Filing Flows › Hecla Mining (HL) › Takeover & LBO
Is Hecla Mining (HL) a takeover target?
A leveraged buyout at today's price plus 30% ($17.59 a share) would return about 4% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $17.59 | today's $13.53 plus 30% |
| × shares | 676.9 million | |
| = Equity value | $11.9B | |
| + Debt refinanced | $0 | |
| − Cash | $767M | |
| + Other claims | $38K | preferred stock, minority interests |
| = Enterprise value | $11.1B | 11.1× EBITDA of $999M |
| Fees | $223M | 2% of the price |
| New debt | $5.5B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $5.9B | 52% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.0B | $1.1B | $421M | $247M | $5.3B |
| Year 2 | $2.1B | $1.2B | $402M | $301M | $4.9B |
| Year 3 | $2.2B | $1.2B | $379M | $354M | $4.6B |
| Year 4 | $2.3B | $1.3B | $352M | $403M | $4.2B |
| Year 5 | $2.4B | $1.3B | $321M | $449M | $3.7B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 8.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $11.0B | |
| − Debt left | $3.7B | |
| = Buyer's equity | $7.2B | |
| Money multiple | 1.23× | on $5.9B put in |
| Buyer's yearly return (IRR) | 4.2% |
Price against return
What the buyer makes at other premiums over today's $13.53.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $14.88 | 12.5% |
| 20% | $16.24 | 7.9% |
| 30% | $17.59 | 4.2% |
| 40% | $18.94 | 1.2% |
| 50% | $20.29 | −1.4% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.8B | |
| EBITDA, last 12 months | $999M | 54.8% of revenue |
| Depreciation and amortization | $175M | |
| Capital spending | $258M | |
| Debt | $0 | |
| Cash | $767M | |
| Share price | $13.53 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 25% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Hecla Mining would cost about $17.93 a share, $12.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $16.24 | $11.0B |
| Median | 32.5% | $17.93 | $12.1B |
| High end (a quarter paid more) | 51.8% | $20.54 | $13.9B |
Hecla Mining's latest quarter
Hecla Mining, Q3 2026: revenue $395M (+25% year over year), operating margin 39.8%, net earnings $150M, operating cash flow $203M. The chart follows the revenue to costs, profit and cash.
Questions
Is Hecla Mining being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Hecla Mining?
A leveraged buyout at today's price plus 30% ($17.59 a share) would return about 4% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Hecla Mining cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Hecla Mining would cost about $17.93 a share, $12.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.