Teck Resources Ltd TECK.B

MaterialsMetals & MiningCanada

Last close 84.51 CAD on Nov 1, 2026, +29.2% year to date

Quant rating

Quant rating A+ Rank 1 of 154 in Materials

Growth B 82 of 154
Valuation B 39 of 154
Quality B 34 of 154
Revisions A 2 of 154
Momentum B 28 of 154

Wall Street consensus Hold (2.53)Average target 97.52 CAD +15.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 41.5B
Enterprise value: 45.5B
52-week range: 53.55 – 99.91
3-year range: 41.43 – 99.91
Dividend yield: 0.59%
Beta (5 years): 1.61
Shares outstanding: 491M
Next earnings: Feb 20, 2027

About the company

Teck Resources Limited is a resource company that operates a portfolio of copper and zinc operations across North and South America. The Company’s projects include the Highland Valley Copper (HVC) Mine Life Extension Project, Galore Creek Project, Zafranal Project, and NuevaUnion. The HVC Mine Life Extension is located at the HVC site, approximately 17 kilometers (km) west of Logan Lake and 75 kilometers southwest of Kamloops. The Galore Creek Project is situated in Tahltan Territory in northwestern British Columbia, around 370 km northwest of Smithers. The Zafranal Copper Project lies in the Arequipa Region of southern Peru, within the prolific porphyry copper belt. The NuevaUnion Project is a undeveloped copper-gold-molybdenum mining venture in the Americas, located in Chile’s Atacama Region; its two deposits are about 40 km apart. Its Red Dog Operations is a zinc mine located approximately 170 km (105 miles) north of the Arctic Circle in northwest Alaska, near Kotzebue.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,756	9,065	6,476	17,316	12,766	–
Revenue growth	18.7%	40.0%	−62.6%	35.6%	42.7%	3.7%
EPS (basic, normalized)	3.09	3.18	5.15	9.09	5.66	–
EPS growth	−2.8%	−38.3%	−43.3%	60.6%	–	–
Gross margin	24.7%	17.7%	17.2%	49.5%	40.8%	30.0%
Net margin	13.0%	−8.8%	−3.3%	23.6%	24.5%	9.8%
ROE	5.5%	−3.0%	−0.8%	16.9%	14.5%	6.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	6,685
Current ratio	2.80x
Long-term debt (mil)	9,171
Net debt (mil)	4,059
Total equity (mil)	29,175
Net debt / equity	0.14x
Net debt / EBITDA	0.94x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	10,756	+18.7%	4.2x	4,333	−18.2%	10.5x	3.09	−2.8%	27.3x
2026	15,371	+42.9%	3.0x	8,055	+85.9%	5.7x	6.43	+108.0%	13.1x
2027	15,776	+2.6%	2.9x	7,845	−2.6%	5.8x	5.55	−13.6%	15.2x
2028	14,186	−10.1%	3.2x	6,551	−16.5%	6.9x	4.13	−25.6%	20.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	15,371	+2.2%	+1.8%	+8.3%	6.43	+8.9%	+8.5%	+34.9%
2027	15,776	+4.8%	+4.7%	+11.9%	5.55	+13.0%	+14.2%	+34.8%
2028	14,186	+9.2%	+9.2%	+16.8%	4.13	+19.7%	+19.7%	+46.8%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,988	3,873	2,858	2,786	2,290	2,023	3,385	3,058	3,943	3,605
Sales mean (mil)	4,075	3,923	2,783	2,557	2,152	2,204	2,893	3,013	3,144	3,319
Surprise	−2.1%	−1.3%	+2.7%	+8.9%	+6.4%	−8.2%	+17.0%	+1.5%	+25.4%	+8.6%
EPS reported	0.75	0.79	0.60	0.45	0.60	0.38	0.76	1.37	1.75	1.93
EPS mean	0.85	0.73	0.37	0.35	0.32	0.26	0.49	0.91	1.14	1.25
Surprise	−11.5%	+8.7%	+60.9%	+30.1%	+87.0%	+45.5%	+56.2%	+50.6%	+54.1%	+54.8%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TECK.B Teck Resources Ltd	41.5B	0.94x	13.0%	1.42x	13.1x	15.2x	5.7x	5.8x
SCCO Southern Copper Corp	209.7B	0.09x	32.3%	12.58x	22.2x	23.6x	13.3x	13.8x
BHPB BHP Group Ltd	287.8B	–	16.7%	4.04x	15.9x	15.7x	6.9x	6.9x
NEM Newmont Corporation	155.0B	−0.23x	31.3%	3.12x	11.6x	10.7x	6.4x	6.1x
RIO Rio Tinto plc	197.0B	–	17.3%	2.03x	10.0x	10.0x	5.7x	5.4x
FCX Freeport-McMoRan Inc	122.3B	1.93x	8.5%	4.28x	19.4x	14.3x	8.4x	6.0x
Mean		0.68x	19.8%	4.58x	15.4x	14.9x	7.7x	7.3x
Median		0.52x	17.0%	3.58x	14.5x	14.8x	6.6x	6.1x

