# Copper — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: -6.6%
52-week sector return versus NIFTY 500: 55%
Stocks leading NIFTY: 4/6
Stocks leading sector: 4/6

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

Companies: 6
Combined market value: ₹2.5 L Cr

## 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.

1. Southern Copper Corporation (SCCO): 64/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 21.5/35 | Capital efficiency 15.6/25 | Valuation 9.7/20 | Relative strength 17.2/20
   - 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.
2. Ero Copper Corp. (ERO): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 23.8/35 | Capital efficiency 11.9/25 | Valuation 15.9/20 | Relative strength 6.7/20
   - 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.
3. Freeport-McMoRan Inc. (FCX): 55/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.7/35 | Capital efficiency 11.7/25 | Valuation 9.1/20 | Relative strength 16.4/20
   - 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.
4. Ivanhoe Electric Inc. (IE): 52/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 20.0/35 | Capital efficiency 17.9/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - 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.
5. Hudbay Minerals Inc. (HBM): 52/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.2/35 | Capital efficiency 13.5/25 | Valuation 10.3/20 | Relative strength 7.3/20
   - 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.
6. Trekor Metals Limited (TGB): 50/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 21.1/35 | Capital efficiency 5.1/25 | Valuation 8.5/20 | Relative strength 15.0/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Hudbay Minerals Inc. · $2,373 million | 156.8% versus #2 · Ero Copper Corp. | 6/8 recent comparable periods | 4/6 companies · 114 observations

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

### Revenue — largest
1. Hudbay Minerals Inc. (HBM): ₹2.4K Cr
2. Ero Copper Corp. (ERO): ₹924 Cr
3. Trekor Metals Limited (TGB): ₹771 Cr
4. Ivanhoe Electric Inc. (IE): ₹4 Cr

### Revenue growth — fastest growers
1. Ero Copper Corp. (ERO): 89%
2. Trekor Metals Limited (TGB): 28%
3. Hudbay Minerals Inc. (HBM): 13%
4. Ivanhoe Electric Inc. (IE): 0.0%

### 20-quarter Revenue history
- SCCO: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 —
- FCX: Sep 2021 ₹6.1K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹5.4K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹7.6K Cr | Sep 2025 ₹7.0K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 —
- HBM: Sep 2021 ₹359 Cr | Dec 2021 ₹425 Cr | Mar 2022 ₹379 Cr | Jun 2022 ₹415 Cr | Sep 2022 ₹346 Cr | Dec 2022 ₹321 Cr | Mar 2023 ₹295 Cr | Jun 2023 ₹312 Cr | Sep 2023 ₹480 Cr | Dec 2023 ₹602 Cr | Mar 2024 ₹525 Cr | Jun 2024 ₹426 Cr | Sep 2024 ₹486 Cr | Dec 2024 ₹585 Cr | Mar 2025 ₹595 Cr | Jun 2025 ₹536 Cr | Sep 2025 ₹347 Cr | Dec 2025 ₹733 Cr | Mar 2026 ₹757 Cr | Jun 2026 —
- ERO: Sep 2021 ₹112 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹177 Cr | Dec 2025 ₹320 Cr | Mar 2026 ₹263 Cr | Jun 2026 —
- TGB: Sep 2021 ₹133 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹116 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹144 Cr | Dec 2023 ₹154 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹156 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹244 Cr | Mar 2026 ₹237 Cr | Jun 2026 —
- IE: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- SCCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -20% | Dec 2022 -0.1% | Mar 2023 1.1% | Jun 2023 -0.3% | Sep 2023 16% | Dec 2023 -19% | Mar 2024 -6.9% | Jun 2024 36% | Sep 2024 17% | Dec 2024 21% | Mar 2025 20% | Jun 2025 -2.2% | Sep 2025 15% | Dec 2025 39% | Mar 2026 36% | Jun 2026 —
- FCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.8% | Sep 2022 -18% | Dec 2022 -6.6% | Mar 2023 -18% | Jun 2023 5.9% | Sep 2023 16% | Dec 2023 2.6% | Mar 2024 17% | Jun 2024 15% | Sep 2024 17% | Dec 2024 -3.1% | Mar 2025 -9.4% | Jun 2025 14% | Sep 2025 2.7% | Dec 2025 -1.5% | Mar 2026 8.8% | Jun 2026 —
- HBM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.7% | Sep 2022 -3.6% | Dec 2022 -24% | Mar 2023 -22% | Jun 2023 -25% | Sep 2023 39% | Dec 2023 88% | Mar 2024 78% | Jun 2024 37% | Sep 2024 1.3% | Dec 2024 -2.8% | Mar 2025 13% | Jun 2025 26% | Sep 2025 -29% | Dec 2025 25% | Mar 2026 27% | Jun 2026 —
- 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 2023 22% | Dec 2023 -0.9% | Mar 2024 5.0% | Jun 2024 11% | Sep 2024 19% | Dec 2024 6.0% | Mar 2025 18% | Jun 2025 40% | Sep 2025 42% | Dec 2025 160% | Mar 2026 110% | Jun 2026 —
- TGB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -32% | Dec 2022 -1.9% | Mar 2023 -1.7% | Jun 2023 35% | Sep 2023 60% | Dec 2023 52% | Mar 2024 27% | Jun 2024 23% | Sep 2024 8.3% | Dec 2024 9.1% | Mar 2025 -5.4% | Jun 2025 -16% | Sep 2025 12% | Dec 2025 45% | Mar 2026 71% | Jun 2026 —
- IE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 0.0% | Dec 2022 -100% | Mar 2023 -86% | Jun 2023 — | Sep 2023 -100% | Dec 2023 — | Mar 2024 -100% | Jun 2024 0.0% | Sep 2024 — | Dec 2024 -50% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Southern Copper Corporation · 58.3% | 44.7% versus #2 · Hudbay Minerals Inc. | 8/8 recent comparable periods | 5/6 companies · 96 observations

