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Trekor Metals Limited logo

Trekor Metals Limited

TKO.TO
47
Copper · Basic Materials
Price
C$9.51
-0.18 (-1.86%)
Market Cap
C$2.96B
Exchange
Toronto Stock Exchange
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+12.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 287.5M (2021) → 323.5M (2025)

Taseko Mines Limited is a Canadian copper mining company. It digs copper out of the ground and sells it to industrial buyers who use the metal to make things like electrical wiring, pipes, and electronics. Its main operation is the Gibraltar Mine in British Columbia, one of the largest open-pit copper mines in Canada.

Taseko makes money by selling copper concentrate — a processed form of the ore — at prices set by global commodity markets. The company operates primarily in British Columbia, with a development-stage project called Florence Copper in Arizona that uses an in-situ recovery method to extract copper without traditional mining. With a market cap around $3.4 billion and solid operating margins near 26%, the business is profitable at current copper prices, but its earnings are heavily tied to where copper prices go — if prices fall sharply, revenue and profits drop quickly since Taseko has limited ability to control what it charges customers.

Winston Score History

Growth Profile

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

Revenue Growth

+68.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+148.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$-4M/ year

-0.6% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

1.9%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$169M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Trekor Metals Limited grew revenue 68% 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

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Quality

Gross Margin
34.7%
Modest — 34.7% gross margin
Operating Margin
28.5%
Excellent — 28.5% operating margin
ROCE
4.0%
Weak — 4.0% 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
+28.0%
Fast-growing sales (28.0% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
1451%
Turns 1451% of profit into real cash
FCF Margin
2.5%
Thin free cash flow (2.5%)

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

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Stability

Debt / Equity
1.05
Elevated debt (1.05)
Interest Cover
2.39x
Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
248.3x
Expensive — P/E 248.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+239.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (248.3 → 9.3)

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Dividends

Not applicable for this business.
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