# Teck Resources (TECK-B.TO)

Canonical: https://gigainvestors.com/s/TECK-B.TO

Analysis as of: 2026-10-16T07:34:16.681Z. Financial observations: FY1996–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 93.37 per share; close as of 2026-10-15.

Estimated value: low CAD 47.55 per share, central CAD 52.46 per share, high CAD 58.99 per share. Buy at or below the central value CAD 52.46 per share. Valuation as of 2026-10-16T07:34:16.681Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.57×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.36×

- FY2018: 0.38×

- FY2019: 0.20×

- FY2020: 0.05×

- FY2021: 0.36×

- FY2022: 0.40×

- FY2023: 0.27×

- FY2024: -0.00×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 9.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: 1.3%

- Typical minus recent gross margin: 9.3 pp

- Typical gross margin (annual median): 31.1%

- Recent gross margin (lower of latest and 3-year median): 21.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 29.1%

- ROIC including acquisitions, ten-year median: 4.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.8%

- FY2017: 11.9%

- FY2018: 13.1%

- FY2019: 7.6%

- FY2020: 1.3%

- FY2021: 10.6%

- FY2022: 14.0%

- FY2023: 7.4%

- FY2024: -0.0%

- FY2025: 3.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.37×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 3.9B

- Net income, five-year total: CAD 10B

- Return on incremental invested capital: 18.3%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 5.2 pp

- Working capital / revenue, final three-year average: 24.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.95×

- FY2022: 0.97×

- FY2023: -1.06×

- FY2024: -1.71×

- FY2025: 0.86×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- ROIC first 3 years vs last 3 years: 11.9% vs 3.9%

- Per-share earnings: 1.80 to 2.86 (three-year endpoint medians)

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.6%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: CAD 17B

- Cumulative retained earnings: CAD 7.3B

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.9%

- Per-share value change: CAD 1.06

- Per-share value, starting three-year median: CAD 1.80

- Per-share value, ending three-year median: CAD 2.86

- Buybacks concentrated in cheaper years (correlation): -0.57

- Average buyback yield: 2.5%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: CAD 355M

- Cumulative net income, 10 years: CAD 16B

- ROIC, first three-year median: 11.9%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD 1.80

- FY2017: CAD 4.29

- FY2018: CAD 5.36

- FY2019: CAD -1.07

- FY2020: CAD -1.78

- FY2021: CAD 5.28

- FY2022: CAD 6.37

- FY2023: CAD 4.58

- FY2024: CAD 0.79

- FY2025: CAD 2.86

### accounting: pass

- Sloan accruals: 0.8%

- Receivables to sales index (DSRI): 1.26×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.75×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: -6.9%

- FY2018: -3.4%

- FY2019: -10.3%

- FY2020: -6.1%

- FY2021: -3.9%

- FY2022: -8.9%

- FY2023: -3.0%

- FY2024: -5.1%

- FY2025: 0.8%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 9.7% a year for ten years · sales +18.7%

Story as of 2026-10-16T09:59:59.958Z; price observation 2026-10-15.

Price needs cash profits to grow 9.7% a year for ten years

- 2025-07-26: Teck Resources (TECK) Falls 6% on Lower Growth Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/teck-resources-teck-falls-6-143636384.html))

- 2025-09-10: Teck Resources Shares Up 14% on Merger Deal With Anglo American ([finance.yahoo.com](https://finance.yahoo.com/news/teck-resources-shares-14-merger-160000935.html))

- 2025-10-08: Teck Resources Cuts Quebrada Blanca Mine's Copper Production Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/teck-resources-cuts-quebrada-blanca-101748032.html))

- 2026-02-19: Teck Resources reports strong Q4 earnings, advances Anglo American merger ([finance.yahoo.com](https://finance.yahoo.com/news/teck-resources-reports-strong-q4-203200643.html))

- 2026-04-23: Teck Resources' Q1 Adjusted Earnings Surge YoY on Record Copper Sales ([finance.yahoo.com](https://finance.yahoo.com/markets/commodities/articles/teck-resources-apos-q1-adjusted-103006612.html))

### Sales · FY2024–2025

sales +18.7%; source https://www.sec.gov/Archives/edgar/data/886986/000088698626000004/teck-20251231.htm; observed 2026-02-19.

- FY2016: CAD 9.3B 

- FY2017: CAD 12B 

- FY2018: CAD 13B 

- FY2019: CAD 12B 

- FY2020: CAD 8.9B 

- FY2021: CAD 13B 

- FY2022: CAD 17B 

- FY2023: CAD 15B 

- FY2024: CAD 9.1B 

- FY2025: CAD 11B 

### Gross margin · FY2025

gross margin 21.8%; source https://www.sec.gov/Archives/edgar/data/886986/000088698626000004/teck-20251231.htm; observed 2026-02-19.

