Teck Resources Limited (TSE:TECK.A)
TSX:TECK.A
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Teck Resources
(TSX:TECK.A)
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Rating:61Neutral
Price Target:
C$71.00
▼(-3.02% Downside)
Action:ReiteratedDate:03/31/26
The score is primarily driven by mixed financial quality (solid leverage and historical profitability, but uneven and recently weaker cash generation) and a constructive earnings-call outlook for copper offset by higher capex, weaker zinc expectations, and safety issues. Technical indicators add near-term caution, while valuation provides only moderate support.
Positive Factors
Transformational Merger
The Anglo American merger is a structural scale shift that creates a top‑5 copper producer with combined ~1.2Mt annual copper and announced tangible synergies of $800M plus a roadmap to $1.4B more. This materially strengthens market position, diversification and medium-term cost and capital efficiency potential.
Negative Factors
Zinc Production Decline
A sharp downgrade in zinc and concentrate volumes materially weakens a key diversification pillar. Lower output reduces by‑product credits and segment cash generation, while greater reliance on copper raises earnings cyclicality and exposes the firm to concentrated commodity risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Transformational Merger
The Anglo American merger is a structural scale shift that creates a top‑5 copper producer with combined ~1.2Mt annual copper and announced tangible synergies of $800M plus a roadmap to $1.4B more. This materially strengthens market position, diversification and medium-term cost and capital efficiency potential.
Read all positive factors
Teck Resources (TECK.A) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$37.71B
Dividend Yield0.78%
Average Volume (3M)5.53K
Price to Earnings (P/E)23.2
Beta (1Y)1.74
Revenue Growth-29.29%
EPS Growth178.41%
CountryCA
Employees7,200
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)1.37
Shares Outstanding7,600,000
10 Day Avg. Volume5,070
30 Day Avg. Volume5,533
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.29
Price to Sales (P/S)3.02
P/FCF Ratio-31.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$80.50Price Target Upside9.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.91
Revenue Forecast (FY)C$13.09B
Teck Resources Business Overview & Revenue Model
Company Description
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. The company's principal...
How the Company Makes Money
Teck makes money primarily by producing and selling mined commodities to industrial customers under a mix of spot-market sales and longer-term supply arrangements, with revenue largely tied to global commodity prices and sales volumes.
Key revenu...
Teck Resources Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
Overall the call was predominantly positive: the company reported very strong Q4 and full-year adjusted EBITDA growth (Q4 +81%, FY +48%), achieved substantial operational progress at QB and sanctioned/advanced major growth projects (HVC MLE), and announced a transformational merger with Anglo American that could materially enhance scale and synergies. Offsetting items include significant declines and higher unit costs expected in the zinc business, elevated 2026 capital requirements and deferred stripping through 2028, operational shipment timing impacts, and two fatalities at Antamina. On balance, the positive financial results, strategic merger, operational remediation at QB, sustainability milestones and strong market fundamentals for copper outweigh the notable challenges in zinc and near-term capex and safety issues.Positive Updates
Transformational Merger with Anglo American
Announced merger of equals with Anglo American to create a top-5 global copper producer; combined expected annual copper production ~1.2 million tonnes. Transaction targeted to close within 12–18 months, majority of regulatory approvals obtained (pending China and South Korea). Expected tangible synergies of USD 800 million per year and roadmap to unlock an additional USD 1.4 billion of annual underlying EBITDA uplift from adjacencies.
Negative Updates
Fatal Events at Antamina
Two fatal events occurred at Antamina in 2025. Company expressed condolences and is supporting investigations and industry-wide learning. This is a significant safety and human impact despite overall improvement in high-potential incident metrics.
Read all updates
Q4-2025 Updates
Positive
Negative
Transformational Merger with Anglo American
Announced merger of equals with Anglo American to create a top-5 global copper producer; combined expected annual copper production ~1.2 million tonnes. Transaction targeted to close within 12–18 months, majority of regulatory approvals obtained (pending China and South Korea). Expected tangible synergies of USD 800 million per year and roadmap to unlock an additional USD 1.4 billion of annual underlying EBITDA uplift from adjacencies.
