# Southern Copper Corporation (SCCO)

> Source: Nexqual · https://nexqual.com/SCCO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Southern Copper Corporation (SCCO), nexqual.com/SCCO" · informational, not investment advice.

**Price:** USD 183.59 (-7.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 198.07 · day 181.76–190.75 · 52w 115.74–220.78 · market cap $155B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.8B, net income $5.68B (36.0% margin), free cash flow $5.10B (SEC filings).
- Valuation: P/E 27.3x (avg 25.0x at the last 3 fiscal year-ends), EV/EBITDA 15.8x, net debt $665M.
- 1 of 80 tracked superinvestors hold SCCO (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $299K; 11 not under a Rule 10b5-1 plan ($299K); 0 by opportunistic insiders, 11 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Sell (mean 3.89 on a 1–5 scale) (18 analysts), mean target USD 179.56 (range 139.43–275).
- Total return with dividends: 1Y +51.8% vs S&P 500 +14.9%; 5Y +273.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 2.02, revenue estimate $4.45B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $10.9B | $10.0B | $9.90B | $11.4B | $13.4B | $15.8B |
| Gross profit | $7.04B | $5.40B | $5.21B | $6.59B | $8.06B | — |
| Operating income | $6.07B | $4.44B | $4.19B | $5.55B | $7.00B | $8.98B |
| Net income | $3.41B | $2.65B | $2.43B | $3.39B | $4.35B | $5.68B |
| EPS (diluted) | $4.10 | $3.22 | $2.98 | $4.12 | $5.13 | — |
| Free cash flow | $3.40B | $1.85B | $2.56B | $3.39B | $3.43B | $5.10B |
| Gross margin | 64.4% | 53.7% | 52.6% | 57.7% | 60.1% | — |
| Operating margin | 55.5% | 44.1% | 42.4% | 48.6% | 52.2% | 56.9% |
| Net margin | 31.2% | 26.4% | 24.6% | 29.6% | 32.4% | 36.0% |
| Revenue growth | +36.9% | -8.1% | -1.5% | +15.5% | +17.4% | — |
| Cash + short-term investments | $3.49B | $2.28B | $1.75B | $3.50B | $4.91B | — |
| Total debt | $6.55B | $6.25B | $6.25B | $6.26B | $6.75B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.3x · P/S 9.8x · EV/EBITDA 15.8x · EV/Sales 9.9x · P/FCF 30.4x · P/B 12.3x · FCF yield 3.29% · Earnings yield 3.66% · Dividend yield (paid, TTM) 1.95% · Net debt $665M · EV $156B
P/E at fiscal year-ends: Dec 2025 27.1x, Dec 2024 20.9x, Dec 2023 26.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SCCO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors |  | 0.02% | $1.2M | Added +1.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-24 | Palomino Bonilla Luis Miguel | Director | 100 | $20K | 6.2% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-09-08 | Palomino Bonilla Luis Miguel | Director | 100 | $21K | 6.2% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-09-04 | Palomino Bonilla Luis Miguel | Director | 100 | $20K | 5.9% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-31 | Palomino Bonilla Luis Miguel | Director | 400 | $87K | 23.5% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-05 | Palomino Bonilla Luis Miguel | Director | 200 | $40K | 10.5% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-04 | Palomino Bonilla Luis Miguel | Director | 100 | $20K | 5% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-07-24 | Palomino Bonilla Luis Miguel | Director | 100 | $18K | 5.9% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-06-05 | Palomino Bonilla Luis Miguel | Director | 4 | $1K | 0.2% | No | Routine (sold in Jun each year 2023–2025) |
| 2026-06-02 | Palomino Bonilla Luis Miguel | Director | 100 | $20K | 5.5% | No | Routine (sold in Jun each year 2023–2025) |
| 2026-05-21 | Palomino Bonilla Luis Miguel | Director | 200 | $36K | 10% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Palomino Bonilla Luis Miguel | Director | 100 | $18K | 4.7% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Sell (mean 3.89 on a 1–5 scale), 18 analysts; mean target USD 179.56 (low 139.43, high 275).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Barclays | Target raised | Underweight | $166 → $168 |
| 2026-10-08 | UBS | Target raised | Sell | $160 → $180 |
| 2026-10-06 | Wells Fargo | Target raised | Equal-Weight | $172 → $190 |
| 2026-07-23 | Barclays | Target raised | Underweight | $160 → $166 |
| 2026-07-16 | Barclays | Target raised | Underweight | $148 → $160 |
| 2026-07-09 | Wells Fargo | Target raised | Equal-Weight | $171 → $172 |
| 2026-07-08 | Morgan Stanley | Target raised | Underweight | $146 → $158 |
| 2026-06-30 | UBS | Target raised | Sell | $145 → $160 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +51.8% | +273.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +52.1% | +30.1% |
| Volatility (annualized) | 51.9% | 40.1% |
| Max drawdown | -30.2% (Mar 2026→Mar 2026) | -42.2% (Mar 2022→Sep 2022) |

