CDE vs. HL: Which Gold Miner Offers Better Value Today?

Meta description: CDE vs. HL is a top comparison for investors watching gold and silver miners in early 2026. This detailed rewrite breaks down production, cash flow, balance sheets, valuation, growth plans, and risks to help you judge which stock looks like the better value right now.

Gold and silver prices have stayed strong into early 2026, and that has put precious-metals miners back in the spotlight. Two names that keep showing up on watchlists are Coeur Mining (CDE) and Hecla Mining (HL). Both companies have reported strong momentum, both benefit when precious metals rise, and both have active plans to grow production and extend mine life. But when you’re looking for value, the big question is simple: which one gives you more business strength for the price you pay?

This rewritten report takes the key facts from the original comparison and expands them into a full, easy-to-follow guide. We’ll compare what each miner produced, how much cash each generated, what their balance sheets look like, how their valuation multiples compare, and what could go right—or wrong—next.

Why “value” matters more than hype in gold and silver stocks

Mining stocks can move fast. When gold and silver jump, miners often rise even faster because higher metal prices can lift revenue and profit margins quickly. But the same leverage works in reverse: if metals fall, profits can shrink, and the stock can drop hard.

That’s why valuation (what you pay for a company compared to its sales, earnings, or cash flow) matters so much. A miner can be an excellent operator and still be a risky buy if the stock price already assumes “perfect” results. On the other hand, a miner can look cheap but still be a trap if costs are rising, mines are declining, or debt is heavy.

So, “better value” usually means a mix of:

• Real operational strength (production, reliability, costs)
• Healthy financial position (cash, manageable debt)
• Future growth visibility (projects, exploration, mine-life extension)
• A valuation multiple that isn’t overstretched (for example, a lower price-to-sales multiple than peers)

Quick snapshot: the commodity backdrop in early 2026

Investor interest in precious metals has been supported by strong pricing and strong sentiment. Miners like CDE and HL become “leveraged plays” because they sell metals whose prices move daily and can swing on macro news, central bank policy, inflation expectations, and risk sentiment.

Even without trying to predict metal prices, you can still compare companies based on what they control: their mines, their costs, their cash flow, and how much they spend to sustain and grow production.

The Case for CDE (Coeur Mining): growth plus strong free cash flow

1) Record quarter: revenue, gold, silver, and pricing tailwinds

Coeur Mining delivered a strong third quarter of 2025, reporting $555 million in revenue, production of 111,364 ounces of gold and 4.8 million ounces of silver. The company also benefited from higher realized prices—about +15% for silver and +4% for gold versus prior comparisons cited—helping expand margins.

Why does that matter? Because the combination of higher metal prices and solid execution is what can create strong cash flow. For miners, cash flow is often the cleanest “truth” metric: it shows whether the business is generating real money after paying for operating needs.

2) Las Chispas: high-grade, low-cost engine now fully integrated

A big highlight for Coeur has been the acquisition and integration of Las Chispas in Sonora, Mexico. The operation is described as high-grade and low-cost, and it has been fully integrated into Coeur’s portfolio. In the third quarter of 2025 alone, Las Chispas produced about 1.6 million ounces of silver and roughly 16.5 thousand ounces of gold.

In mining, integration is a big deal. New assets can disappoint if systems don’t match, costs surprise, or ramp-ups take longer than planned. A “fully integrated” message signals management believes the asset is now running inside the company’s operating rhythm.

3) Flagship mines: Rochester and Palmarejo support production visibility

Coeur’s portfolio also includes major assets like:

• Rochester (Nevada): roughly 1.6 million ounces of silver and 14.8 thousand ounces of gold in Q3 2025.
• Palmarejo (Mexico): about 1.5 million ounces of silver and 24.8 thousand ounces of gold in the same quarter.

The original comparison also cited 2025 total production expectations of 392,500–438,000 ounces of gold and 17.1–19.2 million ounces of silver, reflecting meaningful scale for a North American-focused precious metals producer.

4) Balance sheet and cash flow: a key “value” argument

Coeur ended September 2025 with around $266 million in cash and cash equivalents, up from $77 million a year earlier. Its debt-to-capital ratio was around 10.5%.

Most importantly for value-focused investors, Coeur generated about $189 million in free cash flow in Q3 2025.

