Hudbay Minerals Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Hudbay Minerals Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,129	1,402	1,472	1,237	1,092	1,502	1,461	1,690	2,021	2,211
Cost of revenue	906	993	1,099	1,086	1,053	1,371	1,185	1,298	1,467	1,468
Gross profit	223	409	374	152	39	131	277	393	554	743
Selling, general and administrative	37.8	42.3	27.2	36.2	41.4	43	34	39.2	57	94.7
Operating income	170	353	299	-289	-37.2	18.3	214	297	400	917
Interest expense	167	169	152	163
Interest income	2.79	2.85	8.45	8.53
Pre-tax income	5.61	173	171	-453	-179	-203	95.8	152	252	912
Income tax	40.8	33.2	85.4	-109	-34.5	41.6	25.4	82.3	184	348
Net income to minority interests							0	3.1	-8.9	-4.2
Net income	-35.2	140	85.4	-344	-145	-244	70.4	66.4	76.7	569
EBITDA	469	650	632	57.9	326	378	553	690	828	1,358
EPS, basic	-0.15	0.57	0.33	-1.32	-0.55	-0.93	0.27	0.22	0.20	1.44
EPS, diluted	-0.15	0.57	0.33	-1.32	-0.55	-0.93	0.27	0.22	0.20	1.44

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	147	356	515	396	439	271	226	250	542	569
Receivables	153	156	117	106	141	204	113	203	236	378
Inventory	112	142	118	139	143	158	155	207	197	199
Total current assets	437	666	772	663	756	657	524	673	1,049	1,163
Property, plant and equipment	3,866	3,964	3,820	3,663	3,732	3,741	3,552	4,316	4,181	4,694
Goodwill							0	75.3	69.2	72.6
Intangible assets	6.61	5.58	4.16	5.03	5.41	5.9	4.77	4	5.5	7.1
Total assets	4,457	4,728	4,686	4,461	4,667	4,616	4,326	5,313	5,488	6,223
Accounts payable	170	199	172	192	233	208	211	239	270	343
Total current liabilities	315	414	327	392	449	509	448	537	537	1,229
Lease liabilities				49.2	30	44.5	44.9	61.4	44.3	29.3
Total liabilities	2,693	2,616	2,507	2,613	2,967	3,139	2,754	3,106	2,840	2,992
Total debt	1,232	980	981	985	1,136	1,180	1,184	1,288	1,108	1,009
Retained earnings	217	361	443	95	-53.3	-302	-236	-174	-102	461
Shareholders' equity							1,572	2,097	2,553	3,231
Minority interests							0	110	94.2	0
Total equity	1,763	2,112	2,179	1,848	1,700	1,477	1,572	2,207	2,647	3,231
Total liabilities and equity	4,457	4,728	4,686	4,461	4,667	4,616	4,326	5,313	5,488	6,223

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-35.2	140	85.4	-344	-145	-244	70.4	69.5	67.8	564
Depreciation and amortization	299	298	333	347	364	360	339	393	428	441
Cash from operations	475	540	480	311	239	385	488	477	666	707
Capital expenditures	-193	-250	-191	-259	-361	-352	-309	-281	-347	-467
Cash from investing	-147	-234	-202	-292	-359	-376	-338	-272	-383	-468
Debt issued	62.2	25				592	0	100	-100
Debt repaid	-176	-281			-400	-600	0	-143	-100	0
Stock issued								14.2	398	26.8
Dividends paid	-3.57	-3.69	-4.05	-3.93	-3.78	-4.15	-4.05	-4.5	-5.5	-5.6
Cash from financing	-236	-92.8	-120	-138	162	-176	-196	-182	10.2	-214
Exchange rate effect	1.07	-2.83	1.94	-0.06	0.43	-1.06	0.84	1.4	-1.5	2.6
Net change in cash	93	210	159	-119	43	-168	-45.3	24.1	292	27.1
Free cash flow	282	290	289	51.7	-122	32.9	179	196	319	241
Income taxes paid	13.6	10.6	37.3	26.9	12.6	20.1	39.6	54.8	133	268

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $26.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.6%	Gross profit / revenue.
Operating margin	41.5%	Operating income / revenue.
EBITDA margin	61.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	41.2%	Pre-tax income / revenue.
Net margin	25.7%	Net income / revenue.
FCF margin	10.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	32.0%	Cash from operations / revenue.
Effective tax rate	38.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.7%	Net income / average total assets.
Return on invested capital (ROIC)	16.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	4.3%	Selling, general and administrative expense / revenue.
Capex / revenue	21.1%	Capital expenditures / revenue.
D&A / revenue	20.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	34.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	39.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	80.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	129.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	62.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	63.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	34.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	33.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	641.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	100.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	620.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	74.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-24.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	26.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	27.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	13.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.95x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.46x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.2%	Total debt / total assets.
Liabilities / assets	48.1%	Total liabilities / total assets.
Net debt	$439.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$65.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.15B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	0.50x	Revenue / average property, plant and equipment.
Inventory turnover	7.40x	Cost of revenue / average inventory.
Days inventory	49 days	365 x average inventory / cost of revenue.
Receivables turnover	7.21x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	76 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	24 days	Days inventory + days sales outstanding - days payables.
FCF conversion	42.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	66.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.44	Net income per basic share, as reported (split-adjusted).
Payout ratio	1.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	2.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.83B	Share price x shares outstanding.
Enterprise value	$12.27B	Market cap + total debt - cash - short-term investments.
P/E	20.8x	Market cap / net income. Only when net income is positive.
P/S	5.35x	Market cap / revenue.
P/B	3.66x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.75x	Market cap / tangible book value, when positive.
P/FCF	49.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.7x	Market cap / cash from operations, when positive.
EV/Sales	5.55x	Enterprise value / revenue.
EV/EBIT	13.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.04x	Enterprise value / EBITDA, when both are positive.
EV/FCF	51.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.0%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.28x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Hudbay Minerals Inc.'s revenue in fiscal 2025?

Hudbay Minerals Inc. reported revenue of $2.21B for fiscal 2025, 9.4% higher than the year before.

Was Hudbay Minerals Inc. profitable in fiscal 2025?

Yes. Net income was $568.5M, a net margin of 25.7%.

How much free cash flow did Hudbay Minerals Inc. generate in fiscal 2025?

Cash from operations of $707.3M minus capital expenditures of $466.7M left free cash flow of $240.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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