Southern Copper (SCCO)
Market Price (9/5/2026): $198.8 | Market Cap: $164.8 BilSector: Materials | Industry: Copper
Southern Copper (SCCO)
Market Price (9/5/2026): $198.8Market Cap: $164.8 BilSector: MaterialsIndustry: Copper
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 57% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 6.7 Bil, FCF LTM is 5.1 Bil Megatrend and thematic driversMegatrends include Renewable Energy Transition, Electrification of Everything, Battery Technology & Metals, and Sustainable Resource Management. Show more. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.45 | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x Stock price has recently run up significantly12M Rtn12 month market price return is 102% Key risksSCCO key risks include [1] political and regulatory instability in Peru and Mexico, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 57% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 6.7 Bil, FCF LTM is 5.1 Bil |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Electrification of Everything, Battery Technology & Metals, and Sustainable Resource Management. Show more. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.45 |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 102% |
| Key risksSCCO key risks include [1] political and regulatory instability in Peru and Mexico, Show more. |
Qualitative Assessment
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Southern Copper (SCCO) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Southern Copper reported record-breaking financial results for its fiscal Q2 2026, which concluded on June 30, 2026. The company's net sales reached a record $4.29 billion, representing a 40.6% increase year-over-year. Net income also hit a record high of $1.67 billion, a significant 71.6% rise compared to the same period in the prior year. Additionally, diluted earnings per share (EPS) of $2.01 surpassed analyst estimates, beating the consensus by $0.06 to $0.20 per share, depending on the estimate.
2. The stock benefited significantly from strong copper prices and favorable market dynamics since May 31, 2026. LME copper prices rose approximately 39.8% in fiscal Q2 2026, contributing to improved profitability. COMEX copper futures also gained over 17% in 2026, reaching a record near $6.90 per pound by early August. This uptrend was driven by a recovery in copper demand, global market tightness, and structural tailwinds such as increased demand from data center buildouts, power grid infrastructure, and artificial intelligence hardware deployment.
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Southern Copper (SCCO) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Southern Copper reported record-breaking financial results for its fiscal Q2 2026, which concluded on June 30, 2026. The company's net sales reached a record $4.29 billion, representing a 40.6% increase year-over-year. Net income also hit a record high of $1.67 billion, a significant 71.6% rise compared to the same period in the prior year. Additionally, diluted earnings per share (EPS) of $2.01 surpassed analyst estimates, beating the consensus by $0.06 to $0.20 per share, depending on the estimate.
2. The stock benefited significantly from strong copper prices and favorable market dynamics since May 31, 2026. LME copper prices rose approximately 39.8% in fiscal Q2 2026, contributing to improved profitability. COMEX copper futures also gained over 17% in 2026, reaching a record near $6.90 per pound by early August. This uptrend was driven by a recovery in copper demand, global market tightness, and structural tailwinds such as increased demand from data center buildouts, power grid infrastructure, and artificial intelligence hardware deployment.
3. Southern Copper enhanced shareholder returns through a significantly increased dividend payout. On July 16, 2026, the company's Board of Directors authorized a quarterly cash dividend of $1.10 per share and a stock dividend of 0.012 shares of common stock per share, payable on August 27, 2026. The total estimated dividend payment, factoring in both cash and stock dividends, amounted to $3.23 per share, marking an increase from previous quarterly payouts of $0.70 and $1.00.
4. The company demonstrated strong operational discipline, reflected in reduced operating cash costs and robust by-product contributions. Despite a 3.5% decrease in copper production in fiscal Q2 2026 compared to the prior year, the operating cash cost per pound of copper, net of by-product revenue credits, dramatically decreased by 93% to $0.05 in fiscal Q2 2026 from $0.63 in fiscal Q2 2025. This reduction was primarily driven by a 51.4% increase in by-product revenue credits, as prices for molybdenum, silver, and zinc were significantly higher year-over-year, bolstering overall revenue growth.
