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olivLaw · US equity research

Teck Resources Limited TECK

Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)

64.46USD+4.29% · 1 dayClose 04 Nov 2026

Teck Resources Limited is a Canadian mining company that files its annual reports with the SEC on Form 40-F and whose Class B subordinate voting shares are listed on the New York Stock Exchange under the symbol TECK. For fiscal 2025 the filing covers the full set of annual documents, including the Annual Information Form, audited financial statements and management's discussion, which form the basis for assessing the company's position in the extractive sector.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Teck Resources Limited (TECK) stock was 64.46 USD (+4.29% on the day), with beta 1.70, 52-week range 38.23–71.97 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
Diluted EPS TTM 2.83 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.70
Volatility (1y) 47%
52-week range
38.2371.97

Price history

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Technical reading

RSI (14)
51.8
neutral
Bollinger (20, 2)
58.46 – 68.56
in the upper half of the band · %B 0.59 · band width 15.9%
SMA 50 / 200
65.73 / 60.69
mixed trend
MACD (12, 26, 9)
-0.91 / -1.09
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−5.0%−1.1%−3.9 pp—
3 months−2.4%−0.5%−2.0 pp—
6 months+4.0%+4.4%−0.4 pp—
Year to date+34.6%+12.3%+22.3 pp—
1 year+56.8%+13.5%+43.3 pp−13.2%
3 years+73.1%+76.4%−3.3 pp+17.2%
5 years+137.9%+63.7%+74.3 pp—
Max drawdown (1y)
−26.2%
25 Feb 2026 → 20 Mar 2026
Max drawdown (5y)
−47.0%
20 May 2024 → 08 Apr 2025
Compound annual growth (5y)
+18.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year201820192020⚠ 20212022⚠ 202320242025
Revenue12.6 bn11.9 bn8.9 bn12.8 bn17.3 bn6.5 bn9.1 bn10.8 bn
Revenue YoY+5.5%−5.0%−25.0%—+35.6%—+40.0%+18.7%
Net income3.1 bn-605.0 m-864.0 m2.9 bn3.3 bn2.4 bn406.0 m1.4 bn
Net income YoY+26.3%−119.5%unavailable—+15.7%—−83.1%+245.1%
Diluted EPS5.34-1.08-1.625.316.194.590.782.83
Diluted EPS YoY+27.4%−120.2%unavailable—+16.6%—−83.0%+262.8%
net %24.7%-5.1%-9.7%22.5%19.2%37.2%4.5%13.0%
Free cash flow2.5 bn696.0 m-1.6 bn772.0 m3.6 bn199.0 m528.0 m-359.0 m

The series breaks before 2021, 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
5.0 bn CAD
Financial debt
3.9 bn CAD
Net debt
-1.1 bn CAD
Equity
26.0 bn CAD
Total assets
45.4 bn CAD
Debt / equity
0.15x
Current ratio
2.54x
ROE
5.3%
ROA
3.0%
FCF margin
-3.3%

Financial statements (source on every figure)

Revenue and net income (CAD)

