NASDAQ : TMC
TMC the metals company Inc. — Financial statements
Materials · Other Industrial Metals & Mining · Canada
Last price 2.84 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.25B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Selling, General & Admin | 118.05M | 101.67M | 32.54M | 23.34M | 29.52M | 51.18M |
| Operating Expenses | 205.76M | 140.05M | 81.29M | 72.39M | 174.12M | 144.19M |
| Operating Income | -205.76M | -140.05M | -81.29M | -72.39M | -174.12M | -144.19M |
| Interest Expense | -1.00M | |||||
| Interest & Investment Income | 4.80M | 2.79M | 176.00K | 1.30M | 1.11M | |
| Earnings From Equity Investments | -4.29M | 287.00K | -226.00K | -571.00K | ||
| Currency Exchange Gain (Loss) | 727.00K | -3.67M | 1.19M | -310.00K | -24.00K | -82.00K |
| Other Non Operating Income (Expenses) | -121.66M | -184.71M | -1.54M | -1.77M | 2.14M | 9.38M |
| EBT Excluding Unusual Items | -326.19M | -325.35M | -81.70M | -73.74M | -170.89M | -135.90M |
| Merger & Restructuring Charges | -5.40M | |||||
| Gain (Loss) on Sale of Investments | 28.72M | 5.65M | ||||
| Other Unusual Items | -7.87M | -199.00K | ||||
| Pretax Income | -305.33M | -319.70M | -81.89M | -73.74M | -170.89M | -141.30M |
| Income Tax Expense | 304.00K | 144.00K | 48.00K | 41.00K | 77.00K | |
| Net Income | -305.64M | -319.84M | -81.94M | -73.78M | -170.96M | -141.30M |
| Net Income to Common | -305.64M | -319.84M | -81.94M | -73.78M | -170.96M | -141.30M |
| Shares Outstanding (Basic) | 421.32M | 384.51M | 321.88M | 288.64M | 239.87M | 204.93M |
| Shares Outstanding (Diluted) | 421.32M | 384.51M | 321.88M | 288.64M | 239.87M | 204.93M |
| EPS (Basic) | -0.73 | -0.83 | -0.25 | -0.26 | -0.71 | -0.69 |
| EPS (Diluted) | -0.73 | -0.83 | -0.25 | -0.26 | -0.71 | -0.69 |
| Free Cash Flow | -43.75M | -43.10M | -43.98M | -60.15M | -67.77M | -56.49M |
| Free Cash Flow Per Share | -0.10 | -0.11 | -0.14 | -0.21 | -0.28 | -0.28 |
| EBITDA | -205.55M | -139.80M | -80.92M | -72.03M | -173.70M | -143.74M |
| D&A For EBITDA | 214.00K | 252.00K | 362.00K | 360.00K | 418.00K | 453.00K |
| EBIT | -205.76M | -140.05M | -81.29M | -72.39M | -174.12M | -144.19M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 98.66M | 117.63M | 3.48M | 6.84M | 46.88M | 84.87M |
| Cash & Short-Term Investments | 98.66M | 117.63M | 3.48M | 6.84M | 46.88M | 84.87M |
| Other Receivables | 2.75M | 664.00K | 249.00K | 467.00K | 117.00K | 64.00K |
| Receivables | 2.75M | 664.00K | 249.00K | 467.00K | 117.00K | 64.00K |
| Prepaid Expenses | 2.38M | 1.60M | 1.51M | 2.61M | 3.62M | |
| Total Current Assets | 101.41M | 120.68M | 5.33M | 8.82M | 49.60M | 88.56M |
| Property, Plant & Equipment | 44.34M | 45.38M | 47.54M | 50.00M | 45.17M | 44.57M |