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Stock Movement Drivers
Fundamental Drivers
The 4.5% change in SCCO stock from 5/31/2026 to 9/4/2026 was primarily driven by a 8.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 190.25 | 198.76 | 4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,550 | 15,788 | 8.5% |
| Net Income Margin (%) | 34.1% | 35.9% | 5.1% |
| P/E Multiple | 31.8 | 29.1 | -8.5% |
| Shares Outstanding (Mil) | 830 | 829 | 0.1% |
| Cumulative Contribution | 4.5% |
Market Drivers
5/31/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| SCCO | 4.5% | |
| Market (SPY) | 1.8% | 63.1% |
| Sector (XLB) | 2.5% | 59.9% |
Fundamental Drivers
The -8.0% change in SCCO stock from 2/28/2026 to 9/4/2026 was primarily driven by a -31.6% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 215.97 | 198.76 | -8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,420 | 15,788 | 17.6% |
| Net Income Margin (%) | 32.3% | 35.9% | 11.0% |
| P/E Multiple | 42.5 | 29.1 | -31.6% |
| Shares Outstanding (Mil) | 854 | 829 | 3.0% |
| Cumulative Contribution | -8.0% |
Market Drivers
2/28/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| SCCO | -8.0% | |
| Market (SPY) | 12.6% | 69.3% |
| Sector (XLB) | -1.4% | 69.5% |
Fundamental Drivers
The 111.5% change in SCCO stock from 8/31/2025 to 9/4/2026 was primarily driven by a 34.8% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 93.99 | 198.76 | 111.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,888 | 15,788 | 32.8% |
| Net Income Margin (%) | 30.4% | 35.9% | 18.1% |
| P/E Multiple | 21.6 | 29.1 | 34.8% |
| Shares Outstanding (Mil) | 829 | 829 | 0.0% |
| Cumulative Contribution | 111.5% |
Market Drivers
8/31/2025 to 9/4/2026| Return | Correlation | |
|---|---|---|
| SCCO | 111.5% | |
| Market (SPY) | 20.4% | 57.6% |
| Sector (XLB) | 15.3% | 57.8% |
Fundamental Drivers
The 170.0% change in SCCO stock from 8/31/2023 to 9/4/2026 was primarily driven by a 56.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.61 | 198.76 | 170.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,072 | 15,788 | 56.7% |
| Net Income Margin (%) | 27.6% | 35.9% | 29.8% |
| P/E Multiple | 21.8 | 29.1 | 33.2% |
| Shares Outstanding (Mil) | 826 | 829 | -0.4% |
| Cumulative Contribution | 170.0% |
Market Drivers
8/31/2023 to 9/4/2026| Return | Correlation | |
|---|---|---|
| SCCO | 170.0% | |
| Market (SPY) | 77.1% | 51.7% |
| Sector (XLB) | 33.5% | 60.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SCCO Return | -1% | 4% | 50% | 9% | 62% | 41% | 290% |
| Peers Return | 69% | 6% | 3% | -7% | 64% | 36% | 280% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| SCCO Win Rate | 58% | 50% | 58% | 33% | 67% | 56% | |
| Peers Win Rate | 54% | 56% | 54% | 46% | 67% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| SCCO Max Drawdown | -30% | -43% | -20% | -29% | -25% | -30% | |
| Peers Max Drawdown | -28% | -48% | -33% | -35% | -30% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FCX, TECK, NEM, GOLD. See SCCO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | SCCO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.5% | -18.8% |
| % Gain to Breakeven | 27.4% | 23.1% |
| Time to Breakeven | 58 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.6% | -7.8% |
| % Gain to Breakeven | 19.9% | 8.5% |
| Time to Breakeven | 50 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.8% | -9.5% |
| % Gain to Breakeven | 18.7% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.7% | -6.7% |
| % Gain to Breakeven | 11.9% | 7.1% |
| Time to Breakeven | 20 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.4% | -24.5% |
| % Gain to Breakeven | 35.9% | 32.4% |
| Time to Breakeven | 46 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.7% | -33.7% |
| % Gain to Breakeven | 63.2% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
In The Past
Southern Copper's stock fell -21.5% during the 2025 US Tariff Shock. Such a loss loss requires a 27.4% gain to breakeven.