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

### OPM — highest
1. Southern Copper Corporation (SCCO): 58%
2. Hudbay Minerals Inc. (HBM): 40%
3. Ero Copper Corp. (ERO): 35%
4. Freeport-McMoRan Inc. (FCX): 34%
5. Trekor Metals Limited (TGB): 33%

### Margin change — fastest expanders
1. Ivanhoe Electric Inc. (IE): +414.4 pp
2. Freeport-McMoRan Inc. (FCX): +11.6 pp
3. Trekor Metals Limited (TGB): +10.2 pp
4. Hudbay Minerals Inc. (HBM): +9.1 pp
5. Southern Copper Corporation (SCCO): +9.1 pp

### 20-quarter OPM history
- SCCO: Sep 2021 56% | Dec 2021 54% | Mar 2022 53% | Jun 2022 35% | Sep 2022 37% | Dec 2022 49% | Mar 2023 49% | Jun 2023 39% | Sep 2023 43% | Dec 2023 38% | Mar 2024 46% | Jun 2024 52% | Sep 2024 50% | Dec 2024 47% | Mar 2025 49% | Jun 2025 52% | Sep 2025 52% | Dec 2025 55% | Mar 2026 58% | Jun 2026 —
- FCX: Sep 2021 41% | Dec 2021 37% | Mar 2022 43% | Jun 2022 32% | Sep 2022 19% | Dec 2022 27% | Mar 2023 30% | Jun 2023 25% | Sep 2023 26% | Dec 2023 29% | Mar 2024 26% | Jun 2024 31% | Sep 2024 29% | Dec 2024 22% | Mar 2025 23% | Jun 2025 32% | Sep 2025 28% | Dec 2025 14% | Mar 2026 34% | Jun 2026 —
- HBM: Sep 2021 -33% | Dec 2021 9.1% | Mar 2022 33% | Jun 2022 11% | Sep 2022 5.9% | Dec 2022 7.0% | Mar 2023 18% | Jun 2023 -0.1% | Sep 2023 24% | Dec 2023 22% | Mar 2024 21% | Jun 2024 11% | Sep 2024 22% | Dec 2024 24% | Mar 2025 31% | Jun 2025 29% | Sep 2025 97% | Dec 2025 33% | Mar 2026 40% | Jun 2026 —
- ERO: Sep 2021 51% | Dec 2021 53% | Mar 2022 44% | Jun 2022 35% | Sep 2022 8.1% | Dec 2022 30% | Mar 2023 23% | Jun 2023 20% | Sep 2023 21% | Dec 2023 25% | Mar 2024 12% | Jun 2024 13% | Sep 2024 29% | Dec 2024 37% | Mar 2025 34% | Jun 2025 29% | Sep 2025 22% | Dec 2025 44% | Mar 2026 35% | Jun 2026 —
- TGB: Sep 2021 46% | Dec 2021 51% | Mar 2022 28% | Jun 2022 -46% | Sep 2022 -16% | Dec 2022 40% | Mar 2023 22% | Jun 2023 3.2% | Sep 2023 35% | Dec 2023 35% | Mar 2024 14% | Jun 2024 37% | Sep 2024 14% | Dec 2024 1.0% | Mar 2025 23% | Jun 2025 1.3% | Sep 2025 26% | Dec 2025 51% | Mar 2026 33% | Jun 2026 —
- 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 —

### 20-quarter Margin change history
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —

## Profit Scale & Acceleration

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.

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.

Evidence: Hudbay Minerals Inc. · $657 million | 122% versus #2 · Ero Copper Corp. | 6/8 recent comparable periods | 4/6 companies · 114 observations

Definition: 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 profit — largest
1. Hudbay Minerals Inc. (HBM): ₹657 Cr
2. Ero Copper Corp. (ERO): ₹296 Cr
3. Trekor Metals Limited (TGB): ₹15 Cr
4. Ivanhoe Electric Inc. (IE): ₹-34 Cr

