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Diversified base-metals miner producing copper, gold and zinc from mines in Canada, Peru and the United States.
Diversified base-metals miner producing copper, gold and zinc from mines in Canada, Peru and the United States.
Sells copper concentrate to smelters, plus gold, silver and zinc recovered along the way, which lower the net cost of each pound of copper. It bought Copper Mountain in British Columbia in 2023 and is developing Copper World in Arizona to add US output.
In one line: A smaller, diversified Freeport-McMoRan..
Moat: none (installed base). Mid-tier miner with producing assets but no unique cost or resource advantage versus larger peers.
Headquarters: Toronto, Canada · Founded: 1927 · Employees: 3,072
Size Hudbay Minerals (HBM.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $9.35B, the 79th largest of 420 Canada companies the cockpit tracks. Shares closed at C$29.49 on 6 Nov 2026.
Performance Over six months the shares fell 9.7%, against -21.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 13.4% over the last twelve months (peer median +47.1%); the operating margin is 31.6% (peer median 16.4%).
Valuation It trades at 12.0× forward earnings against a peer median of 13.4× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.5 points below its cost of capital (14.4% WACC).
Credit Hudbay Minerals has 1 bond outstanding ($542M), rated BB- by the agencies and trading like BB at a weighted spread of 170 bp.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.44B | C$3.02B | C$2.72B | C$2.27B | C$1.92B |
| Revenue growth | — | +11% | +20% | +18% | — |
| Gross profit | C$1.25B | C$879M | C$634M | C$466M | C$311M |
| EBITDA | C$1.69B | C$1.40B | C$1.15B | C$970M | C$892M |
| Net income | C$936M | C$794M | C$105M | C$89.6M | C$91.6M |
| Free cash flow | C$313M | C$272M | C$343M | C$159M | C$138M |
| Capital expenditure | C$757M | C$656M | C$478M | C$379M | C$402M |
| Total debt | C$1.30B | C$1.46B | C$1.70B | C$1.82B | C$1.69B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hudbay Minerals HBM.TO | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% |
| Capstone Copper CS.TO | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% |
| Ivanhoe Mines IVN.TO | $8.43B | -26% | +109% | 7% | 18.9× | n/a |
| First Quantum Minerals FM.TO | $19.5B | -1% | +28% | 23% | 15.2× | n/a |
| Teck Resources TECK-B.TO | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HBM.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.0% | -13.5% | 8th lowest of 21 |
| 6-month return | -9.7% | -21.2% | 8th highest of 21 |
| Distance from 52-week high | -33.7% | -44.0% | 7th highest of 21 |
| Revenue growth (TTM) | +13.4% | +47.1% | 5th lowest of 21 |
| Operating margin | 31.6% | 16.4% | 7th highest of 21 |
| Forward P/E | 12.0× | 13.4× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 18.1% | 5.2% | 4th most demanding of 14 |
| Growth delivered (Del g) | +15.8% | +15.7% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | +2.3 pp | -10.1 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -4.5 pp | +5.6 pp | 3rd lowest of 21 |
| EV / EBITDA | 8.1× | 9.6× | 5th cheapest of 13 |
| Net debt / EBITDA | -0.0× | -0.0× | 7th least indebted of 13 |
| Bond spread | 170 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |
| Ivanhoe Mines IVN.TO | Canada | $8.43B | -26% | +109% | 7% | 18.9× | n/a | n/a |
| Jinduicheng Molybdenum 601958.SS | China | $8.06B | -15% | +7% | 32% | 13.6× | 4.2% | +13.7% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
Hudbay Minerals has 1 bond outstanding with $542M face value. The agencies rate it BB-; its bonds trade like BB. Weighted yield 6.24%, a spread of 170 bp over government bonds.