MTA Basic Materials

Metalla Royalty & Streaming Ltd.

$7.13-2.60%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Basic Materials
Industry: Other Precious Metals & Mining
Country: Canada
Market cap: 666.6M USD
Enterprise value: 749.3M USD
Full-time employees: 7

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.25 vs a peer median of 0.69)higher risk: bigger price swings (beta 2.25 vs peers 0.69)

Ranks #872 of 1,217 basic materials companies (bottom 29%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 88% from December 2022 to December 2025.
Metalla Royalty & Streaming had 88% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Metalla Royalty & Streaming had 88% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 25% of revenue in FY Dec 2025.
Metalla Royalty & Streaming paid employees $3M in stock in FY Dec 2025, 25% of its $12M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -0.5% in FY Dec 2025, the smallest loss relative to revenue of the last 4 years.
Metalla Royalty & Streaming still lost money on operations in FY Dec 2025 (margin -0.5%), but that was its smallest operating loss relative to revenue in the 4 years of filings we have.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($12M of revenue over 12 months).
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -0.5%).

StockQuotient Score

39/ 100

Oct 5 39 → Nov 4 39

Valuation

Is the price right?

14/100

Weak

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-0.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0364 · MAD: 0.0364

EBITDA yield0.7%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -1.51Sector median: 0.0854 · MAD: 0.0520

Free cash flow yield0.4%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score -0.83Sector median: 0.0261 · MAD: 0.0261

Other data (not scored)

Book yield38.0%

SEC filings (IFRS mapped) · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5947 · MAD: 0.3137

Growth

Is it growing?

93/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 99.6%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.0941 · MAD: 0.3300

3-year revenue growth69.4%

SEC filings (IFRS mapped) · 3 years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.13Sector median: -0.0005 · MAD: 0.0725

Revenue growth99.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 5.97Sector median: 0.0335 · MAD: 0.0952

Profitability

Does it earn well?

16/100

Weak

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Operating margin rose 75.6 points to -0.5%

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-0.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.32Sector median: 0.0757 · MAD: 0.0617

Return on assets-1.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.53Sector median: 0.0249 · MAD: 0.0265

Return on invested capital-0.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.18Sector median: 0.0675 · MAD: 0.0575

Other data (not scored)

Gross margin80.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.2138 · MAD: 0.1202

Return on equity-1.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0537 · MAD: 0.0694

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 32 → 31

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.25

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.96Sector median: 0.6950 · MAD: 0.2810

Current ratio2.41×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.95Sector median: 1.7610 · MAD: 0.6770

Debt / equity0.05×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 1.06Sector median: 0.3578 · MAD: 0.2929

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Metalla Royalty & Streaming

Is Metalla Royalty & Streaming getting weaker?: Its latest SEC filing (Mar 26, 2026) got stronger: operating margin rose 75.6 points to -0.5%. Its overall score is unchanged at 39/100 since Oct 28, 2026.
How is Metalla Royalty & Streaming valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 14/100 against 1,371 basic materials peers. Earnings yield -0.6% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -0.6% vs peers 3.6% (weaker than 100% of peers).
Is Metalla Royalty & Streaming growing?: Yes, faster than most of its peers. Growth scores 93/100 against 1,371 basic materials peers. 3-year revenue growth 69.4% vs a peer median of -0.0% (stronger than 95% of peers).3-year revenue growth 69.4% vs peers -0.0% (stronger than 95% of peers).
How profitable is Metalla Royalty & Streaming?: Less profitable than most of its peers. Profitability scores 16/100 against 1,371 basic materials peers. Return on assets -1.6% vs a peer median of 2.5% (weaker than 83% of peers).Return on assets -1.6% vs peers 2.5% (weaker than 83% of peers).
How risky is Metalla Royalty & Streaming?: Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Debt / equity 0.05× vs a peer median of 0.36× (stronger than 82% of peers).Debt / equity 0.05× vs peers 0.36× (stronger than 82% of peers). Beta 2.25 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.25 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Mar 26, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Operating margin rose 75.6 points to -0.5%

