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HECLA MINING CO（HL）与SSR MINING INC.（SSRM）财务数据对比。点击上方公司名可切换其他公司
SSR MINING INC.的季度营收约是HECLA MINING CO的1.2倍（$521.7M vs $448.1M），SSR MINING INC.净利率更高（34.8% vs 30.0%，领先4.8%），HECLA MINING CO同比增速更快（79.5% vs 61.4%），HECLA MINING CO自由现金流更多（$134.7M vs $106.4M），过去两年HECLA MINING CO的营收复合增速更高（53.8% vs 50.5%）
赫克拉矿业是总部位于美国的金属开采企业，主营银、金、铅、锌等矿产开发，矿区主要分布于北美地区，产品供应珠宝、工业制造、新能源供应链等领域，是美国头部原生银生产商之一。
SSR Mining Inc.（前身为白银标准资源公司）总部位于美国科罗拉多州丹佛，主营金、银、铜、铅、锌矿产开采，拥有阿根廷最大的银矿，同时在美洲全境及土耳其开展矿产勘探业务。2020年与阿拉瑟黄金合并后迁至丹佛，现任总裁兼首席执行官为罗德尼·P·安塔尔。
HL vs SSRM — 直观对比
营收规模更大
SSRM
是对方的1.2倍
$448.1M
营收增速更快
HL
高出18.1%
61.4%
净利率更高
SSRM
高出4.8%
30.0%
自由现金流更多
HL
多$28.3M
$106.4M
两年增速更快
HL
近两年复合增速
50.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $448.1M | $521.7M |
| 净利润 | $134.4M | $181.5M |
| 毛利率 | 55.4% | — |
| 营业利润率 | 49.1% | 38.8% |
| 净利率 | 30.0% | 34.8% |
| 营收同比 | 79.5% | 61.4% |
| 净利润同比 | 1027.2% | 3166.6% |
| 每股收益（稀释后） | $0.20 | $0.84 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收HLSSRM
| Q4 25 | $448.1M | $521.7M | ||
| Q3 25 | $409.5M | $385.8M | ||
| Q2 25 | $304.0M | $405.5M | ||
| Q1 25 | $261.3M | $316.6M | ||
| Q4 24 | $249.7M | $323.2M | ||
| Q3 24 | $245.1M | $257.4M | ||
| Q2 24 | $245.7M | $184.8M | ||
| Q1 24 | $189.5M | $230.2M |
净利润HLSSRM
| Q4 25 | $134.4M | $181.5M | ||
| Q3 25 | $100.7M | $65.4M | ||
| Q2 25 | $57.7M | $90.1M | ||
| Q1 25 | $28.9M | $58.8M | ||
| Q4 24 | $11.9M | $5.6M | ||
| Q3 24 | $1.8M | $10.6M | ||
| Q2 24 | $27.9M | $9.7M | ||
| Q1 24 | $-5.8M | $-287.1M |
毛利率HLSSRM
| Q4 25 | 55.4% | — | ||
| Q3 25 | 44.1% | — | ||
| Q2 25 | 39.3% | — | ||
| Q1 25 | 28.3% | — | ||
| Q4 24 | 27.4% | — | ||
| Q3 24 | 24.2% | — | ||
| Q2 24 | 20.9% | — | ||
| Q1 24 | 10.1% | — |
营业利润率HLSSRM
| Q4 25 | 49.1% | 38.8% | ||
| Q3 25 | 36.3% | 21.6% | ||
| Q2 25 | 30.8% | 26.9% | ||
| Q1 25 | 20.0% | 21.1% | ||
| Q4 24 | 15.3% | 10.6% | ||
| Q3 24 | 9.2% | 3.5% | ||
| Q2 24 | 16.5% | 5.8% | ||
| Q1 24 | 2.7% | -163.5% |
净利率HLSSRM
| Q4 25 | 30.0% | 34.8% | ||
| Q3 25 | 24.6% | 17.0% | ||
| Q2 25 | 19.0% | 22.2% | ||
| Q1 25 | 11.0% | 18.6% | ||
| Q4 24 | 4.8% | 1.7% | ||
| Q3 24 | 0.7% | 4.1% | ||
| Q2 24 | 11.3% | 5.2% | ||
| Q1 24 | -3.0% | -124.7% |
每股收益（稀释后）HLSSRM
| Q4 25 | $0.20 | $0.84 | ||
| Q3 25 | $0.15 | $0.31 | ||
| Q2 25 | $0.09 | $0.42 | ||
| Q1 25 | $0.05 | $0.28 | ||
| Q4 24 | $0.03 | $0.03 | ||
| Q3 24 | $0.00 | $0.05 | ||
| Q2 24 | $0.04 | $0.05 | ||
| Q1 24 | $-0.01 | $-1.42 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $301.2M | $575.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $3.5B |
| 总资产 | $3.6B | $6.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HLSSRM
| Q4 25 | $301.2M | $575.6M | ||
| Q3 25 | $133.9M | $445.4M | ||
