TMC the metals company Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here is not about the deposit and not about the share price. It reflects documented risks to the substance of the business: shareholders’ equity was negative at $27.4 million on June 30, 2026, the business depends mainly on a U.S. permit that has not been granted and on a single partner for the production vessel, and the UN seabed authority is examining both exploration contracts. In fairness, the negative equity stems mainly from a book valuation, and at the first-half 2026 rate of operating outflow the $98.7 million cash balance lasts a little over two years on paper — excluding the not yet quantified cash payments to Allseas. A permit could change the picture quickly; until then TMC remains a bet on regulators and capital markets. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
TMC the metals company controls, by its own account, the world’s largest undeveloped resource of several critical metals, enjoys political tailwind in the U.S. and has an experienced partner in Allseas for its production vessel. Against that stand a company with no revenue and no mining permit, negative shareholders’ equity of $27.4 million at June 30, 2026, a delay in the U.S. process, an ongoing inquiry by the UN seabed authority and a share count that has almost doubled. At the October 14, 2026, close of $2.63, TMC is valued at about $1.16 billion. Not investment advice.
Deposit
About 1.64 billion tonnes of nodules in the U.S. application areas with an estimated 15.5 million tonnes of nickel; in August 2025 the NORI-D prefeasibility study declared what the company calls the first reserves for seafloor nodules.
Permit
The USA-A application has been in full compliance since April 28, 2026, but per the 10-Q it is not approved; the company said on August 13, 2026, that certification is running a few months late, and there is no statutory deadline.
Balance sheet
Shareholders’ equity of minus $27.4 million at June 30, 2026, mainly due to a $145 million royalty liability; no financial debt.
Liquidity
$98.7 million in cash and a $44 million undrawn credit facility at June 30, 2026, against $20.7 million of operating cash outflow in the first half; per the 10-Q that covers twelve months, but fresh money is needed over time.
Partners and dependence
Allseas builds the production vessel and owns 14.4 percent; $36.1 million of deferred costs are repayable even without production, at the latest when the agreement ends. Korea Zinc, Glencore and Pacific Metals support financing, offtake and processing.
Dilution and pay
Share count up from 224.4 million (end of 2021) to 441.1 million (August 11, 2026); in 2025 stock-based compensation in general and administrative expenses rose by $63.7 million.
Worth Noting
This analysis was triggered by the Reddit mention component of our in-house stock scanner (as of October 15, 2026). There is no hit from the value or momentum filters, and there cannot be one: TMC has neither revenue nor earnings.
Identity checked against EDGAR: CIK 0001798562, formerly Sustainable Opportunities Acquisition Corp. (until Sept. 9, 2021), Nasdaq. The fundamental-data feed lists a different CIK; the SEC filings govern. The Form 25 of Sept. 9, 2026, covers only the expired warrants, not the common shares.
Reviewed: 2025 annual report on Form 10-K (Mar. 31, 2026), 10-Qs for the periods ended Mar. 31 and June 30, 2026, Forms 8-K of Aug. 13, Aug. 17, Aug. 19 and Sept. 29, 2026, Schedule 13D/A of Sept. 11, 2026, Forms 3 and 4 of Sept. 16 and Oct. 9, 2026. Earnings call transcripts were not reviewed.
Calculated values are our own estimates: market value from 441,135,482 shares times the Oct. 14, 2026, close (cross-checked against the fundamental-data market value at the prior day’s price: consistent); cash runway from $98.7 million divided by the first-half 2026 operating cash outflow; potential dilution excluding Special Shares and expired warrants.
