Business Description
Established in Vancouver, Canada, in 1913, Teck Resources Limited is dedicated to the exploration, acquisition, development, and extraction of natural resources across Asia, Europe, and North America. The company organizes its operations into Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. Its diverse product offerings include steelmaking coal, copper, gold, blended bitumen, lead, silver, molybdenum, zinc, and zinc concentrates. Teck also produces specialized metals like indium and germanium, in addition to various chemicals and fertilizers. Furthermore, the company holds an interest in the Frontier oil sands projects located in Alberta's Athabasca region, and maintains stakes in exploration and development ventures spanning Australia, Chile, Ireland, Mexico, Peru, Turkey, and the United States. Formerly operating as Teck Cominco Limited, the company officially adopted the name Teck Resources Limited in April 2009.
Business History
Generated: Jun 7, 2026 5:24pmPrice Overview
Last updated: Jun 27, 2026 8:01am (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 2.84
Total Equity: $25.08B
Shares: 495,400,000
Total Debt: $9.60B
Cash: $5.01B
EBITDA: $4.37B
Total Debt: $9.60B
Cash: $5.01B
Revenue: $10.75B
Revenue: $10.75B
Revenue: $10.75B
Total Equity: $25.08B
Tax Rate: 35.3%
Equity: $25.08B
Total Debt: $9.60B
Cash: $5.01B
Current Liabilities: $4.40B
Long-Term Debt: $9.03B
Total Debt: $9.60B
Total Equity: $25.08B
Shares: 495,400,000
Shares: 495,400,000
CapEx: -$2.06B
Shares: 495,400,000
Stock Price: $58.22
Net Income: $1.40B
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 24, 2026 12:45pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.8B | $17.3B | $6.5B | $9.1B | $10.7B |
| Cost of Revenue | $7.6B | $8.7B | $5.4B | $7.5B | $8.4B |
| Gross Profit | $5.2B | $8.6B | $1.1B | $1.6B | $2.3B |
| Operating Expenses | $231.0M | $1.6B | $890.0M | $1.6B | $577.5M |
| Operating Income | $5.0B | $7.0B | $222.0M | -$9.0M | $1.8B |
| Net Income | $2.9B | $3.3B | $2.4B | $406.0M | $1.4B |
| EBITDA | $6.2B | $8.2B | $861.0M | $1.8B | $4.4B |
| EPS | $5.39 | $6.30 | $4.67 | $0.79 | $2.84 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 12:45pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.4B | $1.9B | $744.0M | $7.6B | $5.0B |
| Total Current Assets | $6.1B | $8.3B | $6.5B | $12.6B | $11.2B |
| Total Assets | $47.4B | $52.4B | $56.2B | $47.0B | $45.4B |
| Current Liabilities | $3.8B | $5.9B | $5.9B | $4.4B | $4.4B |
| Long-Term Debt | $8.4B | $8.8B | $9.5B | $8.6B | $9.0B |
| Total Liabilities | $23.6B | $25.8B | $27.9B | $19.9B | $19.4B |
| Total Equity | $23.0B | $25.5B | $27.0B | $26.1B | $25.1B |
| Retained Earnings | $16.3B | $18.1B | $19.6B | $17.1B | $0 |
Cash Flow (Annual)
Last updated: Jun 24, 2026 12:45pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $4.7B | $8.0B | $4.1B | $2.8B | $1.0B |
| Capital Expenditure | -$4.6B | -$5.5B | -$4.3B | -$2.6B | -$2.1B |
| Free Cash Flow | $105.0M | $2.5B | -$256.0M | $155.0M | -$1.0B |
| Acquisitions (net) | $0 | $0 | $1.0B | $9.5B | $244.8M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$1.4B | -$250.0M | -$1.2B | -$1.0B |
| Net Change in Cash | $977.0M | $456.0M | -$1.1B | $6.8B | -$2.2B |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 8:01am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$14.2B $12.0B – $16.5B
|
$12.1B $10.6B – $13.7B
|
$13.1B $11.4B – $14.8B