| Q2 25 | $296.6M | $438.5M | ||
| Q1 25 | $23.7M | $341.3M | ||
| Q4 24 | $26.9M | $417.3M | ||
| Q3 24 | $22.3M | $365.8M | ||
| Q2 24 | $24.6M | $384.4M | ||
| Q1 24 | $80.2M | $492.0M |
总债务HLSSRM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $228.6M | ||
| Q3 24 | — | $228.3M | ||
| Q2 24 | — | $228.0M | ||
| Q1 24 | — | $228.7M |
股东权益HLSSRM
| Q4 25 | $2.6B | $3.5B | ||
| Q3 25 | $2.4B | $3.3B | ||
| Q2 25 | $2.3B | $3.3B | ||
| Q1 25 | $2.1B | $3.2B | ||
| Q4 24 | $2.0B | $3.1B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | $2.0B | $3.1B | ||
| Q1 24 | $2.0B | $3.1B |
总资产HLSSRM
| Q4 25 | $3.6B | $6.1B | ||
| Q3 25 | $3.2B | $5.9B | ||
| Q2 25 | $3.3B | $5.8B | ||
| Q1 25 | $3.0B | $5.6B | ||
| Q4 24 | $3.0B | $5.2B | ||
| Q3 24 | $3.0B | $5.1B | ||
| Q2 24 | $2.9B | $5.2B | ||
| Q1 24 | $3.0B | $5.3B |
负债/权益比HLSSRM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.07× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $217.1M | $172.1M |
| 自由现金流经营现金流 - 资本支出 | $134.7M | $106.4M |
| 自由现金流率自由现金流/营收 | 30.1% | 20.4% |
| 资本支出强度资本支出/营收 | 18.4% | 12.6% |
| 现金转化率经营现金流/净利润 | 1.61× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $310.2M | $241.6M |
8季度趋势，按日历期对齐
经营现金流HLSSRM
| Q4 25 | $217.1M | $172.1M | ||
| Q3 25 | $148.0M | $57.2M | ||
| Q2 25 | $161.8M | $157.8M | ||
| Q1 25 | $35.7M | $84.8M | ||
| Q4 24 | $67.5M | $95.0M | ||
| Q3 24 | $55.0M | $-1.3M | ||
| Q2 24 | $78.7M | $-78.1M | ||
| Q1 24 | $17.1M | $24.6M |
自由现金流HLSSRM
| Q4 25 | $134.7M | $106.4M | ||
| Q3 25 | $90.1M | $-2.4M | ||
| Q2 25 | $103.8M | $98.4M | ||
| Q1 25 | $-18.4M | $39.3M | ||
| Q4 24 | $6.7M | $56.4M | ||
| Q3 24 | $-690.0K | $-34.1M | ||
| Q2 24 | $28.3M | $-116.3M | ||
| Q1 24 | $-30.5M | $-9.4M |
自由现金流率HLSSRM
| Q4 25 | 30.1% | 20.4% | ||
| Q3 25 | 22.0% | -0.6% | ||
| Q2 25 | 34.1% | 24.3% | ||
| Q1 25 | -7.0% | 12.4% | ||
| Q4 24 | 2.7% | 17.5% | ||
| Q3 24 | -0.3% | -13.2% | ||
| Q2 24 | 11.5% | -62.9% | ||
| Q1 24 | -16.1% | -4.1% |
资本支出强度HLSSRM
| Q4 25 | 18.4% | 12.6% | ||
| Q3 25 | 14.1% | 15.4% | ||
| Q2 25 | 19.1% | 14.7% | ||
| Q1 25 | 20.7% | 14.4% | ||
| Q4 24 | 24.3% | 11.9% | ||
| Q3 24 | 22.7% | 12.7% | ||
| Q2 24 | 20.5% | 20.7% | ||
| Q1 24 | 25.1% | 14.8% |
现金转化率HLSSRM
| Q4 25 | 1.61× | 0.95× | ||
| Q3 25 | 1.47× | 0.87× | ||
| Q2 25 | 2.80× | 1.75× | ||
| Q1 25 | 1.24× | 1.44× | ||
| Q4 24 | 5.66× | 17.10× | ||
| Q3 24 | 31.24× | -0.13× | ||
| Q2 24 | 2.82× | -8.06× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
HL
| Silver Contracts | $258.5M | 58% |
| Gold | $129.2M | 29% |
| Zinc | $30.3M | 7% |
| Lead | $23.3M | 5% |
| Environmental Remediation Services | $9.2M | 2% |
SSRM
| Gold | $369.3M | 71% |
| Concentrate Sales | $124.4M | 24% |
| Other | $19.1M | 4% |
| Lead | $9.0M | 2% |