Worth watching: Metalla Royalty & Streaming is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous year	Latest year	Change
Revenue (12 months)	5.9M USD	11.7M USD	+99.6%
Net income (12 months)	−5.5M USD	−4.2M USD	−22.6%
Operating margin	-76.1%	-0.5%	+75.6 pts
Debt	12.7M USD	12.2M USD	−4.1%
Cash	9.7M USD	9.8M USD	+0.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	21.0%	25.1%	48.0%	57.3%	80.9%	▲ 24 pts
Operating margin	—	-407.0%	-159.6%	-76.1%	-0.5%	▲ 76 pts
Net margin	-351.1%	-452.9%	-127.0%	-93.1%	-36.1%	▲ 57 pts
Return on assets (ROA)	-9.3%	-8.3%	-2.1%	-2.0%	-1.6%	▲ 0.5 pts
Return on equity (ROE)	-10.4%	-9.2%	-2.3%	-2.2%	-1.7%	▲ 0.5 pts
Current ratio	5.99×	1.46×	0.86×	0.93×	2.41×	▲ 158%
Debt to equity	0.10×	0.09×	0.11×	0.05×	0.05×	▼ 4.0%
Interest coverage	—	-7.63×	-6.27×	-2.26×	-0.04×	▲ 98%

MTA price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.25 vs a peer median of 0.69)higher risk: bigger price swings (beta 2.25 vs peers 0.69)

Ranks #872 of 1,217 basic materials companies (bottom 29%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 88% from December 2022 to December 2025.

Metalla Royalty & Streaming had 88% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Metalla Royalty & Streaming had 88% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 25% of revenue in FY Dec 2025.

Metalla Royalty & Streaming paid employees $3M in stock in FY Dec 2025, 25% of its $12M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -0.5% in FY Dec 2025, the smallest loss relative to revenue of the last 4 years.

Metalla Royalty & Streaming still lost money on operations in FY Dec 2025 (margin -0.5%), but that was its smallest operating loss relative to revenue in the 4 years of filings we have.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($12M of revenue over 12 months).

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -0.5%).

Questions investors ask about Metalla Royalty & Streaming

Is Metalla Royalty & Streaming getting weaker?

Its latest SEC filing (Mar 26, 2026) got stronger: operating margin rose 75.6 points to -0.5%. Its overall score is unchanged at 39/100 since Oct 28, 2026.

How is Metalla Royalty & Streaming valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 14/100 against 1,371 basic materials peers. Earnings yield -0.6% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -0.6% vs peers 3.6% (weaker than 100% of peers).

Is Metalla Royalty & Streaming growing?

Yes, faster than most of its peers. Growth scores 93/100 against 1,371 basic materials peers. 3-year revenue growth 69.4% vs a peer median of -0.0% (stronger than 95% of peers).3-year revenue growth 69.4% vs peers -0.0% (stronger than 95% of peers).

How profitable is Metalla Royalty & Streaming?

Less profitable than most of its peers. Profitability scores 16/100 against 1,371 basic materials peers. Return on assets -1.6% vs a peer median of 2.5% (weaker than 83% of peers).Return on assets -1.6% vs peers 2.5% (weaker than 83% of peers).

How risky is Metalla Royalty & Streaming?

Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Debt / equity 0.05× vs a peer median of 0.36× (stronger than 82% of peers).Debt / equity 0.05× vs peers 0.36× (stronger than 82% of peers). Beta 2.25 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.25 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

5.9M USD

11.7M USD

+99.6%

Net income (12 months)

−5.5M USD

−4.2M USD

−22.6%

Operating margin

-76.1%

-0.5%

+75.6 pts

Debt

12.7M USD

12.2M USD

−4.1%

Cash

9.7M USD

9.8M USD

+0.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

21.0%

25.1%

48.0%

57.3%

80.9%

▲ 24 pts

Operating margin

—

-407.0%

-159.6%

-76.1%

-0.5%

▲ 76 pts

Net margin

-351.1%

-452.9%

-127.0%

-93.1%

-36.1%

▲ 57 pts

Return on assets (ROA)

-9.3%

-8.3%

-2.1%

-2.0%

-1.6%

▲ 0.5 pts

Return on equity (ROE)

-10.4%

-9.2%

-2.3%

-2.2%

-1.7%

▲ 0.5 pts

Current ratio

5.99×

1.46×

0.86×

0.93×

2.41×

▲ 158%

Debt to equity

0.10×

0.09×

0.11×

0.05×

▼ 4.0%

Interest coverage

—

-7.63×

-6.27×

-2.26×

-0.04×

▲ 98%