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What this page is: Delvantic's full research page for Teck Resources Ltd Class B (TECK) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-27): Designation Low · Gem Score -30 (−100…+100 Quality+Value blend) · Quality -2 · Value -48 · Sentiment 28 (timing only, not weighted) · Composite fair value $60.70 vs $71.12 at analysis
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Teck Resources Ltd Class B
TECK NYSETeck Resources Ltd Class B is a diversified mining and metals company focused on the exploration, development, processing, smelting, refining, and reclamation of mineral properties. The company’s current operations center on copper and zinc, with additional production and sales of steelmaking coal, lead, silver, molybdenum, and other metals and by-products. Teck also participates in industrial products and fertilizers through its resource portfolio, supplying raw materials and intermediate products to global industrial customers. Its business is supported by integrated mining and processing assets across North America and Latin America, giving it a broad presence in the basic materials sector. Based in Vancouver, Canada, Teck Resources Ltd Class B plays a significant role in supplying essential minerals used in steelmaking, infrastructure, manufacturing, and other industrial markets.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
This company does not file structured financial statements with the U.S. SEC, so quarterly figures aren't available from our filings-based data engine. Annual figures shown here come from the sources that do cover it.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 2.04
Total Equity: $18.74B
Shares: 495,352,000
Total Debt: $2.81B
Cash: $3.61B
EBITDA: $2.84B
Total Debt: $2.81B
Cash: $3.61B
Revenue: $7.75B
Revenue: $7.75B
Revenue: $7.75B
Total Equity: $18.74B
Tax Rate: 35.3%
Equity: $18.74B
Total Debt: $2.81B
Cash: $3.61B
Current Liabilities: $3.17B
Long-Term Debt: $2.52B
Total Debt: $2.81B
Total Equity: $18.74B
Shares: 495,352,000
Shares: 495,352,000
CapEx: -$1.32B
Shares: 495,352,000
Stock Price: $71.12
Net Income: $1.01B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 27, 2026 1:02am (42d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.7B | $12.5B | $10.8B | $6.5B | $7.8B |
| Cost of Revenue | $6.1B | $6.3B | $7.1B | $5.4B | $5.8B |
| Gross Profit | $3.7B | $6.2B | $3.7B | $1.2B | $1.9B |
| Operating Expenses | $166.5M | $1.1B | $557.1M | $1.2B | $294.8M |
| Operating Income | $3.5B | $5.0B | $3.1B | -$6.5M | $1.6B |
| Net Income | $2.1B | $2.4B | $1.7B | $292.6M | $1.0B |
| EBITDA | $4.6B | $6.2B | $4.5B | $1.2B | $2.8B |
| EPS | $3.88 | $4,540,284.00 | $3.35 | $0.57 | $2.05 |
| EPS (Diluted) | $3.83 | $4,461,009.20 | $3.31 | $0.56 | $2.04 |
Balance Sheet (Annual)
Last updated: Aug 27, 2026 1:00am (42d ago)| Metric | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.4B | $1.4B | $536.2M | $5.5B | $3.6B |
| Total Current Assets | $6.0B | $6.0B | $4.7B | $9.1B | $8.0B |
| Total Assets | $37.7B | $37.7B | $40.5B | $33.9B | $32.7B |
| Current Liabilities | $4.2B | $4.2B | $4.2B | $3.1B | $3.2B |
| Long-Term Debt | $4.7B | $4.7B | $4.3B | $3.0B | $2.5B |
| Total Liabilities | $18.6B | $18.6B | $20.1B | $14.4B | $14.0B |
| Total Equity | $19.1B | $19.1B | $20.4B | $19.5B | $18.7B |
| Retained Earnings | — | — | — | — | — |
Cash Flow (Annual)
Last updated: Aug 27, 2026 1:00am (42d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $3.4B | $5.8B | $2.9B | $2.0B | $1.1B |
| Capital Expenditure | -$2.9B | -$3.2B | -$3.4B | -$1.6B | -$1.3B |
| Free Cash Flow | $498.7M | $2.6B | -$428.1M | $380.5M | -$258.7M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | $1.1B | -$543.4M | -$345.9M | -$1.8B | -$306.3M |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $702.7M | $225.6M | -$823.0M | $4.6B | -$1.6B |
Growth Trends (YoY %)
