Teck Resources Limited
- Open
- 70.25
- Day high
- 70.25
- Day low
- 67.86
- Prev close
- 69.34
- Volume
- 2.6M
- Mkt cap
- $33.4B
- P/E (TTM)
- 18.5
- EPS (TTM)
- $3.67
- P/B
- 1.7
- P/S
- 3.3
- Yield
- 0.26%
- Per share
- $0.18
Teck Resources Limited (TECK) is a Basic Materials company listed on NYSE. The stock is up 104% over the past year. Drillr has 2 published research articles covering TECK.
Teck Resources Limited (TECK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TECK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $0.95 | $1.39 | +46.2% | $2.5B | +6.5% |
| Apr 23, 2026 | $0.76 | $1.28 | +69.5% | $2.8B | +23.1% |
| Feb 19, 2026 | $0.58 | $0.98 | +68.4% | $2.2B | -1.0% |
| Oct 22, 2025 | $0.39 | $0.55 | +41.0% | $2.4B | +17.5% |
| Sep 9, 2025 | — | $0.30 | — | $1.5B | — |
| Apr 24, 2025 | $0.25 | $0.42 | +67.9% | $1.6B | +7.5% |
| Feb 20, 2025 | $0.26 | $0.33 | +26.9% | $1.9B | +6.6% |
| Oct 24, 2024 | $0.29 | $0.44 | +51.7% | $2.1B | +0.3% |
| Jul 24, 2024 | $0.53 | $0.58 | +10.3% | $1.3B | -54.7% |
| Apr 25, 2024 | $0.62 | $0.56 | -10.3% | $1.2B | -60.6% |
| Feb 22, 2024 | $1.01 | $1.02 | +1.0% | $2.2B | -2.0% |
| Jul 27, 2023 | $0.96 | $0.92 | -4.0% | $1.9B | -6.8% |
TECK research & analysis
ERD, LGO: China Export Curbs Push Buyers to Unstudied Deposits
Erdene and Largo say buyers are approaching molybdenum and tungsten assets with no current study - one pre-PEA, one idle since 2012 - after China tightened export licensing.
6998.TCGAUERDErdene (ERD), Largo (LGO): Tungsten and Molybdenum Buyers Reach Undeveloped Mines
Erdene and Largo told August 2026 calls that Asian buyers and unsolicited bidders approached their undeveloped molybdenum and tungsten assets before any study.
6998.TCGAUERD
Teck Resources Limited company profile
Overview
Teck Resources Limited (TSX:TECK) is a Canadian mining company founded in 1913 and headquartered in Vancouver, Canada. Originally known as Teck Cominco Limited until 2009, the company has undergone a significant strategic transformation in recent years. In 2024, Teck completed the sale of its steelmaking coal business for $8.6 billion, repositioning itself as a pure-play energy transition metals company focused on copper and base metals production. The company operates mining assets across North America, South America, and has exploration projects in multiple countries including Australia, Chile, Ireland, Mexico, Peru, Turkey, and the United States.
Business
Teck Resources operates as a diversified mining company specializing in the extraction and production of metals critical to the global energy transition and industrial applications. The company's operations are organized into several key business segments: **Copper Segment** (representing the largest growth focus): Teck produces copper concentrate primarily from its flagship Quebrada Blanca Phase 2 (QB2) project in Chile, which began production in 2023, and through its stake in the Antamina mine in Peru. Copper is an essential metal for electrical infrastructure, renewable energy systems, and electric vehicles due to its superior conductivity properties. The company aims to increase copper production to 800,000 tons annually by the end of the decade. **Zinc Segment**: The company operates the Red Dog mine in Alaska, one of the world's largest zinc mines, producing zinc concentrates that are processed at Teck's Trail smelter in British Columbia. Zinc is primarily used for galvanizing steel to prevent corrosion, making it essential for construction and automotive industries. The Trail operations also produce specialty metals including germanium and indium, which are critical for semiconductor and renewable energy applications. **Energy Segment** (legacy operations): Though significantly reduced following the coal business sale, Teck retains some energy-related assets including interests in oil sands projects in Alberta's Athabasca region, though these represent a minimal portion of current operations. The company's revenue is now primarily driven by copper (expected to represent over 60% of future production value) and zinc operations, with copper being the strategic focus given its critical role in electrification and renewable energy infrastructure.
