Southern Copper Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business unquestionably works: high margins, a robust balance sheet, real reserves, a funded construction programme. The rating sits at yellow because of two open operational questions. First, output has been falling for years for geological reasons, and the growth projects arrive later and cost more than announced — earnings are currently carried entirely by prices the company does not steer. Second, the report's most spectacular metric, the negative cash cost figure, depends wholly on the silver price while the company's own costs rise. Both are operating questions, not solvency risks — there is no finding that would justify red, and no evidence of self-generated growth that would justify green. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Southern Copper is a highly profitable copper producer with a first-class balance sheet whose record second-quarter 2026 figures were, by its own account, carried by higher metal prices while output declined across all four metals. The sub-zero cash cost is a silver price effect; the company's own cost base rose. On top of that sit a majority owner holding 88.9% who, per the annual report, decides distributions alone, and a dividend that is two thirds treasury stock from a finite holding. Not investment advice.
Profitability
A net margin of 38.0% in the first half of 2026 and 32.3% for the full year 2025. Operating cash flow in the half-year was $3,683.0 million. That is exceptional for a commodity producer.
Balance sheet
Net debt of $664.5 million against equity of $12,632.2 million as of June 30, 2026 — at the end of 2023 net debt still stood at $4,503.8 million. No solvency risk is derivable from this.
Output
Mined copper output in 2025, at roughly 956,000 tonnes, was below the 2019 level, and the company plans for about 917,000 tonnes in 2026. The cause is declining ore grades, above all in Peru — a problem that cannot be managed away.
Cost structure
Cash cost after by-product credits fell to minus $0.03 per pound in the first half of 2026. Before credits, however, it rose from 208.2 to 229.7 US cents. The change of sign is a silver price story, not a cost achievement.
Ownership
Grupo Mexico indirectly held 88.9% as of December 31, 2025. The annual report itself states that this shareholder alone decides on dividend levels, indebtedness and capital expenditure, and that its interests may differ from those of minority shareholders.
Reliability of guidance
The 2027 output target fell from 1,000,000 to roughly 917,000 tonnes between autumn 2023 and summer 2026. The Tia Maria budget rose from $1.4 billion to about $1.8 billion in 2024. The Los Chancas project has been stalled for three years by illegal miners.
Worth Noting
The trigger for this analysis was the quarterly report for the period ended June 30, 2026, filed July 31, 2026, together with the earnings release of July 22, 2026.
All filings after that date were reviewed: through September 1, 2026 there was only one notice of proposed sale and two insider filings by a single board member, totalling roughly $59,000 — economically immaterial.
Price as of August 31, 2026, metrics as of August 30, 2026. The share count comes from the quarterly report (834,331,706 as of July 30, 2026); the differing provider figure of 844,343,686 is fully explained by the 1.2% stock dividend paid on August 27, 2026 (record date August 11, 2026).
Risk of confusion: Southern Copper Corporation is a US company incorporated in Delaware and files annual and quarterly reports (10-K/10-Q) despite its Mexican parent. Until 2005 it operated as Southern Peru Copper Corporation.