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Asset Allocation
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| Event | SCCO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.5% | -18.8% |
| % Gain to Breakeven | 27.4% | 23.1% |
| Time to Breakeven | 58 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.4% | -24.5% |
| % Gain to Breakeven | 35.9% | 32.4% |
| Time to Breakeven | 46 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.7% | -33.7% |
| % Gain to Breakeven | 63.2% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.6% | -19.2% |
| % Gain to Breakeven | 48.3% | 23.8% |
| Time to Breakeven | 343 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.0% | -6.8% |
| % Gain to Breakeven | 44.9% | 7.3% |
| Time to Breakeven | 296 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -23.8% | -0.2% |
| % Gain to Breakeven | 31.3% | 0.2% |
| Time to Breakeven | 210 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.1% | -17.9% |
| % Gain to Breakeven | 47.3% | 21.8% |
| Time to Breakeven | 106 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.6% | -53.4% |
| % Gain to Breakeven | 265.1% | 114.4% |
| Time to Breakeven | 322 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.7% | -8.6% |
| % Gain to Breakeven | 31.0% | 9.5% |
| Time to Breakeven | 33 days | 47 days |
In The Past
Southern Copper's stock fell -21.5% during the 2025 US Tariff Shock. Such a loss loss requires a 27.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Southern Copper (SCCO)
Southern Copper Corporation (SCCO) is a leading integrated metals company primarily engaged in the exploration, mining, smelting, and refining of copper and other minerals. Operating across Peru, Mexico, Argentina, Ecuador, and Chile, the company manages a comprehensive value chain from extracting raw ore to producing finished metal products. Its operations include significant open-pit and underground mines, complemented by extensive processing facilities such as concentrators, smelters, and refineries.
The company's main product is copper, which it processes into various forms including copper concentrates, blister copper, anode copper, and high-purity copper cathodes. Beyond its core copper business, Southern Copper diversifies its output with other valuable minerals. These include molybdenum concentrate, sulfuric acid, refined silver, and gold. The company also produces zinc and lead from its underground mining operations and extracts coal and coke from a dedicated coal mine, further broadening its commodity portfolio.
Southern Copper serves a global market as a key supplier of industrial and precious metals. Its primary customers are typically industries that depend on raw materials such as copper for manufacturing, including the construction, electronics, and automotive sectors. Additionally, its production of silver and gold caters to the precious metals market. With vast exploration concessions across its operating regions, Southern Copper is positioned to continue supplying these critical materials to various global industries.
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Southern Copper (SCCO) is:
- Like the Freeport-McMoRan of Latin American copper and other metals.
- Like the ExxonMobil of industrial metal mining and refining.
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- Copper: Southern Copper mines, concentrates, smelts, and refines copper into various forms, including concentrates, blister, anode, and cathodes.
- Molybdenum Concentrate: This is produced as a valuable co-product from its copper mining operations.
- Sulfuric Acid: Generated as a byproduct, primarily from the smelting processes of copper concentrates.
- Silver: The company produces refined silver as a co-product from its diverse mining activities.
- Gold: Refined gold is another precious metal produced as a co-product alongside its primary minerals.
- Zinc: Southern Copper mines and processes zinc, primarily from its underground operations.
- Lead: Mined and processed alongside zinc, lead is another key mineral produced by the company.
- Coal and Coke: These are produced from the company's coal mine operations.
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Germán Larrea Mota-Velasco, Chairman of the Board
Mr. Larrea Mota-Velasco is the CEO of Grupo México, Mexico's largest mining corporation. He has served as Chairman of the Board of Southern Copper Corporation since December 1999 and was also CEO from December 1999 to October 2004. He has led Grupo México as CEO since 1994 and has been a member of its Board of Directors since 1981. Additionally, he serves as Chairman of the Board and CEO of Grupo Ferroviario Mexicano (Ferromex) since 1997. Mr. Larrea Mota-Velasco founded Grupo Impresa, a printing and publishing company, in 1978, where he was President and CEO until its sale in 1989. He has also been involved with Empresarios Industriales de México and Fondo Inmobiliario de México since 1992.
Oscar Gonzalez Rocha, President, Chief Executive Officer and Director
Mr. Gonzalez Rocha has held the position of President of Southern Copper Corporation since December 1999 and President and Chief Executive Officer since October 21, 2004. He has been a Director of the company since November 1999. With over 40 years of experience in the mining sector, Mr. Gonzalez Rocha is a civil engineer. He also serves as CEO and Director of ASARCO LLC, an integrated U.S. copper producer and affiliate of Southern Copper, since August 2010, and as President and CEO of Americas Mining Corporation since November 1, 2014. Prior to his current roles, he was General Director of Mexicana de Cobre, S.A. de C.V. from 1986 to 1999 and of Buenavista del Cobre S.A. de C.V. from 1990 to 1999.
