20-quarter listed-company comparison

Copper Stocks

Copper: Hudbay Minerals Inc. owns the largest revenue base; Ero Copper Corp. has the fastest current growth.

The industry itself · before any single company

How has Copper moved against S&P 500?

The line below covers 5.2 years. Over the most recent two of them this industry is 65% ahead of S&P 500. Earnings across its companies grew 48% on average over the last four reported quarters.

ASLEEP · 1y +70.2%✓Price and the fundamentals both up1 of 6 companies ahead of S&P 500 by 5% or more over three months

RS — · 4/6 >200d (+0) · 1/6 lead (+1) · EPS 6/6↑

Copper, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling

Strength anatomy NarrowHow much of the industry is participating, how recently, and whether the movers score well.

Together1 of 6 stocks moving

Fresh1 crossed in the last 4 weeks

Backed by scoresmovers score +1 vs the industry average

Down the cap ladder — bar is now, tick is four weeks ago

Large 1/2+1

Mid 0/20

Small 0/20

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 6 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Copper outperforming S&P 500?

Copper has outperformed S&P 500 by 55.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.6%. 4 of 6 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Trekor Metals Limited is the strongest against the sector itself at +11.8%.

-6.6%Sector vs S&P 500 · 13 weeks

+55.4%Sector vs S&P 500 · 52 weeks

4/6Stocks leading S&P 500

4/6Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Copper has outperformed S&P 500 by 55.4% over 52 weeks and 6.6% over 13 weeks. 4 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 6 beat the sector itself. Hudbay Minerals Inc. leads with revenue of $2,373 million, based on 4 of 6 comparable companies through Mar 2026.

Is the Copper sector outperforming S&P 500?

Copper has outperformed S&P 500 by 55.4% over 52 weeks and 6.6% over 13 weeks. 4 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 6 beat the sector itself.

Which Copper company is largest by revenue?

Hudbay Minerals Inc. leads with revenue of $2,373 million, based on 4 of 6 comparable companies through Mar 2026.

Which Copper company is growing fastest?

Ero Copper Corp. has the fastest current revenue growth at 88.6%, across 4 of 6 comparable companies.

Which Copper company has the strongest 4-Factor Sector Score?

Southern Copper Corporation ranks first at 64/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Copper company reports the most CAPEX?

Freeport-McMoRan Inc. reports the largest latest CAPEX at $1,104 million, with 6 of 6 companies comparable.

Which Copper company has the least gross debt?

Ivanhoe Electric Inc. has the lowest comparable gross debt at $35 million. Freeport-McMoRan Inc. has the highest at $10,359 million.

Which Copper company has the lowest comparable PEG?

Ero Copper Corp. has the lowest comparable Guarded PEG at 0.18, among 1 of 6 companies that pass the metric’s comparability rules.

How much history does this Copper comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies

complete canonical membership

Combined market value

$254.3B

Southern Copper Corporation

Revenue growing

3/4

positive TTM year-on-year growth

Beating S&P 500

4/6

positive Mansfield relative strength

Global company selection

00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Southern Copper Corporation has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 58.7% evidence confidence.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Southern Copper Corporation · SCCO

64.0/100 · Thin evidence · provisional · 59% evidence

Exact sum: 21.5 + 15.6 + 9.7 + 17.2 = 64

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

21.5/35Growth & earnings

Revenue — · PAT — · OPM change 9.1 pp

45% evidence

15.6/25Capital efficiency

ROCE 13% · debt/equity 0.67×

80% evidence

9.7/20Valuation

P/E 25.8× · PEG —

15% evidence

17.2/20Relative strength

RS sector 9.4% · RS bench 7.7% · 1Y 102.6%

100% evidence

2. Ero Copper Corp. · ERO

58.3/100 · Mixed-positive evidence · 82% evidence

Exact sum: 23.8 + 11.9 + 15.9 + 6.7 = 58.3

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -2.7% and the one-year return is 90.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

23.8/35Growth & earnings

Revenue 88.6% · PAT 100% · OPM change 0.6 pp

83% evidence

11.9/25Capital efficiency

ROCE 5.6% · debt/equity 0.55×

80% evidence

15.9/20Valuation

P/E 9.5× · PEG 0.18

65% evidence

6.7/20Relative strength

RS sector -2.7% · RS bench -4.3% · 1Y 90.9%

100% evidence

3. Freeport-McMoRan Inc. · FCX

54.9/100 · Thin evidence · provisional · 59% evidence

Exact sum: 17.7 + 11.7 + 9.1 + 16.4 = 54.9

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

17.7/35Growth & earnings

Revenue — · PAT — · OPM change 11.6 pp

45% evidence

11.7/25Capital efficiency

ROCE 3.9% · debt/equity 0.32×

80% evidence

9.1/20Valuation

P/E 31× · PEG —

15% evidence

16.4/20Relative strength

RS sector 7% · RS bench 6.7% · 1Y 54%

100% evidence

4. Ivanhoe Electric Inc. · IE

52.4/100 · Thin evidence · provisional · 56% evidence

Exact sum: 20 + 17.9 + 11.5 + 3 = 52.4

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

20.0/35Growth & earnings

Revenue 0% · PAT — · OPM change 414.4 pp

62% evidence

17.9/25Capital efficiency

ROCE 21% · debt/equity 0.06×

68% evidence

11.5/20Valuation

P/E 6.1× · PEG —

15% evidence

3.0/20Relative strength

RS sector -34.6% · RS bench -34.6% · 1Y -5.3%

70% evidence

5. Hudbay Minerals Inc. · HBM

52.3/100 · Mixed-positive evidence · 72% evidence

Exact sum: 21.2 + 13.5 + 10.3 + 7.3 = 52.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.2/35Growth & earnings

Revenue 13.4% · PAT 100% · OPM change 9.1 pp

83% evidence

13.5/25Capital efficiency

ROCE 5.6% · debt/equity 0.27×

80% evidence

10.3/20Valuation

P/E 12.6× · PEG —

15% evidence

7.3/20Relative strength

RS sector 3.1% · RS bench 1.1% · 1Y 140.4%

100% evidence

6. Trekor Metals Limited · TGB

49.7/100 · Mixed-negative evidence · 65% evidence

Exact sum: 21.1 + 5.1 + 8.5 + 15 = 49.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.1/35Growth & earnings

Revenue 28.3% · PAT — · OPM change 10.2 pp

62% evidence

5.1/25Capital efficiency

ROCE 3.7% · debt/equity 0.95×

80% evidence

8.5/20Valuation

P/E 180.2× · PEG —

15% evidence

15.0/20Relative strength

RS sector 11.8% · RS bench 8.9% · 1Y 123.4%

100% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Hudbay Minerals Inc. has the highest Revenue among the 6 Copper companies compared here, at $2,373 million. Ero Copper Corp. is next at $924 million. Ero Copper Corp. has the highest Revenue growth at 88.6%, so level and change sit with different companies. 4 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Hudbay Minerals Inc. is the scale leader at $2,373 million, 156.8% ahead of Ero Copper Corp.. Ero Copper Corp.'s growth is 88.6% from a $924 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderHudbay Minerals Inc. · $2,373 million

Gap156.8% versus #2 · Ero Copper Corp.

Persistence6/8 recent comparable periods

Coverage4/6 companies · 114 observations

Investor read: Hudbay Minerals Inc. is the scale benchmark; Ero Copper Corp. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Hudbay Minerals Inc.'s growth falls below Ero Copper Corp.'s for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Hudbay Minerals Inc. HBM$2.4B

2Ero Copper Corp. ERO$924M

3Trekor Metals Limited TGB$771M

4Ivanhoe Electric Inc. IE$4M

Revenue growthfastest growers

1Ero Copper Corp. ERO89%

2Trekor Metals Limited TGB28%

3Hudbay Minerals Inc. HBM13%

4Ivanhoe Electric Inc. IE0.0%

Revenue · company comparison

4/6 level · 4/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Freeport-McMoRan Inc. FCX	$6.2B	8.8%	Jun 2026
Southern Copper Corporation SCCO	$4.3B	36%	Jun 2026
Hudbay Minerals Inc. HBM	$757M	27%	Mar 2026
Ero Copper Corp. ERO	$263M	110%	Mar 2026
Trekor Metals Limited TGB	$237M	71%	Mar 2026
Ivanhoe Electric Inc. IE	$1M	0.0%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Ero Copper Corp. · ERO