Stock Watch
This analysis is as of September 1, 2026. Stock Watch will tell you what's changed at SCCO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 104.10 $ to 219.70 $ · Last price: 196.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Sector comparison: Basic Materials
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Southern Copper Corporation SCCO | 174.0 | 32.1 | 16.4 | 64.5 | 58.3 | 17.4 | 92.5 |
| Linde plc LIN | 212.0 | 30.6 | 17.5 | 48.4 | 28.5 | 3.0 | -3.2 |
| Newmont Goldcorp Corp NEM | 132.8 | 16.0 | 7.9 | 68.0 | 61.4 | 19.1 | 59.6 |
| Freeport-McMoran Copper & Gold Inc FCX | 102.2 | 37.9 | 11.7 | 38.3 | 31.1 | 1.1 | 58.8 |
| Sherwin-Williams Co SHW | 77.7 | 31.5 | 19.5 | 49.0 | 14.2 | 2.1 | -7.5 |
| Ecolab Inc ECL | 76.7 | 37.6 | 21.6 | 44.2 | 16.9 | 2.2 | 3.5 |
| Barrick Mining Corporation B | 72.0 | 12.3 | 5.0 | 56.3 | 56.3 | 31.2 | 50.6 |
| Air Products and Chemicals Inc APD | 64.1 | 30.2 | 48.8 | 32.1 | 23.6 | -0.5 | 1.1 |
| Nucor Corp NUE | 61.9 | 25.5 | 11.0 | 15.6 | 11.8 | 5.7 | 88.2 |
| Median of companies shown | 77.7 | 30.6 | 16.4 | 48.4 | 28.5 | 3.0 | 50.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 5,380 | 1,571 | 777 | 1.00 | 923 | 5,871 | 13,277 |
| 2017 | 6,655 | 2,619 | 729 | 0.94 | 1,977 | 6,149 | 13,771 |
| 2018 | 7,097 | 2,881 | 1,543 | 2.00 | 2,235 | 6,568 | 14,485 |
| 2019 | 7,286 | 2,753 | 1,486 | 1.92 | 1,912 | 6,810 | 16,407 |
| 2020 | 7,985 | 3,121 | 1,570 | 2.03 | 2,783 | 7,225 | 16,947 |
| 2021 | 10,934 | 6,065 | 3,397 | 4.39 | 4,292 | 8,149 | 18,298 |
| 2022 | 10,048 | 4,436 | 2,639 | 3.41 | 2,803 | 8,084 | 17,277 |
| 2023 | 9,896 | 4,192 | 2,425 | 3.09 | 3,573 | 7,418 | 16,725 |
| 2024 | 11,433 | 5,555 | 3,377 | 4.30 | 4,422 | 9,172 | 18,714 |
| 2025 | 13,420 | 7,002 | 4,335 | 5.17 | 4,752 | 11,038 | 21,381 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.01 | 75.10 | 2,784 | 21.30 | 28.50 | 1,361 | 1,125 |
| 2025: Q1 | 1.15 | 21.10 | 3,122 | 20.10 | 30.30 | 721 | 404 |
| 2025: Q2 | 1.17 | -3.30 | 3,051 | -2.20 | 31.90 | 977 | 741 |
| 2025: Q3 | 1.35 | 16.80 | 3,377 | 15.20 | 32.80 | 1,560 | 1,210 |
| 2025: Q4 | 1.56 | 54.80 | 3,870 | 39.00 | 33.80 | 1,494 | 1,072 |
| 2026: Q1 | 1.92 | 67.00 | 4,251 | 36.20 | 37.20 | 1,695 | 1,253 |
| 2026: Q2 | 2.01 | 71.80 | 4,289 | 40.60 | 39.00 | 1,989 | 1,566 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Aktien.Guide
Dividends
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 7.70 | 6.97 – 8.25 | 17,052 | 51.5% | 13 |
| 12/31/2027 | 7.28 | 5.43 – 8.25 | 16,158 | -5.5% | 13 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 12.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $5.97B |
|---|---|
| Market cap | $174.01B |
| Free cash flow in year ten | $19.96B |
| Terminal value as a share of market value | 60.5% |
For comparison: over the past five years free cash flow grew by 9.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Southern Copper ist ein reiner Kupfer- und Molybdänbergbaukonzern ohne KI-Umsatz und ohne belegten operativen KI-Einsatz: Die vier jüngsten Quartalsberichte (10-Q) erwähnen KI mit keinem Wort, in den beiden Geschäftsberichten (10-K) steht KI ausschließlich in einem allgemeinen Technologie-Risikohinweis, der rein zukunftsgerichtet formuliert ist (‚wir könnten KI anwenden‘), und im Geschäftsbericht 2024 kommt lediglich die Nachfrageerwartung hinzu, dass das Wachstum der KI-Technologien den weltweiten Kupferbedarf stützt.
View the full file — quotes, sources, reviewed filings
„we may find improvement opportunities by developing and applying AI in several of our business and operational processes. These applications may become important in our operations over time."
Wir könnten Verbesserungsmöglichkeiten finden, indem wir KI in mehreren unserer Geschäfts- und Betriebsprozesse entwickeln und anwenden. Diese Anwendungen könnten im Laufe der Zeit für unseren Betrieb wichtig werden.
10-K · 2026-02-27 · View SEC filing
„In addition, we may utilize AI and other new technologies in software provided by third parties to enhance our capabilities in producing copper, improving business processes and responding to threats to our technology platforms."
