Teck Resources (TECK)
Market Price (8/19/2026): $64.08 | Market Cap: $31.4 BilSector: Materials | Industry: Copper
Teck Resources (TECK)
Market Price (8/19/2026): $64.08Market Cap: $31.4 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 8.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 6.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 4.6 Bil Stock buyback supportStock Buyback 3Y Total is 2.4 Bil Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Critical Battery Minerals, and Renewable Energy & Electrification Materials. | Weak multi-year price returns2Y Excs Rtn is -1.2%, 3Y Excs Rtn is -8.7% | Stock price has recently run up significantly12M Rtn12 month market price return is 104% Key risksTECK key risks include [1] the potential failure to complete or successfully integrate its merger with Anglo American and [2] execution risks and cost overruns related to its significant Quebrada Blanca Phase 2 (QB2) copper growth project. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 6.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 4.6 Bil |
| Stock buyback supportStock Buyback 3Y Total is 2.4 Bil |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Critical Battery Minerals, and Renewable Energy & Electrification Materials. |
| Weak multi-year price returns2Y Excs Rtn is -1.2%, 3Y Excs Rtn is -8.7% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 104% |
| Key risksTECK key risks include [1] the potential failure to complete or successfully integrate its merger with Anglo American and [2] execution risks and cost overruns related to its significant Quebrada Blanca Phase 2 (QB2) copper growth project. |
Qualitative Assessment
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Teck Resources (TECK) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Exceptional Q2 2026 Financial Performance: Teck Resources reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026), significantly exceeding analyst expectations. The company posted earnings per share (EPS) of $1.39, beating the consensus estimate of $0.68 by 105%. Adjusted EBITDA surged by 204% year-over-year to $2.2 billion (CAD), with a record adjusted EBITDA margin of 61% compared to 36% in Q2 2025. Additionally, cash flow from operations reached $1.7 billion (CAD), contributing to a $756 million (CAD) increase in net cash during the quarter.
2. Favorable Copper Market and Increased Production: The period saw a strong copper price environment, a key growth area for Teck, coupled with a significant increase in the company's copper production. Copper prices reached a record of $6.72/lb on May 13, 2026, and COMEX copper settled at $6.376/lb on July 29, 2026, marking a 43.6% year-to-date increase. This was driven by robust demand from electrification, infrastructure investment, AI data centers, and a tightening global supply chain due to mine disruptions and tariff uncertainties. Teck's copper production also surged by nearly 25% year-over-year in Q2 2026, with stable operational performance at its Quebrada Blanca (QB) mine for the third consecutive quarter.
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Teck Resources (TECK) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Exceptional Q2 2026 Financial Performance: Teck Resources reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026), significantly exceeding analyst expectations. The company posted earnings per share (EPS) of $1.39, beating the consensus estimate of $0.68 by 105%. Adjusted EBITDA surged by 204% year-over-year to $2.2 billion (CAD), with a record adjusted EBITDA margin of 61% compared to 36% in Q2 2025. Additionally, cash flow from operations reached $1.7 billion (CAD), contributing to a $756 million (CAD) increase in net cash during the quarter.
2. Favorable Copper Market and Increased Production: The period saw a strong copper price environment, a key growth area for Teck, coupled with a significant increase in the company's copper production. Copper prices reached a record of $6.72/lb on May 13, 2026, and COMEX copper settled at $6.376/lb on July 29, 2026, marking a 43.6% year-to-date increase. This was driven by robust demand from electrification, infrastructure investment, AI data centers, and a tightening global supply chain due to mine disruptions and tariff uncertainties. Teck's copper production also surged by nearly 25% year-over-year in Q2 2026, with stable operational performance at its Quebrada Blanca (QB) mine for the third consecutive quarter.
3. Sustained High Zinc Prices: Zinc prices exhibited a firm upward trend during fiscal Q2 2026. The metal's price increased more than 13% on the London Metal Exchange in 2026, reaching its highest level in almost four years at $3,658 per metric ton in June 2026. This positive movement was primarily due to tight ore supply, smelter production losses, and steady industrial consumption. The monthly average zinc price in North America increased by approximately 4.6% from April to May 2026.