### Profit growth — fastest growers
1. Ero Copper Corp. (ERO): 100%
2. Hudbay Minerals Inc. (HBM): 100%

### 20-quarter Net profit history
- SCCO: Sep 2021 ₹871 Cr | Dec 2021 ₹836 Cr | Mar 2022 ₹788 Cr | Jun 2022 ₹434 Cr | Sep 2022 ₹521 Cr | Dec 2022 ₹905 Cr | Mar 2023 ₹816 Cr | Jun 2023 ₹550 Cr | Sep 2023 ₹622 Cr | Dec 2023 ₹447 Cr | Mar 2024 ₹739 Cr | Jun 2024 ₹954 Cr | Sep 2024 ₹900 Cr | Dec 2024 ₹796 Cr | Mar 2025 ₹949 Cr | Jun 2025 ₹977 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- FCX: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹560 Cr | Dec 2022 ₹977 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹731 Cr | Sep 2023 ₹964 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹721 Cr | Mar 2025 ₹793 Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹565 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- HBM: Sep 2021 ₹-170 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹192 Cr | Jun 2026 —
- ERO: Sep 2021 ₹26 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-53 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹109 Cr | Jun 2026 —
- TGB: Sep 2021 ₹22 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-29 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- IE: Sep 2021 ₹-18 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹-54 Cr | Sep 2022 ₹-40 Cr | Dec 2022 ₹-40 Cr | Mar 2023 ₹-36 Cr | Jun 2023 ₹-38 Cr | Sep 2023 ₹-78 Cr | Dec 2023 ₹-47 Cr | Mar 2024 ₹-56 Cr | Jun 2024 ₹-47 Cr | Sep 2024 ₹-43 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-34 Cr | Mar 2026 ₹42 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SCCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -54% | Sep 2022 -40% | Dec 2022 8.3% | Mar 2023 3.6% | Jun 2023 27% | Sep 2023 19% | Dec 2023 -51% | Mar 2024 -9.4% | Jun 2024 73% | Sep 2024 45% | Dec 2024 78% | Mar 2025 28% | Jun 2025 2.4% | Sep 2025 23% | Dec 2025 65% | Mar 2026 67% | Jun 2026 —
- FCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 -68% | Dec 2022 -28% | Mar 2023 -45% | Jun 2023 -30% | Sep 2023 72% | Dec 2023 3.1% | Mar 2024 11% | Jun 2024 75% | Sep 2024 28% | Dec 2024 -28% | Mar 2025 -32% | Jun 2025 21% | Sep 2025 0.9% | Dec 2025 -22% | Mar 2026 75% | Jun 2026 —
- HBM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -92% | Jun 2023 -147% | Sep 2023 — | Dec 2023 — | Mar 2024 280% | Jun 2024 — | Sep 2024 11% | Dec 2024 -42% | Mar 2025 421% | Jun 2025 — | Sep 2025 344% | Dec 2025 574% | Mar 2026 94% | Jun 2026 —
- ERO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -71% | Sep 2022 -85% | Dec 2022 -63% | Mar 2023 -52% | Jun 2023 25% | Sep 2023 -25% | Dec 2023 68% | Mar 2024 -128% | Jun 2024 -277% | Sep 2024 1,267% | Dec 2024 -232% | Mar 2025 — | Jun 2025 — | Sep 2025 -9.8% | Dec 2025 — | Mar 2026 35% | Jun 2026 —
- TGB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -138% | Sep 2022 -209% | Dec 2022 -117% | Mar 2023 580% | 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 —
- 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 —

## Capacity Spending & Returns On It

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.

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.

Evidence: Freeport-McMoRan Inc. · $1,104 million | 161% versus #2 · Southern Copper Corporation | 8/8 recent comparable periods | 6/6 companies · 116 observations

Definition: 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.

### CAPEX — largest spenders
1. Freeport-McMoRan Inc. (FCX): ₹1.1K Cr
2. Southern Copper Corporation (SCCO): ₹423 Cr
3. Hudbay Minerals Inc. (HBM): ₹140 Cr
4. Trekor Metals Limited (TGB): ₹87 Cr
5. Ero Copper Corp. (ERO): ₹61 Cr

### CAPEX intensity — highest reinvestment intensity
1. Ivanhoe Electric Inc. (IE): 100%
2. Trekor Metals Limited (TGB): 37%
3. Ero Copper Corp. (ERO): 23%
4. Hudbay Minerals Inc. (HBM): 19%
5. Freeport-McMoRan Inc. (FCX): 16%