Last updated: Aug 27, 2026 1:02am (42d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +28.4% | -13.3% | -39.6% | +18.7% |
| Gross Profit Growth | +68.7% | -40.0% | -68.8% | +65.3% |
| Operating Income Growth | +44.0% | -37.4% | -100.2% | +25,077.8% |
| Net Income Growth | +15.7% | -27.4% | -83.1% | +245.1% |
| EBITDA Growth | +34.6% | -27.2% | -73.5% | +135.6% |
Dividend History (Last 20)
Last updated: Aug 27, 2026 1:00am (42d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-15 | $0.09 | — | — | — |
| 2026-03-13 | $0.09 | — | — | — |
| 2025-09-15 | $0.09 | — | — | — |
| 2025-06-16 | $0.09 | — | — | — |
| 2025-03-14 | $0.09 | — | — | — |
| 2024-12-13 | $0.09 | — | — | — |
| 2024-09-13 | $0.46 | — | — | — |
| 2024-06-17 | $0.09 | — | — | — |
| 2024-03-14 | $0.09 | — | — | — |
| 2023-12-14 | $0.09 | — | — | — |
| 2023-09-14 | $0.09 | — | — | — |
| 2023-06-14 | $0.09 | — | — | — |
| 2023-03-14 | $0.45 | — | — | — |
| 2022-12-14 | $0.09 | — | — | — |
| 2022-09-14 | $0.10 | — | — | — |
| 2022-06-14 | $0.10 | — | — | — |
| 2022-03-14 | $0.49 | — | — | — |
| 2021-12-14 | $0.04 | — | — | — |
| 2021-09-14 | $0.04 | — | — | — |
| 2021-06-14 | $0.04 | — | — | — |
Deep Analysis
Risk : Reward — upside vs downside from this company's own quarters
Computed 2026-08-27 01:10Narrative Economics
market-narrative step).
Growth Outlook
Analyzed 2026-08-27 01:38The question every valuation on this page silently assumes: is this company likely to grow? Judged forward — the business, its category, the world — against what's already printed.
Claude Reading
The raw numbers tell a coal-divestiture story that most of the prior models are talking around rather than through. Revenue collapsed from $12.48B (2022) → $10.82B (2023) → $6.53B (2024) → $7.75B (2025). That's not a "-15.4% CAGR" in any meaningful analytical sense — that's Teck selling its steelmaking coal business to Glencore in mid-2024 for ~$7B cash. The 2025 rebound to $7.75B with operating margin recovering to 20.9% from essentially zero in 2024 is the first clean look at RemainCo Teck as a copper/zinc pure-play. Treating the CAGR as a trend signal, as the momentum module does, is analytically wrong here. Same for the "245% earnings YoY" — it's an artifact of a divestiture-year trough.
What matters: on $7.75B of RemainCo revenue, Teck generated $1.01B of net income, $1.07B of operating cash flow, but burned $258M of free cash flow after $1.32B capex — that capex is QB2 ramp and sustaining. ROE of 5.4% and ROIC of 5.8% are genuinely mediocre for a copper miner mid-cycle, and the 34.9x P/E on $71 is not "modest" as pre-flight claims — it's demanding. EV/EBITDA of 12.1x is above where Freeport (~7-8x) and Southern Copper (~11x) typically trade, so the Market Forces claim of a "15-20% discount to peers" needs receipts I don't see in this file. Balance sheet is genuinely fortress: $3.61B cash vs $2.81B debt, net cash position, 0.15 D/E — that part of the bull case is real and matters for surviving copper price drawdowns.
The synthesis verdict of $60.70 composite fair value vs $71.12 (~9% overvalued) directionally matches my read, but I'd push harder. The Market Forces module contradicts the synthesis and I side with synthesis — "asymmetric copper exposure" is the bull narrative, not a valuation argument, and Market Forces doesn't reconcile why a company earning 5.8% ROIC deserves a peer-premium multiple. The Narrative layer is the most honest of the bunch: it explicitly says the 9.6% premium is copper-bull optionality priced in, not fundamentals. That's the right framing. A contrarian bull would argue: (1) 2025 is still under-earning because QB2 hasn't hit nameplate — normalized copper EBITDA could be $3.5-4B vs current ~$2.9B implied, dropping EV/EBITDA to ~9x; (2) net cash gives buyback/M&A optionality Freeport lacks; (3) if copper runs to $5.50/lb on grid electrification, earnings double and the multiple compresses to ~17x on forward. That case is plausible but requires two things to break right simultaneously.