Technical analysis

1M−8.3%
3M+2.2%
1Y+41.3%
3Y+75.3%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Teck Resources Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	10,756	9,065	6,476	17,316	12,766	8,948
Cost of revenue	8,099	7,458	5,364	8,745	7,552	7,574
Gross profit	2,657	1,607	1,112	8,571	5,214	1,374
Selling, general & administrative expenses	335	366	377	472	297	179
Research & development	125	137	203	247	194	142
Depreciation/amortization	71.0	47.0	41.0	–	–	–
Interest expense (income), operating	−656	−155	5.0	336	−420	−109
Unusual expense (income)	95.0	1,063	−95.0	71.0	−201	1,552
Other operating expenses	439	158	359	517	361	531
Operating income	2,248	−9.0	222	6,928	4,983	−921
Net interest income (expense)	−478	−384	97.0	58.0	15.0	−144
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−114	−325	−394	−421	−310	−71.0
Net income before taxes	1,656	−718	−75.0	6,565	4,688	−1,136
Provision for taxes	584	205	237	2,495	1,518	−192
Minority interest	329	123	101	19.0	−47.0	80.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,401	−800	−211	4,089	3,123	−864
Extraordinary items	0	1,206	2,620	−772	−255	–
Net income	1,401	406	2,409	3,317	2,868	−864
EBIT, normalized	1,687	899	132	7,335	4,362	625
EBITDA, normalized	3,567	3,383	2,262	9,196	6,231	2,233
Basic EPS, normalized	3.09	3.18	5.15	9.09	5.66	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Teck Resources Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	5,012	7,587	744	1,883	1,427	450
Receivables	2,881	1,928	2,190	1,619	1,987	1,326
Total inventory	2,748	2,598	2,946	2,685	2,390	1,872
Prepaid expenses	523	461	585	540	299	333
Other current assets	0	0	0	1,566	0	19.0
Total current assets	11,164	12,574	6,465	8,293	6,103	4,000
Property, plant & equipment	29,721	30,568	45,565	40,095	37,382	33,578
Goodwill	421	442	1,108	1,118	1,091	1,093
Intangibles	169	196	345	400	395	309
Long-term investments	1,819	1,736	1,513	1,503	1,238	1,245
Note receivable	50.0	108	207	163	322	289
Other long-term assets	2,092	1,413	990	787	837	764
Total assets	45,436	47,037	56,193	52,359	47,368	41,278
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	1,918	1,547	2,310	1,897	1,653	1,428
Accrued expenses	592	412	868	1,626	939	969
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	572	598	710	748	340	234
Other current liabilities	1,321	1,813	2,004	1,593	828	614
Total current liabilities	4,403	4,370	5,892	5,864	3,760	3,245
Long-term debt	9,035	9,367	10,382	9,269	8,991	7,647
Minority interest	911	1,019	1,304	1,038	768	669
Other liabilities	5,991	6,204	11,627	10,715	10,844	9,678
Total liabilities	20,340	20,960	29,205	26,886	24,363	21,239
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	6,230	6,441	6,464	6,139	6,207	6,140
Additional paid-in capital	185	178	213	207	253	242
Retained earnings (accumulated deficit)	17,451	17,061	19,618	18,065	16,343	13,410
Treasury stock	–	–	–	–	–	–
Other equity	1,230	2,397	693	1,062	202	247
Total equity	25,096	26,077	26,988	25,473	23,005	20,039
Total liabilities & shareholders' equity	45,436	47,037	56,193	52,359	47,368	41,278

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Teck Resources Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,072	−923	2,334	4,070	2,915	−944
Depreciation, depletion & amortization	1,757	1,726	1,931	1,674	1,583	1,510
Deferred taxes	–	–	–	–	–	–
Non-cash items	863	4,096	844	2,311	1,114	1,238
Changes in working capital	−2,213	−2,109	−990	−107	−874	−241
Cash from operations	1,479	2,790	4,119	7,948	4,738	1,563
Investing activities
Capital expenditures	−1,838	−2,262	−4,678	−4,423	−4,046	−3,129
Other investing cash flows	−72.0	8,435	−79.0	−1,257	−773	−543
Cash from investing	−1,910	6,173	−4,757	−5,680	−4,819	−3,672
Financing activities
Financing cash flow items	−554	905	−419	−307	−224	−370
Cash dividends paid	−246	−514	−515	−532	−106	−106
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,046	−2,956	465	−1,151	1,386	2,004
Cash from financing	−1,846	−2,565	−469	−1,990	1,056	1,528
Foreign exchange effects	−298	445	−32.0	178	2.0	5.0
Net change in cash	−2,575	6,843	−1,139	456	977	−576
Free cash flow	−359	528	−559	3,525	692	−1,566

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.