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UK-listed precious metals miner operating silver and gold mines in Peru, Argentina and Brazil.
UK-listed precious metals miner operating silver and gold mines in Peru, Argentina and Brazil.
Sells silver and gold at world market prices, with costs mostly in local currencies, so results follow metal prices and mining costs in Peru. The Hochschild family controls it. The Argentine mine runs as a joint venture with McEwen Mining, and Brazil is a newer gold addition.
In one line: A UK-listed Latin American silver/gold miner.
Moat: none (installed base). Owns established Latin American mines but is exposed to commodity price and country risk.
Headquarters: London, UK · Founded: 1911 · Employees: 3,281
Size Hochschild Mining (HOC.L) is a United Kingdom Materials company (Precious Metals) with a market value of $3.37B, the 123rd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £487.40 on 6 Nov 2026.
Performance Over six months the shares fell 27.4%, against -4.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 37.2% over the last twelve months (peer median +51.7%); the operating margin is 43.8% (peer median 47.5%).
Valuation It trades at 9.8× forward earnings against a peer median of 8.5× (7th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 31.7 points above its cost of capital (9.2% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.13B | £920M | £735M | £557M | £598M |
| Revenue growth | — | +25% | +32% | -7% | — |
| Gross profit | £564M | £379M | £236M | £128M | £124M |
| EBITDA | £627M | £447M | £312M | £197M | £181M |
| Net income | £224M | £153M | £75.9M | -£44.3M | £2.40M |
| Free cash flow | £245M | £163M | £84.3M | -£65.1M | -£87.2M |
| Capital expenditure | £188M | £166M | £226M | £211M | £271M |
| Total debt | n/a | £256M | £254M | £271M | £265M |
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 |
|---|---|---|---|---|---|---|
| Hochschild Mining HOC.L | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% |
| Fresnillo FRES.L | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% |
| Lundin Gold LUG.TO | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% |
| Compania de Minas Buenaventura SAA Sponsored ADR BVN | $7.25B | -21% | +64% | 45% | 6.5× | -14.1% |
| First Majestic Silver AG.TO | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% |
| Coeur Mining CDE | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% |
| Endeavour Silver EDR.TO | $2.34B | -20% | +198% | 26% | 10.9× | n/a |
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 | HOC.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -1.0% | 7th lowest of 21 |
| 6-month return | -27.4% | -4.1% | 2nd lowest of 21 |
| Distance from 52-week high | -43.2% | -27.0% | 5th lowest of 21 |
| Revenue growth (TTM) | +37.2% | +51.7% | 4th lowest of 17 |
| Operating margin | 43.8% | 47.5% | 8th lowest of 17 |
| Forward P/E | 9.8× | 8.5× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -10.7% | -0.1% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +14.1% | +26.4% | 3rd lowest of 16 |
| Hurdle (Req g minus delivered) | -24.7 pp | -32.4 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | +31.7 pp | +19.6 pp | 8th highest of 20 |
| EV / EBITDA | 4.1× | 5.3× | 4th cheapest of 15 |
| Net debt / EBITDA | -0.1× | -0.5× | 4th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hochschild Mining HOC.L | United Kingdom | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% | +14.1% |
| Western Region Gold 601069.SS | China | $3.29B | -26% | +118% | n/a | 11.2× | 11.7% | +19.5% |
| Regis Resources RRL.AX | Australia | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% | +23.5% |
| Aris Mining ARIS.TO | Canada | $3.24B | -15% | +94% | 46% | 5.5× | 2.1% | +19.8% |
| Allied Gold AAUC.TO | Canada | $3.24B | -19% | +54% | 32% | 3.9× | n/a | n/a |
| Westgold Resources WGX.AX | Australia | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% | +33.7% |
| Aya Gold & Silver AYA.TO | Canada | $3.68B | +40% | +265% | 53% | 19.2× | 17.9% | +72.4% |
| Predictive Discovery PDI.AX | Australia | $3.08B | -13% | n/a | -28% | n/a | n/a | n/a |
| Emerald Resources NL EMR.AX | Australia | $3.04B | +6% | +40% | 61% | 15.2× | 1.5% | +26.4% |
| Pan African Resources PAF.L | United Kingdom | $3.79B | -25% | +106% | 54% | 7.2× | -6.7% | +25.7% |
| Lingbao Gold 3330.HK | Hong Kong | $2.94B | -28% | -10% | 22% | 8.0× | -5.6% | +17.8% |
| Wesdome Gold Mines WDO.TO | Canada | $2.92B | +6% | +49% | 57% | 7.8× | -10.7% | +33.5% |
| Skeena Resources SKE.TO | Canada | $3.90B | +6% | n/a | n/a | n/a | n/a | n/a |
| Fortuna Mining FVI.TO | Canada | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% | +29.0% |
| Seabridge Gold SEA.TO | Canada | $2.87B | -8% | n/a | n/a | n/a | n/a | n/a |
| Novagold Resources NG | United States | $2.81B | -27% | n/a | n/a | n/a | n/a | n/a |
| West African Resources WAF.AX | Australia | $2.74B | +4% | +194% | 57% | 4.4× | -18.5% | +37.7% |
| Vault Minerals VAU.AX | Australia | $4.19B | +21% | +35% | 33% | 13.0× | -0.1% | +59.0% |
| Centerra Gold CG.TO | Canada | $4.25B | +27% | +44% | 27% | 12.4× | 6.5% | +13.9% |
| Capricorn Metals CMM.AX | Australia | $4.42B | -1% | +45% | 58% | 17.6× | 12.7% | +33.9% |
| Sichuan Gold 001337.SZ | China | $2.52B | -25% | +57% | 56% | n/a | 17.7% | +13.6% |