4. Progress Towards Anglo American Merger: Teck continued to advance its strategic merger with Anglo American to form Anglo Teck plc. During Q2 2026, significant progress was made on regulatory approvals, with clearances received from Australia, Canada, Chile, the European Union, Japan, Mexico, South Korea, and the United States. Only China's approval remains outstanding, with the merger expected to close between September 2026 and March 2027. This merger aims to create one of the world's largest copper producers and is seen as a long-term growth catalyst in critical minerals.
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Stock Movement Drivers
Fundamental Drivers
The 9.5% change in TECK stock from 4/30/2026 to 8/18/2026 was primarily driven by a 19.8% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.35 | 63.91 | 9.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,409 | 13,991 | 12.7% |
| Net Income Margin (%) | 14.9% | 17.9% | 19.8% |
| P/E Multiple | 15.4 | 12.5 | -18.7% |
| Shares Outstanding (Mil) | 489 | 490 | -0.2% |
| Cumulative Contribution | 9.5% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| TECK | 9.5% | |
| Market (SPY) | 6.8% | 64.6% |
| Sector (XLB) | 0.6% | 55.7% |
Fundamental Drivers
The 19.3% change in TECK stock from 1/31/2026 to 8/18/2026 was primarily driven by a 49.0% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.59 | 63.91 | 19.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,484 | 13,991 | 33.5% |
| Net Income Margin (%) | 12.0% | 17.9% | 49.0% |
| P/E Multiple | 20.8 | 12.5 | -39.8% |
| Shares Outstanding (Mil) | 488 | 490 | -0.3% |
| Cumulative Contribution | 19.3% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| TECK | 19.3% | |
| Market (SPY) | 11.2% | 63.9% |
| Sector (XLB) | 5.6% | 60.9% |
Fundamental Drivers
The 98.3% change in TECK stock from 7/31/2025 to 8/18/2026 was primarily driven by a 544.1% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.22 | 63.91 | 98.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,957 | 13,991 | 40.5% |
| Net Income Margin (%) | 2.8% | 17.9% | 544.1% |
| P/E Multiple | 57.8 | 12.5 | -78.3% |
| Shares Outstanding (Mil) | 495 | 490 | 1.1% |
| Cumulative Contribution | 98.3% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| TECK | 98.3% | |
| Market (SPY) | 22.4% | 57.1% |
| Sector (XLB) | 19.7% | 52.3% |
Fundamental Drivers
The 48.6% change in TECK stock from 7/31/2023 to 8/18/2026 was primarily driven by a 52.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.02 | 63.91 | 48.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,704 | 13,991 | -4.8% |
| Net Income Margin (%) | 11.7% | 17.9% | 52.5% |
| P/E Multiple | 12.9 | 12.5 | -3.1% |
| Shares Outstanding (Mil) | 518 | 490 | 5.7% |
| Cumulative Contribution | 48.6% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| TECK | 48.6% | |
| Market (SPY) | 73.6% | 55.3% |
| Sector (XLB) | 27.5% | 59.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TECK Return | 60% | 34% | 14% | -3% | 19% | 36% | 284% |
| Peers Return | 44% | -7% | 11% | 6% | 89% | 33% | 297% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TECK Win Rate | 58% | 67% | 58% | 50% | 50% | 75% | |
| Peers Win Rate | 55% | 47% | 53% | 43% | 72% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TECK Max Drawdown | -25% | -44% | -29% | -26% | -34% | -26% | |
| Peers Max Drawdown | -32% | -51% | -32% | -35% | -29% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FCX, SCCO, HBM, NEM, GOLD.
[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 8/18/2026 (YTD)
How Low Can It Go
| Event | TECK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.8% | -18.8% |
| % Gain to Breakeven | 46.7% | 23.1% |
| Time to Breakeven | 174 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.3% | -7.8% |
| % Gain to Breakeven | 14.0% | 8.5% |
| Time to Breakeven | 48 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.9% | -9.5% |
| % Gain to Breakeven | 26.4% | 10.5% |
| Time to Breakeven | 125 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.1% | -6.7% |
| % Gain to Breakeven | 22.1% | 7.1% |
| Time to Breakeven | 19 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.4% | -24.5% |
| % Gain to Breakeven | 11.5% | 32.4% |
| Time to Breakeven | 15 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.0% | -33.7% |
| % Gain to Breakeven | 117.2% | 50.9% |
| Time to Breakeven | 180 days | 140 days |
In The Past
Teck Resources's stock fell -31.8% during the 2025 US Tariff Shock. Such a loss loss requires a 46.7% gain to breakeven.