Read all positive updates
Company Guidance
Teck reaffirmed 2026–2028 guidance while updating several specifics: Copper production is guided to 455,000–530,000 t in 2026 (vs. 454,000 t in 2025) with 2026 copper net cash unit costs of USD 1.85–2.20/lb (2025: USD 2.03/lb); QB delivered 55,000 t in Q4 (up 16,000 t vs Q3) and QB TMF is expected to be no longer constraining by year-end 2026 with steady‑state operations from 2027, including secondary cyclone installation in H2; Antamina zinc/concentrate guidance was reduced by 20,000 t for 2026. Zinc and concentrate production is guided to 410,000–460,000 t (2025: 565,000 t), refined zinc 190,000–230,000 t, and 2026 zinc net cash unit costs USD 0.65–0.85/lb (2025: USD 0.33/lb). 2026 is expected to be a peak capital year: sustaining + capitalized stripping + QB TMF capital of USD 1.8–2.1 billion (including QB TMF USD 390–460 million), growth capital USD 1.5–1.9 billion (including HVC MLE USD 900–1,200 million and Red Dog MLE USD 200–250 million), total capex USD 2.8–3.4 billion (USD 3.2–4.0 billion including capitalized stripping), with elevated deferred stripping into ~2028. At an average copper price of USD 5.50/lb Teck projects ~USD 6.2 billion EBITDA and ~USD 4.3 billion operating cash flow (USD 6.9B EBITDA / USD 4.8B OCF at USD 6.00/lb); periodic TMF-related plant downtime is reflected in the 2026 guidance.Teck Resources Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
48
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.76B | 9.06B | 15.01B | 17.32B | 13.48B |
| Gross Profit | 2.35B | 1.61B | 5.14B | 8.57B | 5.08B |
| EBITDA | 3.67B | 1.92B | 5.88B | 8.44B | 6.37B |
| Net Income | 1.40B | 406.00M | 2.41B | 3.32B | 2.87B |
Balance Sheet | |||||
| Total Assets | 45.44B | 47.04B | 56.19B | 52.36B | 47.37B |
| Cash, Cash Equivalents and Short-Term Investments | 5.01B | 7.59B | 744.00M | 1.88B | 1.43B |
| Total Debt | 9.61B | 9.96B | 11.09B | 10.02B | 9.33B |
| Total Liabilities | 19.43B | 19.94B | 27.90B | 25.85B | 23.59B |
| Stockholders Equity | 25.10B | 26.08B | 26.99B | 25.47B | 23.00B |
Cash Flow | |||||
| Free Cash Flow | -1.02B | 155.00M | -1.70B | 2.52B | 25.00M |
| Operating Cash Flow | 1.04B | 2.79B | 4.08B | 7.98B | 4.74B |
| Investing Cash Flow | -2.00B | 6.17B | -4.76B | -5.68B | -4.82B |
| Financing Cash Flow | -1.32B | -2.56B | -469.00M | -1.99B | 1.06B |
Teck Resources Technical Analysis
Positive
73.21
Price Trends
74.60
Negative
69.08
Positive
61.26
Positive
Market Momentum
-0.32
Negative
53.82
Neutral
84.31
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TECK.A, the sentiment is Positive. The current price of 73.21 is above the 20-day moving average (MA) of 69.57, below the 50-day MA of 74.60, and above the 200-day MA of 61.26, indicating a neutral trend. The MACD of -0.32 indicates Negative momentum. The RSI at 53.82 is Neutral, neither overbought nor oversold. The STOCH value of 84.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TECK.A.
Teck Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | C$37.71B | 23.18 | 5.59% | 0.78% | -29.29% | 178.41% | |
54 Neutral | C$15.63B | 58.54 | 4.76% | ― | ― | 97.71% | |
52 Neutral | C$6.83B | -15.51 | -116.13% | ― | 7.50% | -508.68% | |
46 Neutral | C$3.14B | -2,466.70 | -2.00% | ― | ― | -103.83% | |
43 Neutral | C$5.95B | -42.19 | -70.32% | ― | ― | -122.31% | |
42 Neutral | C$5.25B | -20.54 | -131.76% | ― | ― | 44.04% |
* Basic Materials Sector Average
TSE:TECK.A
Teck Resources
77.77
30.92
66.02%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.