Margins

Income statement · CAD

Revenue
2023
6.5 bn
2024
9.1 bn
2025
10.8 bn

SEC (XBRL)· 19 Feb 2026verified

Cost of revenue
2023
5.4 bn
2024
7.5 bn
2025
8.1 bn

SEC (XBRL)· 19 Feb 2026verified

Gross profit
2023
1.1 bn
2024
1.6 bn
2025
2.7 bn

SEC (XBRL)· 19 Feb 2026verified

Research & development
2023
117.0 m
2024
50.0 m
2025
35.0 m

SEC (XBRL)· 19 Feb 2026verified

Operating income
2023
222.0 m
2024
-9.0 m
2025
2.2 bn

SEC (XBRL)· 19 Feb 2026verified

Depreciation & amortisation
2023
884.0 m
2024
1.7 bn
2025
1.7 bn

SEC (XBRL)· 19 Feb 2026verified

EBITDA
2023
1.1 bn ≈
2024
1.7 bn ≈
2025
3.9 bn ≈

SEC (XBRL)· 19 Feb 2026derived

Interest expense
2023
160.0 m
2024
953.0 m
2025
912.0 m

SEC (XBRL)· 19 Feb 2026verified

Pre-tax income
2023
3.9 bn
2024
1.9 bn
2025
1.7 bn

SEC (XBRL)· 19 Feb 2026verified

Income tax
2023
237.0 m
2024
205.0 m
2025
584.0 m

SEC (XBRL)· 19 Feb 2026verified

Net income
2023
2.4 bn
2024
406.0 m
2025
1.4 bn

SEC (XBRL)· 19 Feb 2026verified

Diluted EPS
2023
4.59
2024
0.78
2025
2.83

SEC (XBRL)· 19 Feb 2026verified

Weighted average diluted shares
2023
525.3 m
2024
520.0 m
2025
495.4 m

SEC (XBRL)· 19 Feb 2026verified

Balance sheet · CAD

Cash
2023
744.0 m
2024
7.6 bn
2025
5.0 bn

SEC (XBRL)· 19 Feb 2026verified

Receivables
2023
2.1 bn
2024
1.7 bn
2025
2.6 bn

SEC (XBRL)· 19 Feb 2026verified

Inventories
2023
2.9 bn
2024
2.6 bn
2025
2.7 bn

SEC (XBRL)· 19 Feb 2026verified

Current assets
2023
6.5 bn
2024
12.6 bn
2025
11.2 bn

SEC (XBRL)· 19 Feb 2026verified

Property, plant & equipment, net
2023
45.6 bn
2024
30.6 bn
2025
29.7 bn

SEC (XBRL)· 19 Feb 2026verified

Goodwill
2023
1.1 bn
2024
442.0 m
2025
421.0 m

SEC (XBRL)· 19 Feb 2026verified

Intangibles (excl. goodwill)
2023
345.0 m
2024
196.0 m
2025
169.0 m

SEC (XBRL)· 19 Feb 2026verified

Total assets
2023
56.2 bn
2024
47.0 bn
2025
45.4 bn

SEC (XBRL)· 19 Feb 2026verified

Accounts payable
2023
3.7 bn
2024
2.7 bn
2025
3.4 bn

SEC (XBRL)· 19 Feb 2026verified

Short-term debt
2023
515.0 m
2024
423.0 m
2025
403.0 m

SEC (XBRL)· 19 Feb 2026verified

Long-term debt
2023
6.0 bn
2024
4.1 bn
2025
3.5 bn

SEC (XBRL)· 19 Feb 2026verified

Current liabilities
2023
5.9 bn
2024
4.4 bn
2025
4.4 bn

SEC (XBRL)· 19 Feb 2026verified

Total liabilities
2023
27.9 bn
2024
19.9 bn
2025
19.4 bn

SEC (XBRL)· 19 Feb 2026verified

Equity
2023
28.3 bn
2024
27.1 bn
2025
26.0 bn

SEC (XBRL)· 19 Feb 2026verified

Cash flow · CAD

Operating cash flow
2023
4.1 bn
2024
2.8 bn
2025
1.5 bn

SEC (XBRL)· 19 Feb 2026verified

Capex
2023
3.9 bn
2024
2.3 bn
2025
1.8 bn

SEC (XBRL)· 19 Feb 2026verified

Free cash flow
2023
199.0 m ≈
2024
528.0 m ≈
2025
-359.0 m ≈

SEC (XBRL)· 19 Feb 2026derived

Investing cash flow
2023
-4.8 bn
2024
6.2 bn
2025
-1.9 bn

SEC (XBRL)· 19 Feb 2026verified

Financing cash flow
2023
-469.0 m
2024
-2.6 bn
2025
-1.8 bn

SEC (XBRL)· 19 Feb 2026verified

Share repurchases
2023
250.0 m
2024
1.2 bn
2025
1.0 bn

SEC (XBRL)· 19 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
18.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
-14.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
3.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
245.1%
computed by olivLawFY 2025
Net income CAGR 3Y
-25.0%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
262.8%
computed by olivLawFY 2025
EPS CAGR 3Y
-23.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-168.0%
computed by olivLawFY 2025