The contrarian bear case a skeptic should press: negative FCF in a supposedly-good year for copper (average LME ~$4.20/lb in 2025) is a yellow flag. If this is what mid-cycle looks like post-QB2 ramp, what does trough look like? Capex intensity of 17% of revenue with declining reserve grades industry-wide means the "compounder" narrative requires believing sustaining capex won't creep. I don't have insider activity data in the file to check disposition patterns, and the "Low Revenue Confidence / insufficient_data" tag reflects the divestiture discontinuity — that's a real data limitation, not a fixable one until 4-6 more clean quarters print. I'd want to see Q4 2025 and Q1 2026 to confirm the $7.75B run-rate has legs. Net: agree with synthesis directionally but with a wider band — fair value $58-65 range, current $71 prices in copper optionality that may or may not materialize. Not a short (balance sheet + copper leverage is real), but not a buy here. Wait for either (a) a copper pullback taking TECK to the high $50s, or (b) two quarters of clean $2B+ quarterly revenue with FCF turning positive to validate the RemainCo earnings power.
GPT Reading
At $71.12, Teck is being valued like a cleaner, higher-return copper growth vehicle than its current financials justify. The raw numbers are not terrible, but they are not premium either. On the post-divestiture 2025 base, revenue is $7.75B, operating income $1.62B, and net income $1.01B, which gives a 13.0% net margin and 20.9% operating margin. Those margins look healthy in isolation, but the valuation hung on them is rich: 34.9x earnings, 4.5x sales, and 12.1x EV/EBITDA for a miner with 5.4% ROE and 5.8% ROIC. That combination is the central mismatch. Teck has a strong balance sheet, with $3.61B cash against $2.81B debt, but the enterprise is still not translating accounting profit into owner cash yet: 2025 operating cash flow was only $1.07B and free cash flow was negative $258.7M after $1.32B of capex. For a commodity producer, I care more about normalized cash yield through the cycle than reported EPS in a single recovery year, and on that basis the stock looks expensive.
The five-year income history also tells a harsher story than the “transition” narrative implies. Revenue has fallen from $12.48B in 2022 to $6.53B in 2024 before rebounding to $7.75B in 2025, still down 38% from the peak and down 28% from 2023. Net income has followed the same pattern: $2.39B in 2022, $1.74B in 2023, just $292.6M in 2024, and then $1.01B in 2025. Yes, 2025 is a meaningful recovery, but the market is already capitalizing that recovery aggressively. A $34.9B market cap against $1.01B of earnings and negative FCF assumes either a large step-up in copper-driven profitability or a sustained valuation premium for asset quality. Maybe both happen, but neither is visible enough in the reported data to justify paying almost 1.9x book for a cyclical miner earning low-single-digit returns on equity. The models calling this “mature earner” or “steady compounder” are too flattering; this is still a capital-intensive, earnings-volatile producer in the middle of a portfolio reset.
The best bull argument is straightforward and serious: the market may be looking through a temporary capex trough in free cash flow and assigning value to what Teck will earn once its copper platform is fully reflected in production and pricing. The balance sheet gives management room to bridge that period without stress, which matters in mining. Net cash means no solvency issue, current ratio of 2.54 suggests liquidity is ample, and if 2025’s $1.62B of operating income is the first year of a higher run-rate rather than a one-off recovery, the current multiple can compress quickly. A bull would also point out that 2024 operating income was essentially breakeven at negative $6.5M, so 2025’s rebound is not incremental noise but a full earnings reset. If copper prices stay strong and capex normalizes, negative FCF can flip positive fast; in miners, that operating leverage is exactly what equity holders pay for ahead of the turn.
I still weigh that bullish case less heavily because the stock already discounts much of it. If Teck were at 20x depressed earnings with net cash and improving operations, I’d be interested. At nearly 35x trailing earnings and more than 4x sales, the market is not giving you a cyclical valuation; it is giving you a strategic-materials valuation before the cash economics have caught up. The issue is not quality of assets or financial safety — both are solid — but price paid for anticipated improvement. A miner with declining multi-year revenue CAGR of -15.4%, earnings CAGR of -23.7%, weak cash flow quality, and sector-relative lagging signals should need obvious cheapness to be compelling. Instead, Teck looks priced for a cleaner, stronger, more cash-generative business than the present numbers show.