That matters because free cash flow can be used to:

• Pay down debt (reducing risk)
• Fund exploration and expansion (supporting future growth)
• Build cash reserves (stability in down cycles)
• Return capital to shareholders (in some companies)

The Case for HL (Hecla Mining): strong pricing, diversified silver-heavy mix, and bigger exploration push

1) Record revenue growth and strong production

Hecla Mining delivered record third-quarter 2025 revenue of about $409.5 million, which was cited as 67% higher than the year-ago quarter.

On the production side, Hecla produced about 4.6 million ounces of silver during the quarter. Silver made up nearly 48% of mine-site revenues, while gold accounted for roughly 37%, led by major assets like Greens Creek and Casa Berardi.

This mix matters for investors because HL can act more like a “silver-forward” company than some peers, while still benefiting from gold strength.

2) Mine-by-mine: where HL’s ounces came from

Hecla’s quarter included production contributions from several mines:

• Greens Creek: about 2.3 million ounces of silver and 15,584 ounces of gold.
• Lucky Friday: around 1.3 million ounces of silver.
• Keno Hill: about 898,000 ounces of silver.
• Casa Berardi: about 25,100 ounces of gold.

A multi-mine portfolio can reduce single-asset risk. If one site has issues, others may help stabilize results. But multiple mines also mean more moving parts—labor, permitting, equipment, geology, and logistics can vary widely by region.

3) Realized prices: a big margin booster in Q3 2025

Hecla benefited from strong realized pricing in the quarter, with a cited realized silver price near $42.58 per ounce and a realized gold price around $3,509 per ounce.

Higher realized prices can do two powerful things at once:

• Lift revenue quickly (same ounces, more dollars)
• Boost margins (some costs stay relatively steady while revenue rises)

4) Exploration and pipeline: HL leans hard into 2026 growth spending

Hecla’s growth story includes a heavier push into exploration and pre-development:

• In November 2025, HL received regulatory approval for the Polaris Exploration Project in Nevada’s Aurora district, enabling drilling to begin in early 2026.
• During 2025, HL deployed about $28 million for exploration, supporting drilling at Midas (Nevada), expansion work at Keno Hill’s Bermingham zone, and near-mine exploration at Greens Creek.
• For 2026, HL plans to raise exploration and pre-development spending to about $55 million.

That “spend more now to grow later” strategy can be excellent if the drilling results are strong and new resources can be converted into mineable reserves. But it also increases execution pressure: exploration spending doesn’t guarantee discoveries, and pre-development can run into permitting or cost surprises.

5) Balance sheet and cash flow

Hecla ended September 2025 with around $134 million in cash and cash equivalents, up from about $22 million a year earlier. Its debt-to-capital ratio was cited near 9.9%.

Free cash flow for Q3 2025 was about $91 million.

That is solid, but it’s notably lower than Coeur’s Q3 free cash flow in the same comparison—one reason why the original analysis leaned toward CDE as the “value” pick.

CDE vs. HL performance: both soared, but valuation is the divider

1) One-year price performance: massive runs for both

Both stocks posted huge one-year gains in the cited period:

• CDE: up about 308.8% in the past year.
• HL: up about 398.9% in the past year.

When a stock rises that much, “cheap” becomes harder to claim. That’s why valuation multiples matter so much here.

2) Forward price-to-sales: the headline value signal

The comparison highlighted a clear valuation gap using forward 12-month sales multiples:

• CDE: about 6.14x forward sales
• HL: about 12.58x forward sales

That means investors were paying roughly about twice as much per dollar of expected sales for HL compared to CDE, based on the cited forward sales multiples.

This single metric doesn’t decide everything, but it’s a powerful “value flag.” A higher sales multiple can still be justified if HL has better margins, faster growth, lower risk, or longer reserve life—but it sets a higher bar. HL has to keep delivering great results to “earn” that premium valuation.

Consensus estimate trends: growth expectations and analyst momentum

CDE expectations

The cited consensus estimates suggested that CDE’s fiscal 2025 sales could rise about 96% year over year, while EPS was expected to jump around 356%. However, the comparison also noted that CDE’s EPS estimates for fiscal 2025 had been trending lower over the last 60 days.

That mix—big growth, but estimates moving down—can signal uncertainty. It doesn’t mean the company is “bad.” It means analysts may be adjusting assumptions (costs, timing, grades, prices, or other operational factors).

HL expectations

For HL, the cited consensus estimates suggested fiscal 2025 sales growth of about 42.1% and EPS growth of roughly 282%. For HL, EPS estimates were said to be trending upward over the last 60 days.

Rising EPS revisions can support a stock’s momentum because many investors treat upward revisions as a sign the business is improving faster than expected.

