| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 64 | 15.7x | 17.8x | Around median | |
Growth | 93 | 13.0% | 7.1% | Top tier | |
Quality | 61 | 13.0% | 4.5% | Around median | |
Safety | 85 | 0.0x | 2.6x | Top tier | |
Capital Return | 40 | 0.05% | 2.12% | Bottom tier | |
Momentum | 76 | 130.1% | 2.9% | Top tier | |
Sentiment | 98 | 14 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Hudbay Minerals Inc. produces copper and gold through a diversified mining platform in Canada and Peru, with silver, zinc, and molybdenum as by-products. Revenue is primarily driven by copper, while gold provided 38% of total revenue in Q2 FY2026, and its by-product credits helped reduce copper costs. Operating assets include Constancia in Peru; Lalor, New Britannia, and Stall in Manitoba; and Copper Mountain in British Columbia, alongside the Copper World, Cactus, and Mason growth projects in the United States.
In Q2 FY2026, revenue was $631 million, adjusted earnings before interest, taxes, depreciation, and amortization were $321 million, representing a calculated margin of approximately 50.9%. Adjusted net earnings attributable to owners were $114 million, or $0.28 per share, while operating cash flow before changes in non-cash working capital reached $210 million, and free cash flow after sustaining capital expenditures and before growth investments exceeded $100 million.
The company produced approximately 28 thousand tonnes of copper and 51 thousand ounces of gold in Q2 FY2026, including 19 thousand tonnes of copper in Peru, 40 thousand ounces of gold in Manitoba, and 6.5 thousand tonnes of copper at Copper Mountain. On an FY2025 basis, revenue increased to $2.2 billion from $2.0 billion in FY2024, gross profit rose to $743.2 million from $553.8 million, and net income jumped to $564.3 million from $67.8 million, with earnings per share of $1.44 versus $0.20.
The analyst consensus is "Buy," with an average price target of $32 and identical high and low targets of $32, meaning the reported estimate range provides no diversity of views. This target is just below the 52-week range high of $32.15, while the range extends to a low of $11.62, and no price-to-earnings ratio is available in the data to assess valuation through earnings; therefore, the target's justification is primarily tied to the continuation of strong margins and the execution of the Copper Mountain, Copper World, and Cactus expansions, balanced against the risks of higher capital expenditures and operating costs.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Hudbay generated revenue of $631 million and adjusted earnings before interest, taxes, depreciation, and amortization of $321 million in Q2 FY2026. Adjusted net earnings attributable to owners were $114 million, or $0.28 per share. Gold supported the results by representing 38% of total revenue, while its by-product credits reduced consolidated copper cash cost to negative $0.40 per pound.
Hudbay's liquidity exceeded $1 billion as of June 30, 2026, including $890 million in cash and cash equivalents and $154 million available under credit facilities. The company recorded net cash of $80 million and a net debt-to-adjusted earnings before interest, taxes, depreciation, and amortization ratio of negative 0.1 times. It also generated more than $400 million in free cash flow during the twelve months ended Q2 FY2026, but Copper World will require spending above the 2023 study estimate, while the company allocated approximately $30 million to Cactus in the second half of FY2026.
The company expects investments in existing assets to increase consolidated copper production by 24% to approximately 150 thousand tonnes in FY2027. Copper World is targeted to increase annual production to approximately 250 thousand tonnes by the end of the decade, with first production from the project targeted for the second half of FY2029. Following the phased development of Cactus and Mason, management sees a path to 500 thousand tonnes of copper by the middle of the following decade, with Cactus alone expected to add more than 100 thousand tonnes annually.
Automated analysis for informational purposes only — not investment advice.
Copper Mountain produced approximately 6.5 thousand tonnes of copper and 5.6 thousand ounces of gold in Q2 FY2026. Ore processed increased 17% from the previous quarter to 3.6 million tonnes, but the throughput ramp-up exposed a grinding constraint that led to lower copper and gold recoveries. Cash cost was $3.22 per pound, above the FY2026 guidance range, despite management reaffirming its target of processing 50 thousand tonnes per day and achieving full-year cost guidance.
Hudbay completed the acquisition of Arizona Sonoran in June 2026, adding the Cactus project to its Arizona copper operations. Management describes Cactus as a high-grade, near-surface copper oxide project using open-pit mining, heap leaching, and an SX/EW facility to produce copper cathode within the United States. The company intends to spend approximately $30 million in the second half of FY2026 on studies, de-risking, and exploration, with the updated preliminary feasibility study scheduled for completion in the second half of FY2027.
Hudbay announced the appointment of Eugene Lei as President and Chief Financial Officer, after he had served as Chief Financial Officer since 2022. Rob Carter was also appointed Chief Operating Officer, moving from his position as Senior Vice President of Canadian Operations. Carter will assume responsibility from Andre Lauzon, who the company announced will retire at the end of September 2026, while Peter Kukielski continued speaking in his capacity as the company's Chief Executive Officer.