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| Event | TECK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.8% | -18.8% |
| % Gain to Breakeven | 46.7% | 23.1% |
| Time to Breakeven | 174 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.9% | -9.5% |
| % Gain to Breakeven | 26.4% | 10.5% |
| Time to Breakeven | 125 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.0% | -33.7% |
| % Gain to Breakeven | 117.2% | 50.9% |
| Time to Breakeven | 180 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.2% | -19.2% |
| % Gain to Breakeven | 30.2% | 23.8% |
| Time to Breakeven | 94 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.4% | -3.7% |
| % Gain to Breakeven | 25.6% | 3.9% |
| Time to Breakeven | 25 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -61.5% | -12.2% |
| % Gain to Breakeven | 159.4% | 13.9% |
| Time to Breakeven | 49 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -87.7% | -6.8% |
| % Gain to Breakeven | 712.5% | 7.3% |
| Time to Breakeven | 292 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -22.5% | -0.2% |
| % Gain to Breakeven | 29.1% | 0.2% |
| Time to Breakeven | 32 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -48.5% | -17.9% |
| % Gain to Breakeven | 94.2% | 21.8% |
| Time to Breakeven | 3845 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -31.8% | -15.4% |
| % Gain to Breakeven | 46.6% | 18.2% |
| Time to Breakeven | 120 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -92.8% | -53.4% |
| % Gain to Breakeven | 1281.4% | 114.4% |
| Time to Breakeven | 284 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.2% | -8.6% |
| % Gain to Breakeven | 32.0% | 9.5% |
| Time to Breakeven | 50 days | 47 days |
In The Past
Teck Resources's stock fell -31.8% during the 2025 US Tariff Shock. Such a loss loss requires a 46.7% 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 Teck Resources (TECK)
Teck Resources (TECK) is a Canadian-based, diversified natural resource company engaged in the exploration, acquisition, development, and production of various natural resources. The company operates across multiple international regions, including Asia, Europe, and North America, managing a portfolio of mines and projects.
The core of Teck's business is organized into four main segments: Steelmaking Coal, Copper, Zinc, and Energy. Its principal products include high-quality steelmaking coal, copper, and zinc concentrates. Additionally, Teck produces other metals such as gold, silver, and lead, and holds an interest in oil sands projects that produce blended bitumen.
As a key supplier of essential industrial commodities, Teck Resources primarily serves a global market of industrial customers. Its products are vital inputs for a wide range of sectors, including manufacturing, construction, infrastructure development, electronics, and energy production worldwide.
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It's like an ExxonMobil for essential industrial metals like copper, zinc, and steelmaking coal.
Think of it as Canada's answer to a global diversified mining giant like Rio Tinto, specializing in core commodities such as steelmaking coal, copper, and zinc.
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- Steelmaking Coal: A key ingredient used primarily in the production of steel.
- Copper: A base metal vital for electrical wiring, construction, and various industrial applications.
- Zinc: A metal predominantly used for galvanizing steel to prevent corrosion, and also in alloys.
- Blended Bitumen: A heavy, viscous oil extracted from oil sands projects, representing the company's energy product.
- Gold: A precious metal valued for its use in jewelry, investment, and electronics.
- Silver: A precious metal used in jewelry, coinage, industrial applications, and photography.
- Lead: A heavy metal primarily used in batteries, ammunition, and as a radiation shield.
- Molybdenum: A refractory metal used as an alloying agent to strengthen steel and other alloys.
- Chemicals and Fertilizers: Various chemical products, including those applied in agriculture to enhance crop growth.
- Indium and Germanium: Specialty metals used in high-tech applications, including electronics and optics.
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Teck Resources Limited (TECK) sells primarily to other companies, as its main products are raw materials and intermediate goods such as steelmaking coal, copper, zinc, and blended bitumen.
Due to the global and diversified nature of commodity markets and competitive reasons, Teck Resources does not publicly disclose the specific names of its individual major customers. Instead, their customer base consists of a broad range of industrial companies worldwide. Based on its product segments, Teck Resources' customers can be categorized as follows:
- Steelmaking Coal Customers: Global steel producers, primarily located in Asia, Europe, and North America, who use the coal as a key input for steel manufacturing.
