Teck Resources (TSE:TECK.B)
TSX:TECK.B
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Teck Resources
(TSX:TECK.B)
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Rating:57Neutral
Price Target:
C$70.00
▼(-4.77% Downside)
Action:ReiteratedDate:03/31/26
The score is held back primarily by inconsistent and recently weaker cash flow and by negative near-term technical momentum (below key short-term averages with a negative MACD). These are partially offset by a solid balance sheet and a constructive earnings-call backdrop (reaffirmed multi-year guidance, strong liquidity, and copper-focused momentum), though higher capex and weaker zinc outlook temper the overall profile.
Positive Factors
Balance sheet & liquidity
Teck's large liquidity pool and manageable leverage provide durable funding flexibility to support multi-year projects, TMF remediation and cyclical working capital swings. A strong cash buffer and low debt-to-equity (~0.38–0.41) reduce refinancing risk and preserve strategic optionality over 2–6 months and beyond.
Negative Factors
Inconsistent cash generation
Volatile operating and free cash flow reduces financial flexibility during peak investment years and weak commodity cycles. Inconsistent cash conversion increases reliance on liquidity buffers or external funding to cover capex, TMF works and shareholder returns, raising structural funding and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet & liquidity
Teck's large liquidity pool and manageable leverage provide durable funding flexibility to support multi-year projects, TMF remediation and cyclical working capital swings. A strong cash buffer and low debt-to-equity (~0.38–0.41) reduce refinancing risk and preserve strategic optionality over 2–6 months and beyond.
Read all positive factors
Teck Resources (TECK.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$35.95B
Dividend Yield0.78%
Average Volume (3M)1.30M
Price to Earnings (P/E)23.2
Beta (1Y)1.88
Revenue Growth-29.29%
EPS Growth178.41%
CountryCA
Employees7,200
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)1.37
Shares Outstanding481,500,000
10 Day Avg. Volume1,228,445
30 Day Avg. Volume1,304,611
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$77.94Price Target Upside6.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)3.79
Revenue Forecast (FY)C$13.00B
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 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:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call presented strong financial and operational momentum: sizeable increases in adjusted EBITDA (81% Q4, 48% full year), a roughly 50% adjusted EBITDA margin in Q4, QB operational improvements, sanctioned HVC MLE, robust liquidity and attractive copper market dynamics. These positives are tempered by significant near-term and medium-term challenges: two fatalities at Antamina, a marked decline in zinc production and materially higher zinc unit costs in 2026, elevated peak capital spending and multi-year deferred stripping, and short-term logistics/sales timing effects. The strategic merger with Anglo American and clear TMF progress at QB underpin confidence, but execution and safety remain focal risks going forward.Positive Updates
Strong Quarterly and Annual Profitability
Adjusted EBITDA rose 81% in Q4 to $1.5 billion and increased 48% for the full year to $4.3 billion versus 2024; Q4 adjusted EBITDA margin was approximately 50%, one of the strongest quarterly margins in recent years.
Negative Updates
Fatal Safety Events at Antamina
There were 2 fatal events at Antamina in 2025; company expressed condolences and indicated ongoing investigations and support, marking a serious safety setback despite overall improvement in HPI frequency.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarterly and Annual Profitability
Adjusted EBITDA rose 81% in Q4 to $1.5 billion and increased 48% for the full year to $4.3 billion versus 2024; Q4 adjusted EBITDA margin was approximately 50%, one of the strongest quarterly margins in recent years.
Read all positive updates
Company Guidance
Teck reaffirmed its 2026–2028 operating and net‑cash‑unit‑cost guidance while updating select items: copper production of 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); zinc and concentrate guidance cut to 410,000–460,000 t (2025: 565,000 t) after a 20,000‑t Antamina revision, refined zinc guidance unchanged at 190,000–230,000 t and zinc net cash unit costs guided at USD 0.65–0.85/lb (2025: USD 0.33/lb); QB TMF downtime is expected but fully reflected in guidance, with QB TMF capex USD 390–460M and total sustaining/TMF capex USD 1.8–2.1B; growth capex is USD 1.5–1.9B (including HVC MLE USD 900–1,200M and Red Dog MLE USD 200–250M), for total 2026 capex of USD 2.8–3.4B (USD 3.2–4.0B including capitalized stripping); HVC engineering is >80% complete; at USD 5.50/lb copper Teck models ~USD 6.2B EBITDA and ~USD 4.3B operating cash flow (rising to ~USD 6.9B / USD 4.8B at USD 6.00/lb); year‑end net cash was USD 150M with USD 9.3B liquidity (cash USD 5.2B), and the company returned USD 1.3B to shareholders in 2025.Teck Resources Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
45
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 | 5.97B | 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
73.51
Price Trends
74.22
Negative
68.57
Positive
60.72
Positive
Market Momentum
-0.79
Negative
55.61
Neutral
92.91
Negative
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 73.51 is above the 20-day moving average (MA) of 68.77, below the 50-day MA of 74.22, and above the 200-day MA of 60.72, indicating a neutral trend. The MACD of -0.79 indicates Negative momentum. The RSI at 55.61 is Neutral, neither overbought nor oversold. The STOCH value of 92.91 is Negative, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | C$1.51B | 7.36 | 49.14% | 9.17% | 34.89% | 67.31% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | C$35.95B | 23.18 | 5.59% | 0.78% | -29.29% | 178.41% | |
54 Neutral | C$14.89B | 58.54 | 5.71% | ― | ― | 97.71% | |
52 Neutral | C$6.00B | -15.51 | -116.13% | ― | 7.50% | -508.68% | |
42 Neutral | C$5.24B | -20.54 | -131.76% | ― | ― | 44.04% | |
42 Neutral | C$1.95B | -8.53 | -17.37% | ― | ― | -465.27% |
* Basic Materials Sector Average
TSE:TECK.B
Teck Resources
73.51
30.63
71.44%
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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.