| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 62 | 21.4x | 17.8x | Around median | |
Growth | 77 | 40.5% | 7.1% | Top tier | |
Quality | 49 | 7.8% | 4.5% | Around median | |
Safety | 75 | 0.6x | 2.6x | Top tier | |
Capital Return | 79 | — | 2.12% | Top tier | |
Momentum | 89 | 90.5% | 2.9% | Top tier | |
Sentiment | 89 | 15 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Teck Resources Limited produces copper and zinc and processes minerals, with earnings driven by production volumes, commodity prices, and by-products. Its copper business includes the QB, Highland Valley, and Antamina operations, while its zinc business includes the Red Dog mine and Trail operations; the company also benefits from by-products such as molybdenum, silver, lead, and germanium. In fiscal year 2025, revenue was $10.8 billion, gross profit was $2.7 billion, net income was $1.1 billion, and earnings per share were $2.83, compared with revenue of $9.1 billion and net income of $283 million in fiscal year 2024.
In Q2 of fiscal year 2026, copper production increased by approximately 25% year over year, and gross profit before depreciation and amortization in the copper business more than doubled to $1.8 billion, with its margin reaching 65% versus 46%. In the zinc business, gross profit before depreciation and amortization increased by 122% to $353 million, and its margin improved to 39% from 28%, driven particularly by Trail's performance and by-product prices. At the group level, adjusted EBITDA tripled to $2.2 billion, and its margin reached a record 61% versus 36% in Q2 of fiscal year 2025, while cash flow from operations was $1.7 billion.
The results reflected a combination of higher copper prices, increased production and sales, improved by-product revenue, and lower operating costs overall despite higher oil prices. The copper business's adjusted EBITDA margin was 70% versus 45% a year earlier, while the zinc business's margin was 38% versus 25%. Cash generation increased net cash by $756 million during Q2 of fiscal year 2026 to $1.2 billion as of June 30, 2026, with liquidity of $10.3 billion, including $6.1 billion in cash.
The analyst consensus is “Buy,” with an average price target of $68 and both the highest and lowest targets at $68; this uniformity means the data do not provide a diverse range of analyst estimates. The target is below the 52-week high of $71.93, while the range extends down to $31.68, a breadth consistent with Teck's sensitivity to commodity prices, QB stability, and the progress of the Anglo American merger.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
The improvement came from higher commodity prices, including a record average copper price, and an approximately 25% year-over-year increase in copper production. Adjusted EBITDA tripled to $2.2 billion, and its margin increased to 61% from 36% in Q2 of fiscal year 2025. By-products, particularly molybdenum, silver, and zinc, also supported lower net unit costs and higher margins.
In Q2 of fiscal year 2026, QB recorded its third consecutive quarter of stable operations, without a shutdown related to the tailings management facility during that period. Copper production was 55.8 thousand tonnes, compared with 52.7 thousand tonnes in Q2 of fiscal year 2025, with throughput and recovery rates stable within full-year guidance. Rock Bench 5 work was also completed, and the company aims to install a secondary sand cyclone system by the end of fiscal year 2026.
The Highland Valley mine life extension project aims to keep the mine operating until 2046, with average annual production of approximately 132 thousand tonnes of copper. In Q2 of fiscal year 2026, detailed engineering was approximately 95% complete, and the company invested $254 million of project capital. Teck expects to spend $900 million to $1.2 billion during fiscal year 2026 and $2.1 billion to $2.4 billion over the life of the project.
Automated analysis for informational purposes only — not investment advice.
During the July 23, 2026 call, Teck said the merger of equals was awaiting the remaining regulatory approval in China and that the process was proceeding through the customary review without any request for remedies. Management maintained the completion timeframe at 12 to 18 months from the September 2025 announcement and indicated that the transaction could close approximately two weeks after approval. Meanwhile, the teams are working to align operations, systems, organizational structures, and synergy realization plans, with both companies continuing to operate independently until closing.
The company expects to produce 455 thousand to 530 thousand tonnes of copper in fiscal year 2026, compared with 454 thousand tonnes in fiscal year 2025. For zinc, guidance is 410 thousand to 460 thousand tonnes of zinc in concentrate and 190 thousand to 230 thousand tonnes of refined zinc. Management maintained these ranges unchanged, with lower production expected at Highland Valley and Antamina during the second half of fiscal year 2026 and planned shutdowns at Trail during Q4 of fiscal year 2026.
Liquidity was $10.3 billion as of June 30, 2026, including $6.1 billion in cash, while net cash reached $1.2 billion. Operations generated $1.7 billion in cash in Q2 of fiscal year 2026, increasing net cash by $756 million during the quarter. Copper net cash costs decreased to $1.64 per pound from $2.02, while zinc costs decreased to $0.35 per pound from $0.49 due to higher production, by-product credits, and lower treatment charges.