- Copper and Zinc Customers: Industrial smelters and refiners, as well as manufacturers in various sectors such as electronics, automotive, construction, and chemicals, who process the concentrates and refined metals.
- Energy Customers (Blended Bitumen): Oil refineries, predominantly in North America, that process heavy crude oil.
- Other Metals Customers (Gold, Silver, Molybdenum, Lead, Indium, Germanium): Precious metal refiners, jewelry manufacturers, industrial users (e.g., in electronics, specialized alloys), and financial institutions.
- Chemicals and Fertilizers Customers: Agricultural businesses and other industrial chemical companies.
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- Canadian National Railway (CNR.TO)
- Canadian Pacific Kansas City (CPKC.TO)
- Westshore Terminals (WTE.TO)
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Jonathan Price, President and Chief Executive Officer
Jonathan Price was appointed President and Chief Executive Officer of Teck on November 1, 2023, and has been a member of Teck's Board of Directors since July 26, 2022. He previously served as CEO (appointed in September 2022) and held roles as Executive Vice President and Chief Financial Officer, joining Teck in October 2020. Prior to joining Teck, Mr. Price was with BHP from 2006 to 2020, where he held various positions including Chief Transformation Officer, Vice President Finance, and Vice President Investor Relations, working across Asia, Australia, and the UK. His career also includes experience in the Metals and Mining team at ABN AMRO Bank and production and technical roles with INCO.
Crystal Prystai, Executive Vice President and Chief Financial Officer
Crystal Prystai was appointed Senior Vice President and Chief Financial Officer in November 2022, and subsequently Executive Vice President and Chief Financial Officer in September 2023. She joined Teck in 2008 and has held increasingly senior roles, including Director, Finance, Reporting and Compliance, Vice President and Corporate Controller, and Interim Chief Financial Officer. Before her time at Teck, she was the Director of Financial Reporting for CHC Helicopter Corp.
Shehzad Bharmal, Executive Vice President and Chief Operating Officer
Shehzad Bharmal serves as the Executive Vice President and Chief Operating Officer at Teck Resources Limited.
Nicholas P.M. Hooper, Executive Vice President and Chief Corporate Development Officer
Nicholas P.M. Hooper is the Executive Vice President and Chief Corporate Development Officer. He was appointed Senior Vice President, Corporate Development in 2020.
Dean C. Winsor, Executive Vice President and Chief People Officer
Dean C. Winsor holds the position of Executive Vice President and Chief People Officer at Teck Resources Limited.
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Key Risks to Teck Resources
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Operational Challenges and Production Guidance Reductions in Copper Mining: Teck Resources has faced significant operational challenges at its key copper mining assets, leading to reduced production forecasts for 2025 and beyond. These challenges include technical issues, variations in ore grades, and unexpected maintenance requirements at sites like Highland Valley Copper (HVC) and Quebrada Blanca (QB2). Specifically, QB2 has encountered issues such as sand drainage at its Tailings Management Facility, impeding ramp-up efforts and necessitating downward revisions to multi-year production targets. These setbacks directly impact the company's expected output and financial performance in a key growth segment.
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Environmental Liabilities and Regulatory Scrutiny Related to Coal Operations: Teck's metallurgical coal operations, particularly in the Elk Valley, British Columbia, have resulted in significant environmental liabilities, primarily related to selenium pollution in local rivers. The company has incurred substantial fines, including a record €40 million in 2021 for selenium contamination of the Fording River, and faces ongoing regulatory oversight and pressure from Indigenous communities and environmental groups. The inability to fully divest from its coal business and ongoing debates regarding compliance with environmental standards highlight a persistent and material risk for the company.
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Commodity Price Volatility: As a diversified mining company, Teck Resources is inherently exposed to the cyclical nature and volatility of global commodity prices for its principal products, including copper and steelmaking coal. While demand for these commodities can be robust due to global infrastructure development and the energy transition, market prices can fluctuate significantly, influenced by economic conditions, supply chain dynamics, and geopolitical events. Historically, such price swings have materially impacted Teck's revenue, profitability, and stock performance.
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The global shift towards decarbonization and the active development of "green steel" production methods (e.g., hydrogen-reduced iron) poses an emerging threat to the long-term demand for Teck's steelmaking coal segment.
The accelerating global energy transition away from fossil fuels, driven by climate change policies, the growth of renewable energy sources, and the rise of electric vehicles, represents a fundamental emerging threat to the demand and economic viability of Teck's oil sands (bitumen) projects within its Energy segment.
