TMC the metals company (TMC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

TMC the metals company

NasdaqGS•Basic Materials•Other Industrial Metals & Mining

$3.63-0.12(-0.03%)Pre-market

Market Cap

$1.64B

P/S

4760.6x

TMC the metals company Inc., a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in two polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean. Its products are used in electric vehicles (EV) and energy storage markets; manganese alloy production required for steel production; and other applications. The company was founded in 2011 and is based in Vancouver, Canada.

How this company scores

WeakMetricSide Score: 27/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Balance Sheet & Red Flags (15/25); weakest: Cash & Earnings Quality (2/25).

Profitability8/25

Growth2/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality2/25

Strengths

Long cash runwayInterest easily coveredNet cash position

Grade capped at D

Negative equity — the balance sheet is insolvent.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 5.8x5y range 5.8x – 5.8x

P/S · 4760.6x5y range 206.4x – 4760.6x

Currently above its 11-quarter median.

P/B · 29.6x5y range 2.9x – 247.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.64B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $344,000
Q. Revenue: $0
TTM EBITDA: $-205.43M
TTM Op. Income: $-205.76M
Q. Op. Income: $-71.72M
TTM Net Income: $-305.64M
Q. Net Income: $-60.12M
EPS: $-0.14
Shares Out.: $433.24M

$344,000 in TTM revenue declined 72.6% YoY, reaching $0 last quarter. TTM EBITDA of $-205.43M and TTM operating income of $-205.76M show growth is flowing through to the bottom line. However, net income is negative at $305.64M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 7 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: N/A
Op. Margin: -7171700000.0%
Net Margin: -6012300000.0%

Op. margin of -7171700000.0% is down 7171692262.3% YoY — costs are rising relative to revenue. Net margin at -6012300000.0% Over the past year, operating margin is down 92685352% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 4760.6x
P/B Ratio: N/A

P/S of 4760.6x and P/B of 0.0x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $180.86M
Cash: $98.66M
Long-Term Debt: N/A
Book Value: $-27.44M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-20.10M
TTM Free Cash Flow: $-43.75M
FCF Margin: -12718.0%
FCF / Net Income: 0.1

TTM FCF of $-43.75M on $-20.10M in operating cash flow. The FCF / Net Income ratio of 0.1x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 10% — a weakening trend.