HBM vs SCCO: Hudbay Minerals and Southern Copper compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Southern Copper is the larger company, worth $153.7B, about 17.2 times Hudbay Minerals.
- Southern Copper grew revenue faster over the last year (+40.6% vs +9.4%).
- Southern Copper keeps more of each dollar of revenue as operating profit (56.9% vs 41.5%).
- On earnings, Hudbay Minerals is the cheaper stock (18.1x vs 31.1x).
- Southern Copper's price assumes faster free cash flow growth: about 16% a year, against 13% for Hudbay Minerals (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 | HBM | SCCO |
|---|---|---|
| Market cap | $9.0B | $153.7B |
| Share price | $26.12 | $209.21 |
| Revenue (last fiscal year) | $2.2B | $13.4B |
| Free cash flow (last fiscal year) | $238M | $3.4B |
| Revenue growth, last year | +9.4% | +40.6% |
| Revenue growth per year, last 5 fiscal years | +10.1% | +5.3% |
| Operating margin | 41.5% | 56.9% |
| Net margin | 25.7% | 35.9% |
| Return on equity | 17.6% | 44.8% |
| P/E (trailing) | 18.1x | 31.1x |
| Price / free cash flow | 45.3x | 44.9x |
| EV / EBITDA | 6.70x | 17.3x |
| FCF growth the price implies | 13.3% | 15.6% |
| Dividend yield | 0.10% | 1.8% |
| Debt / equity | 0.93x | 0.90x |
| Fundamental grade | B | B |
| Superinvestors holding it | 5 | 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.
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% |
Southern Copper
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $10.9B | $3.4B | 55.5% |
| 2022 | $10.0B | $1.9B | 44.1% |
| 2023 | $9.9B | $2.6B | 42.4% |
| 2024 | $11.4B | $3.4B | 48.6% |
| 2025 | $13.4B | $3.4B | 52.2% |
Where the revenue comes from
Hudbay Minerals · by segments, 2025
Peru CGU$1.2B53%
Manitoba$749M34%
British Columbia Segment$301M14%
Southern Copper · by segments, 2025
Mexican Open-Pit$7.6B56%
Peruvian Operations$5.2B38%
Mexican IMMSA Unit$808M6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HBM in InvestinglyQuestions
Which is bigger, Hudbay Minerals or Southern Copper?
Southern Copper (SCCO), at $153.7B against $9.0B.
Is HBM or SCCO cheaper?
By trailing P/E, Hudbay Minerals (18.1x) is cheaper than Southern Copper (31.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, HBM or SCCO?
Southern Copper: revenue grew +40.6% 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.