Sep 2021$112M

Dec 2021$135M

Mar 2022$109M

Jun 2022$115M

Sep 2022$86M

Dec 2022$117M

Mar 2023$101M

Jun 2023$105M

Sep 2023$105M

Dec 2023$116M

Mar 2024$106M

Jun 2024$117M

Sep 2024$125M

Dec 2024$123M

Mar 2025$125M

Jun 2025$164M

Sep 2025$177M

Dec 2025$320M

Mar 2026$263M

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 2021$6.1B

Dec 2021$6.2B

Mar 2022$6.6B

Jun 2022$5.4B

Sep 2022$5.0B

Dec 2022$5.8B

Mar 2023$5.4B

Jun 2023$5.7B

Sep 2023$5.8B

Dec 2023$5.9B

Mar 2024$6.3B

Jun 2024$6.6B

Sep 2024$6.8B

Dec 2024$5.7B

Mar 2025$5.7B

Jun 2025$7.6B

Sep 2025$7.0B

Dec 2025$5.6B

Mar 2026$6.2B

Jun 2026—

Hudbay Minerals Inc. · HBM

Sep 2021$359M

Dec 2021$425M

Mar 2022$379M

Jun 2022$415M

Sep 2022$346M

Dec 2022$321M

Mar 2023$295M

Jun 2023$312M

Sep 2023$480M

Dec 2023$602M

Mar 2024$525M

Jun 2024$426M

Sep 2024$486M

Dec 2024$585M

Mar 2025$595M

Jun 2025$536M

Sep 2025$347M

Dec 2025$733M

Mar 2026$757M

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021$1M

Dec 2021$1M

Mar 2022$7M

Jun 2022$0M

Sep 2022$1M

Dec 2022$0M

Mar 2023$1M

Jun 2023$1M

Sep 2023$0M

Dec 2023$2M

Mar 2024$0M

Jun 2024$1M

Sep 2024$1M

Dec 2024$1M

Mar 2025$1M

Jun 2025$1M

Sep 2025$1M

Dec 2025$1M

Mar 2026$1M

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021$2.7B

Dec 2021$2.8B

Mar 2022$2.8B

Jun 2022$2.3B

Sep 2022$2.2B

Dec 2022$2.8B

Mar 2023$2.8B

Jun 2023$2.3B

Sep 2023$2.5B

Dec 2023$2.3B

Mar 2024$2.6B

Jun 2024$3.1B

Sep 2024$2.9B

Dec 2024$2.8B

Mar 2025$3.1B

Jun 2025$3.1B

Sep 2025$3.4B

Dec 2025$3.9B

Mar 2026$4.3B

Jun 2026—

Trekor Metals Limited · TGB

Sep 2021$133M

Dec 2021$103M

Mar 2022$118M

Jun 2022$83M

Sep 2022$90M

Dec 2022$101M

Mar 2023$116M

Jun 2023$112M

Sep 2023$144M

Dec 2023$154M

Mar 2024$147M

Jun 2024$138M

Sep 2024$156M

Dec 2024$168M

Mar 2025$139M

Jun 2025$116M

Sep 2025$174M

Dec 2025$244M

Mar 2026$237M

Jun 2026—

Revenue growth · reported quarter history

Ero Copper Corp. · ERO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-5.0%

Sep 2022-23%

Dec 2022-13%

Mar 2023-7.3%

Jun 2023-8.7%

Sep 202322%

Dec 2023-0.9%

Mar 20245.0%

Jun 202411%

Sep 202419%

Dec 20246.0%

Mar 202518%

Jun 202540%

Sep 202542%

Dec 2025160%

Mar 2026110%

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-5.8%

Sep 2022-18%

Dec 2022-6.6%

Mar 2023-18%

Jun 20235.9%

Sep 202316%

Dec 20232.6%

Mar 202417%

Jun 202415%

Sep 202417%

Dec 2024-3.1%

Mar 2025-9.4%

Jun 202514%

Sep 20252.7%

Dec 2025-1.5%

Mar 20268.8%

Jun 2026—

Hudbay Minerals Inc. · HBM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20222.7%

Sep 2022-3.6%

Dec 2022-24%

Mar 2023-22%

Jun 2023-25%

Sep 202339%

Dec 202388%

Mar 202478%

Jun 202437%

Sep 20241.3%

Dec 2024-2.8%

Mar 202513%

Jun 202526%

Sep 2025-29%

Dec 202525%

Mar 202627%

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-100%

Sep 20220.0%

Dec 2022-100%

Mar 2023-86%

Jun 2023—

Sep 2023-100%

Dec 2023—

Mar 2024-100%

Jun 20240.0%

Sep 2024—

Dec 2024-50%

Mar 2025—

Jun 20250.0%

Sep 20250.0%

Dec 20250.0%

Mar 20260.0%

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-20%

Sep 2022-20%

Dec 2022-0.1%

Mar 20231.1%

Jun 2023-0.3%

Sep 202316%

Dec 2023-19%

Mar 2024-6.9%

Jun 202436%

Sep 202417%

Dec 202421%

Mar 202520%

Jun 2025-2.2%

Sep 202515%

Dec 202539%

Mar 202636%

Jun 2026—

Trekor Metals Limited · TGB

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-25%

Sep 2022-32%

Dec 2022-1.9%

Mar 2023-1.7%

Jun 202335%

Sep 202360%

Dec 202352%

Mar 202427%

Jun 202423%

Sep 20248.3%

Dec 20249.1%

Mar 2025-5.4%

Jun 2025-16%

Sep 202512%

Dec 202545%

Mar 202671%

Jun 2026—

02 · compare level, then change

Operating Economics & Margin Trend

Southern Copper Corporation has the highest OPM among the 6 Copper companies compared here, at 58.3%. Hudbay Minerals Inc. is next at 40.3%. Ivanhoe Electric Inc. has the highest Margin change at +414.4 percentage points, so level and change sit with different companies. 5 of 6 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Southern Copper Corporation leads opm at 58.3%; Ivanhoe Electric Inc. leads margin change at +414.4 percentage points.

LeaderSouthern Copper Corporation · 58.3%

Gap44.7% versus #2 · Hudbay Minerals Inc.

Persistence8/8 recent comparable periods

Coverage5/6 companies · 96 observations

Investor read: Southern Copper Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1Southern Copper Corporation SCCO58%

2Hudbay Minerals Inc. HBM40%

3Ero Copper Corp. ERO35%

4Freeport-McMoRan Inc. FCX34%

5Trekor Metals Limited TGB33%

Margin changefastest expanders

1Ivanhoe Electric Inc. IE+414.4 pp

2Freeport-McMoRan Inc. FCX+11.6 pp

3Trekor Metals Limited TGB+10.2 pp

4Hudbay Minerals Inc. HBM+9.1 pp

5Southern Copper Corporation SCCO+9.1 pp

Operating margin · company comparison

5/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	OPM	Margin change	Reported
Southern Copper Corporation SCCO	58%	+9.1 pp	Jun 2026
Hudbay Minerals Inc. HBM	40%	+9.1 pp	Mar 2026
Ero Copper Corp. ERO	35%	+0.6 pp	Mar 2026
Freeport-McMoRan Inc. FCX	34%	+11.6 pp	Jun 2026
Trekor Metals Limited TGB	33%	+10.2 pp	Mar 2026
Ivanhoe Electric Inc. IE	-255%	+414.4 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Ero Copper Corp. · ERO

Sep 202151%

Dec 202153%

Mar 202244%

Jun 202235%

Sep 20228.1%

Dec 202230%

Mar 202323%

Jun 202320%

Sep 202321%

Dec 202325%

Mar 202412%

Jun 202413%

Sep 202429%

Dec 202437%

Mar 202534%

Jun 202529%

Sep 202522%

Dec 202544%

Mar 202635%

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 202141%

Dec 202137%

Mar 202243%

Jun 202232%

Sep 202219%

Dec 202227%

Mar 202330%

Jun 202325%

Sep 202326%

Dec 202329%

Mar 202426%

Jun 202431%

Sep 202429%

Dec 202422%

Mar 202523%

Jun 202532%

Sep 202528%

Dec 202514%

Mar 202634%

Jun 2026—

Hudbay Minerals Inc. · HBM

Sep 2021-33%

Dec 20219.1%

Mar 202233%

Jun 202211%

Sep 20225.9%

Dec 20227.0%

Mar 202318%

Jun 2023-0.1%

Sep 202324%

Dec 202322%

Mar 202421%

Jun 202411%

Sep 202422%

Dec 202424%

Mar 202531%

Jun 202529%

Sep 202597%

Dec 202533%

Mar 202640%

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021—

Dec 2021—

Mar 2022-255%

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Southern Copper Corporation · SCCO

Sep 202156%

Dec 202154%

Mar 202253%

Jun 202235%

Sep 202237%

Dec 202249%

Mar 202349%

Jun 202339%

Sep 202343%

Dec 202338%

Mar 202446%

Jun 202452%

Sep 202450%

Dec 202447%

Mar 202549%

Jun 202552%

Sep 202552%

Dec 202555%

Mar 202658%

Jun 2026—

Trekor Metals Limited · TGB

Sep 202146%

Dec 202151%

Mar 202228%

Jun 2022-46%

Sep 2022-16%

Dec 202240%

Mar 202322%

Jun 20233.2%

Sep 202335%

Dec 202335%

Mar 202414%

Jun 202437%

Sep 202414%

Dec 20241.0%

Mar 202523%

Jun 20251.3%

Sep 202526%

Dec 202551%

Mar 202633%

Jun 2026—

Margin change · reported quarter history

Ero Copper Corp. · ERO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−24.1 pp

