Teck Resources (TSE:TECK.B)
NYSE:TECK.B
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Teck Resources
(NYSE:TECK.B)
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Rating:73Outperform
Price Target:
C$104.00
▲(27.95% Upside)
Action:Upgraded
Date:04/24/26
The score is driven primarily by strong technical momentum (price above major moving averages and positive MACD) and a positive earnings-call backdrop with solid cash generation and reaffirmed guidance. Offsetting factors are mixed financial quality due to volatile and modest free cash flow and a valuation that looks less compelling for a cyclical business given a ~23x P/E and low dividend yield.
Positive Factors
Copper production & margins
Sustained higher copper volumes and materially improved margins create durable cash generation potential. Record sales and a 52% gross margin widen operating leverage, supporting project funding and debt coverage. Higher base copper output reduces per-unit cost risk and strengthens long-term earnings resilience.
Negative Factors
Volatile and modest free cash flow
Persistent FCF volatility and modest absolute free cash constrain long-term capital returns and strategic flexibility. High capex and working-capital swings mean operating cash lags net income at times, forcing reliance on liquidity or funding for sustained investments and limiting consistent debt reduction or dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
Copper production & margins
Sustained higher copper volumes and materially improved margins create durable cash generation potential. Record sales and a 52% gross margin widen operating leverage, supporting project funding and debt coverage. Higher base copper output reduces per-unit cost risk and strengthens long-term earnings resilience.
Read all positive factors
Teck Resources (TECK.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$42.41B
Dividend Yield0.78%
Average Volume (3M)1.04M
Price to Earnings (P/E)22.9
Beta (1Y)1.94
Revenue Growth5.10%
EPS Growth429.79%
CountryCA
Employees7,200
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)3.78
Shares Outstanding482,000,000
10 Day Avg. Volume1,196,535
30 Day Avg. Volume1,036,472
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$84.86Price Target Upside4.40% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)4.86
Revenue Forecast (FY)C$14.21B
Teck Resources Business Overview & Revenue Model
Company Description
Teck Resources Limited, a Vancouver-headquartered Canadian corporation established in 1913 (and known as Teck Cominco Limited until its 2009 rebranding), stands as a significant entity in the natural resources industry. The company's global operat...
How the Company Makes Money
Teck makes money mainly by producing and selling mined commodities, with revenue largely determined by sales volumes and prevailing market prices.
Key revenue streams include:
- Steelmaking (metallurgical) coal sales: Teck produces metallurgical ...
Teck Resources Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presented a markedly positive operational and financial picture: adjusted EBITDA and copper performance surged, cash generation and liquidity strengthened, major projects (Highland Valley MLE and QB TMF) progressed materially, and the Anglo merger is advancing. Key challenges include remaining TMF execution work and infrastructure timing, elevated zinc unit-cost guidance driven by lower zinc volumes, a large seasonal working-capital build, and macro cost risk from higher diesel/WTI. Despite these project and macro risks, management maintained guidance and highlighted strong near-term cash flow sensitivity to sustained high copper prices.Positive Updates
Adjusted EBITDA More Than Doubled
Adjusted EBITDA increased 125% year-over-year to $2.1 billion in Q1 2026, driven by record copper sales volumes, higher commodity prices and optimized feed at Trail.
Negative Updates
Operational Availability and Utilization Impacts
Mill availability at QB was down to 92% QoQ and asset utilization was 87% due to planned scheduled maintenance and a shorter operating month in February, though management says guidance is intact.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted EBITDA More Than Doubled
Adjusted EBITDA increased 125% year-over-year to $2.1 billion in Q1 2026, driven by record copper sales volumes, higher commodity prices and optimized feed at Trail.