|
$12.5B $10.9B – $14.1B
|
| EBITDA |
$4.8B $4.1B – $5.6B
|
$4.1B $3.6B – $4.6B
|
$4.4B $3.9B – $5.0B
|
$4.2B $3.7B – $4.8B
|
| Net Income |
$2.2B $1.2B – $2.8B
|
$1.7B $1.4B – $2.0B
|
$1.8B $1.5B – $2.1B
|
$292.0M $244.1M – $340.4M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 12:45pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +35.6% | -62.6% | +40.0% | +18.6% |
| Gross Profit Growth | +64.4% | -87.0% | +44.5% | +46.1% |
| Operating Income Growth | +40.2% | -96.8% | -104.1% | +19,761.7% |
| Net Income Growth | +15.7% | -27.4% | -83.1% | +244.8% |
| EBITDA Growth | +33.5% | -89.5% | +107.1% | +145.3% |
Dividend History (Last 20)
Last updated: Jun 24, 2026 12:45pm (2d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-15 | $0.09 | 2026-04-23 | 2026-06-15 | 2026-06-30 |
| 2026-03-13 | $0.09 | 2026-02-18 | 2026-03-13 | 2026-03-31 |
| 2025-12-15 | $0.09 | 2025-10-22 | 2025-12-15 | 2025-12-31 |
| 2025-09-15 | $0.09 | 2025-07-24 | 2025-09-15 | 2025-09-29 |
| 2025-06-16 | $0.09 | 2025-04-24 | 2025-06-16 | 2025-06-30 |
| 2025-03-14 | $0.09 | 2025-02-19 | 2025-03-14 | 2025-03-31 |
| 2024-12-13 | $0.09 | 2024-11-14 | 2024-12-13 | 2024-12-31 |
| 2024-09-13 | $0.46 | 2024-07-11 | 2024-09-13 | 2024-09-27 |
| 2024-06-17 | $0.09 | 2024-04-25 | 2024-06-17 | 2024-06-28 |
| 2024-03-14 | $0.09 | 2024-02-23 | 2024-03-15 | 2024-03-28 |
| 2023-12-14 | $0.09 | 2023-11-16 | 2023-12-15 | 2023-12-29 |
| 2023-09-14 | $0.09 | 2023-07-26 | 2023-09-15 | 2023-09-29 |
| 2023-06-14 | $0.09 | 2023-04-26 | 2023-06-15 | 2023-06-30 |
| 2023-03-14 | $0.46 | 2023-02-21 | 2023-03-15 | 2023-03-31 |
| 2022-12-14 | $0.09 | 2022-11-16 | 2022-12-15 | 2022-12-30 |
| 2022-09-14 | $0.10 | 2022-07-26 | 2022-09-15 | 2022-09-29 |
| 2022-06-14 | $0.10 | 2022-04-26 | 2022-06-15 | 2022-06-30 |
| 2022-03-14 | $0.49 | 2022-02-23 | 2022-03-15 | 2022-03-31 |
| 2021-12-14 | $0.04 | 2021-11-17 | 2021-12-15 | 2021-12-31 |
| 2021-09-14 | $0.04 | 2021-08-25 | 2021-09-15 | 2021-09-29 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Looking at the raw quarterly tape first: revenue ramped from $1.80B (Q2'24) to $3.94B (Q1'26) — a genuine acceleration, not noise. Net margin walked from -24.5% (Q4'24 writedown) through 8-16% in mid-2025 to 20.8% in the most recent quarter. Annual 2025 revenue of $10.75B with $1.40B NI is a real recovery off the 2024 trough ($9.07B/$406M) but still well below 2022's $17.32B/$3.32B peak. The cyclical fingerprint is unmistakable: 2022 op margin was 40%, 2024 was zero, 2025 is back to 16.5%. This isn't a "mature earner" — the classification model is wrong, and the pre-flight tag (commodity-cyclical-multi-segment) is correct.
The synthesis verdict ("Disconnected from Fundamentals — 40-50% premium to historical mining valuations at 2.8x P/S") is the part I most want to push back on. That framing ignores two things. First, Teck divested its coal business (EVR sale to Glencore closed mid-2024) and is now a copper-dominant pure-play — copper miners legitimately trade at 3-5x P/S (FCX ~3x, SCCO ~7x), not the 1.5-2.0x diversified-miner average the synthesis anchors to. So the "premium" is partly a re-rating that's already earned. Second, EV/EBITDA of 8.8x is actually middle-of-the-road for a copper producer mid-cycle, not expensive. The synthesis appears to be applying a legacy diversified-miner lens to a post-transformation business. That's a meaningful analytical error.