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Addressable Markets for Teck Resources' Main Products
- Steelmaking Coal: The global steelmaking coal market size was estimated at USD 18.75 billion in 2024 and is projected to reach USD 26.45 billion by 2032. Other sources indicate the global metallurgical coal market size was valued at USD 14.7 billion in 2023 and is estimated to reach USD 15 billion in 2024. The Asia-Pacific region is a significant market, driven by demand from the steel industry.
- 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, growing at a CAGR of 6.5% from 2025 to 2030. Another estimate placed the global copper market at USD 236.09 billion in 2024. The Asia Pacific region dominated the copper market in 2024, holding the largest revenue share.
- Zinc: The global zinc market size was valued at USD 27.2 billion in 2024 and is projected to grow to USD 52.14 billion by 2033. The global zinc mining market size was estimated at USD 66.08 billion in 2022 and is projected to reach USD 91.33 billion by 2030. Asia-Pacific holds the largest share of the zinc market in terms of both production and consumption.
- Energy (Blended Bitumen): The global bitumen market size was valued at USD 74.61 billion in 2024 and is poised to grow to USD 110.88 billion by 2033. Another source reported the global bitumen market size as USD 73.35 billion in 2024, projected to reach USD 98.62 billion by 2032. The Asia-Pacific region led the global bitumen market in 2024.
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Teck Resources (TECK) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:
- Expanded Copper Production Capacity: The ongoing ramp-up and optimization of the Quebrada Blanca (QB2) project in Chile and the Highland Valley Copper (HVC) Mine Life Extension in British Columbia are central to Teck's copper growth strategy. QB2 is projected to significantly increase copper output, with Q4 2025 showing strong production. The HVC Mine Life Extension is expected to prolong the mine's operations until the mid-2040s and boost annual production. Teck anticipates further overall copper production growth in 2026.
- Strategic Merger with Anglo American: The proposed merger of equals with Anglo American to form "Anglo Teck" is a transformative move designed to create a global top-five copper producer. This merger is anticipated to generate approximately US$800 million in annual pre-tax synergies, with 80% expected to be realized by the end of the second year post-completion, enhancing the company's scale, resilience, and competitive position in the global copper market.
- Favorable Copper Market Dynamics: The surging global demand for copper is a significant driver, propelled by the ongoing energy transition, including growth in renewable energy infrastructure and electric vehicle technologies. Higher copper prices significantly contributed to Teck's increased adjusted EBITDA in Q4 2025, and continued strong demand is expected to positively impact revenue from Teck's copper-focused portfolio.
- Resilient Steelmaking Coal Demand: Despite Teck's strategic pivot towards critical minerals and the divestment of a significant portion of its steelmaking coal business, the remaining steelmaking coal operations are expected to continue contributing to revenue. Global demand for steelmaking coal remains stable due to its essential role in infrastructure projects and manufacturing.
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Share Repurchases
- Teck Resources had an authorized share buyback program of $3.25 billion, of which approximately $2.2 billion was completed by July 23, 2025.
- In 2024, Teck executed $1.25 billion of its authorized share buyback program.
- Teck announced its intention to repurchase up to 40 million Class B subordinate voting shares through a normal course issuer bid, active from November 22, 2024, to November 21, 2025. During the preceding buyback cycle ending November 21, 2024, Teck repurchased 18,062,775 Class B Shares at an average price of $62.75.
Share Issuance
- On May 12, 2023, Teck acquired each Class A common share in exchange for one new Class A common share and 0.67 of a Class B subordinate voting share, which resulted in a $302 million increase to Class B shares and a reduction to retained earnings.
- Teck's shares outstanding declined from 0.536 billion in 2022 to 0.490 billion in the third quarter of 2025, indicating net share repurchases over issuances.
Inbound Investments
- On September 9, 2025, Teck announced a proposed merger of equals with Anglo American plc to form Anglo Teck, a transaction that received overwhelming shareholder approval on December 9, 2025, and Canadian government approval on December 15, 2025.
Outbound Investments
- In 2024, Teck completed the sale of its steelmaking coal business (Elk Valley Resources or EVR) to Glencore for US$7.3 billion, and previously a minority stake to Nippon Steel Corporation and POSCO for US$1.3 billion.