Sep 2022−43.2 pp

Dec 2022−23.1 pp

Mar 2023−21.2 pp

Jun 2023−15.4 pp

Sep 2023+13.1 pp

Dec 2023−4.5 pp

Mar 2024−10.3 pp

Jun 2024−7.4 pp

Sep 2024+7.4 pp

Dec 2024+11.9 pp

Mar 2025+22.0 pp

Jun 2025+16.8 pp

Sep 2025−7.1 pp

Dec 2025+7.2 pp

Mar 2026+0.6 pp

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−3.9 pp

Sep 2022−21.3 pp

Dec 2022−10.8 pp

Mar 2023−12.8 pp

Jun 2023−7.5 pp

Sep 2023+6.4 pp

Dec 2023+2.6 pp

Mar 2024−3.8 pp

Jun 2024+6.3 pp

Sep 2024+2.9 pp

Dec 2024−7.5 pp

Mar 2025−3.2 pp

Jun 2025+1.2 pp

Sep 2025−0.2 pp

Dec 2025−7.3 pp

Mar 2026+11.6 pp

Jun 2026—

Hudbay Minerals Inc. · HBM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−3.4 pp

Sep 2022+38.7 pp

Dec 2022−2.1 pp

Mar 2023−15.4 pp

Jun 2023−11.2 pp

Sep 2023+18.1 pp

Dec 2023+14.6 pp

Mar 2024+3.5 pp

Jun 2024+10.6 pp

Sep 2024−2.2 pp

Dec 2024+2.0 pp

Mar 2025+9.9 pp

Jun 2025+18.0 pp

Sep 2025+74.9 pp

Dec 2025+9.5 pp

Mar 2026+9.1 pp

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−12,202.1 pp

Sep 2022−1,774.5 pp

Dec 2022−12,238.4 pp

Mar 2023−5,428.7 pp

Jun 2023+9,357.1 pp

Sep 2023−16,121.9 pp

Dec 2023+13,415.2 pp

Mar 2024−10,117.1 pp

Jun 2024−5,417.2 pp

Sep 2024+13,419.8 pp

Dec 2024+610.6 pp

Mar 2025+12,126.3 pp

Jun 2025+6,862.4 pp

Sep 2025+1,905.5 pp

Dec 2025−2,221.5 pp

Mar 2026+414.4 pp

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−22.8 pp

Sep 2022−19.7 pp

Dec 2022−5.6 pp

Mar 2023−4.7 pp

Jun 2023+4.1 pp

Sep 2023+6.2 pp

Dec 2023−10.8 pp

Mar 2024−2.7 pp

Jun 2024+12.4 pp

Sep 2024+6.8 pp

Dec 2024+9.2 pp

Mar 2025+3.4 pp

Jun 2025+0.5 pp

Sep 2025+2.9 pp

Dec 2025+7.5 pp

Mar 2026+9.1 pp

Jun 2026—

Trekor Metals Limited · TGB

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−74.4 pp

Sep 2022−62.7 pp

Dec 2022−11.4 pp

Mar 2023−5.3 pp

Jun 2023+49.1 pp

Sep 2023+51.5 pp

Dec 2023−4.8 pp

Mar 2024−8.3 pp

Jun 2024+33.4 pp

Sep 2024−21.1 pp

Dec 2024−33.8 pp

Mar 2025+8.8 pp

Jun 2025−35.3 pp

Sep 2025+11.9 pp

Dec 2025+49.6 pp

Mar 2026+10.2 pp

Jun 2026—

03 · compare level, then change

Profit Scale & Acceleration

Hudbay Minerals Inc. has the highest Net profit among the 6 Copper companies compared here, at $657 million. Ero Copper Corp. is next at $296 million. Ero Copper Corp. has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Hudbay Minerals Inc. leads with $657 million of TTM profit, 122% above Ero Copper Corp.. Ero Copper Corp. shows ≥100% on the scoring scale (1380% uncapped) growth from a $296 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderHudbay Minerals Inc. · $657 million

Gap122% versus #2 · Ero Copper Corp.

Persistence6/8 recent comparable periods

Coverage4/6 companies · 114 observations

Investor read: Hudbay Minerals Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1Hudbay Minerals Inc. HBM$657M

2Ero Copper Corp. ERO$296M

3Trekor Metals Limited TGB$15M

4Ivanhoe Electric Inc. IE$-34M

Profit growthfastest growers

1Ero Copper Corp. ERO100%

2Hudbay Minerals Inc. HBM100%

Net profit · company comparison

4/6 level · 2/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Net profit	Profit growth	Reported
Southern Copper Corporation SCCO	$1.6B	67%	Jun 2026
Freeport-McMoRan Inc. FCX	$1.4B	75%	Jun 2026
Hudbay Minerals Inc. HBM	$192M	94%	Mar 2026
Ero Copper Corp. ERO	$109M	35%	Mar 2026
Ivanhoe Electric Inc. IE	$42M	-300%	Mar 2026
Trekor Metals Limited TGB	$17M	-253%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Ero Copper Corp. · ERO

Sep 2021$26M

Dec 2021$60M

Mar 2022$52M

Jun 2022$24M

Sep 2022$4M

Dec 2022$22M

Mar 2023$25M

Jun 2023$30M

Sep 2023$3M

Dec 2023$37M

Mar 2024$-7M

Jun 2024$-53M

Sep 2024$41M

Dec 2024$-49M

Mar 2025$81M

Jun 2025$71M

Sep 2025$37M

Dec 2025$79M

Mar 2026$109M

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 2021$1.7B

Dec 2021$1.4B

Mar 2022$1.9B

Jun 2022$1.0B

Sep 2022$560M

Dec 2022$977M

Mar 2023$1.0B

Jun 2023$731M

Sep 2023$964M

Dec 2023$1.0B

Mar 2024$1.2B

Jun 2024$1.3B

Sep 2024$1.2B

Dec 2024$721M

Mar 2025$793M

Jun 2025$1.5B

Sep 2025$1.2B

Dec 2025$565M

Mar 2026$1.4B

Jun 2026—

Hudbay Minerals Inc. · HBM

Sep 2021$-170M

Dec 2021$-10M

Mar 2022$64M

Jun 2022$32M

Sep 2022$-8M

Dec 2022$-17M

Mar 2023$5M

Jun 2023$-15M

Sep 2023$45M

Dec 2023$33M

Mar 2024$19M

Jun 2024$-20M

Sep 2024$50M

Dec 2024$19M

Mar 2025$99M

Jun 2025$115M

Sep 2025$222M

Dec 2025$128M

Mar 2026$192M

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021$-18M

Dec 2021$-26M

Mar 2022$-15M

Jun 2022$-54M

Sep 2022$-40M

Dec 2022$-40M

Mar 2023$-36M

Jun 2023$-38M

Sep 2023$-78M

Dec 2023$-47M

Mar 2024$-56M

Jun 2024$-47M

Sep 2024$-43M

Dec 2024$17M

Mar 2025$-31M

Jun 2025$-24M

Sep 2025$-18M

Dec 2025$-34M

Mar 2026$42M

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021$871M

Dec 2021$836M

Mar 2022$788M

Jun 2022$434M

Sep 2022$521M

Dec 2022$905M

Mar 2023$816M

Jun 2023$550M

Sep 2023$622M

Dec 2023$447M

Mar 2024$739M

Jun 2024$954M

Sep 2024$900M

Dec 2024$796M

Mar 2025$949M

Jun 2025$977M

Sep 2025$1.1B

Dec 2025$1.3B

Mar 2026$1.6B

Jun 2026—

Trekor Metals Limited · TGB

Sep 2021$22M

Dec 2021$12M

Mar 2022$5M

Jun 2022$-5M

Sep 2022$-24M

Dec 2022$-2M

Mar 2023$34M

Jun 2023$10M

Sep 2023$1M

Dec 2023$38M

Mar 2024$19M

Jun 2024$-11M

Sep 2024$0M

Dec 2024$-21M

Mar 2025$-29M

Jun 2025$22M

Sep 2025$-28M

Dec 2025$4M

Mar 2026$17M

Jun 2026—

Profit growth · reported quarter history

Ero Copper Corp. · ERO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-71%

Sep 2022-85%

Dec 2022-63%

Mar 2023-52%

Jun 202325%

Sep 2023-25%

Dec 202368%

Mar 2024-128%

Jun 2024-277%

Sep 20241,267%

Dec 2024-232%

Mar 2025—

Jun 2025—

Sep 2025-9.8%

Dec 2025—

Mar 202635%

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-22%

Sep 2022-68%

Dec 2022-28%

Mar 2023-45%

Jun 2023-30%

Sep 202372%

Dec 20233.1%

Mar 202411%

Jun 202475%

Sep 202428%

Dec 2024-28%

Mar 2025-32%

Jun 202521%

Sep 20250.9%

Dec 2025-22%

Mar 202675%

Jun 2026—

Hudbay Minerals Inc. · HBM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023-92%