Profitability

Gross margin
24.7%
computed by olivLawFY 2025
EBITDA margin
36.6%
computed by olivLawFY 2025
EBIT margin
20.9%
computed by olivLawFY 2025
Net margin
13.0%
computed by olivLawFY 2025
FCF margin
-3.3%
computed by olivLawFY 2025

Returns

ROE
5.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
3.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
5.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
5.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-1.1 bn CAD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
-0.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
2.5x
computed by olivLawFY 2025

Liquidity

Current ratio
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.9x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
1.5 bn CAD
computed by olivLawFY 2025
Capital expenditure
1.8 bn CAD
computed by olivLawFY 2025
Free cash flow
-359.0 m CAD
computed by olivLawFY 2025
FCF conversion
-25.6%
computed by olivLawFY 2025
Cash conversion
37.6%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
72 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
120 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
138 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
54 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 37 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

64.46 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
5.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
13.0%
computed by olivLawFY 2025
Revenue growth (YoY)
18.7%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: SEC (XBRL)published 19 Feb 2026
verified 348

Score by group

  • Balance sheet62
  • Growth0
  • Quality40

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Unattractive profile · Score 37/100

    FactorValueScoreWeight used
    ROIC · Quality5.9%45 (vs peers)17%
    Net margin · Quality13.0%71 (vs peers)10%
    FCF conversion · Quality-25.6%0 (on a fixed band)10%
    Revenue CAGR 3Y · Growth-14.7%0 (on a fixed band)14%
    EPS CAGR 3Y · Growth-23.0%0 (on a fixed band)14%
    Net debt / EBITDA · Balance sheet-0.3x75 (vs peers)17%
    Interest coverage · Balance sheet2.5x15 (on a fixed band)10%
    Current ratio · Balance sheet2.5x100 (on a fixed band)7%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet62/100 · 3/3 factors with a value
    • Growth0/100 · 2/2 factors with a value
    • Quality40/100 · 3/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation· partialunavailable · 0/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    TECK RESOURCES LIMITED (TECK). Latest full fiscal year: 2025; data up to 2025-12-31.

    Figures computed from the financial statements: revenue 10.8 bn CAD in 2025; YoY growth 18.7%; net margin 13.0%; ROE 5.5%; net debt/EBITDA -0.3x.

    The estimated value range is 47.89–75.53 CAD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

    olivLaw score 37/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Net margin: 13.0%
    • Net debt / EBITDA: -0.3x
    • Current ratio: 2.5x

    What contradicts it

    • FCF conversion: -25.6%
    • Revenue CAGR 3Y: -14.7%
    • EPS CAGR 3Y: -23.0%
    • Interest coverage: 2.5x

