Freeport-McMoRan Inc (FCX) is overvalued and Teck Resources Ltd (TECK) is undervalued.
Against our estimates of intrinsic value, TECK trades at the wider discount: a margin of safety of +53%, against -120% for FCX.
Values as of the 30 Oct 2026 close.
Discounting its cash flows at 10.7% (average of 3 methods) values the shares at $28.37; the price of $62.47 is 120% above that value, and 70% of that value comes from beyond year five.
Leak Score 37/100 on 12 of 12 signals
Discounting its cash flows at 9.5% (average of 3 methods) values the shares at $127.71; the price of $60.61 is 53% below that value, and 76% of that value comes from beyond year five.
Leak Score 51/100 on 11 of 12 signals
| Metric | FCX | TECK |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $62.47 | $60.61 |
| Intrinsic value | $28.37 | $127.71 |
| Margin of safety | -120% | +53% |
| Leak Score | 37/100 (12/12) | 51/100 (11/12) |
| Market cap | $89.7B | $29.7B |
| Revenue growth, 5 years | 12.6% | 2.9% |
| Operating margin | 23.6% | 34.4% |
| Net margin | 13.3% | 25.1% |
| Return on equity | 17.3% | 14.2% |
| Debt to equity | 0.49 | 0.33 |
| P/E | 26.3x | 10.9x |
| Forward P/E | 14.6x | 14.9x |
| P/B | 4.5x | 1.5x |
| Dividend yield | 0.9% | 0.7% |