Raúl Jacob Ruisánchez, Vice President, Finance, Treasurer and Chief Financial Officer
Mr. Jacob Ruisánchez has been the Vice President of Finance and Chief Financial Officer of Southern Copper Corporation since April 18, 2013, and was appointed Treasurer on April 28, 2016. He possesses over 32 years of experience in the mining industry and has contributed to the financing of projects and M&A activities for Southern Copper totaling over US$8 billion. In 2021, Institutional Investor recognized him as the best Chief Financial Officer in the Latin American mining industry. He holds a degree in Economics from Universidad del Pacífico, a Master's in Economics from the University of Texas at Austin, and additional degrees in Applied International Management and Alta Gerencia. From February 2021 to January 2023, he served as President of the Sociedad Nacional de Minería, Petróleo y Energía.
Patricio Ovejas Simon, Executive Vice President
Mr. Ovejas Simon holds a Bachelor’s degree in Engineering from Universidad Anahuac in Mexico City, Mexico.
Juan Fernando Nuñez Chávez, Vice President, Exploration
Mr. Nuñez Chávez is a Geological Engineer with over 40 years of experience in the mining industry, primarily focusing on the exploration of metallic mineral deposits as a geologist.
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Key Risks to Southern Copper (SCCO)
- Dependence on Volatile Metal Prices: Southern Copper's financial performance is highly sensitive to the fluctuating prices of copper and other metals. Copper alone accounts for approximately 75.9% of the company's recent revenue, making it particularly vulnerable to market downturns. Extended and significant declines in metal prices, especially copper, could materially adversely impact its results of operations, financial condition, and asset value.
- Economic, Political, and Regulatory Risks in Operating Countries: Southern Copper operates extensively in Peru, Mexico, Argentina, Ecuador, and Chile. These operations expose the company to economic and political uncertainties, including currency fluctuations, inflation, and changes in regulatory frameworks. Factors such as new environmental regulations, taxation policies, or social and community conflicts can disrupt operations and negatively affect profitability and mining concessions.
- Operational Challenges, Including Declining Ore Grades and Capital Expenditure Execution Risk: The company faces inherent operational risks common to the mining industry, such as industrial accidents and geological conditions. More specifically, Southern Copper is projected to experience a decline in copper production from 2025 to 2027 due to deteriorating ore grades at some of its Peruvian mines, which can negatively impact future earnings and operational efficiency. Furthermore, Southern Copper has a massive, multi-year capital expenditure program, exceeding $15 billion through 2033, which introduces significant execution risk. Successfully funding and completing these large-scale investments while navigating commodity price volatility is a critical near-term risk.
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Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals. The addressable markets for its main products are global, and their estimated sizes are as follows:
- Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030. Another estimate places the global copper market at USD 291.12 billion in 2025, anticipated to reach USD 442.04 billion by 2034.
- Molybdenum: The global molybdenum market size was valued at USD 4.96 billion in 2025 and is projected to grow to USD 7.91 billion by 2034. In terms of volume, the market size was 6,000.8 Tons in 2025.
- Zinc: The global zinc market size was valued at USD 27.2 billion in 2024 and is poised to grow to USD 52.14 billion by 2033.
- Lead: The global lead market size was valued at USD 23.55 billion in 2025 and is expected to reach USD 39.26 billion by 2034. Another source indicates the global lead market was valued at USD 29.9 billion in 2025.
- Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033.
- Gold: The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. In terms of volume, the global gold market size stood at 4,890.0 Tons in 2025.
- Sulfuric Acid: The global sulfuric acid market size is estimated to reach between USD 25 billion and USD 27 billion in 2025.
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Southern Copper Corporation (SCCO) is poised for future revenue growth over the next 2-3 years, driven by a confluence of favorable market dynamics and strategic operational expansions.
Here are 3-5 expected drivers of future revenue growth:
- Surging Global Copper Demand and Favorable Prices: The demand for copper is projected to increase significantly due to its critical role in renewable energy technologies, electric vehicles, artificial intelligence data centers, and global infrastructure development. This structural deficit in the copper market is expected to support bullish copper price outlooks, directly boosting Southern Copper's revenue. Analysts anticipate a 17% annualized growth in revenue by the end of 2026 for Southern Copper, ranking favorably against an industry forecast of 9.3% annually.
- Commissioning and Ramp-up of Key Copper Projects: Southern Copper has significant capital investments planned for new projects designed to expand its copper production capacity. The Tia Maria project in Arequipa, Peru, is expected to commence operations in 2027, adding an annual capacity of 120,000 tons of SX-EW copper cathodes. Additionally, the El Pilar project in Mexico is anticipated to start in 2028 or 2029, contributing approximately 36,000 tons of copper cathodes annually. These projects are crucial for increasing the company's copper sales volumes in the coming years.