    Not assessed (insufficient data or a ratio without meaning): P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 26.3x
    EV/EBITDA
    —
    vertical median 17.5x
    P/S
    —
    vertical median 3.0x
    P/B
    —
    vertical median 2.2x
    ROE
    5.5%
    vertical median 6.0%
    below median (−8.7%)
    Net margin
    13.0%
    vertical median 4.0%
    above median (+227.0%)
    EBIT margin
    20.9%
    vertical median 8.1%
    above median (+156.8%)
    Revenue YoY
    18.7%
    vertical median 8.5%
    above median (+118.9%)
    Net debt/EBITDA
    -0.3x
    vertical median 1.1x
    below median (−124.8%)
    Dividend yield
    —
    vertical median 0.6%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    MLMMartin Marietta Materials, Inc.39.6 bn14.716.8%31.9%+8.6%−11% / +20%
    VMCVulcan Materials Company38.2 bn35.212.9%13.8%+7.1%+0% / +39%
    SQMChemical & Mining Co Of Chile Inc15.1 bn24.014.3%15.1%−39.4%−11% / +15%
    HLHecla Mining Company10.0 bn26.714.5%21.0%+53.0%−11% / +200%
    IONRIoneer Ltd7.2 bn—-4.3%—unavailable−44% / −35%
    USLMUnited States Lime & Minerals Inc3.5 bn26.620.0%35.1%+17.3%+1% / +191%
    KNFKnife River Corporation3.5 bn26.38.0%4.0%+8.5%−17% / +4%
    TTAMTitan America SA2.6 bn14.220.8%11.1%+1.8%−12% / unavailable
    UUUUEnergy Fuels Inc.1.9 bn—-14.1%-100.0%−15.6%−50% / −10%
    LEUCentrus Energy Corp1.3 bn42.28.1%10.2%+1.5%−64% / +85%
    CMPCompass Minerals International, Inc.976.5 m54.27.2%1.4%+11.3%+22% / −4%
    GAUGaliano Gold Inc.540.4 m—-12.7%-6.5%+93.6%−14% / +220%
    IPIIntrepid Potash, Inc.418.0 m17.14.8%8.0%+17.1%+24% / +52%
    SNDSmart Sand, Inc.185.3 m16.94.4%2.7%+6.0%+48% / +124%
    ABATAmerican Battery Technology Company183.9 m—-74.5%-337.5%+406.8%−66% / −70%
    ATLXAtlas Lithium Corporation52.1 m—-103.0%-33,954.4%−86.1%−65% / −93%
    LGOLargo Inc.27.7 m—-46.4%-62.3%−12.0%−67% / −84%
    ELVRElevra Lithium Limited——-54.2%-131.8%+11.2%−40% / unavailable
    TECKTeck Resources Limited——5.5%13.0%+18.7%+57% / +73%

    1- and 3-year price returns: for TECK from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 19 Feb 2026; since then the company filed 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (21 Oct 2026), 6-K (08 Oct 2026), 6-K (07 Oct 2026).

    In brief

    Teck Resources Limited is a Canadian mining company that files its annual reports with the SEC on Form 40-F and whose Class B subordinate voting shares are listed on the New York Stock Exchange under the symbol TECK. For fiscal 2025 the filing covers the full set of annual documents, including the Annual Information Form, audited financial statements and management's discussion, which form the basis for assessing the company's position in the extractive sector.

    SWOT

    Strengths

    • Shares listed on a major United States exchange and reporting that complies with SEC requirements.
    • Internal control over financial reporting attested by the auditor, which supports confidence in the information presented.
    • A complete set of annual documents, including audited financial statements and management's discussion.

    Weaknesses

    • The fragment available gives no operational or financial detail, which limits the assessment of performance.
    • The presence of corrections to financial statements could indicate weaknesses in internal procedures.
    • The two-class share structure may complicate investors' understanding of voting rights.

    Opportunities

    • Access to the US capital market through the NYSE listing could support future financing.
    • Long-maturity bond issues can provide financial flexibility for long-term projects.
    • If reporting procedures are strengthened, investor confidence could increase.

    Threats

    • Mine safety and compliance requirements could generate unexpected additional costs.
    • Repeated errors in financial reporting could attract scrutiny from regulators.
    • Long-term interest costs on bonds could weigh on results if conditions change.

    Risks

    • Mine safetymedium

      Mine safety reporting obligations could surface incidents that lead to sanctions or remediation costs.

    • Corrections to financial statementsmedium

      The presence of corrections to earlier errors could affect investor confidence in control processes.

    • Long-term debtmedium

      Long-maturity bonds imply interest payments that could limit financial flexibility if revenues fall.

    • Missing operational detaillow

      The fragment reviewed gives no data on production or costs, which makes operational risk hard to assess.

    • Two-class share structurelow

      Differences in rights between classes could create governance tensions between shareholder groups.