### 20-quarter CAPEX history
- SCCO: Sep 2021 ₹243 Cr | Dec 2021 ₹197 Cr | Mar 2022 ₹205 Cr | Jun 2022 ₹225 Cr | Sep 2022 ₹228 Cr | Dec 2022 ₹291 Cr | Mar 2023 ₹238 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹255 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹332 Cr | Sep 2024 ₹246 Cr | Dec 2024 ₹235 Cr | Mar 2025 ₹318 Cr | Jun 2025 ₹236 Cr | Sep 2025 ₹349 Cr | Dec 2025 ₹423 Cr | Mar 2026 ₹442 Cr | Jun 2026 ₹423 Cr
- FCX: Sep 2021 ₹541 Cr | Dec 2021 ₹771 Cr | Mar 2022 ₹723 Cr | Jun 2022 ₹863 Cr | Sep 2022 ₹836 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹973 Cr | Jun 2026 ₹1.1K Cr
- HBM: Sep 2021 ₹87 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹140 Cr | Jun 2026 —
- ERO: Sep 2021 ₹62 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹127 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- TGB: Sep 2021 ₹35 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- IE: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- SCCO: Sep 2021 9.1% | Dec 2021 7.0% | Mar 2022 7.4% | Jun 2022 9.8% | Sep 2022 11% | Dec 2022 10% | Mar 2023 8.5% | Jun 2023 11% | Sep 2023 11% | Dec 2023 11% | Mar 2024 8.2% | Jun 2024 11% | Sep 2024 8.4% | Dec 2024 8.4% | Mar 2025 10% | Jun 2025 7.7% | Sep 2025 10% | Dec 2025 11% | Mar 2026 10% | Jun 2026 —
- FCX: Sep 2021 8.9% | Dec 2021 13% | Mar 2022 11% | Jun 2022 16% | Sep 2022 17% | Dec 2022 18% | Mar 2023 21% | Jun 2023 20% | Sep 2023 20% | Dec 2023 23% | Mar 2024 20% | Jun 2024 17% | Sep 2024 18% | Dec 2024 22% | Mar 2025 21% | Jun 2025 17% | Sep 2025 15% | Dec 2025 18% | Mar 2026 16% | Jun 2026 —
- HBM: Sep 2021 24% | Dec 2021 24% | Mar 2022 14% | Jun 2022 19% | Sep 2022 26% | Dec 2022 28% | Mar 2023 22% | Jun 2023 21% | Sep 2023 14% | Dec 2023 14% | Mar 2024 12% | Jun 2024 21% | Sep 2024 20% | Dec 2024 17% | Mar 2025 15% | Jun 2025 23% | Sep 2025 32% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- ERO: Sep 2021 55% | Dec 2021 43% | Mar 2022 51% | Jun 2022 50% | Sep 2022 111% | Dec 2022 74% | Mar 2023 85% | Jun 2023 121% | Sep 2023 115% | Dec 2023 109% | Mar 2024 102% | Jun 2024 64% | Sep 2024 62% | Dec 2024 63% | Mar 2025 48% | Jun 2025 43% | Sep 2025 44% | Dec 2025 23% | Mar 2026 23% | Jun 2026 —
- TGB: Sep 2021 26% | Dec 2021 34% | Mar 2022 36% | Jun 2022 61% | Sep 2022 51% | Dec 2022 42% | Mar 2023 30% | Jun 2023 41% | Sep 2023 23% | Dec 2023 38% | Mar 2024 36% | Jun 2024 52% | Sep 2024 50% | Dec 2024 69% | Mar 2025 95% | Jun 2025 110% | Sep 2025 48% | Dec 2025 34% | Mar 2026 37% | Jun 2026 —
- IE: Sep 2021 100% | Dec 2021 100% | Mar 2022 0.0% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 100% | Sep 2024 0.0% | Dec 2024 200% | Mar 2025 0.0% | Jun 2025 100% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 100% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Ivanhoe Electric Inc. · $35 million | 94.2% versus #2 · Ero Copper Corp. | 6/8 recent comparable periods | 6/6 companies · 116 observations

Definition: 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 debt — lowest gross debt
1. Ivanhoe Electric Inc. (IE): ₹35 Cr
2. Ero Copper Corp. (ERO): ₹603 Cr
3. Trekor Metals Limited (TGB): ₹774 Cr
4. Hudbay Minerals Inc. (HBM): ₹1.1K Cr
5. Southern Copper Corporation (SCCO): ₹8.5K Cr

### Net debt — lowest net debt
1. Ivanhoe Electric Inc. (IE): ₹-257 Cr
2. Hudbay Minerals Inc. (HBM): ₹61 Cr
3. Ero Copper Corp. (ERO): ₹512 Cr
4. Trekor Metals Limited (TGB): ₹605 Cr
5. Southern Copper Corporation (SCCO): ₹1.2K Cr