- Teck is advancing the San Nicolas project in Mexico, a partnership with Agnico Eagle, earmarking up to $500 million for its development, with a final investment decision expected in the second half of 2025.
- The company is progressing its Zafranal project in Peru, with a potential sanction decision in the second half of 2025.
Capital Expenditures
- Teck plans to invest up to $3.9 billion to expand its copper and zinc production, targeting 800,000 tonnes of copper per year by the end of the decade.
- 2026 is projected to be a peak capital expenditure year, with expected spending between $2.8 billion and $3.4 billion (excluding stripping) or $3.2 billion and $4.0 billion (including stripping). These expenditures are primarily focused on the Quebrada Blanca (QB) Tailings Management Facility (TMF) and the Highland Valley Copper Mine Life Extension (HVC MLE) projects.
- The HVC MLE project has an estimated total capital cost of $2.1 billion to $2.4 billion, expected to be spent between 2025 and 2028. Expenditures for HVC MLE were $330 million in 2025 and are projected to be between $900 million and $1.2 billion in 2026.
Peer Outperformance in Copper
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper ← | 6 | 103.6% | 77.0% | 263.1% | TGB 457% · HBM 401% · SCCO 280% |
| Silver | 6 | 142.0% | 271.0% | 167.9% | HL 233% · AYA 208% · SVM 199% |
| Gold | 32 | 43.7% | 195.7% | 144.9% | IAG 723% · CNL 461% · OGC 450% |
| Steel | 13 | 27.4% | 57.1% | 142.3% | HCC 498% · AMR 443% · NWPX 349% |
| Aluminum | 3 | 104.7% | 134.9% | 62.5% | CENX 332% · KALU 63% · AA 43% |
| Diversified Metals & Mining | 24 | 3.8% | -13.9% | 51.6% | ATLX 214900% · USAR 62014% · FMST 1167% |
| Construction Materials | 7 | -13.8% | 33.0% | 50.9% | USLM 311% · CRH 95% · VMC 54% |
| Metal, Glass & Plastic Containers | 11 | 5.9% | 11.1% | 6.3% | KRT 164% · MYE 71% · GEF 69% |
| Specialty Chemicals | 40 | 15.0% | 1.0% | -5.1% | LWLG 938% · ODC 504% · NEU 209% |
| Paper & Plastic Packaging Products & Materials | 7 | 14.9% | 16.2% | -5.5% | PKG 100% · CCK 16% · SON 8% |
| Precious Metals & Minerals | 9 | 44.1% | 137.3% | -13.7% | ASM 684% · PPTA 352% · ELE 114% |
| Diversified Chemicals | 4 | 7.6% | -27.6% | -21.7% | CBT 80% · ASH -2% · CC -42% |
| Commodity Chemicals | 13 | 28.0% | 10.2% | -21.9% | HWKN 255% · MEOH 108% · LXU 61% |
| Fertilizers & Agricultural Chemicals | 10 | -2.3% | -7.3% | -36.4% | CF 207% · CTVA 93% · NTR 42% |
| Paper Products | 3 | -12.2% | -53.0% | -95.2% | CLW -33% · MERC -95% · ITP -96% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Teck Resources Stock Rockets 13% With 6-Day Winning Streak | 06/03/2026 | |
| TECK Stock Surges 14% With A 5-day Winning Spree On UBS Target Hike To C$90 | 01/30/2026 | |
| Would You Still Hold Teck Resources Stock If It Fell 30%? | 10/17/2025 | |
| Fundamental Metrics: ... | 06/19/2024 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 65.11 |
| Mkt Cap | 63.3 |
| Rev LTM | 19,404 |
| Op Inc LTM | 4,947 |
| FCF LTM | 1,844 |
| FCF 3Y Avg | 992 |
| CFO LTM | 5,274 |
| CFO 3Y Avg | 3,887 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 29.0% |
| Rev Chg 3Y Avg | 21.7% |
| Rev Chg Q | 29.1% |
| QoQ Delta Rev Chg LTM | 6.3% |
| Op Inc Chg LTM | 64.9% |
| Op Inc Chg 3Y Avg | 80.4% |
| Op Mgn LTM | 28.1% |
| Op Mgn 3Y Avg | 25.9% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 33.4% |
| CFO/Rev 3Y Avg | 31.5% |
