Hecla Mining Co (HL) is slightly overvalued and McEwen Inc (MUX) is overvalued.
Both trade above our estimate of their intrinsic value. HL is the closer of the two: -14%, against -259% for MUX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.3% (average of 3 methods) values the shares at $16.65; the price of $19.03 is 14% above that value, and 70% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
A 1.5x revenue multiple, discounted for its losses, values the shares at $5.60; the price of $20.09 is 259% above that value.
Leak Score 27/100 on 3 of 12 signals
| Metric | HL | MUX |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $19.03 | $20.09 |
| Intrinsic value | $16.65 | $5.60 |
| Margin of safety | -14% | -259% |
| Leak Score | 59/100 (3/12) | 27/100 (3/12) |
| Market cap | $12.8B | $1.2B |
| Revenue growth, 5 years | 15.0% | 13.5% |
| Operating margin | 47.2% | -2.7% |
| Net margin | 32.8% | 32.5% |
| Return on equity | 20.8% | 13.5% |
| Debt to equity | 0.01 | 0.18 |
| P/E | 24.4x | 17.2x |
| Forward P/E | 18.4x | 8.6x |
| P/B | 4.8x | 1.7x |
| Dividend yield | 0.1% | — |