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Teck Resources
(TSX:TECK.A)
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Rating:70Neutral
Price Target:
C$105.00
▲(8.74% Upside)
Action:Reiterated
Date:07/24/26
The score is driven primarily by improving financial performance in the current cycle and a strong, upbeat earnings update (tripled EBITDA, record margins, stronger cash/liquidity, and better unit costs). Offsetting this are mixed cash-flow consistency, only neutral technical momentum (negative MACD), and a less supportive valuation profile (P/E ~22.3 with ~0.59% yield).
Positive Factors
Improved earnings and liquidity
The sharp increase in EBITDA and operating cash flow strengthens Teck’s ability to fund mine development, reduce debt, and withstand commodity-cycle pressure. Higher liquidity also provides flexibility to manage major projects and sustain operations through weaker market periods.
Negative Factors
Commodity-cycle exposure
Teck’s earnings remain sensitive to copper, zinc, by-product, and energy prices because its revenue is tied to mined commodity sales. Persistent price and cost volatility can compress margins, reduce cash generation, and make results less predictable across the operating cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved earnings and liquidity
The sharp increase in EBITDA and operating cash flow strengthens Teck’s ability to fund mine development, reduce debt, and withstand commodity-cycle pressure. Higher liquidity also provides flexibility to manage major projects and sustain operations through weaker market periods.
Read all positive factors
Teck Resources (TECK.A) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$46.90B
Dividend Yield0.52%
Average Volume (3M)4.17K
Price to Earnings (P/E)18.7
Beta (1Y)1.84
Revenue Growth40.51%
EPS Growth1088.57%
CountryCA
Employees7,429
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)5.10
Shares Outstanding7,600,000
10 Day Avg. Volume5,467
30 Day Avg. Volume4,171
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.93
Revenue Forecast (FY)C$15.05B
Teck Resources Business Overview & Revenue Model
Company Description
Headquartered in Vancouver, Canada, and founded in 1913, Teck Resources Limited operates as a global natural resource company. It focuses on the discovery, acquisition, development, and production of various raw materials across Asia, Europe, and ...
How the Company Makes Money
Teck makes money primarily by producing and selling mined commodities. Its key revenue streams come from (1) copper: revenue is generated from the sale of copper concentrates (and/or refined copper where applicable) produced at its operations, typ...
Teck Resources Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational recovery and materially improved financial results — tripled adjusted EBITDA, record margins, robust cash generation, and meaningful unit cost improvements — driven by higher copper volumes and favorable byproduct pricing. Operational milestones included three consecutive quarters of stable QB operations, completion of Rock Bench 5, and near-complete engineering at Highland Valley MLE. Key near-term risks remain: energy and commodity price volatility, significant near-term project and capital requirements (including optional Rock Bench 6), planned shutdowns and H2 production pressures at some sites, and dependency on regulatory approval for the merger with Anglo American. Overall, the positive operational momentum and substantial financial gains materially outweigh the identified execution and market risks.Positive Updates
Record Financial Performance and Cash Generation
Adjusted EBITDA tripled year-over-year to $2.2 billion (≈ +200%). Cash flow from operations was $1.7 billion for Q2 2026. Net cash increased by $756 million during the quarter (up $1.0 billion in H1) to $1.2 billion and total liquidity strengthened to $10.3 billion (including $6.1 billion of cash).
Negative Updates
Energy Cost Headwinds and Commodity Volatility
Higher energy (oil/diesel) created headwinds; management estimated ~7¢ US/lb energy inflation impact on copper in the quarter. Company noted ongoing volatility in byproduct prices and energy. Sensitivity disclosed: roughly $10/barrel WTI ≈ ~3¢ US/lb impact on copper unit cost and ~1¢ US/lb on zinc unit cost.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Financial Performance and Cash Generation
Adjusted EBITDA tripled year-over-year to $2.2 billion (≈ +200%). Cash flow from operations was $1.7 billion for Q2 2026. Net cash increased by $756 million during the quarter (up $1.0 billion in H1) to $1.2 billion and total liquidity strengthened to $10.3 billion (including $6.1 billion of cash).