- FY2016: 25.8% 

- FY2017: 38.4% 

- FY2018: 36.8% 

- FY2019: 28.0% 

- FY2020: 14.9% 

- FY2021: 37.7% 

- FY2022: 49.5% 

- FY2023: 34.3% 

- FY2024: 17.7% 

- FY2025: 21.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in copper; annual sales are CAD 10.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/886986/000088698626000004/teck-20251231.htm (filed 2026-02-19); FY2025: revenue 10756000000; grossProfit 2349000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TECK-B.TO: Teck Resources Limited engages in research, exploration, development, processing, smelting, refining, and reclamation of mineral properties in Asia, the Americas, and Europe. It operates through Copper and Zinc segments. The company offers copper, zinc, and lead concentrates, as well as refined zinc, lead, and silver. It also produces lead, precious metals, molybdenum, fertilizers, and other metals; and sells refined metals or concentrates. In addition, it explores for gold. The company was formerly known as Teck Cominco Limited and changed its name to Teck Resources Limited in April 2009. Teck Resources Limited was founded in 1913 and is based in Vancouver, Canada.

### Why customers stay

Margins ranged from 17.7% to 34.3% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 34.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 17.7%.

- Source: https://www.sec.gov/Archives/edgar/data/886986/000088698626000004/teck-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 21.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.04819678473177442],[2017,0.11877240332307173],[2018,0.13058051328623793],[2019,0.07626449464350199],[2020,0.013118246957576676],[2021,0.10572473002884164],[2022,0.1397673058573671],[2023,0.07393866622501932],[2024,-0.0002538107307321601],[2025,0.03932866416125726]]; median 0.07510158043426066. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 25.2% of cash earnings on expansion; earns 18.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 453000000; upkeep 1440000000; owner earnings 1040000000. Growth capex / owner earnings = 0.4355769230769231.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 726000000; upkeep 1573000000; owner earnings 2509000000. Growth capex / owner earnings = 0.28935831008369867.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 1029000000; upkeep 1584000000; owner earnings 3107000000. Growth capex / owner earnings = 0.33118764081107177.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 3080000000; upkeep 1633000000; owner earnings 2729200000. Growth capex / owner earnings = 1.1285358346768284.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 3791000000; upkeep 1674000000; owner earnings 3202800000. Growth capex / owner earnings = 1.183651804670913.

- Source: https://www.sec.gov/Archives/edgar/data/886986/000088698626000004/teck-20251231.htm (filed 2026-02-19); FY2025: growth capex 305000000; upkeep 1757000000; owner earnings 1209400000. Growth capex / owner earnings = 0.25219116917479745.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Incremental return on capital 0.18276068104906937, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,58000000],[2017,344000000],[2018,172000000],[2019,111000000],[2020,106000000],[2021,106000000],[2022,532000000],[2023,515000000],[2024,514000000],[2025,246000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/886986/000088698626000004/teck-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 1011000000 CAD.

### Are managers owners

Insiders own 2.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TECK-B.TO SharesStats.PercentInsiders = 2.787 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.12614696404455106. Price 93.37; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -5.817424505380076 → FY2025 2.4686670749132475. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 28.96 per share

