ERO vs HBM: Ero Copper and Hudbay Minerals compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Hudbay Minerals is the larger company, worth $9.0B, about 2.6 times Ero Copper.
- Ero Copper grew revenue faster over the last year (+67.1% vs +9.4%).
- Hudbay Minerals keeps more of each dollar of revenue as operating profit (41.5% vs 34.4%).
- On earnings, Ero Copper is the cheaper stock (14.9x vs 18.1x).
- Hudbay Minerals's price assumes faster free cash flow growth: about 13% a year, against 8% for Ero Copper (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ERO | HBM |
|---|---|---|
| Market cap | $3.4B | $9.0B |
| Share price | $37.61 | $26.12 |
| Revenue (last fiscal year) | $786M | $2.2B |
| Free cash flow (last fiscal year) | $132M | $238M |
| Revenue growth, last year | +67.1% | +9.4% |
| Revenue growth per year, last 5 fiscal years | +12.5% | +10.1% |
| Operating margin | 34.4% | 41.5% |
| Net margin | 33.6% | 25.7% |
| Return on equity | 28.2% | 17.6% |
| P/E (trailing) | 14.9x | 18.1x |
| Price / free cash flow | 37.2x | 45.3x |
| EV / EBITDA | 10.6x | 6.70x |
| FCF growth the price implies | 8.2% | 13.3% |
| Dividend yield | — | 0.10% |
| Debt / equity | 1.05x | 0.93x |
| Fundamental grade | B | B |
| Superinvestors holding it | 0 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ero Copper
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $490M | $195M | 55.6% |
| 2022 | $426M | -$139M | 30.4% |
| 2023 | $427M | -$284M | 22.3% |
| 2024 | $470M | -$184M | 23.2% |
| 2025 | $786M | $132M | 34.4% |
Hudbay Minerals
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.5B | $33M | 1.2% |
| 2022 | $1.5B | $179M | 14.7% |
| 2023 | $1.7B | $196M | 17.6% |
| 2024 | $2.0B | $317M | 19.8% |
| 2025 | $2.2B | $238M | 41.5% |
Where the revenue comes from
Ero Copper · by segments, 2025
Caraíba (Brazil)$358M46%
Tucumã (Brazil)$261M33%
Xavantina (Brazil)$166M21%
Hudbay Minerals · by segments, 2025
Peru CGU$1.2B53%
Manitoba$749M34%
British Columbia Segment$301M14%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ERO in InvestinglyQuestions
Which is bigger, Ero Copper or Hudbay Minerals?
Hudbay Minerals (HBM), at $9.0B against $3.4B.
Is ERO or HBM cheaper?
By trailing P/E, Ero Copper (14.9x) is cheaper than Hudbay Minerals (18.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, ERO or HBM?
Ero Copper: revenue grew +67.1% over the last year, against +9.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.