### 20-quarter Gross debt history
- SCCO: Sep 2021 ₹7.5K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹7.4K Cr | Jun 2022 ₹7.4K Cr | Sep 2022 ₹7.4K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 ₹7.1K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹7.0K Cr | Mar 2024 ₹7.0K Cr | Jun 2024 ₹7.0K Cr | Sep 2024 ₹7.0K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹7.4K Cr | Sep 2025 ₹7.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 ₹8.5K Cr
- FCX: Sep 2021 ₹9.7K Cr | Dec 2021 ₹9.5K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹11.1K Cr | Sep 2022 ₹10.7K Cr | Dec 2022 ₹10.6K Cr | Mar 2023 ₹9.6K Cr | Jun 2023 ₹9.5K Cr | Sep 2023 ₹9.4K Cr | Dec 2023 ₹9.4K Cr | Mar 2024 ₹9.4K Cr | Jun 2024 ₹9.4K Cr | Sep 2024 ₹9.7K Cr | Dec 2024 ₹9.6K Cr | Mar 2025 ₹9.4K Cr | Jun 2025 ₹9.3K Cr | Sep 2025 ₹9.3K Cr | Dec 2025 ₹10.4K Cr | Mar 2026 ₹10.4K Cr | Jun 2026 ₹10.4K Cr
- HBM: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- ERO: Sep 2021 ₹61 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹419 Cr | Jun 2022 ₹427 Cr | Sep 2022 ₹418 Cr | Dec 2022 ₹429 Cr | Mar 2023 ₹423 Cr | Jun 2023 ₹442 Cr | Sep 2023 ₹432 Cr | Dec 2023 ₹446 Cr | Mar 2024 ₹486 Cr | Jun 2024 ₹545 Cr | Sep 2024 ₹559 Cr | Dec 2024 ₹620 Cr | Mar 2025 ₹665 Cr | Jun 2025 ₹653 Cr | Sep 2025 ₹638 Cr | Dec 2025 ₹632 Cr | Mar 2026 ₹603 Cr | Jun 2026 —
- TGB: Sep 2021 ₹540 Cr | Dec 2021 ₹532 Cr | Mar 2022 ₹520 Cr | Jun 2022 ₹532 Cr | Sep 2022 ₹563 Cr | Dec 2022 ₹587 Cr | Mar 2023 ₹609 Cr | Jun 2023 ₹602 Cr | Sep 2023 ₹639 Cr | Dec 2023 ₹638 Cr | Mar 2024 ₹653 Cr | Jun 2024 ₹754 Cr | Sep 2024 ₹742 Cr | Dec 2024 ₹797 Cr | Mar 2025 ₹793 Cr | Jun 2025 ₹838 Cr | Sep 2025 ₹882 Cr | Dec 2025 ₹760 Cr | Mar 2026 ₹774 Cr | Jun 2026 —
- IE: Sep 2021 ₹79 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹35 Cr | Jun 2026 —

### 20-quarter Net debt history
- SCCO: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹-3.3K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹1.2K Cr
- FCX: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 ₹6.3K Cr
- HBM: Sep 2021 ₹954 Cr | Dec 2021 ₹987 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹994 Cr | Sep 2022 ₹963 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹718 Cr | Sep 2024 ₹694 Cr | Dec 2024 ₹600 Cr | Mar 2025 ₹601 Cr | Jun 2025 ₹511 Cr | Sep 2025 ₹497 Cr | Dec 2025 ₹496 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- ERO: Sep 2021 ₹-58 Cr | Dec 2021 ₹-64 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹186 Cr | Jun 2023 ₹262 Cr | Sep 2023 ₹344 Cr | Dec 2023 ₹334 Cr | Mar 2024 ₹434 Cr | Jun 2024 ₹500 Cr | Sep 2024 ₹539 Cr | Dec 2024 ₹570 Cr | Mar 2025 ₹584 Cr | Jun 2025 ₹585 Cr | Sep 2025 ₹572 Cr | Dec 2025 ₹527 Cr | Mar 2026 ₹512 Cr | Jun 2026 —
- TGB: Sep 2021 ₹301 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹307 Cr | Jun 2022 ₹356 Cr | Sep 2022 ₹421 Cr | Dec 2022 ₹466 Cr | Mar 2023 ₹507 Cr | Jun 2023 ₹516 Cr | Sep 2023 ₹557 Cr | Dec 2023 ₹542 Cr | Mar 2024 ₹495 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹533 Cr | Dec 2024 ₹624 Cr | Mar 2025 ₹672 Cr | Jun 2025 ₹716 Cr | Sep 2025 ₹791 Cr | Dec 2025 ₹572 Cr | Mar 2026 ₹605 Cr | Jun 2026 —
- IE: Sep 2021 ₹29 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹-198 Cr | Jun 2022 ₹-198 Cr | Sep 2022 ₹-151 Cr | Dec 2022 ₹-113 Cr | Mar 2023 ₹-79 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹-135 Cr | Dec 2023 ₹-126 Cr | Mar 2024 ₹-98 Cr | Jun 2024 ₹-50 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹-30 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-140 Cr | Mar 2026 ₹-257 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Ivanhoe Electric Inc. · 21% | 61.5% versus #2 · Southern Copper Corporation | 7/8 recent comparable periods | 6/6 companies · 116 observations

Definition: 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.

### ROCE — highest
1. Ivanhoe Electric Inc. (IE): 21%
2. Southern Copper Corporation (SCCO): 13%
3. Ero Copper Corp. (ERO): 5.6%
4. Hudbay Minerals Inc. (HBM): 5.6%
5. Freeport-McMoRan Inc. (FCX): 3.9%

### ROCE change — fastest improvers
1. Ivanhoe Electric Inc. (IE): +27.8 pp
2. Southern Copper Corporation (SCCO): +3.7 pp
3. Ero Copper Corp. (ERO): +2.5 pp
4. Trekor Metals Limited (TGB): +2.0 pp
5. Hudbay Minerals Inc. (HBM): +1.8 pp