| Long-Term Investments | 32.84M | 13.45M | 8.20M | 8.43M | ||
| Other Intangible Assets | 2.27M | 2.12M | 1.93M | 1.64M | ||
| Total Assets | 180.86M | 181.63M | 63.00M | 68.90M | 94.78M | 133.12M |
| Accounts Payable | 1.68M | 46.05M | 42.75M | 31.33M | 41.61M | 26.57M |
| Short-Term Debt | 11.78M | |||||
| Other Current Liabilities | 527.00K | 13.35M | ||||
| Total Current Liabilities | 52.62M | 59.40M | 54.53M | 31.33M | 41.61M | 26.57M |
| Long-Term Deferred Tax Liabilities | 10.68M | 10.68M | 10.68M | 10.68M | 10.68M | 10.68M |
| Other Long-Term Liabilities | 145.00M | 145.00M | 14.91M | 15.97M | 983.00K | 3.13M |
| Total Liabilities | 208.30M | 215.07M | 80.12M | 57.98M | 53.27M | 40.37M |
| Common Stock | 707.36M | 681.34M | 477.22M | 438.24M | 332.88M | 296.05M |
| Additional Paid-In Capital | 298.41M | 237.70M | 138.30M | 122.80M | 184.96M | 102.07M |
| Retained Earnings | -1.03B | -951.28M | -631.43M | -548.90M | -475.12M | -304.16M |
| Comprehensive Income & Other | -1.20M | -1.20M | -1.20M | -1.22M | -1.22M | -1.22M |
| Total Common Equity | -27.44M | -33.44M | -17.12M | 10.92M | 41.51M | 92.75M |
| Shareholders' Equity | -27.44M | -33.44M | -17.12M | 10.92M | 41.51M | 92.75M |
| Total Liabilities & Equity | 180.86M | 181.63M | 63.00M | 68.90M | 94.78M | 133.12M |
| Total Debt | 11.78M | |||||
| Net Cash (Debt) | 98.66M | 117.63M | -8.29M | 6.84M | 46.88M | 84.87M |
| Net Cash Per Share | 0.23 | 0.31 | -0.03 | 0.02 | 0.20 | 0.41 |
| Filing Date Shares Outstanding | 441.14M | 433.19M | 347.91M | 318.25M | 277.88M | 226.78M |
| Total Common Shares Outstanding | 433.73M | 422.97M | 340.71M | 306.56M | 266.81M | 225.43M |
| Working Capital | 48.78M | 61.28M | -49.20M | -22.51M | 7.99M | 61.99M |
| Book Value Per Share | -0.06 | -0.08 | -0.05 | 0.04 | 0.16 | 0.41 |
| Tangible Book Value | -29.70M | -35.57M | -19.05M | 9.28M | 41.51M | 92.75M |
| Tangible Book Value Per Share | -0.07 | -0.08 | -0.06 | 0.03 | 0.16 | 0.41 |
| Machinery | 441.00K | 3.29M | 3.29M | 3.29M | 3.85M | 2.82M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -305.64M | -319.84M | -81.94M | -73.78M | -170.96M | -141.30M |
| Depreciation & Amortization | 214.00K | 252.00K | 362.00K | 360.00K | 418.00K | 453.00K |
| Loss (Gain) From Sale of Investments | -28.72M | -5.65M | ||||
| Loss (Gain) on Equity Investments | 4.29M | -287.00K | 226.00K | 571.00K | ||
| Stock-Based Compensation | 153.46M | 96.67M | 25.31M | 12.36M | 20.08M | 74.57M |
| Other Operating Activities | 126.25M | 185.97M | 136.00K | 1.73M | 67.70M | -8.39M |
| Change in Accounts Receivable | -1.23M | -1.20M | 127.00K | 748.00K | 960.00K | -3.48M |
| Change in Accounts Payable | 7.82M | 1.23M | 12.31M | -1.56M | 15.20M | 22.05M |
| Operating Cash Flow | -43.56M | -42.85M | -43.47M | -59.57M | -66.60M | -56.09M |