- Increased Production and Sales of By-products (Zinc, Silver, Molybdenum): Beyond copper, Southern Copper expects substantial growth in the production and sales of its by-products. The Buenavista zinc concentrator is operating at full capacity, contributing to a projected 34% increase in zinc production for 2025. Furthermore, silver output is expected to rise by 10%, and molybdenum production by 4% in 2025, with strong performance in these areas already noted in recent financial reports. Higher sales volumes and improved prices for these minerals will continue to enhance the company's overall revenue.
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Share Repurchases
Southern Copper Corporation did not make any share repurchases over the last 3-5 years, with share buybacks for SCCO stock reported as $0.00.Share Issuance
Southern Copper Corporation declared a stock dividend of 0.0085 shares of common stock per share of common stock, payable on February 27, 2026. Additionally, a stock dividend of 0.0101 shares per share was declared on July 24, 2025, payable on September 4, 2025.Capital Expenditures
Southern Copper Corporation's capital expenditures have shown an upward trend, reaching $1,325.3 million in 2025, an increase from $892.3 million in 2021. Capital investments were $1,027.3 million in 2024 and $1,008.6 million in 2023. For 2025, the Board of Directors approved a capital investment program of $1,598.0 million. The company's capital investment program for this decade exceeds $20.5 billion, focusing on projects in Peru and Mexico, with a significant portion, around $10.3 billion, earmarked for Peru over the next decade. Key capital expenditure focuses include modernization of assets (50% of funds invested in Mexico in 2025) and water and tailings management (43% in Mexico in 2025). Major projects include the Tía María project in Peru, with an estimated budget of $1.8 billion and expected annual production of 120,000 tons of copper cathodes from 2028, which was 24% complete by year-end 2025. Other significant Peruvian projects are Los Chancas, with an estimated capital investment of $2.6 billion, and Michiquillay, estimated at $2.5 billion. In Mexico, the new tailings deposit in Buenavista received $252.0 million in 2025, and the El Pilar project has a budget of $310 million, expected to produce 36,000 tons of copper cathodes annually starting in 2028.Peer Outperformance in Copper
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper ← | 7 | 107.0% | 78.7% | 291.2% | COPR 1037% · HBM 338% · TGB 338% |
| Silver | 6 | 143.6% | 359.0% | 153.0% | AYA 257% · HL 230% · SVM 184% |
| Gold | 34 | 42.7% | 208.5% | 147.9% | IAG 753% · CNL 596% · OGC 452% |
| Steel | 13 | 30.0% | 57.4% | 146.6% | AMR 427% · HCC 369% · NWPX 318% |
| Aluminum | 3 | 112.3% | 144.6% | 60.5% | CENX 268% · KALU 61% · AA 11% |
| Construction Materials | 7 | -16.2% | 24.7% | 41.7% | USLM 306% · CRH 90% · VMC 52% |
| Diversified Metals & Mining | 24 | -4.9% | -10.9% | 21.2% | ATLX 237757% · USAR 58994% · SGML 924% |
| Metal, Glass & Plastic Containers | 11 | -6.3% | 3.8% | 0.7% | KRT 166% · MYE 64% · GEF 46% |
| Paper & Plastic Packaging Products & Materials | 7 | 9.7% | 13.7% | -7.7% | PKG 80% · CCK 9% · SON -5% |
| Specialty Chemicals | 41 | 9.4% | -0.5% | -15.4% | ODC 463% · NEU 184% · CMT 75% |
| Commodity Chemicals | 12 | 24.2% | -13.3% | -27.4% | HWKN 268% · LXU 77% · MEOH 68% |
| Diversified Chemicals | 4 | 3.3% | -28.5% | -30.0% | CBT 72% · ASH -14% · CC -46% |