Jun 2023-147%

Sep 2023—

Dec 2023—

Mar 2024280%

Jun 2024—

Sep 202411%

Dec 2024-42%

Mar 2025421%

Jun 2025—

Sep 2025344%

Dec 2025574%

Mar 202694%

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025-300%

Mar 2026—

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-54%

Sep 2022-40%

Dec 20228.3%

Mar 20233.6%

Jun 202327%

Sep 202319%

Dec 2023-51%

Mar 2024-9.4%

Jun 202473%

Sep 202445%

Dec 202478%

Mar 202528%

Jun 20252.4%

Sep 202523%

Dec 202565%

Mar 202667%

Jun 2026—

Trekor Metals Limited · TGB

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-138%

Sep 2022-209%

Dec 2022-117%

Mar 2023580%

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024-44%

Jun 2024-210%

Sep 2024-100%

Dec 2024-155%

Mar 2025-253%

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

04 · compare level, then change

Capacity Spending & Returns On It

Freeport-McMoRan Inc. has the highest CAPEX among the 6 Copper companies compared here, at $1,104 million. Southern Copper Corporation is next at $423 million. Ivanhoe Electric Inc. has the highest CAPEX intensity at 100%, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Freeport-McMoRan Inc. reports $1,104 million of CAPEX; Ivanhoe Electric Inc. has the highest covered intensity at 100%. Coverage is only 6 of 6 companies and 116 reported observations, so this is partial evidence—not a complete sector rank.

LeaderFreeport-McMoRan Inc. · $1,104 million

Gap161% versus #2 · Southern Copper Corporation

Persistence8/8 recent comparable periods

Coverage6/6 companies · 116 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

CAPEXlargest spenders

1Freeport-McMoRan Inc. FCX$1.1B

2Southern Copper Corporation SCCO$423M

3Hudbay Minerals Inc. HBM$140M

4Trekor Metals Limited TGB$87M

5Ero Copper Corp. ERO$61M

CAPEX intensityhighest reinvestment intensity

1Ivanhoe Electric Inc. IE100%

2Trekor Metals Limited TGB37%

3Ero Copper Corp. ERO23%

4Hudbay Minerals Inc. HBM19%

5Freeport-McMoRan Inc. FCX16%

Capital expenditure · company comparison

6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	CAPEX	CAPEX intensity	Reported
Freeport-McMoRan Inc. FCX	$1.1B	16%	Jun 2026
Southern Copper Corporation SCCO	$423M	10%	Jun 2026
Hudbay Minerals Inc. HBM	$140M	19%	Mar 2026
Trekor Metals Limited TGB	$87M	37%	Mar 2026
Ero Copper Corp. ERO	$61M	23%	Mar 2026
Ivanhoe Electric Inc. IE	$1M	100%	Mar 2026

Full 20-quarter history · every available company

CAPEX · reported quarter history

Ero Copper Corp. · ERO

Sep 2021$62M

Dec 2021$58M

Mar 2022$55M

Jun 2022$58M

Sep 2022$95M

Dec 2022$87M

Mar 2023$86M

Jun 2023$127M

Sep 2023$121M

Dec 2023$126M

Mar 2024$108M

Jun 2024$75M

Sep 2024$78M

Dec 2024$77M

Mar 2025$60M

Jun 2025$71M

Sep 2025$77M

Dec 2025$75M

Mar 2026$61M

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 2021$541M

Dec 2021$771M

Mar 2022$723M

Jun 2022$863M

Sep 2022$836M

Dec 2022$1.0B

Mar 2023$1.1B

Jun 2023$1.2B

Sep 2023$1.2B

Dec 2023$1.4B

Mar 2024$1.3B

Jun 2024$1.1B

Sep 2024$1.2B

Dec 2024$1.2B

Mar 2025$1.2B

Jun 2025$1.3B

Sep 2025$1.1B

Dec 2025$1.0B

Mar 2026$973M

Jun 2026$1.1B

Hudbay Minerals Inc. · HBM

Sep 2021$87M

Dec 2021$103M

Mar 2022$52M

Jun 2022$79M

Sep 2022$90M

Dec 2022$89M

Mar 2023$65M

Jun 2023$66M

Sep 2023$69M

Dec 2023$81M

Mar 2024$62M

Jun 2024$90M

Sep 2024$98M

Dec 2024$97M

Mar 2025$91M

Jun 2025$122M

Sep 2025$110M

Dec 2025$143M

Mar 2026$140M

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021$1M

Dec 2021$1M

Mar 2022$0M

Jun 2022$1M

Sep 2022$0M

Dec 2022$8M

Mar 2023$0M

Jun 2023$0M

Sep 2023$1M

Dec 2023$0M

Mar 2024$1M

Jun 2024$1M

Sep 2024$0M

Dec 2024$2M

Mar 2025$0M

Jun 2025$1M

Sep 2025$0M

Dec 2025$0M

Mar 2026$1M

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021$243M

Dec 2021$197M

Mar 2022$205M

Jun 2022$225M

Sep 2022$228M

Dec 2022$291M

Mar 2023$238M

Jun 2023$253M

Sep 2023$263M

Dec 2023$255M

Mar 2024$214M

Jun 2024$332M

Sep 2024$246M

Dec 2024$235M

Mar 2025$318M

Jun 2025$236M

Sep 2025$349M

Dec 2025$423M

Mar 2026$442M

Jun 2026$423M

Trekor Metals Limited · TGB

Sep 2021$35M

Dec 2021$35M

Mar 2022$43M

Jun 2022$51M

Sep 2022$46M

Dec 2022$42M

Mar 2023$35M

Jun 2023$46M

Sep 2023$33M

Dec 2023$59M

Mar 2024$53M

Jun 2024$72M

Sep 2024$78M

Dec 2024$115M

Mar 2025$132M

Jun 2025$127M

Sep 2025$84M

Dec 2025$84M

Mar 2026$87M

Jun 2026—

CAPEX intensity · reported quarter history

Ero Copper Corp. · ERO

Sep 202155%

Dec 202143%

Mar 202251%

Jun 202250%

Sep 2022111%

Dec 202274%

Mar 202385%

Jun 2023121%

Sep 2023115%

Dec 2023109%

Mar 2024102%

Jun 202464%

Sep 202462%

Dec 202463%

Mar 202548%

Jun 202543%

Sep 202544%

Dec 202523%

Mar 202623%

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 20218.9%

Dec 202113%

Mar 202211%

Jun 202216%

Sep 202217%

Dec 202218%

Mar 202321%

Jun 202320%

Sep 202320%

Dec 202323%

Mar 202420%

Jun 202417%

Sep 202418%

Dec 202422%

Mar 202521%

Jun 202517%

Sep 202515%

Dec 202518%

Mar 202616%

Jun 2026—

Hudbay Minerals Inc. · HBM

Sep 202124%

Dec 202124%

Mar 202214%

Jun 202219%

Sep 202226%

Dec 202228%

Mar 202322%

Jun 202321%

Sep 202314%

Dec 202314%

Mar 202412%

Jun 202421%

Sep 202420%

Dec 202417%

Mar 202515%

Jun 202523%

Sep 202532%

Dec 202520%

Mar 202619%

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021100%

Dec 2021100%

Mar 20220.0%

Jun 2022—

Sep 20220.0%

Dec 2022—

Mar 20230.0%

Jun 20230.0%

Sep 2023—

Dec 20230.0%

Mar 2024—

Jun 2024100%

Sep 20240.0%

Dec 2024200%

Mar 20250.0%

Jun 2025100%

Sep 20250.0%

Dec 20250.0%

Mar 2026100%

Jun 2026—

Southern Copper Corporation · SCCO

Sep 20219.1%

Dec 20217.0%

Mar 20227.4%

Jun 20229.8%

Sep 202211%

Dec 202210%

Mar 20238.5%

Jun 202311%

Sep 202311%

Dec 202311%

Mar 20248.2%

Jun 202411%

Sep 20248.4%

Dec 20248.4%

Mar 202510%

Jun 20257.7%

Sep 202510%

Dec 202511%

Mar 202610%

Jun 2026—

Trekor Metals Limited · TGB

Sep 202126%

Dec 202134%

Mar 202236%

Jun 202261%

Sep 202251%

Dec 202242%

Mar 202330%

Jun 202341%

Sep 202323%

Dec 202338%

Mar 202436%

Jun 202452%

Sep 202450%

Dec 202469%

Mar 202595%

Jun 2025110%

Sep 202548%

Dec 202534%

Mar 202637%

Jun 2026—

Annual capital allocation · 5-year view

6/6 capacity base · 6/6 OCF · 6/6 CAPEX · 6/6 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Ero Copper Corp. · ERO