Read all positive updates
Company Guidance
Teck reiterated unchanged 2026 guidance and gave scenario-based outlooks: Q1 adjusted EBITDA was $2.1B (53% margin) and operating cash flow was $1.0B, and Management estimated full‑year EBITDA of ~$6.6B and operating cash of ~$5.5B if copper averages $5.50/lb for the rest of the year (rising to ~ $7.1B EBITDA and ~$5.9B operating cash if copper holds near $6.00/lb). Copper guidance remains 455,000–530,000 t in 2026 (Q1 copper production 140,000 t; QB Q1 production 56,000 t and sales 70,000 t) with net cash unit costs of $1.85–$2.20/lb (sensitivity: $10/oz silver = $0.02/lb; $10/bbl WTI = $0.03/lb; guidance assumes silver $36/oz and WTI $65/bbl). Highland Valley MLE capex is unchanged at $900–$1,200M for 2026 and $2.1–$2.4B total (Q1 spend $188M), targeting ~132,000 tpa copper and life to 2046; capitalized stripping guidance is $450–$500M. Zinc guidance remains 410,000–460,000 t in concentrate and 190,000–230,000 t refined with zinc net cash unit costs $0.65–$0.75/lb (Q1 zinc gross profit $387M; Trail gross profit before D&A $258M). Balance sheet metrics: net cash increased $338M in Q1 to $488M, additional $276M cash in April, and liquidity of $9.8B; dividend $0.50/share ($61M Q1). QB TMF milestones: Rock Bench 4 complete, Rock Bench 5 expected by end‑Q2, and steady‑state tailings operations targeted by year‑end.Teck Resources Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.41B | 10.76B | 9.06B | 15.01B | 17.32B | 13.48B |
| Gross Profit | 3.76B | 2.35B | 1.61B | 5.14B | 8.57B | 5.08B |
| EBITDA | 4.88B | 3.67B | 1.92B | 5.97B | 8.44B | 6.37B |
| Net Income | 1.85B | 1.40B | 406.00M | 2.41B | 3.32B | 2.87B |
Balance Sheet | ||||||
| Total Assets | 46.64B | 45.44B | 47.04B | 56.19B | 52.36B | 47.37B |
| Cash, Cash Equivalents and Short-Term Investments | 5.43B | 5.01B | 7.59B | 744.00M | 1.88B | 1.43B |
| Total Debt | 9.77B | 9.61B | 9.96B | 11.09B | 10.02B | 9.33B |
| Total Liabilities | 19.43B | 19.43B | 19.94B | 27.90B | 25.85B | 23.59B |
| Stockholders Equity | 26.27B | 25.10B | 26.08B | 26.99B | 25.47B | 23.00B |
Cash Flow | ||||||
| Free Cash Flow | 482.00M | -1.02B | 155.00M | -1.70B | 2.52B | 25.00M |
| Operating Cash Flow | 2.78B | 1.04B | 2.79B | 4.08B | 7.98B | 4.74B |
| Investing Cash Flow | -2.17B | -2.00B | 6.17B | -4.76B | -5.68B | -4.82B |
| Financing Cash Flow | -1.21B | -1.32B | -2.56B | -469.00M | -1.99B | 1.06B |
Teck Resources Technical Analysis
Positive
81.28
Price Trends
82.71
Positive
78.47
Positive
68.51
Positive
Market Momentum
2.28
Positive
48.50
Neutral
23.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TECK.B, the sentiment is Positive. The current price of 81.28 is below the 20-day moving average (MA) of 89.46, below the 50-day MA of 82.71, and above the 200-day MA of 68.51, indicating a neutral trend. The MACD of 2.28 indicates Positive momentum. The RSI at 48.50 is Neutral, neither overbought nor oversold. The STOCH value of 23.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TECK.B.
Teck Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | C$1.77B | 8.40 | 39.07% | 9.17% | 36.51% | 80.51% | |
73 Outperform | C$42.41B | 22.92 | 7.35% | 0.78% | 5.10% | 429.79% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$16.39B | 88.77 | 2.32% | ― | 336.94% | -70.03% | |
47 Neutral | C$2.23B | -9.94 | -12.78% | ― | ― | -161.83% | |
46 Neutral | C$6.51B | -48.21 | -59.18% | ― | 72.91% | -172.72% | |
46 Neutral | C$4.53B | -18.18 | -185.40% | ― | ― | -32.52% |
* Basic Materials Sector Average
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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.