| Precious Metals & Minerals | 8 | 44.5% | 173.7% | -31.9% | ASM 592% · PPTA 388% · MTA 31% |
| Fertilizers & Agricultural Chemicals | 10 | 5.1% | -2.3% | -32.1% | CF 226% · CTVA 107% · NTR 55% |
| Paper Products | 3 | -17.7% | -51.9% | -96.3% | CLW -39% · MERC -96% · ITP -96% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 72.73 |
| Mkt Cap | 104.6 |
| Rev LTM | 23,020 |
| Op Inc LTM | 6,190 |
| FCF LTM | 1,925 |
| FCF 3Y Avg | 1,650 |
| CFO LTM | 5,900 |
| CFO 3Y Avg | 4,816 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 32.8% |
| Rev Chg 3Y Avg | 16.8% |
| Rev Chg Q | 40.6% |
| QoQ Delta Rev Chg LTM | 8.5% |
| Op Inc Chg LTM | 77.0% |
| Op Inc Chg 3Y Avg | 34.0% |
| Op Mgn LTM | 26.5% |
| Op Mgn 3Y Avg | 26.2% |
| QoQ Delta Op Mgn LTM | 1.2% |
| CFO/Rev LTM | 33.2% |
| CFO/Rev 3Y Avg | 29.2% |
| FCF/Rev LTM | 13.8% |
| FCF/Rev 3Y Avg | 6.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 104.6 |
| P/S | 4.0 |
| P/Op Inc | 9.6 |
| P/EBIT | 10.1 |
| P/E | 15.9 |
| P/CFO | 10.8 |
| Total Yield | 7.1% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.8% |
| 3M Rtn | 15.5% |
| 6M Rtn | 10.6% |
| 12M Rtn | 96.4% |
| 3Y Rtn | 84.8% |
| 1M Excs Rtn | 6.6% |
| 3M Excs Rtn | 11.0% |
| 6M Excs Rtn | -3.9% |
| 12M Excs Rtn | 77.7% |
| 3Y Excs Rtn | 16.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mexican Open-pit | 7,623 | 6,317 | 5,562 | 5,773 | 6,109 |
| Peruvian Operations | 5,248 | 4,605 | 3,854 | 3,908 | 4,371 |
| Mexican Industrial Minera Mexico, S.A. de C.V. and subsidiaries (IMMSA) Unit | 808 | 704 | 631 | 666 | 600 |
| Corporate, other and eliminations | -258 | -192 | -152 | -300 | -146 |
| Total | 13,420 | 11,433 | 9,896 | 10,048 | 10,934 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mexican Open-pit | 4,275 | 3,384 | 2,775 | 2,955 | 3,698 |
| Peruvian Operations | 2,601 | 2,092 | 1,473 | 1,468 | 2,333 |
| Mexican Industrial Minera Mexico, S.A. de C.V. and subsidiaries (IMMSA) Unit | 162 | 129 | -4 | 61 | 89 |
| Corporate, other and eliminations | -37 | -51 | -52 | -47 | -55 |
| Total | 7,002 | 5,555 | 4,192 | 4,436 | 6,065 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mexican Open-pit | 9,561 | 8,605 | 8,696 | 8,836 | 8,560 |
| Peruvian Operations | 5,664 | 5,278 | 4,636 | 4,871 | 4,933 |
| Corporate, other and eliminations | 4,775 | 3,626 | 2,228 | 2,470 | 3,807 |
| Mexican Industrial Minera Mexico, S.A. de C.V. and subsidiaries (IMMSA) Unit | 1,381 | 1,204 | 1,166 | 1,101 | 998 |
| Total | 21,381 | 18,714 | 16,725 | 17,277 | 18,298 |
Price Behavior
| Market Price | $198.76 | |
| Market Cap ($ Bil) | 164.8 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -9.5% | |
| 50 Days | 200 Days | |
| DMA Price | $188.02 | $176.95 |
| DMA Trend | up | up |
| Distance from DMA | 5.7% | 12.3% |
| 3M | 1YR | |
| Volatility | 51.4% | 52.2% |
| Downside Capture | 225.23 | 232.79 |
| Upside Capture | 248.64 | 267.84 |
| Correlation (SPY) | 63.5% | 57.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.76 | 2.49 | 2.67 | 2.79 | 2.36 | 1.45 |
| Up Beta | 1.43 | 2.53 | 1.88 | 2.59 | 2.32 | 1.31 |
| Down Beta | -2.75 | 2.71 | 3.42 | 2.85 | 2.06 | 1.35 |
| Up Capture | 317% | 341% | 341% | 366% | 688% | 593% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 22 | 32 | 61 | 142 | 396 |
| Down Capture | 133% | 159% | 218% | 229% | 160% | 109% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 20 | 32 | 66 | 109 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SCCO | |
|---|---|---|---|---|
| SCCO | 102.1% | 52.2% | 1.52 | - |