Dec 2021$477M

Dec 2022$771M

Dec 2023$1.3B

Dec 2024$1.3B

Dec 2025$1.6B

Freeport-McMoRan Inc. · FCX

Dec 2021$30.3B

Dec 2022$32.6B

Dec 2023$35.3B

Dec 2024$38.5B

Dec 2025$40.7B

Hudbay Minerals Inc. · HBM

Dec 2021$3.7B

Dec 2022$3.6B

Dec 2023$4.3B

Dec 2024$4.2B

Dec 2025$4.7B

Ivanhoe Electric Inc. · IE

Dec 2021$3M

Dec 2022$4M

Dec 2023$7M

Dec 2024$10M

Dec 2025$9M

Southern Copper Corporation · SCCO

Dec 2021$11.5B

Dec 2022$11.5B

Dec 2023$11.7B

Dec 2024$11.8B

Dec 2025$12.1B

Trekor Metals Limited · TGB

Dec 2021$838M

Dec 2022$1.0B

Dec 2023$1.3B

Dec 2024$1.8B

Dec 2025$2.0B

Operating cash flow · fiscal-year history

Ero Copper Corp. · ERO

Dec 2021$365M

Dec 2022$143M

Dec 2023$163M

Dec 2024$145M

Dec 2025$395M

Freeport-McMoRan Inc. · FCX

Dec 2021$7.7B

Dec 2022$5.1B

Dec 2023$5.3B

Dec 2024$7.2B

Dec 2025$5.6B

Hudbay Minerals Inc. · HBM

Dec 2021$385M

Dec 2022$488M

Dec 2023$477M

Dec 2024$666M

Dec 2025$707M

Ivanhoe Electric Inc. · IE

Dec 2021$-48M

Dec 2022$-116M

Dec 2023$-151M

Dec 2024$-162M

Dec 2025$-89M

Southern Copper Corporation · SCCO

Dec 2021$4.3B

Dec 2022$2.8B

Dec 2023$3.6B

Dec 2024$4.4B

Dec 2025$4.8B

Trekor Metals Limited · TGB

Dec 2021$175M

Dec 2022$81M

Dec 2023$151M

Dec 2024$233M

Dec 2025$220M

CAPEX · reported cash flow · fiscal-year history

Ero Copper Corp. · ERO

Dec 2021$182M

Dec 2022$296M

Dec 2023$461M

Dec 2024$338M

Dec 2025$282M

Freeport-McMoRan Inc. · FCX

Dec 2021$2.1B

Dec 2022$3.5B

Dec 2023$4.8B

Dec 2024$4.8B

Dec 2025$4.5B

Hudbay Minerals Inc. · HBM

Dec 2021$352M

Dec 2022$309M

Dec 2023$281M

Dec 2024$347M

Dec 2025$467M

Ivanhoe Electric Inc. · IE

Dec 2021$4M

Dec 2022$9M

Dec 2023$2M

Dec 2024$3M

Dec 2025$4M

Southern Copper Corporation · SCCO

Dec 2021$892M

Dec 2022$949M

Dec 2023$1.0B

Dec 2024$1.0B

Dec 2025$1.3B

Trekor Metals Limited · TGB

Dec 2021$134M

Dec 2022$182M

Dec 2023$173M

Dec 2024$318M

Dec 2025$428M

Free cash flow · fiscal-year history

Ero Copper Corp. · ERO

Dec 2021$183M

Dec 2022$-152M

Dec 2023$-298M

Dec 2024$-192M

Dec 2025$113M

Freeport-McMoRan Inc. · FCX

Dec 2021$5.6B

Dec 2022$1.7B

Dec 2023$455M

Dec 2024$2.4B

Dec 2025$1.1B

Hudbay Minerals Inc. · HBM

Dec 2021$33M

Dec 2022$179M

Dec 2023$196M

Dec 2024$319M

Dec 2025$241M

Ivanhoe Electric Inc. · IE

Dec 2021$-52M

Dec 2022$-124M

Dec 2023$-152M

Dec 2024$-165M

Dec 2025$-93M

Southern Copper Corporation · SCCO

Dec 2021$3.4B

Dec 2022$1.9B

Dec 2023$2.6B

Dec 2024$3.4B

Dec 2025$3.4B

Trekor Metals Limited · TGB

Dec 2021$41M

Dec 2022$-101M

Dec 2023$-22M

Dec 2024$-86M

Dec 2025$-209M

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Ivanhoe Electric Inc. has the lowest Gross debt among the 6 Copper companies compared here, at $35 million. Ero Copper Corp. is next at $603 million. The same company also holds the lowest Net debt, at $257 million net cash. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Ivanhoe Electric Inc. has the clearest covered balance-sheet capacity with $257 million net cash and gross debt of $35 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderIvanhoe Electric Inc. · $35 million

Gap94.2% versus #2 · Ero Copper Corp.

Persistence6/8 recent comparable periods

Coverage6/6 companies · 116 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

Gross debtlowest gross debt

1Ivanhoe Electric Inc. IE$35M

2Ero Copper Corp. ERO$603M

3Trekor Metals Limited TGB$774M

4Hudbay Minerals Inc. HBM$1.1B

5Southern Copper Corporation SCCO$8.5B

Net debtlowest net debt

1Ivanhoe Electric Inc. IE$-257M

2Hudbay Minerals Inc. HBM$61M

3Ero Copper Corp. ERO$512M

4Trekor Metals Limited TGB$605M

5Southern Copper Corporation SCCO$1.2B

Debt and balance-sheet capacity · company comparison

6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Gross debt	Net debt	Reported
Freeport-McMoRan Inc. FCX	$10.4B	$6.3B	Jun 2026
Southern Copper Corporation SCCO	$8.5B	$1.2B	Jun 2026
Hudbay Minerals Inc. HBM	$1.1B	$61M	Mar 2026
Trekor Metals Limited TGB	$774M	$605M	Mar 2026
Ero Copper Corp. ERO	$603M	$512M	Mar 2026
Ivanhoe Electric Inc. IE	$35M	$-257M	Mar 2026