- 2016-11: CAD 34.01 per share

- 2016-12: CAD 26.87 per share

- 2017-01: CAD 31.89 per share

- 2017-02: CAD 26.55 per share

- 2017-03: CAD 29.08 per share

- 2017-04: CAD 28.32 per share

- 2017-05: CAD 24.05 per share

- 2017-06: CAD 22.48 per share

- 2017-07: CAD 27.06 per share

- 2017-08: CAD 31.08 per share

- 2017-09: CAD 26.27 per share

- 2017-10: CAD 26.36 per share

- 2017-11: CAD 29.64 per share

- 2017-12: CAD 32.87 per share

- 2018-01: CAD 35.72 per share

- 2018-02: CAD 36.70 per share

- 2018-03: CAD 33.18 per share

- 2018-04: CAD 32.23 per share

- 2018-05: CAD 35.17 per share

- 2018-06: CAD 33.49 per share

- 2018-07: CAD 33.93 per share

- 2018-08: CAD 29.41 per share

- 2018-09: CAD 31.13 per share

- 2018-10: CAD 27.21 per share

- 2018-11: CAD 26.91 per share

- 2018-12: CAD 29.39 per share

- 2019-01: CAD 32.00 per share

- 2019-02: CAD 29.49 per share

- 2019-03: CAD 30.92 per share

- 2019-04: CAD 31.68 per share

- 2019-05: CAD 27.47 per share

- 2019-06: CAD 30.22 per share

- 2019-07: CAD 27.00 per share

- 2019-08: CAD 22.67 per share

- 2019-09: CAD 21.48 per share

- 2019-10: CAD 20.82 per share

- 2019-11: CAD 20.80 per share

- 2019-12: CAD 22.52 per share

- 2020-01: CAD 17.10 per share

- 2020-02: CAD 13.50 per share

- 2020-03: CAD 10.67 per share

- 2020-04: CAD 12.27 per share

- 2020-05: CAD 13.08 per share

- 2020-06: CAD 14.22 per share

- 2020-07: CAD 13.57 per share

- 2020-08: CAD 15.04 per share

- 2020-09: CAD 18.54 per share

- 2020-10: CAD 17.51 per share

- 2020-11: CAD 20.52 per share

- 2020-12: CAD 23.10 per share

- 2021-01: CAD 23.36 per share

- 2021-02: CAD 26.50 per share

- 2021-03: CAD 24.07 per share

- 2021-04: CAD 26.01 per share

- 2021-05: CAD 29.36 per share

- 2021-06: CAD 28.55 per share

- 2021-07: CAD 28.48 per share

- 2021-08: CAD 28.45 per share

- 2021-09: CAD 31.53 per share

- 2021-10: CAD 34.54 per share

- 2021-11: CAD 33.88 per share

- 2021-12: CAD 36.43 per share

- 2022-01: CAD 39.26 per share

- 2022-02: CAD 45.64 per share

- 2022-03: CAD 50.48 per share

- 2022-04: CAD 50.68 per share

- 2022-05: CAD 52.44 per share

- 2022-06: CAD 39.36 per share

- 2022-07: CAD 37.65 per share

- 2022-08: CAD 44.48 per share

- 2022-09: CAD 42.01 per share

- 2022-10: CAD 41.47 per share

- 2022-11: CAD 49.86 per share

- 2022-12: CAD 51.17 per share

- 2023-01: CAD 57.56 per share

- 2023-02: CAD 54.47 per share

- 2023-03: CAD 49.35 per share

- 2023-04: CAD 63.11 per share

- 2023-05: CAD 52.99 per share

- 2023-06: CAD 55.74 per share

- 2023-07: CAD 58.58 per share

- 2023-08: CAD 55.88 per share

- 2023-09: CAD 58.46 per share

- 2023-10: CAD 49.00 per share

- 2023-11: CAD 51.12 per share

- 2023-12: CAD 56.01 per share

- 2024-01: CAD 53.81 per share

- 2024-02: CAD 52.15 per share

- 2024-03: CAD 62.00 per share

- 2024-04: CAD 67.69 per share

- 2024-05: CAD 70.89 per share

- 2024-06: CAD 65.56 per share

- 2024-07: CAD 67.68 per share

- 2024-08: CAD 64.53 per share

- 2024-09: CAD 70.64 per share

- 2024-10: CAD 64.78 per share

- 2024-11: CAD 65.37 per share

- 2024-12: CAD 58.28 per share

- 2025-01: CAD 59.37 per share

- 2025-02: CAD 58.22 per share

- 2025-03: CAD 52.42 per share

- 2025-04: CAD 46.85 per share

- 2025-05: CAD 50.86 per share

- 2025-06: CAD 55.07 per share

- 2025-07: CAD 44.93 per share

- 2025-08: CAD 46.96 per share

- 2025-09: CAD 61.05 per share

- 2025-10: CAD 60.17 per share

- 2025-11: CAD 59.49 per share

- 2025-12: CAD 65.71 per share

- 2026-01: CAD 73.08 per share

- 2026-02: CAD 80.11 per share

- 2026-03: CAD 72.10 per share

- 2026-04: CAD 79.30 per share

- 2026-05: CAD 91.43 per share

- 2026-06: CAD 84.47 per share

- 2026-07: CAD 84.36 per share

- 2026-08: CAD 94.51 per share

- 2026-09: CAD 93.70 per share

- 2026-10: CAD 95.46 per share

## Annual estimated value (CAD per share)

- FY2018: low CAD 31.59 per share, central CAD 38.97 per share, high CAD 45.06 per share

- FY2019: low CAD 28.14 per share, central CAD 32.17 per share, high CAD 37.15 per share

- FY2020: low CAD 21.10 per share, central CAD 23.94 per share, high CAD 27.72 per share

- FY2021: low CAD 58.75 per share, central CAD 68.60 per share, high CAD 79.45 per share

- FY2022: low CAD 82.87 per share, central CAD 111.95 per share, high CAD 130.71 per share

- FY2025: low CAD 36.77 per share, central CAD 40.50 per share, high CAD 45.45 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:00.390Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/886986/000088698626000004/teck-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.