What would change my mind is evidence that 2025 is still understating steady-state earnings power. Specifically, I would want to see operating cash flow move materially above net income — something like $1.5B-$2.0B annualized rather than $1.07B — while capex moderates enough to produce clearly positive free cash flow. If revenue can push sustainably above $8.5B with operating margins holding near or above 20%, or if net income approaches the 2023 level of $1.74B without balance-sheet strain, then today’s multiple would look much more defensible. Short of that, I think the market is paying up too early for copper optionality that has not yet become durable shareholder cash return.
Grok Reading
Teck’s numbers describe a company mid-rebuild after a deliberate shrink. Revenue fell from the $12.5B peak in 2022 to $6.5B in 2024, then rebounded only to $7.75B in 2025—still nearly 40% below the coal-era high—while net income snapped from a $293M trough back to $1.01B. That 245% earnings bounce looks dramatic until you notice operating cash flow of just $1.07B was more than absorbed by $1.32B of capex, leaving free cash flow negative $259M. The balance sheet is the cleanest part of the story: $3.61B cash against $2.81B debt puts the firm in a net-cash position, debt-to-equity sits at 0.15, and the current ratio is 2.5. Yet capital returns remain mediocre—ROE 5.4%, ROIC 5.8%, ROA 3.1%—so the market is paying 1.88× book and 35× trailing earnings for a business that is still earning mid-single-digit returns on a smaller asset base. The multi-year CAGRs (revenue –15%, earnings –24%) confirm this is a post-divestiture reset, not a growth compounder; the 18.7% recent revenue recovery simply marks the first year of the new, copper-heavier shape.
At $71 the stock is asking investors to underwrite sustained margin recovery and copper upside that the cash-flow statement has not yet delivered. EV/EBITDA of 12.1× and EV/sales of 4.4× sit at the rich end for a mid-cycle industrial metals name whose free-cash-flow quality is explicitly flagged as weak and whose sector relative is lagging peers. Gross margin recovered to 25% and operating margin to 21% in 2025, which is respectable, but those levels still trail the 2021–22 cycle peaks of 38–50% gross. With a 0.5% dividend yield and ongoing heavy sustaining-plus-growth spend, the equity story rests almost entirely on the optionality of QB2 ramp and long-cycle copper demand rather than current cash generation. The valuation synthesis fair-value band around $61–65 is therefore the more honest anchor; the $71 print embeds an 8–15% premium that the trailing fundamentals do not yet earn.
The strongest counter-argument is straightforward: the coal exit was value-accretive, the fortress balance sheet removes distress risk, and copper leverage plus M&A optionality justify a scarcity premium versus pure-play peers that trade 15–20% richer on identical assets. A smart opponent would also note that 2024 operating income was essentially zero, so the 2025 $1.62B operating profit and $1.01B net income represent real operational recovery, not accounting noise, and that negative FCF is temporary growth capex rather than structural bleed. I weigh those points but still discount them: negative free cash flow after a major portfolio simplification is a yellow flag, not a temporary footnote, and a 35× PE on sub-peak earnings with 5–6% ROIC is the definition of paying for a narrative before the cash arrives. Macro headwinds and low revenue-confidence signals further reduce the margin of safety that the copper story is supposed to provide.
I would reverse to constructive if 2026 free cash flow turns sustainably positive above $800M while copper prices hold and ROIC climbs through 10%, or if management announces a material return-of-capital program that shrinks the share count without re-levering. Conversely, another year of negative FCF or earnings reverting below $700M would confirm the current multiple is simply too high.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
Teck presents as a financially sturdy but operationally cyclical mining business. Liquidity is healthy: $3.61B liquid cash, $798.5M net cash, and 10.4% cash-to-market-cap give ample cushion. Share count has fallen from 540.3M in 2021 to 495.4M in 2025 (-2.2% CAGR), so management is genuinely concentrating per-share value rather than diluting. Earnings quality checks are clean: accruals -4.1% of assets, OCF/NI 2.74x, Beneish M -2.12, all consistent with real, cash-backed earnings. Altman Z at 2.07 (grey zone) is a mild caution but typical of capital-intensive miners. The concern is the operating record. Revenue swung from $12.48B (2022) to $6.53B (2024) and back to $7.75B (2025); operating margin collapsed from 40.3% to -0.1% before recovering to 20.9%; net income fell from $2.39B to $293M. FCF is erratic and negative in 2 of the last 3 years (-$428M in 2023, -$259M in 2025), which contradicts the surface impression from OCF/NI. This is commodity exposure showing through, plus likely heavy capex tied to the QB2 copper build-out. The business is durable and well-capitalized but not a compounder in the classic sense - earnings are price-taker earnings.
