TMC Basic Materials

TMC the metals company Inc.

$2.31-0.86%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Basic Materials
Industry: Other Industrial Metals & Mining
Country: Canada
Market cap: 1.3B USD
Enterprise value: 729.6M USD
Full-time employees: 48

Overall health

Not enough data: too little is reported yet for an overall view

Only 2 of 4 categories have enough reported data; an overall score needs at least 3.

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
TMC the metals's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 65% from December 2022 to August 2026.
TMC the metals had 65% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.TMC the metals had 65% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Not profitable yet. Reported a loss in the 12 months to June 2026.
TMC the metals reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
More volatile share price. Beta 2.10: tends to move more than the market.
TMC the metals's shares have swung more with the market than most peers' (beta 2.10, above the market's 1.0).

StockQuotient Score

—

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: 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-23.4%

SEC filings · 12 months to Jun 2026Negative (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 yield-28.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0854 · MAD: 0.0520

Free cash flow yield-3.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0261 · MAD: 0.0261

Other data (not scored)

Book yield-2.1%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5947 · MAD: 0.3137

Growth

Is it growing?

Insufficient data

Insufficient data: 1 of 3 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Profitability

Does it earn well?

Insufficient data

Insufficient data: 1 of 3 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

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

Beta2.10

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 ratio1.93×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.25Sector median: 1.7610 · MAD: 0.6770

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -4.82Sector 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 TMC the metals

Is TMC the metals getting weaker?: Its latest SEC filing (Aug 13, 2026) showed no major changes.
How is TMC the metals valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,371 basic materials peers. Earnings yield -23.4% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -23.4% vs peers 3.6% (weaker than 100% of peers).
Is TMC the metals growing?: Insufficient data: 1 of 3 inputs reported (at least 2 needed).
How profitable is TMC the metals?: Insufficient data: 1 of 3 inputs reported (at least 2 needed).
How risky is TMC the metals?: Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Beta 2.10 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.10 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 13, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Net income (12 months)	−319.9M USD	−305.6M USD	−4.4%
Free cash flow (12 months)	−34.3M USD	−43.8M USD	+27.4%
Cash	119.7M USD	98.7M USD	−17.6%
Shares outstanding	433.2M	441.1M	+1.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter 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
Return on assets (ROA)	-106.1%	-180.4%	-107.1%	-130.1%	-176.1%	▼ 46 pts
Return on equity (ROE)	-152.3%	-411.9%	-675.8%	—	—	—
Current ratio	3.33×	1.19×	0.28×	0.10×	2.03×	▲ >999%
Interest coverage	—	—	—	-195.40×	—	—

TMC 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…

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

TMC the metals's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 65% from December 2022 to August 2026.

TMC the metals had 65% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.TMC the metals had 65% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Not profitable yet. Reported a loss in the 12 months to June 2026.

TMC the metals reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

More volatile share price. Beta 2.10: tends to move more than the market.

TMC the metals's shares have swung more with the market than most peers' (beta 2.10, above the market's 1.0).

Questions investors ask about TMC the metals

Is TMC the metals getting weaker?

Its latest SEC filing (Aug 13, 2026) showed no major changes.

How is TMC the metals valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,371 basic materials peers. Earnings yield -23.4% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -23.4% vs peers 3.6% (weaker than 100% of peers).

Is TMC the metals growing?

Insufficient data: 1 of 3 inputs reported (at least 2 needed).

How profitable is TMC the metals?

Insufficient data: 1 of 3 inputs reported (at least 2 needed).

How risky is TMC the metals?

Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Beta 2.10 vs a peer median of 0.69 (weaker than 100% of peers).Beta 2.10 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Net income (12 months)

−319.9M USD

−305.6M USD

−4.4%

Free cash flow (12 months)

−34.3M USD

−43.8M USD

+27.4%

Cash

119.7M USD

98.7M USD

−17.6%

Shares outstanding

433.2M

441.1M

+1.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

-106.1%

-180.4%

-107.1%

-130.1%

-176.1%

▼ 46 pts

Return on equity (ROE)

-152.3%

-411.9%

-675.8%

—

Current ratio

3.33×

1.19×

0.28×

0.10×

2.03×

▲ >999%

Interest coverage

—

-195.40×

—