| FCF/Rev LTM | 12.6% |
| FCF/Rev 3Y Avg | 10.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Copper | 6,619 | 5,542 | 3,425 | 3,381 | 3,452 |
| Zinc | 4,137 | 3,523 | 3,051 | 3,526 | 3,063 |
| Corporate | 0 | 0 | 0 | 0 | 0 |
| Steelmaking Coal | 10,409 | 6,251 | |||
| Total | 10,756 | 9,065 | 6,476 | 17,316 | 12,766 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Copper | 2,142 | 1,058 | 768 | 1,032 | 1,942 |
| Zinc | 821 | -437 | 314 | 716 | 647 |
| Corporate | -715 | -630 | -860 | -765 | -544 |
| Steelmaking Coal | 6,003 | 2,938 | |||
| Total | 2,248 | -9 | 222 | 6,986 | 4,983 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Copper | 32,916 | 34,433 | 28,636 | 23,801 | 18,077 |
| Corporate | 8,404 | 8,417 | 3,595 | 4,663 | 6,500 |
| Zinc | 4,116 | 4,187 | 4,581 | 4,523 | 4,401 |
| Assets from discontinued operations - Unallocated | 19,381 | 1,302 | |||
| Steelmaking Coal | 18,070 | 18,390 | |||
| Total | 45,436 | 47,037 | 56,193 | 52,359 | 47,368 |
Price Behavior
| Market Price | $63.91 | |
| Market Cap ($ Bil) | 31.3 | |
| First Trading Date | 07/18/2002 | |
| Distance from 52W High | -9.3% | |
| 50 Days | 200 Days | |
| DMA Price | $61.17 | $54.77 |
| DMA Trend | up | down |
| Distance from DMA | 4.5% | 16.7% |
| 3M | 1YR | |
| Volatility | 50.4% | 47.7% |
| Downside Capture | 227.87 | 195.48 |
| Upside Capture | 217.31 | 237.19 |
| Correlation (SPY) | 62.2% | 57.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.28 | 2.34 | 2.63 | 2.37 | 2.11 | 1.54 |
| Up Beta | 5.81 | 2.32 | 2.76 | 2.66 | 2.20 | 1.59 |
| Down Beta | -0.66 | 1.90 | 2.09 | 1.97 | 1.85 | 1.61 |
| Up Capture | 236% | 255% | 317% | 313% | 478% | 299% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 32 | 63 | 131 | 380 |
| Down Capture | 201% | 237% | 250% | 195% | 150% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 23 | 31 | 63 | 121 | 372 |
[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 TECK | |
|---|---|---|---|---|
| TECK | 100.3% | 47.7% | 1.60 | - |
| Sector ETF (XLB) | 16.8% | 17.7% | 0.72 | 52.2% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | 57.5% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | 51.5% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | -0.1% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 13.3% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | 30.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TECK | |
|---|---|---|---|---|
| TECK | 24.6% | 45.7% | 0.63 | - |
| Sector ETF (XLB) | 6.0% | 19.1% | 0.20 | 58.3% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 48.1% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | 34.8% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 34.9% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 30.2% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 21.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TECK | |
|---|---|---|---|---|
| TECK | 16.1% | 49.1% | 0.49 | - |
| Sector ETF (XLB) | 9.9% | 20.7% | 0.42 | 58.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 49.8% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 22.2% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 38.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 33.3% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 6-K |
| 03/31/2026 | 04/23/2026 | 6-K |
| 12/31/2025 | 02/19/2026 | 40-F |
| 09/30/2025 | 10/23/2025 | 6-K |
| 06/30/2025 | 07/25/2025 | 6-K |
| 03/31/2025 | 04/25/2025 | 6-K |
