Teck Resources Limited (TECK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-182.8%

-$51.98

vs $62.81 price

Levered DCF

-$5.84

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.72

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.14×	73.78×	11.98×	8.13×	6.76×	-14.29×	-20.3×	5.44×
P/B	1.29×	1.15×	1.07×	1.06×	0.84×	0.62×	0.59×	0.75×
P/S	3.02×	3.32×	4.47×	1.56×	1.52×	1.38×	1.06×	1.36×
EV / EBITDA	8.65×	18.2×	45.67×	4.27×	4.43×	41.09×	13.99×	3.44×
Gross margin	21.8%	17.7%	17.2%	49.5%	40.8%	14.9%	28.0%	36.8%
Operating margin	16.5%	-0.1%	3.4%	40.3%	39.0%	-10.2%	-1.3%	38.1%
Net margin	13.0%	4.5%	37.2%	19.2%	22.5%	-9.7%	-5.1%	24.7%
Current ratio	2.54×	2.88×	1.1×	1.41×	1.62×	1.23×	1.62×	2.11×
Debt / equity	0.41×	0.38×	0.41×	0.39×	0.41×	0.39×	0.27×	0.24×
Interest coverage	2.17×	-0.01×	7.16×	108.43×	112.4×	-5.71×	-0.99×	33.1×
Dividend yield	0.8%	1.7%	1.8%	2.0%	0.5%	0.9%	0.9%	1.0%
Payout ratio	17.6%	126.6%	21.4%	16.0%	3.7%	-12.3%	-18.3%	5.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	1.6%	8.9%	13.0%	12.5%	-4.3%	-2.8%	13.6%
Return on invested capital	2.8%	-0.0%	0.4%	9.2%	7.7%	-2.0%	-0.4%	9.0%
Return on assets	3.1%	0.9%	4.3%	6.3%	6.1%	-2.1%	-1.5%	7.8%
Free cash flow yield	-3.1%	0.5%	-0.9%	9.3%	0.5%	-16.7%	0.1%	10.7%
Earnings yield	4.3%	1.3%	8.3%	12.3%	14.8%	-7.0%	-4.8%	18.2%
Enterprise value	$37.8B	$32.5B	$39.3B	$35.1B	$27.3B	$19.8B	$17.3B	$20.9B
Net debt / EBITDA	1.23×	1.33×	12.02×	0.99×	1.28×	15.42×	3.81×	0.62×
Cash conversion cycle (days)	69	129	167	67	92	75	61	77