## Peers (Copper)
FCX (Freeport-McMoRan, Inc.) USD 64.59 -6.26% · TECK (Teck Resources Ltd) USD 58.9 -6.18% · HBM (Hudbay Minerals Inc.) USD 21.89 -8.75% · ERO (Ero Copper Corp.) USD 30.13 -5.81% · TGB (Trekor Metals Limited) USD 7.3 -8.29% · IE (Ivanhoe Electric Inc.) USD 7.89 -7.07%

## More
Full page: https://nexqual.com/SCCO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SCCO's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1001838/000110465926021492/scco-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Mexico | "Fuel: In Mexico, since 2018, we have purchased fuel from Petroleos Mexicanos ("PEMEX"), the state producer, and from private suppliers." |

Other companies that name SCCO in their own reports (relationship from SCCO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | BUENAVENTURA MINING CO INC (BVN) | 20-F 2026-04-30 | "We have active joint venture exploration agreements with other mining companies, including Southern Copper Corporation." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Mexican Open Pit | $2.51B | 58.6% | +43.1% | $1.61B | 64.1% |
| Peruvian Operations | $1.58B | 36.9% | +34.5% | $935.9M | 59.1% |
| Mexican IMMSA Unit | $267.9M | 6.2% | +49.4% | $88.0M | 32.8% |
| Total revenue | $4.29B | 100% | — | $2.62B | 61.2% |
The lines above cover 101.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Copper | $1.86B | 43.4% | +41.0% |
| Molybdenum | $266.3M | 6.2% | +38.6% |
| Silver | $214.2M | 5.0% | +85.3% |
| Other | $95.8M | 2.2% | +79.4% |
| Zinc | $76.3M | 1.8% | +2.4% |
| Total revenue | $4.29B | 100% | — |
The lines above cover 58.6% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Mexico | $1.22B | 28.4% | +40.5% |
| United States | $579.4M | 13.5% | +62.8% |
| Switzerland | $433.4M | 10.1% | +2.2% |
| Peru | $340.9M | 7.9% | +59.9% |
| Japan | $333.5M | 7.8% | +22.6% |
| China | $314.7M | 7.3% | +35.2% |
| Other European Countries | $294.7M | 6.9% | +260.7% |
| Spain | $251.5M | 5.9% | +54.2% |
| Brazil | $190.7M | 4.4% | +17.6% |
| Chile | $174.5M | 4.1% | +32.1% |
| Italy | $161.4M | 3.8% | +43.1% |
| Other Asian Countries | $38.5M | 0.9% | +30.1% |
| Other American Countries | $30.3M | 0.7% | +61.2% |
| Singapore | $4.3M | 0.1% | -91.1% |
| Total revenue | $4.29B | 100% | — |
The lines above cover 101.8% of total revenue.

## Customer concentration

Period ended 2025-12-31: 8.7% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Company outlook (8-K filed 2026-10-21)

- "We expect Tia Maria to produce 120,000 tonnes of copper per year in the early years of operations."
- "El Pilar will be an SX-EW operation and is expected to contribute with 36,000 tonnes of copper per year at a very competitive cost during its initial years of operation."
- "The project's capital budget is estimated at $551 million, and operations will commence in 2029."
- "These two greenfield projects are expected to add approximately 156,000 tonnes of refined copper to our total annual production."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.02 | $1.79 | +12.7% | $4.45B | 8 |
| Next quarter (ends 2027-03-31) | $1.95 | $1.75 | +11.4% | $4.27B | 6 |
| Current fiscal year (ends 2026-12-31) | $7.98 | $7.66 | +4.2% | $17.36B | 13 |
| Next fiscal year (ends 2027-12-31) | $7.66 | $7.14 | +7.2% | $16.82B | 13 |