Hudbay Minerals
HBM · NYSEMetal Mining · Fiscal year ends Dec 31
Hudbay Minerals reported revenue of $2.2B in the fiscal year ended Dec 2025, up 9.4% from the year before. Operating income was $917M, an operating margin of 41.5%, and net income was $564M. Operating cash flow of $707M less capital expenditure of $467M left free cash flow of $241M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.5B | $1.7B | $2B | $2.2B |
| Cost of revenue | $1.4B | $1.2B | $1.3B | $1.5B | $1.5B |
| Gross profit | $131M | $277M | $393M | $554M | $743M |
| Selling, general & admin | $43M | $34M | $39M | $57M | $95M |
| Operating income | $18M | $214M | $297M | $400M | $917M |
| Interest expense | $75M | $68M | $76M | $70M | $61M |
| Pre-tax income | −$203M | $96M | $152M | $252M | $912M |
| Income tax | $42M | $25M | $82M | $184M | $348M |
| Net income | −$244M | $70M | $70M | $68M | $564M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $271M | $226M | $250M | $542M | $569M |
| Receivables | $204M | $113M | $203M | $236M | $378M |
| Inventory | $158M | $155M | $207M | $197M | $199M |
| Current assets | $657M | $524M | $673M | $1B | $1.2B |
| Net PP&E | $3.7B | $3.6B | $4.3B | $4.2B | $4.7B |
| Goodwill | – | $0 | $75M | $69M | $73M |
| Total assets | $4.6B | $4.3B | $5.3B | $5.5B | $6.2B |
| Payables | $208M | $211M | $239M | $270M | $343M |
| Current liabilities | $509M | $448M | $537M | $537M | $1.2B |
| Total liabilities | $3.1B | $2.8B | $3.1B | $2.8B | $3B |
| Shareholders' equity | $1.5B | $1.6B | $2.1B | $2.6B | $3.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $385M | $488M | $477M | $666M | $707M |
| Capital expenditure | $352M | $309M | $281M | $347M | $467M |
| Free cash flow | $33M | $179M | $196M | $319M | $241M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.7% | 15.6% | 19.6% | 9.4% |
| Operating income growth (YoY) | – | 1073.1% | 38.6% | 34.7% | 129.0% |
| Gross margin | 8.7% | 18.9% | 23.2% | 27.4% | 33.6% |
| Operating margin | 1.2% | 14.7% | 17.6% | 19.8% | 41.5% |
| Net margin | −16.3% | 4.8% | 4.1% | 3.4% | 25.5% |
| Return on equityBlank when equity is negative | −16.5% | 4.5% | 3.3% | 2.7% | 17.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.4% | 5.5% | 6.2% | 8.1% | 18.3% |
| Free cash flow margin | 2.2% | 12.2% | 11.6% | 15.8% | 10.9% |
| Cash conversion (CFO ÷ net income) | −1.58x | 6.93x | 6.86x | 9.83x | 1.25x |
| Receivable days | 50 | 28 | 44 | 43 | 62 |
| Inventory days | 42 | 48 | 58 | 49 | 50 |
| Payable days | 55 | 65 | 67 | 67 | 85 |
| Interest cover | 0.24x | 3.17x | 3.90x | 5.73x | 15.1x |
| Current ratio | 1.29x | 1.17x | 1.25x | 1.95x | 0.95x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.