### 20-quarter ROCE history
- SCCO: Sep 2021 9.6% | Dec 2021 9.7% | Mar 2022 9.2% | Jun 2022 5.1% | Sep 2022 4.9% | Dec 2022 8.5% | Mar 2023 8.4% | Jun 2023 5.7% | Sep 2023 6.8% | Dec 2023 5.5% | Mar 2024 7.5% | Jun 2024 10% | Sep 2024 9.1% | Dec 2024 8.2% | Mar 2025 9.2% | Jun 2025 9.3% | Sep 2025 10% | Dec 2025 14% | Mar 2026 13% | Jun 2026 13%
- FCX: Sep 2021 6.2% | Dec 2021 5.7% | Mar 2022 6.9% | Jun 2022 4.1% | Sep 2022 2.3% | Dec 2022 3.5% | Mar 2023 3.6% | Jun 2023 3.1% | Sep 2023 3.3% | Dec 2023 3.8% | Mar 2024 3.5% | Jun 2024 4.3% | Sep 2024 4.0% | Dec 2024 2.6% | Mar 2025 2.7% | Jun 2025 4.9% | Sep 2025 3.9% | Dec 2025 1.6% | Mar 2026 4.1% | Jun 2026 3.9%
- HBM: Sep 2021 -2.8% | Dec 2021 0.9% | Mar 2022 3.1% | Jun 2022 1.1% | Sep 2022 0.5% | Dec 2022 0.6% | Mar 2023 1.3% | Jun 2023 0.0% | Sep 2023 2.7% | Dec 2023 3.0% | Mar 2024 2.6% | Jun 2024 0.9% | Sep 2024 2.2% | Dec 2024 2.8% | Mar 2025 3.8% | Jun 2025 3.2% | Sep 2025 6.8% | Dec 2025 4.9% | Mar 2026 5.6% | Jun 2026 —
- ERO: Sep 2021 14% | Dec 2021 15% | Mar 2022 6.4% | Jun 2022 5.2% | Sep 2022 0.9% | Dec 2022 4.2% | Mar 2023 2.1% | Jun 2023 1.9% | Sep 2023 2.1% | Dec 2023 2.4% | Mar 2024 1.1% | Jun 2024 1.2% | Sep 2024 2.9% | Dec 2024 3.5% | Mar 2025 3.1% | Jun 2025 3.4% | Sep 2025 2.6% | Dec 2025 9.7% | Mar 2026 5.6% | Jun 2026 —
- TGB: Sep 2021 6.6% | Dec 2021 5.5% | Mar 2022 3.2% | Jun 2022 -3.6% | Sep 2022 -1.4% | Dec 2022 3.5% | Mar 2023 2.2% | Jun 2023 0.3% | Sep 2023 4.1% | Dec 2023 4.1% | Mar 2024 1.4% | Jun 2024 3.3% | Sep 2024 1.4% | Dec 2024 0.1% | Mar 2025 1.7% | Jun 2025 0.1% | Sep 2025 2.3% | Dec 2025 5.8% | Mar 2026 3.7% | Jun 2026 —
- 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 2026 21% | Jun 2026 —

### 20-quarter ROCE change history
- 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
- 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
- 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 —
- 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 —
- 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 —
- 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 —

## Valuation Against Growth & Quality

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.

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.

Evidence: Ero Copper Corp. · 0.18× | Not enough peers | 0/8 recent comparable periods | 1/6 companies · 12 observations

Definition: 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 PEG — lowest PEG
1. Ero Copper Corp. (ERO): 0.2

### P/E — lowest P/E
1. Ivanhoe Electric Inc. (IE): 6.1
2. Ero Copper Corp. (ERO): 9.5
3. Hudbay Minerals Inc. (HBM): 12.6
4. Southern Copper Corporation (SCCO): 25.8
5. Freeport-McMoRan Inc. (FCX): 31.0

### 20-quarter Guarded PEG history
- SCCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.1 | Dec 2023 — | Mar 2024 — | Jun 2024 4.1 | Sep 2024 2.2 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.7 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 0.8 | Jun 2026 —
- 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 2025 4.4 | Jun 2025 — | Sep 2025 — | Dec 2025 2.0 | Mar 2026 0.6 | Jun 2026 —