Verify before trusting this (5)
- Capex breakdown - how much of the negative FCF is QB2 / growth vs sustaining capex
- Post-coal-divestiture segment mix and whether copper leverage is now the dominant driver
- Debt maturity ladder and any covenants tied to Altman grey-zone metrics
- Buyback pace vs commodity price sensitivity - is it opportunistic or programmatic
- Customer/geographic concentration for copper offtake
The e2e work lands at a composite fair value of $60.70 and a signal-adjusted $64.88, both below the $71.12 tape - implying about -9% to -15% downside to deserved value. The per-method spread is enormous: an EPV floor of $18.89 (mid-cycle / trough earnings capitalization) versus an anchored-PE of $102.50 that is almost certainly extrapolating a peak-copper print. Neither extreme is credible on its own; the honest read sits near the composite, and the composite says the stock is already pricing in continued healthy copper realizations. The Company-Quality lens confirms this is a solid cyclical, not a compounder - 2024 operating margin collapsed to -0.1%, so the earnings base you are paying for is genuinely volatile. Good balance sheet and clean accounting support the deserved value staying near composite rather than sagging to EPV, but they do not justify a premium to it. Bull case (structural copper demand) is largely what is already in the price; bear case (cycle rollover, execution) is the asymmetric risk from here. Net: fully priced with no margin of safety - a fine business to own lower, not here.
Verify before trusting this (4)
- Realized copper/zinc price assumptions embedded in the anchored-PE input
- Normalized mid-cycle EBITDA and unit costs at QB2 post-ramp
- Capital return pace (buyback cadence vs FCF) in the next two quarterlies
- Any guidance revisions on 2025 copper volumes and cash costs
The non-fundamental pressure on TECK leans positive but not euphoric. The market is risk-on (VIX 15, S&P near highs), and with a 1.59 beta this name gets amplified lift from a calm tape. More importantly, the active narrative is the copper/energy-transition trade, and recent news flow (SCCO vs TECK comparisons, Freeport framing) keeps TECK inside the copper-bull conversation rather than treating it as a legacy miner. Recent 18.7% momentum vs a -15.4% longer trend suggests the tape has flipped from doubt to accumulation. That said, narrative intensity is only 'moderate' with low cult coefficient - this is not a mania stock, so the tailwind is real but bounded. Coal-stranding/ESG overhang and the fact that the story leans on sustained high copper prices means any commodity wobble or risk-off flip would hit hard given the beta. Macro cross-currents (10y at 4.64%, stretched market PE 25.7) are a mild background headwind for cyclicals, but copper's structural bid is currently louder than the rates story for this specific name.
Verify before trusting this (4)
- Copper price action - a break would strip the primary tailwind fast
- Any coal divestiture or ESG-related headline that could re-rate the story
- Whether TECK breaks out relative to SCCO/FCX or lags (relative-strength tell)
- VIX regime change - risk-off flip hits high-beta cyclicals first
The world is short refined copper capacity relative to electrification, grid rebuild and data-centre power demand, while new large-scale supply arrives slowly and at declining grades — a structurally supportive volume/price backdrop for a copper-weighted producer. Against that, higher-for-longer rates compress the interest-rate-sensitive construction and durables demand that still sets marginal base-metal consumption, and industry-wide cost inflation is eating unit margins for everyone. Coal's ESG stranding debate has largely been retired from Teck's own P&L by divestiture, which is a genuine structural de-risking rather than an accounting one. Net: the category's direction of travel favours the business, but the amplitude of Teck's earnings in any given year will still be set by prices it does not control.
When we made this prediction on Aug 27, 2026, TECK was $70.84. We expect it to be $66.80 by Feb 2027, and we consider it great value under $55.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 27, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.
Post-Report Due Diligence NOTES
Evidence for a closer look, not a verdict — no score or designation on this page has been changed by it. Items marked material are ones where a conclusion above moves to the other side of the price.