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Teck Resources Limited

TECK-A.TO

Industrial Materials · Basic Materials

Price

C$89.65

+0.73 (+0.82%)

Market Cap

C$43.89B

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

Teck Resources is a Canadian mining company that digs metals and minerals out of the ground and sells them to industrial customers around the world. Its main products are steelmaking coal (used to make steel), copper (used in electronics and construction), and zinc (used to coat metals so they don't rust). It is one of the largest exporters of steelmaking coal in the world and operates major mines in Canada, Chile, and Peru.

Teck makes money by selling these raw materials at market prices, which means its revenue rises and falls with commodity prices it cannot control. The company is in the middle of a major strategic shift — it sold most of its steelmaking coal business in 2023 and is now focused almost entirely on copper, which is in high demand for electric vehicles and power grids. Growing copper production, particularly from its large Quebrada Blanca mine in Chile, is the key growth driver, but falling copper prices remain the biggest financial risk.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+72.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+125.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$35M/ year

↓ Declining (-30% vs prior year)

0.3% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

79.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$5.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Teck Resources Limited grew revenue 72% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

43.5%

Healthy — 43.5% gross margin

Operating Margin

37.6%

Excellent — 37.6% operating margin

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.1%

Slow sales growth (5.1% YoY)

EPS YoY

+372.5%

Earnings growing fast (372.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

150%

Turns 150% of profit into real cash

FCF Margin

3.9%

Thin free cash flow (3.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.34

Conservative — low debt load (0.34)

Interest Cover

3.70x

Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio

25.7x

Growth-priced — P/E 25.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

-0.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

0.59%

Small dividend — 0.59% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-50.0%

Dividend cut (-50.0% YoY) — warning sign

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