| 12/31/2024 | 02/20/2025 | 40-F |
| 09/30/2024 | 10/25/2024 | 6-K |
| 06/30/2024 | 07/25/2024 | 6-K |
| 03/31/2024 | 04/25/2024 | 6-K |
| 12/31/2023 | 02/23/2024 | 40-F |
| 09/30/2023 | 10/25/2023 | 6-K |
| 06/30/2023 | 07/28/2023 | 6-K |
| 03/31/2023 | 04/28/2023 | 6-K |
| 12/31/2022 | 02/21/2023 | 40-F |
| 09/30/2022 | 10/28/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 6-K |
| 03/31/2026 | 04/23/2026 | 6-K |
| 12/31/2025 | 02/19/2026 | 40-F |
| 09/30/2025 | 10/23/2025 | 6-K |
| 06/30/2025 | 07/25/2025 | 6-K |
| 03/31/2025 | 04/25/2025 | 6-K |
| 12/31/2024 | 02/20/2025 | 40-F |
| 09/30/2024 | 10/25/2024 | 6-K |
| 06/30/2024 | 07/25/2024 | 6-K |
| 03/31/2024 | 04/25/2024 | 6-K |
| 12/31/2023 | 02/23/2024 | 40-F |
| 09/30/2023 | 10/25/2023 | 6-K |
| 06/30/2023 | 07/28/2023 | 6-K |
| 03/31/2023 | 04/28/2023 | 6-K |
| 12/31/2022 | 02/21/2023 | 40-F |
| 09/30/2022 | 10/28/2022 | 6-K |
| 06/30/2022 | 07/28/2022 | 6-K |
| 03/31/2022 | 04/28/2022 | 6-K |
| 12/31/2021 | 02/28/2022 | 40-F |
| 09/30/2021 | 10/28/2021 | 6-K |
| 06/30/2021 | 07/28/2021 | 6-K |
| 03/31/2021 | 04/29/2021 | 6-K |
| 12/31/2020 | 02/23/2021 | 40-F |
| 09/30/2020 | 10/28/2020 | 6-K |
| 06/30/2020 | 09/17/2020 | 6-K |
| 03/31/2020 | 04/22/2020 | 6-K |
| 12/31/2019 | 02/27/2020 | 40-F |
| 09/30/2019 | 10/25/2019 | 6-K |
Investor Activity (13F)
Updated Aug 19, 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.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Hancock Prospecting Pty Ltd | $532.9 Mil | 16.0% | 36 | Hold | 13F |
| Drummond Knight Asset Management Pty Ltd | $21.8 Mil | 7.7% | 14 | TRIM -5.5% | 13F |
| Fourth Sail Capital LP | $25.8 Mil | 4.2% | 25 | ADD +236.2% | 13F |
| Heathbridge Capital Management Ltd. | $11.7 Mil | 4.2% | 29 | Hold | 13F |
| Kapitalo Investimentos Ltda | $18.3 Mil | 3.4% | 48 | ADD +16.5% | 13F |
| Gemsstock Ltd. | $21.6 Mil | 2.3% | 28 | ADD +51.9% | 13F |
| MBB Public Markets I LLC | $16.7 Mil | 2.0% | 24 | TRIM -42.6% | 13F |
| L1 Capital Pty Ltd | $32.8 Mil | 1.3% | 22 | New | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $14.3 Mil | 1.0% | 33 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Carrhae Capital LLP | $98.8 Mil | 6.6% | 28 | Exited | Dec 31, 2025 | 13F |
| Maple Rock Capital Partners Inc. | $66.7 Mil | 2.2% | 38 | Exited | Dec 31, 2025 | 13F |
| Bornite Capital Management LP | $23.9 Mil | 2.3% | 28 | Exited | Dec 31, 2025 | 13F |
| MBB Public Markets I LLC | $16.7 Mil | 2.0% | 24 | TRIM -42.6% | Mar 31, 2026 | 13F |
| Drummond Knight Asset Management Pty Ltd | $21.8 Mil | 7.7% | 14 | TRIM -5.5% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Hancock Prospecting Pty Ltd | $532.9 Mil | 16.0% | 36 | Hold | 13F |
| L1 Capital Pty Ltd | $32.8 Mil | 1.3% | 22 | New | 13F |
| Fourth Sail Capital LP | $25.8 Mil | 4.2% | 25 | ADD +236.2% | 13F |
| Drummond Knight Asset Management Pty Ltd | $21.8 Mil | 7.7% | 14 | TRIM -5.5% | 13F |
| Gemsstock Ltd. | $21.6 Mil | 2.3% | 28 | ADD +51.9% | 13F |
| Kapitalo Investimentos Ltda | $18.3 Mil | 3.4% | 48 | ADD +16.5% | 13F |
| MBB Public Markets I LLC | $16.7 Mil | 2.0% | 24 | TRIM -42.6% | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $14.3 Mil | 1.0% | 33 | Hold | 13F |
| Heathbridge Capital Management Ltd. | $11.7 Mil | 4.2% | 29 | Hold | 13F |
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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