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Hecla Mining vs Smart Sand: HL and SND compared
Hecla Mining is the larger company: $395M of revenue in its latest quarter (Q3 2026) against $115M for Smart Sand (Q2 2026). Smart Sand is growing faster (+34% against +25% a year earlier). Hecla Mining is more profitable, with an operating margin of 39.8% against 8.7%.
Where the money goes: HL and SND
Hecla Mining (HL) · Q3 2026
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.
Smart Sand (SND) · Q2 2026
Smart Sand, Q2 2026: revenue $115M (+34% year over year), operating margin 8.7%, net earnings $10.2M, operating cash flow $3.4M. The chart follows the revenue to costs, profit and cash.
| Hecla Mining (HL) | Smart Sand (SND) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $395M | $115M |
| Revenue growth, Y/Y | +25% | +34% |
| Gross margin | 50.7% | 17.2% |
| Operating margin | 39.8% | 8.7% |
| Net earnings | $150M | $10.2M |
| Net margin | 37.9% | 8.8% |
| Operating cash flow | $203M | $3.4M |
| Free cash flow | $151M | — |
| Market value | $10.0B | — |
| P/E | 26.3× | — |
| Analysts’ mean target | $21.68 | — |
Where the revenue comes from
Hecla Mining
- Metal Sales: $372M (94%)
- Environmental Remediation Services: $22.4M (6%)
Smart Sand
- Sand: $114M (99%)
- SmartSystems: $1.2M (1%)
Questions
Which is bigger, Hecla Mining or Smart Sand?
Hecla Mining is the larger company: $395M of revenue in its latest quarter (Q3 2026) against $115M for Smart Sand (Q2 2026).
Is Hecla Mining or Smart Sand growing faster?
Smart Sand is growing faster (+34% against +25% a year earlier).
Which is more profitable, Hecla Mining or Smart Sand?
Hecla Mining is more profitable, with an operating margin of 39.8% against 8.7%.
More: Hecla Mining earnings · how Hecla Mining makes money · Smart Sand earnings · how Smart Sand makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Aug 11, 2026). Fiscal quarters can end on different dates. Not investment advice.