HBMHudbay Minerals Inc.
The business
How HBM's business earns
Hudbay Minerals Inc. earns 20% on the capital it employs against an estimated 9.0% cost of capital.
Return on invested capital · cost of capital 9.0% · 11 points above the estimated cost of capital
- Operating margin
- 41%
Operating margin · Copper median 38% · fiscal year to Dec 31, 2025
- Cash conversion
- 1.25×
Cash conversion · 2.11× a year ago · operating cash flow divided by operating profit after tax
- Share count, year on year
- +5.1%
Share count, year on year · more shares than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −3.4% |
| FY2021 | 1.2% |
| FY2022 | 15% |
| FY2023 | 18% |
| FY2024 | 20% |
| FY2025 | 41% |
Details›
- Gross marginfiscal year to Dec 31, 2025
- 34%
- Operating marginfiscal year to Dec 31, 2025
- 41%
- Net marginfiscal year to Dec 31, 2025
- 26%
- Free cash flow margin
- 11%
- Revenue, trailing twelve months
- $2.21B
- Free cash flow, trailing twelve months
- $241M
- Net income, trailing twelve months
- $564M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 20%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from HBM and who it buys from, as the companies report it.
- Largest customer22%
Share of revenue · FY2025 40-F
- Second largest customer14%
Share of revenue · FY2025 40-F
- Third largest customer11%
Share of revenue · FY2025 40-F
None disclosed.
Basic Materials
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