### 20-quarter P/E history
- SCCO: Sep 2021 14.3 | Dec 2021 14.1 | Mar 2022 17.1 | Jun 2022 13.2 | Sep 2022 13.5 | Dec 2022 17.2 | Mar 2023 23.1 | Jun 2023 20.8 | Sep 2023 20.9 | Dec 2023 26.4 | Mar 2024 34.3 | Jun 2024 29.9 | Sep 2024 29.3 | Dec 2024 20.7 | Mar 2025 20.5 | Jun 2025 22.4 | Sep 2025 25.8 | Dec 2025 27.2 | Mar 2026 28.8 | Jun 2026 25.8
- FCX: Sep 2021 12.4 | Dec 2021 14.4 | Mar 2022 14.4 | Jun 2022 8.9 | Sep 2022 10.4 | Dec 2022 15.9 | Mar 2023 22.9 | Jun 2023 27.6 | Sep 2023 25.2 | Dec 2023 33.3 | Mar 2024 41.6 | Jun 2024 36.8 | Sep 2024 36.4 | Dec 2024 29.3 | Mar 2025 31.3 | Jun 2025 32.8 | Sep 2025 27.6 | Dec 2025 33.4 | Mar 2026 31.3 | Jun 2026 31.0
- HBM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13.4 | Dec 2022 18.7 | Mar 2023 87.3 | Jun 2023 — | Sep 2023 97.2 | Dec 2023 25.0 | Mar 2024 29.2 | Jun 2024 36.2 | Sep 2024 36.8 | Dec 2024 40.7 | Mar 2025 19.4 | Jun 2025 14.6 | Sep 2025 13.1 | Dec 2025 13.8 | Mar 2026 12.6 | Jun 2026 —
- ERO: Sep 2021 8.0 | Dec 2021 6.9 | Mar 2022 6.1 | Jun 2022 4.8 | Sep 2022 7.3 | Dec 2022 12.5 | Mar 2023 22.1 | Jun 2023 23.5 | Sep 2023 20.3 | Dec 2023 16.1 | Mar 2024 29.7 | Jun 2024 — | Sep 2024 130.9 | Dec 2024 — | Mar 2025 71.2 | Jun 2025 12.3 | Sep 2025 15.2 | Dec 2025 11.2 | Mar 2026 9.5 | Jun 2026 —
- TGB: Sep 2021 21.6 | Dec 2021 20.0 | Mar 2022 15.2 | Jun 2022 11.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 47.5 | Sep 2023 12.1 | Dec 2023 6.6 | Mar 2024 12.5 | Jun 2024 20.9 | Sep 2024 21.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 180.2 | Jun 2026 —
- IE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.9 | Sep 2022 4.3 | Dec 2022 6.4 | Mar 2023 5.8 | Jun 2023 8.0 | Sep 2023 6.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

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

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.

Evidence: Hudbay Minerals Inc. · 6.01× | 17% versus #2 · Ero Copper Corp. | 0/8 recent comparable periods | 6/6 companies · 98 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. Hudbay Minerals Inc. (HBM): 6.0
2. Ero Copper Corp. (ERO): 7.2
3. Trekor Metals Limited (TGB): 10.8
4. Freeport-McMoRan Inc. (FCX): 12.0
5. Southern Copper Corporation (SCCO): 14.9

### P/BV — lowest P/BV
1. Hudbay Minerals Inc. (HBM): 2.4
2. Ero Copper Corp. (ERO): 2.5
3. Ivanhoe Electric Inc. (IE): 3.5
4. Trekor Metals Limited (TGB): 4.0
5. Freeport-McMoRan Inc. (FCX): 4.5

### 20-quarter EV/EBITDA history
- SCCO: Sep 2021 8.5 | Dec 2021 7.5 | Mar 2022 9.0 | Jun 2022 7.1 | Sep 2022 7.4 | Dec 2022 9.9 | Mar 2023 12.4 | Jun 2023 11.6 | Sep 2023 11.4 | Dec 2023 14.3 | Mar 2024 18.1 | Jun 2024 16.0 | Sep 2024 16.1 | Dec 2024 11.3 | Mar 2025 11.6 | Jun 2025 12.6 | Sep 2025 14.4 | Dec 2025 14.4 | Mar 2026 16.4 | Jun 2026 14.9
- FCX: Sep 2021 6.1 | Dec 2021 6.9 | Mar 2022 7.1 | Jun 2022 4.6 | Sep 2022 5.1 | Dec 2022 7.3 | Mar 2023 9.2 | Jun 2023 9.4 | Sep 2023 8.4 | Dec 2023 9.2 | Mar 2024 9.7 | Jun 2024 9.4 | Sep 2024 9.1 | Dec 2024 7.9 | Mar 2025 8.2 | Jun 2025 8.6 | Sep 2025 7.9 | Dec 2025 10.4 | Mar 2026 10.7 | Jun 2026 12.0
- HBM: Sep 2021 7.3 | Dec 2021 7.6 | Mar 2022 6.7 | Jun 2022 4.7 | Sep 2022 3.5 | Dec 2022 4.2 | Mar 2023 5.1 | Jun 2023 7.3 | Sep 2023 5.6 | Dec 2023 4.6 | Mar 2024 4.6 | Jun 2024 5.2 | Sep 2024 5.4 | Dec 2024 4.7 | Mar 2025 4.1 | Jun 2025 4.7 | Sep 2025 5.3 | Dec 2025 6.2 | Mar 2026 6.0 | Jun 2026 —
- ERO: Sep 2021 5.2 | Dec 2021 4.1 | Mar 2022 4.3 | Jun 2022 2.8 | Sep 2022 4.8 | Dec 2022 7.3 | Mar 2023 10.8 | Jun 2023 14.1 | Sep 2023 11.2 | Dec 2023 11.0 | Mar 2024 13.8 | Jun 2024 15.8 | Sep 2024 15.4 | Dec 2024 10.0 | Mar 2025 8.3 | Jun 2025 9.1 | Sep 2025 9.9 | Dec 2025 9.0 | Mar 2026 7.2 | Jun 2026 —
- TGB: Sep 2021 5.6 | Dec 2021 4.7 | Mar 2022 4.7 | Jun 2022 4.5 | Sep 2022 9.6 | Dec 2022 14.4 | Mar 2023 18.2 | Jun 2023 10.1 | Sep 2023 6.0 | Dec 2023 5.7 | Mar 2024 7.1 | Jun 2024 6.6 | Sep 2024 7.3 | Dec 2024 8.0 | Mar 2025 8.6 | Jun 2025 13.1 | Sep 2025 14.4 | Dec 2025 10.9 | Mar 2026 10.8 | Jun 2026 —
- 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 2026 123.6 | Jun 2026 —