Full 20-quarter history · every available company

Gross debt · reported quarter history

Ero Copper Corp. · ERO

Sep 2021$61M

Dec 2021$66M

Mar 2022$419M

Jun 2022$427M

Sep 2022$418M

Dec 2022$429M

Mar 2023$423M

Jun 2023$442M

Sep 2023$432M

Dec 2023$446M

Mar 2024$486M

Jun 2024$545M

Sep 2024$559M

Dec 2024$620M

Mar 2025$665M

Jun 2025$653M

Sep 2025$638M

Dec 2025$632M

Mar 2026$603M

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 2021$9.7B

Dec 2021$9.5B

Mar 2022$9.6B

Jun 2022$11.1B

Sep 2022$10.7B

Dec 2022$10.6B

Mar 2023$9.6B

Jun 2023$9.5B

Sep 2023$9.4B

Dec 2023$9.4B

Mar 2024$9.4B

Jun 2024$9.4B

Sep 2024$9.7B

Dec 2024$9.6B

Mar 2025$9.4B

Jun 2025$9.3B

Sep 2025$9.3B

Dec 2025$10.4B

Mar 2026$10.4B

Jun 2026$10.4B

Hudbay Minerals Inc. · HBM

Sep 2021$1.3B

Dec 2021$1.3B

Mar 2022$1.3B

Jun 2022$1.3B

Sep 2022$1.2B

Dec 2022$1.2B

Mar 2023$1.3B

Jun 2023$1.5B

Sep 2023$1.5B

Dec 2023$1.4B

Mar 2024$1.4B

Jun 2024$1.2B

Sep 2024$1.2B

Dec 2024$1.2B

Mar 2025$1.2B

Jun 2025$1.1B

Sep 2025$1.1B

Dec 2025$1.1B

Mar 2026$1.1B

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021$79M

Dec 2021$79M

Mar 2022$26M

Jun 2022$26M

Sep 2022$27M

Dec 2022$27M

Mar 2023$28M

Jun 2023$111M

Sep 2023$114M

Dec 2023$79M

Mar 2024$81M

Jun 2024$84M

Sep 2024$85M

Dec 2024$70M

Mar 2025$71M

Jun 2025$73M

Sep 2025$74M

Dec 2025$36M

Mar 2026$35M

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021$7.5B

Dec 2021$7.5B

Mar 2022$7.4B

Jun 2022$7.4B

Sep 2022$7.4B

Dec 2022$7.1B

Mar 2023$7.1B

Jun 2023$7.1B

Sep 2023$7.0B

Dec 2023$7.0B

Mar 2024$7.0B

Jun 2024$7.0B

Sep 2024$7.0B

Dec 2024$7.0B

Mar 2025$8.0B

Jun 2025$7.4B

Sep 2025$7.4B

Dec 2025$1.6B

Mar 2026$7.4B

Jun 2026$8.5B

Trekor Metals Limited · TGB

Sep 2021$540M

Dec 2021$532M

Mar 2022$520M

Jun 2022$532M

Sep 2022$563M

Dec 2022$587M

Mar 2023$609M

Jun 2023$602M

Sep 2023$639M

Dec 2023$638M

Mar 2024$653M

Jun 2024$754M

Sep 2024$742M

Dec 2024$797M

Mar 2025$793M

Jun 2025$838M

Sep 2025$882M

Dec 2025$760M

Mar 2026$774M

Jun 2026—

Net debt · reported quarter history

Ero Copper Corp. · ERO

Sep 2021$-58M

Dec 2021$-64M

Mar 2022$-46M

Jun 2022$-3M

Sep 2022$58M

Dec 2022$112M

Mar 2023$186M

Jun 2023$262M

Sep 2023$344M

Dec 2023$334M

Mar 2024$434M

Jun 2024$500M

Sep 2024$539M

Dec 2024$570M

Mar 2025$584M

Jun 2025$585M

Sep 2025$572M

Dec 2025$527M

Mar 2026$512M

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 2021$2.0B

Dec 2021$1.4B

Mar 2022$1.3B

Jun 2022$1.6B

Sep 2022$2.1B

Dec 2022$2.5B

Mar 2023$2.8B

Jun 2023$2.8B

Sep 2023$3.7B

Dec 2023$4.7B

Mar 2024$4.2B

Jun 2024$4.2B

Sep 2024$4.7B

Dec 2024$5.7B

Mar 2025$5.0B

Jun 2025$4.8B

Sep 2025$5.0B

Dec 2025$6.6B

Mar 2026$6.7B

Jun 2026$6.3B

Hudbay Minerals Inc. · HBM

Sep 2021$954M

Dec 2021$987M

Mar 2022$1.0B

Jun 2022$994M

Sep 2022$963M

Dec 2022$1.0B

Mar 2023$1.0B

Jun 2023$1.3B

Sep 2023$1.2B

Dec 2023$1.1B

Mar 2024$1.1B

Jun 2024$718M

Sep 2024$694M

Dec 2024$600M

Mar 2025$601M

Jun 2025$511M

Sep 2025$497M

Dec 2025$496M

Mar 2026$61M

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021$29M

Dec 2021$29M

Mar 2022$-198M

Jun 2022$-198M

Sep 2022$-151M

Dec 2022$-113M

Mar 2023$-79M

Jun 2023$47M

Sep 2023$-135M

Dec 2023$-126M

Mar 2024$-98M

Jun 2024$-50M

Sep 2024$-2M

Dec 2024$25M

Mar 2025$-30M

Jun 2025$-16M

Sep 2025$1M

Dec 2025$-140M

Mar 2026$-257M

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021$4.3B

Dec 2021$4.0B

Mar 2022$4.2B

Jun 2022$5.1B

Sep 2022$5.2B

Dec 2022$4.8B

Mar 2023$4.6B

Jun 2023$4.9B

Sep 2023$4.8B

Dec 2023$5.3B

Mar 2024$5.4B

Jun 2024$4.8B

Sep 2024$4.0B

Dec 2024$3.5B

Mar 2025$3.6B

Jun 2025$3.4B

Sep 2025$2.9B

Dec 2025$-3.3B

Mar 2026$2.1B

Jun 2026$1.2B

Trekor Metals Limited · TGB

Sep 2021$301M

Dec 2021$295M

Mar 2022$307M

Jun 2022$356M

Sep 2022$421M

Dec 2022$466M

Mar 2023$507M

Jun 2023$516M

Sep 2023$557M

Dec 2023$542M

Mar 2024$495M

Jun 2024$555M

Sep 2024$533M

Dec 2024$624M

Mar 2025$672M

Jun 2025$716M

Sep 2025$791M

Dec 2025$572M

Mar 2026$605M

Jun 2026—

06 · compare level, then change

Return On Capital Employed

Ivanhoe Electric Inc. has the highest ROCE among the 6 Copper companies compared here, at 21%. Southern Copper Corporation is next at 13%. The same company also holds the highest ROCE change, at +27.8 percentage points. 6 of 6 companies report a comparable reading, the latest through Mar 2026. Its ROCE series carries 19 reported observations across the 20-quarter window.

What the numbers say: Ivanhoe Electric Inc. leads ROCE at 21%, 8 percentage points above Southern Copper Corporation. Ivanhoe Electric Inc. has the strongest latest improvement at +27.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderIvanhoe Electric Inc. · 21%

Gap61.5% versus #2 · Southern Copper Corporation

Persistence7/8 recent comparable periods

Coverage6/6 companies · 116 observations

Investor read: Ivanhoe Electric Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1Ivanhoe Electric Inc. IE21%

2Southern Copper Corporation SCCO13%

3Ero Copper Corp. ERO5.6%

4Hudbay Minerals Inc. HBM5.6%

5Freeport-McMoRan Inc. FCX3.9%

ROCE changefastest improvers

1Ivanhoe Electric Inc. IE+27.8 pp

2Southern Copper Corporation SCCO+3.7 pp

3Ero Copper Corp. ERO+2.5 pp

4Trekor Metals Limited TGB+2.0 pp

5Hudbay Minerals Inc. HBM+1.8 pp

Return on capital · company comparison

6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	ROCE	ROCE change	Reported
Ivanhoe Electric Inc. IE	21%	+27.8 pp	Mar 2026
Southern Copper Corporation SCCO	13%	+3.7 pp	Jun 2026
Hudbay Minerals Inc. HBM	5.6%	+1.8 pp	Mar 2026
Ero Copper Corp. ERO	5.6%	+2.5 pp	Mar 2026
Freeport-McMoRan Inc. FCX	3.9%	−1.0 pp	Jun 2026
Trekor Metals Limited TGB	3.7%	+2.0 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Ero Copper Corp. · ERO

Sep 202114%

Dec 202115%

Mar 20226.4%

Jun 20225.2%

Sep 20220.9%

Dec 20224.2%

Mar 20232.1%

Jun 20231.9%

Sep 20232.1%

Dec 20232.4%

Mar 20241.1%

Jun 20241.2%

Sep 20242.9%

Dec 20243.5%

Mar 20253.1%

Jun 20253.4%

Sep 20252.6%

Dec 20259.7%

Mar 20265.6%

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 20216.2%

Dec 20215.7%

Mar 20226.9%

Jun 20224.1%

Sep 20222.3%

Dec 20223.5%

Mar 20233.6%

Jun 20233.1%

Sep 20233.3%

Dec 20233.8%

Mar 20243.5%

Jun 20244.3%

Sep 20244.0%

Dec 20242.6%

Mar 20252.7%

Jun 20254.9%

Sep 20253.9%

Dec 20251.6%

Mar 20264.1%

Jun 20263.9%

Hudbay Minerals Inc. · HBM

Sep 2021-2.8%

Dec 20210.9%

Mar 20223.1%

Jun 20221.1%

Sep 20220.5%

Dec 20220.6%

Mar 20231.3%

Jun 20230.0%

Sep 20232.7%

Dec 20233.0%

Mar 20242.6%

Jun 20240.9%

Sep 20242.2%

Dec 20242.8%

Mar 20253.8%

Jun 20253.2%

Sep 20256.8%

Dec 20254.9%

Mar 20265.6%

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021-16%

Dec 2021-20%

Mar 2022-11%

Jun 2022-19%

Sep 2022-22%

Dec 2022-25%

Mar 2023-15%

Jun 2023-17%

Sep 2023-13%

Dec 2023-14%

Mar 2024-18%

Jun 2024-16%

Sep 2024-10%

Dec 2024-7.5%

Mar 2025-6.8%

Jun 2025-6.8%

Sep 2025-7.2%

Dec 2025-9.7%

Mar 202621%

Jun 2026—

Southern Copper Corporation · SCCO

Sep 20219.6%

Dec 20219.7%

Mar 20229.2%

Jun 20225.1%

Sep 20224.9%

Dec 20228.5%

Mar 20238.4%

Jun 20235.7%

Sep 20236.8%

Dec 20235.5%

Mar 20247.5%

Jun 202410%

Sep 20249.1%

Dec 20248.2%

Mar 20259.2%

Jun 20259.3%

Sep 202510%

Dec 202514%

Mar 202613%

Jun 202613%

Trekor Metals Limited · TGB

Sep 20216.6%

Dec 20215.5%

Mar 20223.2%

Jun 2022-3.6%

Sep 2022-1.4%

Dec 20223.5%

Mar 20232.2%

Jun 20230.3%

Sep 20234.1%

Dec 20234.1%

Mar 20241.4%

Jun 20243.3%

Sep 20241.4%

Dec 20240.1%

Mar 20251.7%

Jun 20250.1%

Sep 20252.3%

Dec 20255.8%

Mar 20263.7%

Jun 2026—

ROCE change · reported quarter history

Ero Copper Corp. · ERO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−12.7 pp

