Hudbay Minerals Inc. (HBM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-73.1%

$5.93

vs $22.06 price

Levered DCF

$5.10

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.13

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.6×	40.5×	26.29×	18.78×	-7.8×	-12.73×	-3.14×	14.3×
P/B	2.43×	1.2×	0.82×	0.84×	1.28×	1.08×	0.59×	0.57×
P/S	3.55×	1.51×	1.02×	0.91×	1.26×	1.67×	0.88×	0.84×
EV / EBITDA	5.8×	4.73×	4.37×	4.43×	10.51×	9.69×	-52.61×	3.09×
Gross margin	33.6%	27.4%	23.2%	18.9%	8.7%	3.6%	12.2%	25.4%
Operating margin	25.4%	20.7%	17.8%	20.7%	1.2%	-3.4%	-23.3%	20.3%
Net margin	25.7%	3.8%	3.9%	4.8%	-16.3%	-13.2%	-27.8%	5.8%
Current ratio	0.95×	1.95×	1.25×	1.17×	1.29×	1.68×	1.69×	2.36×
Debt / equity	0.34×	0.46×	0.66×	0.79×	0.85×	0.71×	0.58×	0.48×
Interest coverage	7.48×	5.2×	3.41×	4.18×	0.22×	-0.39×	-3.55×	2.3×
Dividend yield	0.1%	0.2%	0.3%	0.3%	0.2%	0.2%	0.4%	0.3%
Payout ratio	1.0%	7.2%	6.8%	5.8%	-1.7%	-2.6%	-1.1%	4.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.6%	3.0%	3.2%	4.5%	-16.5%	-8.5%	-18.6%	3.9%
Return on invested capital	6.3%	2.3%	2.9%	5.7%	0.4%	-0.7%	-5.4%	3.4%
Return on assets	9.2%	1.4%	1.2%	1.6%	-5.3%	-3.1%	-7.7%	1.8%
Free cash flow yield	2.5%	10.4%	11.4%	13.5%	1.7%	-6.7%	4.8%	23.4%
Earnings yield	7.2%	2.5%	3.9%	5.3%	-12.9%	-7.9%	-31.7%	6.9%
Enterprise value	$8.4B	$3.7B	$2.8B	$2.3B	$2.9B	$2.6B	$1.8B	$1.8B
Net debt / EBITDA	0.36×	0.82×	1.73×	1.92×	3.6×	2.84×	-20.11×	0.94×
Cash conversion cycle (days)	91	75	83	52	69	65	57	49