### 20-quarter P/BV history
- SCCO: Sep 2021 5.4 | Dec 2021 5.9 | Mar 2022 7.2 | Jun 2022 5.1 | Sep 2022 4.6 | Dec 2022 5.8 | Mar 2023 7.3 | Jun 2023 7.0 | Sep 2023 7.5 | Dec 2023 8.9 | Mar 2024 10.9 | Jun 2024 9.9 | Sep 2024 10.3 | Dec 2024 7.5 | Mar 2025 7.8 | Jun 2025 8.2 | Sep 2025 9.4 | Dec 2025 10.6 | Mar 2026 12.1 | Jun 2026 11.5
- FCX: Sep 2021 3.6 | Dec 2021 4.4 | Mar 2022 4.9 | Jun 2022 2.8 | Sep 2022 2.6 | Dec 2022 3.5 | Mar 2023 3.7 | Jun 2023 3.5 | Sep 2023 3.3 | Dec 2023 3.7 | Mar 2024 4.0 | Jun 2024 4.0 | Sep 2024 4.1 | Dec 2024 3.1 | Mar 2025 3.1 | Jun 2025 3.4 | Sep 2025 3.0 | Dec 2025 3.9 | Mar 2026 4.3 | Jun 2026 4.5
- HBM: Sep 2021 1.1 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 1.2 | Jun 2024 1.4 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.5 | Sep 2025 2.0 | Dec 2025 2.4 | Mar 2026 2.4 | Jun 2026 —
- ERO: Sep 2021 4.5 | Dec 2021 3.5 | Mar 2022 2.5 | Jun 2022 1.5 | Sep 2022 2.1 | Dec 2022 2.4 | Mar 2023 2.8 | Jun 2023 2.9 | Sep 2023 2.5 | Dec 2023 2.0 | Mar 2024 2.6 | Jun 2024 3.4 | Sep 2024 3.2 | Dec 2024 2.4 | Mar 2025 1.8 | Jun 2025 2.1 | Sep 2025 2.4 | Dec 2025 3.2 | Mar 2026 2.5 | Jun 2026 —
- TGB: Sep 2021 2.0 | Dec 2021 2.1 | Mar 2022 2.3 | Jun 2022 1.1 | Sep 2022 1.3 | Dec 2022 1.6 | Mar 2023 1.8 | Jun 2023 1.5 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 1.8 | Jun 2024 2.1 | Sep 2024 2.1 | Dec 2024 1.7 | Mar 2025 2.0 | Jun 2025 2.4 | Sep 2025 3.4 | Dec 2025 3.6 | Mar 2026 4.0 | Jun 2026 —
- IE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.9 | Sep 2022 3.1 | Dec 2022 5.5 | Mar 2023 6.4 | Jun 2023 7.6 | Sep 2023 3.6 | Dec 2023 2.8 | Mar 2024 3.6 | Jun 2024 3.9 | Sep 2024 4.1 | Dec 2024 3.4 | Mar 2025 2.5 | Jun 2025 4.1 | Sep 2025 6.0 | Dec 2025 5.6 | Mar 2026 3.5 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. Hudbay Minerals Inc. (HBM): 140%
2. Trekor Metals Limited (TGB): 123%
3. Southern Copper Corporation (SCCO): 103%
4. Ero Copper Corp. (ERO): 91%
5. Freeport-McMoRan Inc. (FCX): 54%

### Strongest relative strength versus NIFTY 500
1. Trekor Metals Limited (TGB): 8.9%
2. Southern Copper Corporation (SCCO): 7.7%
3. Freeport-McMoRan Inc. (FCX): 6.7%
4. Hudbay Minerals Inc. (HBM): 1.1%
5. Ero Copper Corp. (ERO): -4.3%

## What can make this comparison misleading?
- 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.

## Every company
- Southern Copper Corporation (SCCO) — market value ₹1.5 L Cr; latest fundamentals Jun 2026
- Freeport-McMoRan Inc. (FCX) — market value ₹88.6K Cr; latest fundamentals Jun 2026
- Hudbay Minerals Inc. (HBM) — market value ₹9.7K Cr; latest fundamentals Mar 2026
- Ero Copper Corp. (ERO) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Trekor Metals Limited (TGB) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Ivanhoe Electric Inc. (IE) — market value ₹1.4K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/copper