Read all positive updates
Company Guidance
Management reiterated unchanged full‑year guidance while giving specific metrics: companywide adjusted EBITDA tripled to $2.2 billion in Q2 with margins of 61% (copper 70%, zinc 38%), cash flow from operations $1.7 billion, net cash up $756 million in the quarter to $1.2 billion and liquidity $10.3 billion (cash $6.1 billion); Q2 copper production was 55.8 kt (QB 55.8 kt vs 52.7 kt LY) and full‑year copper guidance is 455–530 kt (vs 454 kt in 2025), with Q2 copper net cash unit cost $1.64 US/lb (improved from $2.02) despite ~7¢/lb energy headwind; zinc guidance is 410–460 kt in concentrate and 190–230 kt refined (Q2 zinc sales ~37 kt) with zinc net cash unit cost 35¢ US/lb (from 49¢); capex guidance remains $900–1,200 million for 2026 (Highland Valley project $2.1–2.4 billion life‑of‑project, $254 million invested in Q2), capitalized stripping $450–550 million, Highland Valley expected to average ~132 kt Cu/yr and extend mine life to 2046, QB TMF work progressing (no TMF downtime for 3 quarters) with secondary cyclone by year‑end and a potential Rock Bench 6 accelerate option (~$100 million this year), and the merger with Anglo American still expected within 12–18 months of the Sept‑2025 announcement.Teck Resources Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.99B | 10.76B | 9.06B | 15.01B | 17.32B | 13.48B |
| Gross Profit | 4.89B | 2.35B | 1.61B | 5.14B | 8.57B | 5.08B |
| EBITDA | 6.12B | 3.67B | 1.92B | 5.88B | 8.44B | 6.37B |
| Net Income | 2.50B | 1.40B | 406.00M | 2.41B | 3.32B | 2.87B |
Balance Sheet | ||||||
| Total Assets | 48.05B | 45.44B | 47.04B | 56.19B | 52.36B | 47.37B |
| Cash, Cash Equivalents and Short-Term Investments | 6.05B | 5.01B | 7.59B | 744.00M | 1.88B | 1.43B |
| Total Debt | 9.79B | 9.61B | 9.96B | 11.09B | 10.02B | 9.33B |
| Total Liabilities | 19.46B | 19.43B | 19.94B | 27.90B | 25.85B | 23.59B |
| Stockholders Equity | 27.59B | 25.10B | 26.08B | 26.99B | 25.47B | 23.00B |
Cash Flow | ||||||
| Free Cash Flow | 1.52B | -1.02B | 155.00M | -1.70B | 2.52B | 25.00M |
| Operating Cash Flow | 4.20B | 1.04B | 2.79B | 4.08B | 7.98B | 4.74B |
| Investing Cash Flow | -2.52B | -2.00B | 6.17B | -4.76B | -5.68B | -4.82B |
| Financing Cash Flow | -621.00M | -1.32B | -2.56B | -469.00M | -1.99B | 1.06B |
Teck Resources Technical Analysis
Positive
96.56
Price Trends
87.95
Positive
87.02
Positive
78.52
Positive
Market Momentum
2.02
Positive
57.29
Neutral
28.27
Neutral
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 96.56 is above the 20-day moving average (MA) of 93.06, above the 50-day MA of 87.95, and above the 200-day MA of 78.52, indicating a bullish trend. The MACD of 2.02 indicates Positive momentum. The RSI at 57.29 is Neutral, neither overbought nor oversold. The STOCH value of 28.27 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
70 Neutral | C$46.90B | 18.70 | 9.62% | 0.52% | 40.51% | 1088.57% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | C$5.74B | -22.22 | -166.74% | ― | ― | -36.42% | |
54 Neutral | C$16.80B | 87.72 | 2.32% | ― | 168.44% | -66.54% | |
52 Neutral | C$5.50B | -41.59 | -31.93% | ― | ― | -34.95% |
* Basic Materials Sector Average
TSE:TECK.A
Teck Resources
95.63
46.86
96.09%
TSE:IVN
Ivanhoe Mines
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-3.92%
TSE:SKE
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45.77
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89.29%
TSE:NGEX
NGEx Minerals
25.37
4.57
21.99%
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.