BHP vs TECK: How BHP Group and Teck Resources Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BHP and TECK share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BHP and TECK exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

BHP Group is a global diversified resources company headquartered in Australia and dual-listed, with a US ADR trading on the NYSE under BHP. Its core businesses are Western Australia iron ore (the largest earnings contributor historically and among the lowest-cost in the world), copper (mines including Escondida in Chile plus operations in Australia and the Americas), metallurgical coal, and a growing potash business anchored by the Jansen project in Canada. BHP reports on an Australian fiscal year ending June 30 and reports in US dollars; in FY2025 revenue was around $51 billion with underlying EBITDA near $26 billion at roughly a 53% margin.

Full BHP guide

Teck Resources is one of Canada's largest diversified miners, headquartered in Vancouver, with its Class B subordinate voting shares listed on the NYSE under TECK. Over 2024 the company sold its steelmaking (metallurgical) coal business, Elk Valley Resources, to a Glencore-led consortium (Glencore took a 77% interest and Nippon Steel 20%) for roughly US$7.3 billion, closing in July 2024. That deal transformed Teck from a coal-and-metals conglomerate into a base-metals company centered on copper and zinc, and it directed the proceeds toward share buybacks, debt reduction, and copper growth. Its core assets include the Quebrada Blanca (QB) mine in Chile, Highland Valley Copper in British Columbia, a 22.5% stake in Antamina in Peru, Carmen de Andacollo in Chile, and the Red Dog zinc mine in Alaska paired with the Trail smelter.

Full TECK guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BHP drivers: Copper as the growth engine; Low-cost iron ore cash engine.
• TECK drivers: Copper as the growth engine; The Anglo American merger of equals.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: BHP's earnings are highly sensitive to iron ore and copper prices, which are driven by Chinese property and steel demand, global growth, and supply from rivals. For TECK, teck's results are highly sensitive to copper and zinc prices, which are cyclical and driven by global growth, Chinese demand, and the US dollar, so a downturn can compress earnings quickly.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BHP if you believe its drivers more; TECK if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BHP and TECK guides.

BHP. BHP reports on an Australian fiscal year ending June 30 and reports in US dollars. FY2025 revenue fell about 8% to roughly $51 billion on lower iron ore and coal prices, even as copper reached a record. The variable dividend and cyclical earnings mean valuation multiples and yield shift with the commodity cycle rather than staying fixed.

TECK. Teck posted a strong Q1 2026 with revenue of about $3.9 billion (up from roughly $2.3 billion a year earlier) and adjusted profit near $858 million, or about $1.75 per share, on record copper sales and prices. Full-year 2025 copper production of roughly 453,500 tonnes landed within guidance, with zinc at the high end. Valuation multiples reflect a cyclical miner whose earnings and cash flow move with metal prices, and the pending Anglo American merger is an additional swing factor in how the market prices the shares.

Headline figures (approximate, JULY 2026): BHP shows revenue (fy2025) ~$51 billion, underlying ebitda (fy2025) ~$26 billion (~53% margin), market capitalization ~$205 billion, dividend yield (adr) ~3.3% to 3.5%; TECK shows revenue (ttm) ~$12B, market cap ~$27B, p/e ratio ~21x, dividend yield ~0.6%.

BHP and TECK are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BHP and TECK exposure against your real portfolio. It is not an investment adviser.