Dec 2022−10.4 pp

Mar 2023−4.3 pp

Jun 2023−3.3 pp

Sep 2023+1.2 pp

Dec 2023−1.8 pp

Mar 2024−1.0 pp

Jun 2024−0.7 pp

Sep 2024+0.8 pp

Dec 2024+1.1 pp

Mar 2025+2.0 pp

Jun 2025+2.2 pp

Sep 2025−0.3 pp

Dec 2025+6.2 pp

Mar 2026+2.5 pp

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−3.9 pp

Dec 2022−2.2 pp

Mar 2023−3.3 pp

Jun 2023−1.0 pp

Sep 2023+1.0 pp

Dec 2023+0.3 pp

Mar 2024−0.1 pp

Jun 2024+1.2 pp

Sep 2024+0.7 pp

Dec 2024−1.2 pp

Mar 2025−0.8 pp

Jun 2025+0.6 pp

Sep 2025−0.1 pp

Dec 2025−1.0 pp

Mar 2026+1.4 pp

Jun 2026−1.0 pp

Hudbay Minerals Inc. · HBM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+3.3 pp

Dec 2022−0.3 pp

Mar 2023−1.8 pp

Jun 2023−1.1 pp

Sep 2023+2.2 pp

Dec 2023+2.4 pp

Mar 2024+1.3 pp

Jun 2024+0.9 pp

Sep 2024−0.5 pp

Dec 2024−0.2 pp

Mar 2025+1.2 pp

Jun 2025+2.3 pp

Sep 2025+4.6 pp

Dec 2025+2.1 pp

Mar 2026+1.8 pp

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−5.2 pp

Dec 2022−4.8 pp

Mar 2023−3.7 pp

Jun 2023+1.9 pp

Sep 2023+8.9 pp

Dec 2023+10.8 pp

Mar 2024−3.4 pp

Jun 2024+1.2 pp

Sep 2024+2.2 pp

Dec 2024+6.2 pp

Mar 2025+11.2 pp

Jun 2025+8.8 pp

Sep 2025+3.2 pp

Dec 2025−2.2 pp

Mar 2026+27.8 pp

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−4.7 pp

Dec 2022−1.2 pp

Mar 2023−0.8 pp

Jun 2023+0.6 pp

Sep 2023+1.9 pp

Dec 2023−3.0 pp

Mar 2024−0.9 pp

Jun 2024+4.4 pp

Sep 2024+2.3 pp

Dec 2024+2.7 pp

Mar 2025+1.7 pp

Jun 2025−0.8 pp

Sep 2025+1.0 pp

Dec 2025+5.4 pp

Mar 2026+3.9 pp

Jun 2026+3.7 pp

Trekor Metals Limited · TGB

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−8.0 pp

Dec 2022−2.0 pp

Mar 2023−1.0 pp

Jun 2023+3.9 pp

Sep 2023+5.5 pp

Dec 2023+0.6 pp

Mar 2024−0.8 pp

Jun 2024+3.0 pp

Sep 2024−2.7 pp

Dec 2024−4.0 pp

Mar 2025+0.3 pp

Jun 2025−3.2 pp

Sep 2025+0.9 pp

Dec 2025+5.7 pp

Mar 2026+2.0 pp

Jun 2026—

07 · compare level, then change

Valuation Against Growth & Quality

Ero Copper Corp. has the lowest Guarded PEG among the 6 Copper companies compared here, at 0.18×. Ivanhoe Electric Inc. has the lowest P/E at 6.1×, so level and change sit with different companies. 1 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Ero Copper Corp. has the lowest comparable Guarded PEG at 0.18×. Only 1 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderEro Copper Corp. · 0.18×

GapNot enough peers

Persistence0/8 recent comparable periods

Coverage1/6 companies · 12 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

Guarded PEGlowest PEG

1Ero Copper Corp. ERO0.2

P/Elowest P/E

1Ivanhoe Electric Inc. IE6.1

2Ero Copper Corp. ERO9.5

3Hudbay Minerals Inc. HBM12.6

4Southern Copper Corporation SCCO25.8

5Freeport-McMoRan Inc. FCX31.0

Valuation · company comparison

1/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Guarded PEG	P/E	Reported
Southern Copper Corporation SCCO	0.8	25.8	Jun 2026
Freeport-McMoRan Inc. FCX	0.6	31.0	Jun 2026
Hudbay Minerals Inc. HBM	—	12.6	Mar 2026
Ero Copper Corp. ERO	—	9.5	Mar 2026
Trekor Metals Limited TGB	—	180.2	Mar 2026
Ivanhoe Electric Inc. IE	—	6.1	Mar 2026

Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Freeport-McMoRan Inc. · FCX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20254.4

Jun 2025—

Sep 2025—

Dec 20252.0

Mar 20260.6

Jun 2026—

Southern Copper Corporation · SCCO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20232.1

Dec 2023—

Mar 2024—

Jun 20244.1

Sep 20242.2

Dec 20240.5

Mar 20250.4

Jun 20250.7

Sep 20251.1

Dec 20251.1

Mar 20260.8

Jun 2026—

P/E · reported quarter history

Ero Copper Corp. · ERO

Sep 20218.0

Dec 20216.9

Mar 20226.1

Jun 20224.8

Sep 20227.3

Dec 202212.5

Mar 202322.1

Jun 202323.5

Sep 202320.3

Dec 202316.1

Mar 202429.7

Jun 2024—

Sep 2024130.9

Dec 2024—

Mar 202571.2

Jun 202512.3

Sep 202515.2

Dec 202511.2

Mar 20269.5

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 202112.4

Dec 202114.4

Mar 202214.4

Jun 20228.9

Sep 202210.4

Dec 202215.9

Mar 202322.9

Jun 202327.6

Sep 202325.2

Dec 202333.3

Mar 202441.6

Jun 202436.8

Sep 202436.4

Dec 202429.3

Mar 202531.3

Jun 202532.8

Sep 202527.6

Dec 202533.4

Mar 202631.3

Jun 202631.0

Hudbay Minerals Inc. · HBM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202213.4

Dec 202218.7

Mar 202387.3

Jun 2023—

Sep 202397.2

Dec 202325.0

Mar 202429.2

Jun 202436.2

Sep 202436.8

Dec 202440.7

Mar 202519.4

Jun 202514.6

Sep 202513.1

Dec 202513.8

Mar 202612.6

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20224.9

Sep 20224.3

Dec 20226.4

Mar 20235.8

Jun 20238.0

Sep 20236.1

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Southern Copper Corporation · SCCO

Sep 202114.3

Dec 202114.1

Mar 202217.1

Jun 202213.2

Sep 202213.5

Dec 202217.2

Mar 202323.1

Jun 202320.8

Sep 202320.9

Dec 202326.4

Mar 202434.3

Jun 202429.9

Sep 202429.3

Dec 202420.7

Mar 202520.5

Jun 202522.4

Sep 202525.8

Dec 202527.2

Mar 202628.8

Jun 202625.8

Trekor Metals Limited · TGB

Sep 202121.6

Dec 202120.0

Mar 202215.2

Jun 202211.8

Sep 2022—

Dec 2022—

Mar 2023—

Jun 202347.5

Sep 202312.1

Dec 20236.6

Mar 202412.5

Jun 202420.9

Sep 202421.4

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026180.2

Jun 2026—

08 · compare level, then change

Enterprise Value & Book Value

Hudbay Minerals Inc. has the lowest EV/EBITDA among the 6 Copper companies compared here, at 6.01×. Ero Copper Corp. is next at 7.24×. The same company also holds the lowest P/BV, at 2.35×. 6 of 6 companies report a comparable reading, the latest through Mar 2026. Its EV/EBITDA series carries 19 reported observations across the 20-quarter window.

What the numbers say: Hudbay Minerals Inc. leads both ev/ebitda at 6.01× and p/bv at 2.35×.

LeaderHudbay Minerals Inc. · 6.01×

Gap17% versus #2 · Ero Copper Corp.

