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Teck Resources
(TSX:TECK.B)
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Rating:69Neutral
Price Target:
C$98.00
▼(-0.99% Downside)
Action:Reiterated
Date:10/30/26
The score is driven primarily by improving TTM fundamentals (stronger margins/returns and moderate leverage) and a notably positive earnings call with better cost guidance and strong operating/price tailwinds. These are tempered by cash-flow conversion volatility typical of a cyclical producer and a mixed-to-weak technical setup (negative MACD and below key short-term averages), while valuation is reasonable but the dividend yield is low.
Positive Factors
Improved profitability
The sharp improvement in margins and revenue demonstrates stronger current earnings power and operating performance. If maintained, higher profitability can support reinvestment, debt management, and resilience across the next several quarters, although commodity cycles remain relevant.
Negative Factors
Commodity-cycle exposure
Teck's revenue model is benchmark-linked and depends heavily on mined commodity prices and industrial demand. Price declines can compress revenue, margins, and cash generation quickly, making earnings less predictable and leaving results exposed to broader economic and metals-market cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability
The sharp improvement in margins and revenue demonstrates stronger current earnings power and operating performance. If maintained, higher profitability can support reinvestment, debt management, and resilience across the next several quarters, although commodity cycles remain relevant.
Read all positive factors
Teck Resources (TECK.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$43.77B
Dividend Yield0.56%
Average Volume (3M)1.24M
Price to Earnings (P/E)11.5
Beta (1Y)1.92
Revenue Growth44.25%
EPS Growth220.56%
CountryCA
Employees7,429
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)7.77
Shares Outstanding483,000,000
10 Day Avg. Volume1,209,382
30 Day Avg. Volume1,237,411
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$88.41Price Target Upside-10.68% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)6.33
Revenue Forecast (FY)C$15.26B
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 Resources makes money primarily by producing and selling mined commodities—most notably copper and zinc (and, historically and/or through ongoing interests, steelmaking coal). Its revenue model is largely commodity-based: it extracts ore, pro...
Teck Resources Earnings Call Summary
Earnings Call Date:Oct 29, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Teck reported substantial earnings and cash flow growth, record copper pricing, higher copper production, lower copper and zinc cost guidance, balance sheet improvement, continued merger progress, and advancement of major growth and infrastructure projects. These strengths outweighed the stated challenges, including severe weather disruptions, lower zinc production at certain operations, higher zinc unit costs, the Highland Valley strike, the outstanding Chinese regulatory approval, and the Antamina fatality.Positive Updates
Significant Earnings and Cash Flow Growth
Third-quarter adjusted EBITDA doubled year over year to CAD 2.3 billion, while cash flow from operations increased to CAD 1.6 billion from CAD 647 million in Q3 2025, nearly 2.5x higher. The adjusted EBITDA margin rose to 51% from 35%.
Negative Updates
Severe Weather Disrupted Operations
Extreme weather affected several copper operations. Carmen de Andacollo and QB experienced torrential rain and flooding, QB also experienced heavy snow, high winds, and intermittent power outages, and Highland Valley faced severe drought conditions and an extended wildfire season.
Read all updates
Q3-2026 Updates
Positive
Negative
Significant Earnings and Cash Flow Growth
Third-quarter adjusted EBITDA doubled year over year to CAD 2.3 billion, while cash flow from operations increased to CAD 1.6 billion from CAD 647 million in Q3 2025, nearly 2.5x higher. The adjusted EBITDA margin rose to 51% from 35%.
Read all positive updates
Company Guidance
Teck expects merger completion within 12-18 months of its September 2025 announcement, approximately 11 trading days from fulfillment or waiver of the remaining applicable precedent conditions; 2026 annual production and capital expenditure guidance is unchanged, while copper net cash unit costs are now expected to be between $1.80 and $2 per pound and zinc net cash unit costs between $0.30 and $0.40 per pound. QB is expected to produce between 200,000-235,000 tons this year, Highland Valley is expected towards the high end of 115,000-135,000 tons, Antamina within 95,000-105,000 tons, and Carmen de Andacollo at the low end of 45,000-55,000 tons; 2026 zinc in concentrate production is expected at the high end of 410,000 to 460,000 tons, refined zinc production at Trail at the high end of its guidance, and Red Dog sales between 65,000 and 75,000 tons in Q4 2026. Teck expects to complete all near-term TMF development objectives by the first quarter of 2027, including commissioning the secondary cyclone system, construction of Rock Bench 6, and installation of the permanent TMF pipeline infrastructure; Highland Valley project capital guidance remains CAD 900 million-CAD 1.2 billion for 2026 and CAD 2.1 billion-CAD 2.4 billion in total.Teck Resources Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.12B | 10.75B | 9.06B | 6.48B | 17.32B | 12.77B |
| Gross Profit | 5.91B | 2.35B | 1.61B | 1.11B | 8.57B | 5.21B |
| EBITDA | 8.39B | 4.37B | 1.78B | 861.00M | 8.22B | 6.16B |
| Net Income | 3.81B | 1.40B | 406.00M | 2.41B | 3.32B | 2.87B |
Balance Sheet | ||||||
| Total Assets | 50.26B | 45.40B | 47.04B | 56.19B | 52.36B | 47.37B |
| Cash, Cash Equivalents and Short-Term Investments | 6.68B | 5.01B | 7.59B | 744.00M | 1.88B | 1.43B |
| Total Debt | 9.76B | 10.39B | 9.96B | 11.09B | 10.02B | 9.33B |
| Total Liabilities | 20.10B | 19.41B | 19.94B | 27.90B | 25.85B | 23.59B |
| Stockholders Equity | 29.18B | 25.08B | 26.08B | 26.99B | 25.47B | 23.00B |
Cash Flow | ||||||
| Free Cash Flow | 2.08B | -1.02B | 155.00M | -256.00M | 2.52B | 105.00M |
| Operating Cash Flow | 5.14B | 1.04B | 2.79B | 4.08B | 7.98B | 4.74B |
| Investing Cash Flow | -2.80B | -2.00B | 6.17B | -4.76B | -5.68B | -4.82B |
| Financing Cash Flow | -549.06M | -1.32B | -2.56B | -469.00M | -1.99B | 1.06B |
Teck Resources Technical Analysis
Positive
98.98
Price Trends
92.82
Negative
89.43
Negative
83.77
Positive
Market Momentum
-1.78
Positive
47.74
Neutral
57.76
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 98.98 is above the 20-day moving average (MA) of 91.02, above the 50-day MA of 92.82, and above the 200-day MA of 83.77, indicating a neutral trend. The MACD of -1.78 indicates Positive momentum. The RSI at 47.74 is Neutral, neither overbought nor oversold. The STOCH value of 57.76 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | C$1.66B | 6.38 | 47.01% | 20.16% | 45.38% | 86.16% | |
69 Neutral | C$43.77B | 11.46 | 14.09% | 0.56% | 44.25% | 220.56% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | C$4.96B | -19.19 | -166.74% | ― | ― | -36.42% | |
51 Neutral | C$13.42B | 69.33 | 2.32% | ― | 168.44% | -66.54% | |
43 Neutral | C$1.09B | -5.42 | -9.05% | ― | ― | -107.51% |
* 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.