| Sector ETF (XLB) | 16.6% | 17.9% | 0.70 | 58.2% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 57.7% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 62.1% |
| Commodities (DBC) | 44.1% | 20.4% | 1.69 | 3.4% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 11.8% |
| Bitcoin (BTCUSD) | -26.9% | 43.8% | -0.59 | 32.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SCCO | |
|---|---|---|---|---|
| SCCO | 31.2% | 40.7% | 0.78 | - |
| Sector ETF (XLB) | 6.1% | 19.1% | 0.21 | 61.6% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 48.5% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 44.7% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 31.1% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 31.1% |
| Bitcoin (BTCUSD) | 10.6% | 52.6% | 0.38 | 23.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SCCO | |
|---|---|---|---|---|
| SCCO | 27.4% | 38.0% | 0.75 | - |
| Sector ETF (XLB) | 10.0% | 20.7% | 0.43 | 64.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 54.2% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 32.7% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 36.2% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 36.5% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 19.9% |
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Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -6.8% | -10.2% | 2.2% |
| 4/29/2026 | 1.9% | 9.2% | 14.2% |
| 1/28/2026 | 4.9% | -1.1% | 10.7% |
| 10/29/2025 | -1.1% | -4.1% | -4.3% |
| 7/29/2025 | -6.3% | -2.2% | 0.4% |
| 4/25/2025 | -1.6% | -6.3% | -2.9% |
| 2/12/2025 | 2.4% | 4.7% | 0.3% |
| 10/22/2024 | 1.9% | 2.2% | -7.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 14 |
| # Negative | 11 | 13 | 10 |
| Median Positive | 1.9% | 3.4% | 6.6% |
| Median Negative | -1.3% | -2.7% | -4.3% |
| Max Positive | 4.9% | 14.0% | 27.1% |
| Max Negative | -6.8% | -10.2% | -9.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -6.8% | -10.2% | 2.2% |
| 4/29/2026 | 1.9% | 9.2% | 14.2% |
| 1/28/2026 | 4.9% | -1.1% | 10.7% |
| 10/29/2025 | -1.1% | -4.1% | -4.3% |
| 7/29/2025 | -6.3% | -2.2% | 0.4% |
| 4/25/2025 | -1.6% | -6.3% | -2.9% |
| 2/12/2025 | 2.4% | 4.7% | 0.3% |
| 10/22/2024 | 1.9% | 2.2% | -7.1% |
| 7/19/2024 | 0.6% | 1.1% | 1.6% |
| 4/26/2024 | 4.6% | 1.1% | 6.2% |
| 2/2/2024 | -2.5% | -1.9% | -1.1% |
| 10/25/2023 | 1.5% | 3.4% | 8.1% |
| 7/28/2023 | 1.5% | -0.2% | -6.2% |
| 4/27/2023 | 1.8% | -0.7% | -9.8% |
| 2/3/2023 | -1.1% | -2.7% | -2.8% |
| 10/28/2022 | -0.3% | 14.0% | 27.1% |
| 7/27/2022 | -0.9% | -3.8% | 6.4% |
| 5/3/2022 | 3.5% | -8.0% | 5.0% |
| 2/2/2022 | -1.3% | 5.9% | 21.4% |
| 10/27/2021 | 0.8% | -3.6% | -4.3% |
| 7/27/2021 | 0.3% | 0.7% | -2.6% |
| 4/28/2021 | -1.4% | -0.7% | -4.4% |
| 1/27/2021 | 2.6% | 0.7% | 6.7% |
| 10/27/2020 | -1.0% | 3.8% | 16.5% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 14 |
| # Negative | 11 | 13 | 10 |
| Median Positive | 1.9% | 3.4% | 6.6% |
| Median Negative | -1.3% | -2.7% | -4.3% |
| Max Positive | 4.9% | 14.0% | 27.1% |
| Max Negative | -6.8% | -10.2% | -9.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/07/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
Recent Forward Guidance
Updated 8/12/2026Latest: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Tia Maria Copper Production | Reported | 0.12 Mil | ||||||
| 2027 Tia Maria Cash Cost | Reported | 1.16 | ||||||
| 2032 Michiquillay Copper Production | Reported | 0.23 Mil | ||||||
| 2029 El Pilar Copper Production | Reported | 36,000 | ||||||
| 2031 Los Chancas Copper Production | Reported | 0.13 Mil | ||||||