Persistence0/8 recent comparable periods

Coverage6/6 companies · 98 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

EV/EBITDAlowest EV/EBITDA

1Hudbay Minerals Inc. HBM6.0

2Ero Copper Corp. ERO7.2

3Trekor Metals Limited TGB10.8

4Freeport-McMoRan Inc. FCX12.0

5Southern Copper Corporation SCCO14.9

P/BVlowest P/BV

1Hudbay Minerals Inc. HBM2.4

2Ero Copper Corp. ERO2.5

3Ivanhoe Electric Inc. IE3.5

4Trekor Metals Limited TGB4.0

5Freeport-McMoRan Inc. FCX4.5

Enterprise and book valuation · company comparison

6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	EV/EBITDA	P/BV	Reported
Ivanhoe Electric Inc. IE	123.6	3.5	Mar 2026
Southern Copper Corporation SCCO	14.9	11.5	Jun 2026
Freeport-McMoRan Inc. FCX	12.0	4.5	Jun 2026
Trekor Metals Limited TGB	10.8	4.0	Mar 2026
Ero Copper Corp. ERO	7.2	2.5	Mar 2026
Hudbay Minerals Inc. HBM	6.0	2.4	Mar 2026

Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Ero Copper Corp. · ERO

Sep 20215.2

Dec 20214.1

Mar 20224.3

Jun 20222.8

Sep 20224.8

Dec 20227.3

Mar 202310.8

Jun 202314.1

Sep 202311.2

Dec 202311.0

Mar 202413.8

Jun 202415.8

Sep 202415.4

Dec 202410.0

Mar 20258.3

Jun 20259.1

Sep 20259.9

Dec 20259.0

Mar 20267.2

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 20216.1

Dec 20216.9

Mar 20227.1

Jun 20224.6

Sep 20225.1

Dec 20227.3

Mar 20239.2

Jun 20239.4

Sep 20238.4

Dec 20239.2

Mar 20249.7

Jun 20249.4

Sep 20249.1

Dec 20247.9

Mar 20258.2

Jun 20258.6

Sep 20257.9

Dec 202510.4

Mar 202610.7

Jun 202612.0

Hudbay Minerals Inc. · HBM

Sep 20217.3

Dec 20217.6

Mar 20226.7

Jun 20224.7

Sep 20223.5

Dec 20224.2

Mar 20235.1

Jun 20237.3

Sep 20235.6

Dec 20234.6

Mar 20244.6

Jun 20245.2

Sep 20245.4

Dec 20244.7

Mar 20254.1

Jun 20254.7

Sep 20255.3

Dec 20256.2

Mar 20266.0

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026123.6

Jun 2026—

Southern Copper Corporation · SCCO

Sep 20218.5

Dec 20217.5

Mar 20229.0

Jun 20227.1

Sep 20227.4

Dec 20229.9

Mar 202312.4

Jun 202311.6

Sep 202311.4

Dec 202314.3

Mar 202418.1

Jun 202416.0

Sep 202416.1

Dec 202411.3

Mar 202511.6

Jun 202512.6

Sep 202514.4

Dec 202514.4

Mar 202616.4

Jun 202614.9

Trekor Metals Limited · TGB

Sep 20215.6

Dec 20214.7

Mar 20224.7

Jun 20224.5

Sep 20229.6

Dec 202214.4

Mar 202318.2

Jun 202310.1

Sep 20236.0

Dec 20235.7

Mar 20247.1

Jun 20246.6

Sep 20247.3

Dec 20248.0

Mar 20258.6

Jun 202513.1

Sep 202514.4

Dec 202510.9

Mar 202610.8

Jun 2026—

P/BV · reported quarter history

Ero Copper Corp. · ERO

Sep 20214.5

Dec 20213.5

Mar 20222.5

Jun 20221.5

Sep 20222.1

Dec 20222.4

Mar 20232.8

Jun 20232.9

Sep 20232.5

Dec 20232.0

Mar 20242.6

Jun 20243.4

Sep 20243.2

Dec 20242.4

Mar 20251.8

Jun 20252.1

Sep 20252.4

Dec 20253.2

Mar 20262.5

Jun 2026—

Freeport-McMoRan Inc. · FCX

Sep 20213.6

Dec 20214.4

Mar 20224.9

Jun 20222.8

Sep 20222.6

Dec 20223.5

Mar 20233.7

Jun 20233.5

Sep 20233.3

Dec 20233.7

Mar 20244.0

Jun 20244.0

Sep 20244.1

Dec 20243.1

Mar 20253.1

Jun 20253.4

Sep 20253.0

Dec 20253.9

Mar 20264.3

Jun 20264.5

Hudbay Minerals Inc. · HBM

Sep 20211.1

Dec 20211.3

Mar 20221.3

Jun 20220.7

Sep 20220.7

Dec 20220.8

Mar 20230.9

Jun 20230.8

Sep 20230.8

Dec 20230.9

Mar 20241.2

Jun 20241.4

Sep 20241.4

Dec 20241.3

Mar 20251.1

Jun 20251.5

Sep 20252.0

Dec 20252.4

Mar 20262.4

Jun 2026—

Ivanhoe Electric Inc. · IE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20222.9

Sep 20223.1

Dec 20225.5

Mar 20236.4

Jun 20237.6

Sep 20233.6

Dec 20232.8

Mar 20243.6

Jun 20243.9

Sep 20244.1

Dec 20243.4

Mar 20252.5

Jun 20254.1

Sep 20256.0

Dec 20255.6

Mar 20263.5

Jun 2026—

Southern Copper Corporation · SCCO

Sep 20215.4

Dec 20215.9

Mar 20227.2

Jun 20225.1

Sep 20224.6

Dec 20225.8

Mar 20237.3

Jun 20237.0

Sep 20237.5

Dec 20238.9

Mar 202410.9

Jun 20249.9

Sep 202410.3

Dec 20247.5

Mar 20257.8

Jun 20258.2

Sep 20259.4

Dec 202510.6

Mar 202612.1

Jun 202611.5

Trekor Metals Limited · TGB

Sep 20212.0

Dec 20212.1

Mar 20222.3

Jun 20221.1

Sep 20221.3

Dec 20221.6

Mar 20231.8

Jun 20231.5

Sep 20231.3

Dec 20231.2

Mar 20241.8

Jun 20242.1

Sep 20242.1

Dec 20241.7

Mar 20252.0

Jun 20252.4

Sep 20253.4

Dec 20253.6

Mar 20264.0

Jun 2026—

09 · let price answer last

Market action

Hudbay Minerals Inc. has the strongest one-year price move in Copper at +140.4%. Trekor Metals Limited leads on Mansfield relative strength against the S&P 500 at +8.9%. 4 of 6 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.

Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Copper comparison names 5 specific ways its own evidence can mislead, all listed below. All 6 companies here report on comparable dates, so no rank carries a stale marker. 1 of the 8 ranked sections has fewer than three usable current readings. A high growth rate can still be a low-base artefact.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
Thin comparisons: Valuation have fewer than three usable current readings.

10 · the complete set

Which companies are included?

All 6 companies in the canonical Copper membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

Company	Market value	Price	Priced to	Latest fundamentals
Southern Copper Corporation SCCO	$149.3B	$179	2026-07-28	Jun 2026
Freeport-McMoRan Inc. FCXAHEAD	$88.6B	$61.6	2026-07-28	Jun 2026
Hudbay Minerals Inc. HBM	$9.7B	$21.8	2026-07-28	Mar 2026
Ero Copper Corp. ERO	$2.7B	$25.6	2026-07-28	Mar 2026
Trekor Metals Limited TGB	$2.5B	$6.9	2026-07-28	Mar 2026
Ivanhoe Electric Inc. IE	$1.4B	$9.1	2026-07-28	Mar 2026

Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 6 Copper companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-07-28 · weekly price and relative-strength history

Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Questions investors ask · short, speakable answers

Copper company comparison FAQs

These 18 answers restate the Copper comparison above in question form. Every one is computed from the same 6 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.

Which Copper company is the biggest?

Hudbay Minerals Inc. is the largest, with trailing-twelve-month revenue of $2,373 million, ahead of Ero Copper Corp. at $924 million. That covers 4 of 6 companies with comparable reporting through Mar 2026.

Which Copper company is growing fastest?

Ero Copper Corp. has the fastest revenue growth at 88.6% year on year, across 4 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Copper company has the best profit margins?

Southern Copper Corporation has the highest operating margin at 58.3%, from 5 of 6 comparable companies. Ivanhoe Electric Inc. shows the biggest recent improvement, at +414.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Copper company makes the most profit?

Hudbay Minerals Inc. earns the most, at $657 million of trailing-twelve-month net profit, from 4 of 6 comparable companies. Ero Copper Corp. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Copper company earns the highest return on capital?

Ivanhoe Electric Inc. leads on return on capital employed at 21%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Copper stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Ero Copper Corp. screens cheapest at 0.18×. Only 1 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Copper company has the strongest balance sheet?

Ivanhoe Electric Inc. carries the lowest comparable gross debt at $35 million, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Copper company is investing most in new capacity?

Freeport-McMoRan Inc. reports the largest capital spending at $1,104 million, across 6 of 6 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

Is the Copper sector beating the market?

Copper has outperformed S&P 500 by 55.4% over the last 52 weeks and 6.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Copper stock has the strongest price momentum?

Trekor Metals Limited has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Copper company scores highest for research priority?

Southern Copper Corporation scores 64 out of 100 with 58.7% evidence confidence, from 21.5 points on growth and earnings, 15.6 on capital efficiency, 9.7 on valuation and 17.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Copper companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Copper sector?

The 6 Copper companies on this page carry $254,251 million of combined market value. Southern Copper Corporation is the largest at $149,311 million, about 59% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

What is the Copper sector's P/E ratio?

The median price-to-earnings ratio across the 6 Copper companies on this page is 25.8×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

How is the Copper sector performing?

4 of the 6 covered Copper companies are beating S&P 500 on Mansfield relative strength. The sector itself is 55.4% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

How many Copper stocks are listed in the US?

This comparison covers 6 listed Copper companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.