Revenue model
Teck Resources generates revenue through the direct sale of mined commodities to industrial customers, smelters, and trading companies. The company's business model is fundamentally tied to commodity prices and production volumes, operating as a price-taker in global metals markets. **Revenue Streams**: The company sells copper concentrates, zinc concentrates, refined zinc, lead, silver, and specialty metals like germanium and indium. Customers include steel producers, metal traders, smelters, and manufacturers in automotive, construction, and technology sectors. Revenue fluctuates significantly based on global commodity prices - for example, copper prices directly impact the company's largest profit center. **Cost Structure and Margin Drivers**: Teck's profitability is heavily influenced by several factors. **Positive margin drivers** include higher commodity prices (particularly copper and zinc), operational efficiency improvements, favorable exchange rates (as costs are often in Canadian dollars while sales are in US dollars), and byproduct credits from silver, gold, and specialty metals production. The company has achieved significant cost reductions, including a 21% decrease in corporate costs in 2024. **Margin Pressures** come from input cost inflation (energy, labor, consumables), regulatory changes, environmental compliance costs, and unfavorable weather conditions affecting operations. The QB2 project faced cost overruns, with capital costs reaching $8.0-8.2 billion, demonstrating the challenges of large-scale mining project execution. **Capital Allocation Philosophy**: Following the coal business divestiture, Teck committed to returning 30-100% of available cash flows to shareholders through dividends and share buybacks, while maintaining investment in near-term copper growth projects. The company returned $1.8 billion to shareholders in 2024 and authorized a $3.25 billion share buyback program.
Competitive moat
Teck Resources operates in a commodity business with limited traditional moats, though the company possesses several competitive advantages that provide some protection. **Asset Quality** represents the strongest moat element - the company owns world-class, long-life mining assets including the Red Dog zinc mine (one of the world's largest) and the newly operational QB2 copper project. These assets have decades of remaining mine life and are located in relatively stable jurisdictions. **Operational Integration** provides additional competitive strength, particularly through the Trail smelter complex, which processes Red Dog concentrates and produces high-value specialty metals like germanium critical for semiconductor applications. This vertical integration reduces transportation costs and creates additional revenue streams from byproducts. **Geographic and Political Advantages** include operations in stable jurisdictions (Canada, Alaska) and established relationships with local communities and governments. However, the company also faces exposure to more challenging jurisdictions through its South American operations. **Limitations of the Moat**: The fundamental weakness is that Teck operates as a price-taker in commodity markets with limited ability to differentiate products or command premium pricing. New mining projects face increasingly complex permitting processes, higher environmental standards, and community opposition. The company competes with global mining giants like BHP, Rio Tinto, and Freeport-McMoRan, who have larger scale and more diversified portfolios. **Disruption Risks** include potential substitution of metals in certain applications, recycling improvements reducing primary demand, and geopolitical shifts affecting trade relationships. The energy transition, while creating copper demand, could also drive innovation in alternative materials or more efficient usage.
Risks & safety
Teck Resources demonstrates a strong financial position following its strategic transformation, though with some operational execution risks: **Liquidity and Solvency**: - Strong cash position of $4.3 billion and current ratio of 3.36 - Net cash position of $764 million after debt reduction - Debt-to-equity ratio of 0.38, indicating conservative leverage - No immediate solvency concerns **Operational Cash Flow**: - Negative operating cash flow of -$358 million in Q1 2025 due to QB2 ramp-up costs - Free cash flow of -$631 million in Q1 2025, reflecting heavy capital investment phase - Historical strong cash generation capability demonstrated in prior periods **Valuation Metrics**: - P/E ratio of 17.8 appears reasonable for a cyclical commodity company - EV/EBITDA of 7.3 suggests moderate valuation - Price-to-book ratio of 1.02 indicates trading near book value **Key Risk Factors**: - QB2 project execution risk as ramp-up continues - Commodity price volatility exposure - Capital intensity of growth projects requiring continued investment - Operational challenges at QB2 affecting near-term cash generation
Recent development
Teck Resources has undergone a dramatic strategic transformation over the past two years, fundamentally reshaping its business model and focus. **The most significant development** was the completion of the steelmaking coal business sale to Glencore for $8.6 billion in 2024, which transformed Teck from a diversified mining company into a pure-play energy transition metals company focused on copper and base metals. **QB2 Project Ramp-up** represents the company's primary operational focus, with the flagship copper project in Chile beginning production in 2023. The project faced initial challenges including construction delays, cost overruns reaching $8.0-8.2 billion, and operational difficulties during ramp-up. However, the company has made steady progress, achieving design throughput rates and improving recoveries to approximately 85%. Production guidance for 2025 is 230,000-270,000 tons of copper. **Capital Allocation Revolution**: Following the coal sale, Teck implemented an aggressive shareholder return program, returning $1.8 billion in 2024 through dividends and share buybacks. The company authorized a $3.25 billion share buyback program and committed to returning 30-100% of available cash flows to shareholders while maintaining investment in growth projects. **Copper Growth Strategy**: Management has outlined an ambitious plan to increase copper production to 800,000 tons annually by the end of the decade through several near-term projects including Highland Valley mine life extension, Zafranal project in Peru, and San Nicolas project in Mexico. The company is also pursuing QB2 optimization opportunities that could increase production by 10% with current permits. **Operational Excellence Focus**: The company achieved a 21% reduction in corporate costs ($88 million) in 2024 and continues to focus on cost discipline and operational improvements across all assets. The Trail operations have shown improved profitability through cost structure improvements and enhanced byproduct sales.
TECK company profile · for informational purposes only — not investment advice.
Track TECK with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free