| 2031 Los Chancas Molybdenum Production | Reported | 7,500 | ||||||
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Production Target | Reported | 1.60 Mil | ||||||
| 2026 Capital Investment Program | Reported | 20.50 Bil | ||||||
| 2026 Peruvian Projects Investment | Reported | 10.30 Bil | ||||||
| 2026 Mexican Projects Investment | Reported | 10.20 Bil | ||||||
Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2033 Copper Production | Reported | 1.60 Mil | ||||||
Insider Activity
Updated 9/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Palomino, Bonilla Luis Miguel | Direct | Sell | 9012026 | 217.50 | 400 | 87,000 | 283,402 | Form | |
| 2 | Palomino, Bonilla Luis Miguel | Direct | Sell | 8052026 | 199.15 | 200 | 39,830 | 339,152 | Form | |
| 3 | Palomino, Bonilla Luis Miguel | Direct | Sell | 8052026 | 195.00 | 100 | 19,500 | 371,085 | Form | |
| 4 | Palomino, Bonilla Luis Miguel | Direct | Sell | 7242026 | 179.00 | 100 | 17,900 | 286,937 | Form | |
| 5 | Palomino, Bonilla Luis Miguel | Direct | Sell | 6052026 | 181.00 | 4 | 724 | 308,243 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Palomino, Bonilla Luis Miguel | Direct | Sell | 9012026 | 217.50 | 400 | 87,000 | 283,402 | Form | |
| 2 | Palomino, Bonilla Luis Miguel | Direct | Sell | 8052026 | 199.15 | 200 | 39,830 | 339,152 | Form | |
| 3 | Palomino, Bonilla Luis Miguel | Direct | Sell | 8052026 | 195.00 | 100 | 19,500 | 371,085 | Form | |
| 4 | Palomino, Bonilla Luis Miguel | Direct | Sell | 7242026 | 179.00 | 100 | 17,900 | 286,937 | Form | |
| 5 | Palomino, Bonilla Luis Miguel | Direct | Sell | 6052026 | 181.00 | 4 | 724 | 308,243 | Form | |
| 6 | Palomino, Bonilla Luis Miguel | Direct | Sell | 6022026 | 200.00 | 100 | 20,000 | 341,400 | Form | |
| 7 | Palomino, Bonilla Luis Miguel | Direct | Sell | 5222026 | 177.82 | 200 | 35,565 | 321,330 | Form | |
| 8 | Palomino, Bonilla Luis Miguel | Direct | Sell | 5182026 | 178.20 | 100 | 17,820 | 357,647 | Form | |
| 9 | Palomino, Bonilla Luis Miguel | Direct | Sell | 3182026 | 174.60 | 193 | 33,698 | 298,042 | Form | |
| 10 | Palomino, Bonilla Luis Miguel | Direct | Sell | 3182026 | 190.00 | 7 | 1,330 | 361,000 | Form | |
| 11 | Castillo, Sanchez Mejorada Enrique | Direct | Sell | 3022026 | 217.39 | 4,587 | 997,168 | 130,434 | Form | |
| 12 | Contreras, Lerdo DE Tejada Leonardo | Direct | Sell | 2032026 | 211.34 | 9,248 | 1,954,426 | 126,801 | Form | |
| 13 | Palomino, Bonilla Luis Miguel | Direct | Sell | 12032025 | 139.00 | 400 | 55,600 | 175,835 | Form | |
| 14 | Palomino, Bonilla Luis Miguel | Direct | Sell | 11122025 | 140.00 | 148 | 20,720 | 233,100 | Form | |
| 15 | Palomino, Bonilla Luis Miguel | Direct | Sell | 11072025 | 137.50 | 100 | 13,750 | 249,288 | Form | |
| 16 | Palomino, Bonilla Luis Miguel | Direct | Sell | 11052025 | 135.00 | 100 | 13,500 | 258,255 | Form | |
| 17 | Palomino, Bonilla Luis Miguel | Direct | Sell | 11042025 | 131.90 | 100 | 13,190 | 265,515 | Form | |
| 18 | Palomino, Bonilla Luis Miguel | Direct | Sell | 11032025 | 139.35 | 200 | 27,870 | 238,707 | Form | |
| 19 | Palomino, Bonilla Luis Miguel | Direct | Sell | 9122025 | 105.44 | 200 | 21,088 | 201,707 | Form | |
| 20 | Palomino, Bonilla Luis Miguel | Direct | Sell | 9042025 | 101.00 | 214 | 21,614 | 213,413 | Form |
Investor Activity (13F)
Updated Sep 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Copper Resources |
| International Copper Association |
| Copper Investing News |
| Kitco Copper |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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