That said, the bear case has real teeth that the bull narrative glosses. FCF was -$1.02B in 2025 against $1.04B OCF because capex ran $2.06B — QB2 ramp and copper growth capex is eating cash, and ROIC of 4.2% is genuinely poor for the price being paid. P/B of 1.29x is the one honest "cheap" metric, but ROE of 7.3% on that book doesn't justify a re-rating above 1.5x without copper prices cooperating. The Q1'26 print at $3.94B/20.8% margin is suspiciously good — that's likely peak-of-cycle copper pricing ($4.50+/lb) flowing through, and reverse-engineering a normalized earnings number at $3.50/lb copper probably puts NI closer to $900M-$1.1B annualized, implying a normalized P/E in the high-20s. That's not cheap for a price-taker.
The contrarian read: every model here is either mis-classifying the business (mature earner, narrative stock) or anchoring to stale comps (diversified miner multiples). The honest framing is that Teck is a leveraged bet on copper at a cycle peak, trading at a fair-to-slightly-rich multiple of peak earnings, with a balance sheet ($5.0B cash, manageable debt post-EVR) that can survive a downturn but a capex profile that won't generate FCF until QB2 ramps fully in 2027+. I dissent from the synthesis "Disconnected from Fundamentals" verdict — the multiple isn't egregious for a copper pure-play — but I also dissent from any bullish read that extrapolates Q1'26 margins. Fair value sits in the $55-65 range assuming mid-cycle copper; downside to $40-45 in a recession; upside to $75-80 only if copper sustains $5+/lb through 2026. At $61.67 you're paying fair price for cyclical risk with no margin of safety, and the negative FCF means you're funding growth from the balance sheet, not earnings.
GPT Critique
Teck Resources Limited's recent financial trajectory highlights its significant recovery from a 2024 trough to more robust figures in early 2026. The quarterly revenue uptick from $1.80 billion in Q2 2024 to $3.94 billion in Q1 2026, coupled with improving net margins, underscores a cyclical rebound typical of the mining sector. The 2025 annual revenue of $10.75 billion and net income of $1.40 billion mark a notable recovery, though still a far cry from the 2022 peak. A standout point for me is the substantial cash and equivalents of $5.01 billion, which provides Teck with a solid liquidity base amid ongoing negative free cash flow challenges. The high operating cash flow of $1.04 billion contrasts with the negative free cash flow of -$1.02 billion, indicating heavy capital expenditures that pressure cash reserves.
I align with Opus's critique of the synthesis verdict that labels Teck as "Disconnected from Fundamentals." The assertion of a 40-50% premium based on traditional mining valuations fails to account for Teck's strategic shift towards a copper-centric focus after divesting its coal business. This shift justifies a re-rating with valuations more aligned with other copper producers, like Freeport-McMoRan and Southern Copper, which operate at higher P/S ratios. Opus rightly points out that an EV/EBITDA of 8.8x fits within the typical range for copper miners, reinforcing the notion that Teck's current market pricing reflects its new business model rather than an unjustifiable premium. However, I diverge slightly from Opus on the implied fair value range. I see a slightly wider fair value range of $50-70, considering the volatility and uncertainty in global copper pricing.
Where I agree with Opus is regarding the bear case. The negative free cash flow situation, driven by substantial capex needs for growth projects like QB2, is a real concern. This, coupled with a modest ROIC of 4.2%, suggests that while the company is on a path to transformation, its current financial metrics do not support a bullish stance without significant copper price tailwinds. The suspicion that Q1 2026's strong performance might reflect peak copper prices is valid, and a recalibration to more conservative copper pricing assumptions could diminish perceived profitability.
A skeptic might argue that both Opus and I are potentially underestimating the downside risks in a global economic slowdown, particularly if China's growth falters more than expected or if decarbonization accelerates faster than anticipated, impacting steelmaking coal demand. They might also point out that Teck's strategic pivot to copper, while promising, is not immune to commodity price volatility, and the substantial capex commitments could strain financials if market conditions turn adverse.