So which is the better value right now?

In the original comparison, the conclusion was that Coeur Mining (CDE) stood out as the more compelling investment from a value perspective, while Hecla (HL) still looked like an attractive buy for investors who want diversified precious-metals exposure.

Here’s the logic, expanded in plain English:

• CDE generated more free cash flow in Q3 2025 ($189M vs $91M), giving it more financial flexibility.
• CDE held more cash at quarter end ($266M vs $134M).
• Both had low debt-to-capital, but CDE’s combination of cash and cash generation looked stronger in the cited period.
• CDE was cheaper on forward sales (6.14x vs 12.58x), a big valuation advantage.
• HL had strong operational results and improving EPS estimate trends, but the stock’s richer valuation made it harder to call “better value.”

Bottom line: If your main goal is “more value for the price,” the numbers cited in the comparison favor CDE. If your goal is broader exposure to silver-heavy production with a strong exploration ramp into 2026, HL can still make sense—just at a higher valuation.

Key risks investors should understand before buying CDE or HL

Even “good” miners can be risky stocks. Here are the main risk buckets to keep in mind:

1) Commodity price risk

Both companies are sensitive to gold and silver prices. If prices fall sharply, revenue and margins can drop quickly, even if the mines operate well.

2) Operational risk

Mines face real-world uncertainty—equipment failures, labor challenges, weather, geotechnical issues, and grade variability. One quarter can look great and the next can look messy.

3) Cost inflation and energy risk

Mining uses fuel, power, chemicals, labor, and heavy equipment. If costs rise faster than metal prices, margins can shrink.

4) Exploration and project risk

HL’s planned exploration and pre-development spending is large. That can pay off—but it can also lead to spending without strong returns if results disappoint.

5) Valuation risk after huge rallies

When stocks are up 300%–400% in a year, expectations get high. If results come in “good but not amazing,” the stock can still drop.

How to think about “better value” using a simple checklist

If you want a quick way to judge CDE vs. HL (or any miner vs. another miner), use this checklist:

• Production scale: Are ounces rising or falling?
• Mine quality: High-grade? Low-cost? Long life?
• Free cash flow: Is the company generating real cash after costs?
• Cash and debt: Can it survive a downturn without heavy dilution?
• Valuation: Are you paying a reasonable multiple vs. peers?
• Execution trend: Are estimates rising or falling?

Using the figures cited in the comparison, CDE checks more of the “value” boxes right now—especially on cash flow and price-to-sales.

FAQs

1) What does “forward 12-month sales multiple” mean?

It’s a valuation ratio that compares a company’s current market value to its expected sales over the next 12 months. A lower multiple can suggest better value, but only if the company’s sales forecasts are realistic.

2) Why did the comparison favor CDE as the better value?

Because CDE had stronger free cash flow in the cited quarter, more cash on hand, and a much lower forward sales multiple than HL.

3) Is HL a bad stock if it trades at a higher multiple?

No. A higher multiple can be justified if investors believe HL’s assets, growth pipeline, and earnings outlook deserve a premium. But it usually means the stock has less room for error.

4) Which company is more “silver-focused”?

Based on the cited Q3 2025 mix, HL had mine-site revenue more heavily tied to silver (nearly 48%), while both companies have meaningful exposure to both silver and gold.

5) What role does exploration spending play in mining value?

Exploration can extend mine life and support future production. But it’s uncertain by nature—spending money doesn’t guarantee discoveries. HL’s planned increase in exploration and pre-development spending for 2026 is a major part of its forward strategy.

6) Does a Zacks Rank guarantee a stock will go up?

No. Rankings and ratings are tools, not guarantees. The cited comparison noted CDE had a Zacks Rank #1 and HL had a Zacks Rank #2 at the time, but market prices can still move against any rating.

Conclusion

In this CDE vs. HL comparison, both miners look like serious players riding a strong precious-metals wave. Coeur Mining shows a strong blend of production, cash generation, and balance-sheet strength, plus a noticeably lower forward sales multiple—key reasons it stood out as the better value in the cited analysis. Hecla Mining, meanwhile, delivered record revenue growth, solid multi-mine execution, strong realized prices, and an aggressive exploration push into 2026, but it came with a richer valuation.

If you’re strictly value-driven, the numbers point to CDE as the cleaner “value” choice right now. If you want another strong miner alongside it, HL may work as a complementary pick—just remember that paying a premium means you’ll want premium execution to continue.

Reference: Rewritten and expanded from a Zacks comparison as republished on TradingView.

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