| Capital Expenditures | -193.00K | -245.00K | -515.00K | -578.00K | -1.17M | -402.00K |
| Cash Acquisitions | -3.44M | |||||
| Investment in Securities | -502.00K | 692.00K | ||||
| Investing Cash Flow | -695.00K | 447.00K | -515.00K | -578.00K | -1.17M | -3.84M |
| Short-Term Debt Issued | 2.00M | |||||
| Long-Term Debt Issued | 11.78M | 26.00M | ||||
| Total Debt Issued | 13.78M | 26.00M | ||||
| Short-Term Debt Repaid | -2.00M | |||||
| Long-Term Debt Repaid | -11.78M | |||||
| Total Debt Repaid | -2.48M | -11.78M | -2.00M | |||
| Net Debt Issued (Repaid) | -2.48M | -11.78M | 11.78M | 26.00M | ||
| Issuance of Common Stock | 30.01M | 169.09M | 29.27M | 16.25M | 30.59M | 4.24M |
| Repurchase of Common Stock | -70.00K | |||||
| Other Financing Activities | -242.00K | -734.00K | -357.00K | 3.82M | -797.00K | 104.47M |
| Financing Cash Flow | 27.29M | 156.59M | 40.69M | 20.07M | 29.72M | 134.70M |
| Foreign Exchange Rate Adjustments | -143.00K | -28.00K | -65.00K | 51.00K | 53.00K | 10.00K |
| Net Cash Flow | -17.10M | 114.15M | -3.36M | -40.03M | -38.00M | 74.78M |
| Free Cash Flow | -43.75M | -43.10M | -43.98M | -60.15M | -67.77M | -56.49M |
| Free Cash Flow Per Share | -0.10 | -0.11 | -0.14 | -0.21 | -0.28 | -0.28 |
| Levered Free Cash Flow | 20.78M | 16.81M | -19.17M | -42.63M | -73.50M | -863.00K |
| Unlevered Free Cash Flow | 20.78M | 16.81M | -19.17M | -42.63M | -73.50M | -236.12K |
| Change in Working Capital | 6.59M | 36.00K | 12.44M | -813.00K | 16.16M | 18.57M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.03B | 2.55B | 382.77M | 337.00M | 204.46M | 468.54M |
| Enterprise Value | 929.19M | 2.44B | 391.59M | 314.46M | 137.59M | 355.90M |
| Last Close Price | 2.60 | 6.17 | 1.12 | 1.10 | 0.77 | 2.08 |
| PB Ratio | -76.29 | -22.36 | 30.87 | 4.93 | 5.05 | |
| P/TBV Ratio | 36.34 | 4.93 | 5.05 | |||
| Debt / Equity Ratio | -0.69 | |||||
| Net Debt / Equity Ratio | 3.60 | 3.52 | -0.48 | -0.63 | -1.13 | -0.92 |
| Net Debt / EBITDA Ratio | 0.48 | 0.84 | -0.10 | 0.10 | 0.27 | 0.59 |
| Net Debt / FCF Ratio | 2.25 | 2.73 | -0.19 | 0.11 | 0.69 | 1.50 |
| Quick Ratio | 1.93 | 1.99 | 0.07 | 0.23 | 1.13 | 3.20 |
| Current Ratio | 1.93 | 2.03 | 0.10 | 0.28 | 1.19 | 3.33 |
| Return on Equity (ROE) | -1,123.19% | -281.48% | -254.68% | -219.06% | ||
| Return on Assets (ROA) | -72.54% | -71.56% | -77.04% | -55.28% | -95.50% | -95.97% |
| Return on Capital Employed (ROCE) | -160.50% | -114.60% | -959.80% | -192.70% | -327.50% | -135.30% |
| Earnings Yield | -31.13% | -12.54% | -21.41% | -21.89% | -83.62% | -30.16% |
| FCF Yield | -4.18% | -1.69% | -11.49% | -17.85% | -33.15% | -12.06% |
| Buyback Yield / Dilution | -23.27% | -19.46% | -11.51% | -20.34% | -17.05% | -14.76% |