# Hudbay Minerals Inc. (HBM) — Stock CV

Hudbay Minerals Inc. is a $11.6B materials company. Revenue grew 9.4% over the last year, it keeps 26¢ of every dollar of sales as profit, and its net debt equals ~0.5 years of free cash flow. It trades at 16.6× earnings.

> Hudbay Minerals Inc is a copper-focused critical minerals company with three long-life operations and a pipeline of copper growth projects in Canada, Peru, and the United States.

## Identity

- **Ticker**: HBM
- **Sector**: Basic Materials
- **Industry**: Copper
- **Employees**: 3 072
- **Website**: https://www.hudbayminerals.com
- **Market cap**: $11.6B
- **Last price**: $26.20
- **Financial profile**: Strong

## Vitals (FY2025)

- **Revenue**: $2.21B
- **Net income**: $569M
- **Free cash flow**: $284M
- **Net debt**: $154M
- **P/E**: 16.6
- **Revenue growth (YoY)**: 9.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 70 |
| Growth | 32 |
| Profitability | 82 |
| Health | 80 |
| Quality | 62 |
| Moat | 45 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +9.4% YoY
- [x] Profitable — $569M FY2025
- [x] Profit growing — +74.8% YoY
- [x] Generates cash — $284M FY2025
- [x] Debt under control — ~0.5y of cash flow to repay
- [x] Established company — $11.6B market cap
- [ ] Not printing shares — +69.5% shares over ~5y
- [ ] Proven track record — 4/5 profitable years
- [x] Financially stable — Altman Z 3.2 — safe
- [x] Pays a dividend — yield 0.08%
- [x] Valuation not extreme — P/E 16.6

## Experience (career milestones)

- **FY2025** — Best year on record: $569M net income
- **FY2022** — Turned profitable: $70.4M net income after a loss year
- **FY2021** — Revenue already above $1B: $1.50B in first reported year
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **2018** — Hudbay acquired mining properties near its Constancia mine in southern Peru
- **2015** — Hudbay acquired the Snow Lake gold mine and mill, formerly New Britannia, from QMX Gold for US$12.3…
- **2014** — Hudbay acquired Augusta Resource Corporation, owner of the proposed Rosemont Copper project in…
- **2011** — Hudbay acquired Norsemont Mining and its Constancia copper mine in Peru for C$520 million
- **2008** — The company entered into a merger agreement with Lundin Mining
- **2007** — Hudbay located a significant zinc deposit near Snow Lake that became known as Lalor
- **1992** — Hudbay closed its original Flin Flon mine; however, that same year
- **1958** — Hudbay opened its first mine in Snow Lake, 215 kilometres east of Flin Flon
- **1938** — The company was listed on the New York Stock Exchange
- **1925** — After unsuccessful attempts to develop the mine, Cornelius Vanderbilt Whitney (a member of the Whitney…

## Strengths

- Strongly profitable — 25.7% net margin
- Could repay net debt from ~0.5 years of free cash flow
- Piotroski F-Score 7/9 — fundamentally strong checklist
- Altman Z-Score 3.25 — low bankruptcy-risk zone

## Watch-outs

- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.50B | -$244M | $179M |
| FY2022 | $1.46B | $70.4M | $196M |
| FY2023 | $1.69B | $66.4M | $319M |
| FY2024 | $2.02B | $76.7M | $241M |
| FY2025 | $2.21B | $569M | $284M |

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Source: https://stockcv.com/HBM — derived from company filings; may be delayed or incomplete. Information, not investment advice.