    Investment thesis

    What would need to be true (bull case)

    • If internal control procedures work consistently, compliant reporting could sustain investor confidence in the United States.
    • The New York Stock Exchange listing could ease access to capital, if demand for the shares remains stable.
    • Long-maturity bond issues could provide a predictable financing base for long-term projects.

    What would break the thesis

    • Repeated corrections to financial statements could signal procedural problems that weigh on long-term confidence.
    • Strict mine safety requirements could bring additional costs that narrow margins if incidents occur.
    • Long-term debt could become a burden if revenues do not grow enough to cover interest payments.

    What to watch

    • Corrections to financial statements and the measures taken to prevent themnext 10-K
    • Mine safety reporting and any incidents disclosed2027
    • Trends in revenues and the interest costs tied to the bondsQ1 2027
    • Operational details in the next Annual Information Formnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 19 Feb 2026; since then the company filed 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (21 Oct 2026), 6-K (08 Oct 2026), 6-K (07 Oct 2026).

    The business

    According to the Form 40-F for the year ended 31 December 2025, Teck Resources Limited files with the SEC its annual documents, including the Annual Information Form, audited consolidated financial statements and management's discussion for fiscal 2025 1. Its Class B subordinate voting shares trade on the New York Stock Exchange under the symbol TECK, alongside Class A shares, both classes being reported as outstanding at 31 December 2025 1. The fragment available does not give operational details, so the business profile has to be read in light of these legal and reporting facts.

    The filing also states that the company has filed management's report and an auditor's attestation on internal control over financial reporting, which points to a structured reporting framework for US investors. Reporting obligations include debt securities with maturities between 2030 and 2043, listed under Section 15(d) 1. Mine safety disclosures under the Dodd-Frank Act are also incorporated by reference 1.

    The capital structure is split into two share classes with different rights, and the 2025 filing includes a full set of technical and consent exhibits for resource specialists, suggesting that operations are backed by verified technical estimates 1.

    Segments

    Shares and capital

    Share capital consists of Class A and Class B subordinate voting shares, and both categories are reported separately in the 2025 filing 1.

    Debt securities

    Debt securities registered with the SEC mature between 2030 and 2043, indicating a long-term financing profile for the company 1.

    Market context

    The source available contains no market data, market shares or product prices. Assessing the company's position in the mining market would require the management's discussion chapters of the annual report, which are not included in the fragment reviewed 1.

    The NYSE listing indicates access to the US capital market, but without financial data from the same source no firm conclusions can be drawn about the size or dynamics of that market 1.

    Trends

    • Structured reporting under SEC standardsmixed

      The company is subject to internal control and attestation requirements, which could make information more comparable for investors if standards are applied consistently 1.

    • Sensitivity to mine safety regulationheadwind

      Mine safety exhibits required under the Dodd-Frank Act could bring additional compliance costs if remedial measures become necessary 1.

    • Corrections to earlier financial statementsheadwind

      The filing indicates that the financial statements include corrections of errors from earlier periods, which could draw attention to reporting procedures if it recurs 1.

    • Long-term financing through bondsmixed

      Bond issues maturing up to 2043 could provide financing stability, but they carry interest costs over a long period 1.

    Competitive position

    The Form 40-F fragment does not name the company's competitors. Competitive analysis would require information from the industry description in the Annual Information Form, which is not available in the source reviewed 1.

    Without a list of competitors in the source, positioning against other mining companies remains unclear, and any comparison should rest on the financial data of those other companies' own filings.

    • Competitors not named in the source

      The source reviewed does not list direct competitors, so none can be identified with confidence.

    • Mining companies listed on the NYSE

      The category is mentioned only generically; the source gives no names for this group.

    • Other 40-F filers in the extractive sector

      They could be relevant for comparison but are not named in the document reviewed.

    • Canadian resource companies

      The group could include direct competitors, though the source does not identify them explicitly.

    News & filings

    In the press

    The latest news item in our archive is from 10 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Teck Resources Limited · 19 Feb 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.