin	19.8%	41.5%	+21.6 pts
Free cash flow (12 months)	319.1M USD	240.6M USD	−24.6%
Debt	1.1B USD	1.0B USD	−8.9%
Cash	541.8M USD	568.9M USD	+5.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	8.7%	18.9%	23.2%	27.4%	33.6%	▲ 6.2 pts
Operating margin	1.2%	14.7%	17.6%	19.8%	41.5%	▲ 22 pts
Net margin	-16.3%	4.8%	3.9%	3.8%	25.7%	▲ 22 pts
Return on assets (ROA)	-5.3%	1.6%	1.2%	1.4%	9.1%	▲ 7.7 pts
Return on equity (ROE)	-16.5%	4.5%	3.2%	3.0%	17.6%	▲ 15 pts
Free cash flow margin	2.2%	12.2%	11.6%	15.8%	10.9%	▼ 4.9 pts
Current ratio	1.29×	1.17×	1.25×	1.95×	0.95×	▼ 52%
Quick ratio	0.98×	0.82×	0.87×	1.58×	0.78×	▼ 50%
Debt to equity	0.80×	0.75×	0.61×	0.43×	0.31×	▼ 28%
Interest coverage	0.24×	3.17×	3.90×	5.73×	15.10×	▲ 163%

HBM price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.31 vs a peer median of 0.69) and less short-term liquidity (current ratio 0.95 vs a peer median of 1.76)higher risk: bigger price swings (beta 2.31 vs peers 0.69) and less liquidity (current ratio 0.95 vs peers 1.76)

Ranks #258 of 1,217 basic materials companies (top 22%)

See how it ranks against its peers

Worth knowing

Profit isn't fully turning into cash. Free cash flow is only 42% of reported profit.

Free cash flow is only 42% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.

Operating margin at a 6-year high. 41% in 2025, the best of the last 6 years.

Hudbay Minerals kept 41% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Profits growing faster than sales. Since 2022: revenue +51%, operating profit +328%.

Since 2022, Hudbay Minerals's revenue grew 51% while operating profit grew 328%: each extra dollar of sales is adding more profit.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about Hudbay Minerals

Is Hudbay Minerals getting weaker?

Its latest SEC filing (Mar 27, 2026) got stronger: operating margin rose 21.6 points to 41.5%. Its overall score is 67/100, up 1 since Oct 28, 2026.

How is Hudbay Minerals valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 73/100 against 1,371 basic materials peers. EBITDA yield 15.2% vs a peer median of 8.5% (stronger than 81% of peers).EBITDA yield 15.2% vs peers 8.5% (stronger than 81% of peers).

Is Hudbay Minerals growing?

Yes, faster than most of its peers. Growth scores 95/100 against 1,371 basic materials peers. Earnings per share growth 640.1% vs a peer median of 9.4% (stronger than 95% of peers).Earnings per share growth 640.1% vs peers 9.4% (stronger than 95% of peers).

How profitable is Hudbay Minerals?

More profitable than most of its peers. Profitability scores 92/100 against 1,371 basic materials peers. Operating margin 41.5% vs a peer median of 7.6% (stronger than 95% of peers).Operating margin 41.5% vs peers 7.6% (stronger than 95% of peers).

How risky is Hudbay Minerals?

Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Beta 2.31 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.31 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

2.0B USD

2.2B USD

+9.4%

Net income (12 months)

76.7M USD

568.5M USD

+641.2%

Operating margin

19.8%

41.5%

+21.6 pts

Free cash flow (12 months)

319.1M USD

240.6M USD

−24.6%

Debt

1.1B USD

1.0B USD

−8.9%

Cash

541.8M USD

568.9M USD

+5.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

8.7%

18.9%

23.2%

27.4%

33.6%

▲ 6.2 pts

Operating margin

1.2%

14.7%

17.6%

19.8%

41.5%

▲ 22 pts

Net margin

-16.3%

4.8%

3.9%

3.8%

25.7%

▲ 22 pts

Return on assets (ROA)

-5.3%

1.6%

1.2%

1.4%

9.1%

▲ 7.7 pts

Return on equity (ROE)

-16.5%

4.5%

3.2%

3.0%

17.6%

▲ 15 pts

Free cash flow margin

2.2%

12.2%

11.6%

15.8%

10.9%

▼ 4.9 pts

Current ratio

1.29×

1.17×

1.25×

1.95×

0.95×

▼ 52%

Quick ratio

0.98×

0.82×

0.87×

1.58×

0.78×

▼ 50%

Debt to equity

0.80×

0.75×

0.61×

0.43×

0.31×

▼ 28%

Interest coverage

0.24×

3.17×

3.90×

5.73×

15.10×

▲ 163%