Darüber hinaus könnten wir KI und andere neue Technologien in Software von Drittanbietern nutzen, um unsere Fähigkeiten bei der Kupferproduktion, bei der Verbesserung von Geschäftsprozessen und bei der Abwehr von Bedrohungen unserer Technologieplattformen zu stärken.
10-K · 2026-02-27 · View SEC filing
Filings Reviewed: 10-K 2026-02-27 · 10-K 2025-03-03 · 10-Q 2026-07-31 · 10-Q 2026-04-30 · 10-Q 2025-10-31 · 10-Q 2025-07-31
Rated on September 1, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 10.1%
- More than 10% revenue growth is expected for the coming year -4.9%
- Share count grows by less than 3% a year 2.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 42.9%
- Gross margin at 40% or higher and without meaningful erosion 56.7%
- Goodwill from acquisitions does not grow faster than revenue 0.2%
- Net debt below twice EBITDA 0.3 x EBITDA
- Operating cash flow covers the profits of the last three years 2,610 m
- Return on capital at 15% or higher, or up versus two years ago 36.4%
- Insiders hold at least 10% or are net buyers 89.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
10/10 Quality stockThe AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 10.7%
- Exp. sales growth 3Y > 5% 9.7%
- EBIT growth 10Y > 5% 18.1%
- Exp. EBIT growth 3Y > 5% 18.6%
- Net debt < 4x EBIT 0.4x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 30.9%
- Return on equity > 15% 39.7%
- ROCE > 15% 36.4%
- Expected return > 10% 21.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 8, 2026 | Palomino Bonilla Luis Miguel | Director | Sell | 100 | 210.00 | 21,000 |
| Sep 4, 2026 | Palomino Bonilla Luis Miguel | Director | Sell | 100 | 200.00 | 20,000 |
| Aug 31, 2026 | Palomino Bonilla Luis Miguel | Director | Sell | 400 | 217.50 | 87,000 |
| Aug 5, 2026 | Palomino Bonilla Luis Miguel | Director | Sell | 100 | 200.00 | 20,000 |
| Aug 4, 2026 | Palomino Bonilla Luis Miguel | Director | Sell | 100 | 195.00 | 19,500 |
| Jul 24, 2026 | Arrigunaga Gomez del Campo Javier | Director | Other | 400 | – | – |
| Jul 24, 2026 | Valenzuela Rionda Jose Pedro | Director | Other | 400 | – | – |
| Jul 24, 2026 | Contreras Lerdo de Tejada Leonardo | Chief Executive Officer | Other | 400 | – | – |
| Jul 24, 2026 | Ariztegui Andreve Vicente | Director | Other | 400 | – | – |
| Jul 24, 2026 | Castillo Sanchez Mejorada Enrique | Director | Other | 400 | – | – |
The company
About the Company
Southern Copper Corporation ist im Bergbau, der Exploration, dem Schmelzen und dem Raffinieren von Kupfer und anderen Mineralien in Mexiko, den USA, Peru, Brasilien, Chile und anderen amerikanischen Ländern tätig. Das Unternehmen ist im Abbau, Mahlen und in der Flotation von Kupfererz zur Herstellung von Kupfer und Molybdän tätig.
- Employees
- 16,617
- Headquarters
- Phoenix, AZ
- Address
- 7310 North 16th St, 85020 Phoenix, United States
- Phone
- 602 264 1375
- Website
- southerncoppercorp.com
- IPO Date
- 01/05/1996
- ISIN
- US84265V1052
- Stock Split
- 1012:1000 on 08/11/2026
- Stock Split
- 1039:1028 on 02/13/2012
- Stock Split
- 959692:319897 on 07/10/2008
Management
| Name | Title | Birth Year |
|---|---|---|
| Engineer Leonardo Contreras Lerdo de Tejada | CEO & Non-Independent Director | 1986 |
| Raul Jacob Ruisanchez | VP of Finance, Treasurer & CFO | 1958 |
| Lina A. Vingerhoets Vilca | Comptroller | 1961 |
| Juan Fernando Nunez Chavez | Vice President of Explorations | 1958 |
| Julian Jorge Lazalde Psihas | Secretary | 1968 |
| Victor Pedraglio | Manager of Financial Planning & Investor Relations | – |
| Andres Carlos Ferrero Ghislieri | General Counsel | 1969 |
| Patricio Ovejas Simon | Executive Vice President | 1987 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.