Stock Watch
This analysis is as of October 15, 2026. Stock Watch will tell you what's changed at TMC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.10 $ to 9.40 $ · Last price: 2.30 $ (As of: November 12, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/12/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Other Industrial Metals & Mining
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| TMC the metals company Inc TMC | 1.3 | – | -2.1 | – | 0.0 | – | -57.9 |
| Vale SA ADR VALE | 48.2 | 22.6 | 6.9 | 32.1 | 22.0 | 0.5 | -2.0 |
| MP Materials Corp MP | 6.8 | – | 88.9 | 46.5 | -7.9 | 35.1 | -37.3 |
| Materion Corporation MTRN | 4.5 | 53.4 | 18.9 | 15.9 | 5.7 | 6.1 | 74.5 |
| Skeena Resources Limited SKE | 3.8 | – | -3.7 | – | 0.0 | – | 59.1 |
| Almonty Industries Inc. ALM | 2.2 | – | 22.7 | 49.8 | 8.8 | 12.8 | 14.0 |
| USA Rare Earth, Inc. USAR | 2.1 | – | 28.0 | -9.7 | -643.7 | -99.9 | -52.3 |
| Sunshine Silver Mining & Refining Company SSMR | 1.9 | – | 0.0 | -7,081.9 | -9,263.4 | 421.8 | – |
| Nexa Resources SA NEXA | 1.5 | 5.7 | 3.0 | 29.2 | 19.8 | 8.2 | 115.8 |
| Median of companies shown | 2.2 | 22.6 | 6.9 | 29.2 | 0.0 | 8.2 | 6.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | – | -42 | -43 | -0.33 | -15 | 8 | 18 |
| 2020 | 0 | 57 | -57 | -0.32 | -27 | 36 | 55 |
| 2021 | 94 | 150 | -141 | -0.69 | -56 | 93 | 133 |
| 2022 | 142 | -174 | -171 | -0.71 | -67 | 42 | 95 |
| 2023 | 72 | -72 | -74 | -0.26 | -60 | 11 | 69 |
| 2024 | 0 | -81 | -82 | -0.25 | -43 | -17 | 63 |
| 2025 | 0 | -140 | -320 | -0.83 | -43 | -33 | 182 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.06 | -20.00 | 20 | – | -99.90 | -12 | -12 |
| 2024: Q3 | -0.06 | -50.00 | 0 | – | – | -6 | -6 |
| 2024: Q4 | -0.04 | 76.50 | -20 | – | – | -14 | -14 |
| 2025: Q1 | -0.06 | 25.00 | 0 | – | – | -9 | -9 |
| 2025: Q2 | -0.20 | -233.30 | 0 | -100.00 | – | -11 | -11 |
| 2025: Q3 | -0.46 | -666.70 | 0 | – | – | -12 | -12 |
| 2025: Q4 | -0.08 | -100.00 | 0 | 100.00 | – | -11 | -12 |
| 2026: Q1 | -0.04 | 33.30 | 0 | – | – | -1 | -1 |
| 2026: Q2 | 0.14 | 170.00 | – | – | – | -20 | -20 |
| 2026: Q3 | 0.06 | 113.00 | – | – | – | -19 | -20 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.40 | -0.51 – -0.30 | 0 | 51.8% | 4 |
| 12/31/2027 | -0.24 | -0.33 – -0.14 | 22 | 40.0% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In den letzten 4 Quartalsberichten und 2 Geschäftsberichten von TMC the metals company findet sich kein wesentlicher KI-Bezug: TMC hat keinen Umsatz, verkauft keine KI-Produkte und belegt keinen eigenen operativen KI-Einsatz. KI taucht nur zweifach am Rand auf — als einer von mehreren Endmärkten der Metalle (Halbleiter und KI-Rechenzentren) und als Arbeitsweise des Partners Mariana Minerals („AI, software-first approach“) für ein geplantes Verarbeitungswerk in Texas; ein konkretes KI-Geschäftsrisiko fürs eigene Modell nennen die Risk Factors nicht.
View the full file — quotes, sources, reviewed filings
„with end-uses in strategic sectors including semiconductors and AI data centers, steel manufacturing, the defense and marine industrial base."
mit Endverwendungen in strategischen Sektoren, darunter Halbleiter und KI-Rechenzentren, Stahlherstellung sowie die Verteidigungs- und Schiffbauindustrie.
10-Q · 2026-08-13 · View SEC filing
„Mariana brings an AI, software-first approach to the permitting, construction and operation of critical mineral projects"
Mariana bringt einen KI-gestützten, softwarezentrierten Ansatz für Genehmigung, Bau und Betrieb von Projekten für kritische Mineralien ein
10-K · 2026-03-31 · View SEC filing
Filings Reviewed: 10-Q 2026-08-13 · 10-Q 2026-05-14 · 10-Q 2025-11-13 · 10-Q 2025-08-14 · 10-K 2026-03-31 · 10-K 2025-03-27
Rated on October 15, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -100.0%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 17.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") no data
- Gross margin at 40% or higher and without meaningful erosion no data
- Goodwill from acquisitions does not grow faster than revenue 1.2%
- Net debt below twice EBITDA 118 m net cash
- Operating cash flow covers the profits of the last three years 330 m
- Return on capital at 15% or higher, or up versus two years ago -114.6%
- Insiders hold at least 10% or are net buyers 47.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -114.6%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 28, 2026 | Mallon Liam M | Director | Other | 77,720 | 0.00 | – |
| Sep 25, 2026 | Mallon Liam M | Director | Other | 25,445 | 0.00 | – |
| Sep 11, 2026 | Hall Andrew | Director | Other | 72,935 | 0.00 | – |
The company
About the Company
TMC the metals company Inc., ein Unternehmen für die Erkundung von Tiefsee-Mineralien, konzentriert sich in Kalifornien auf die Sammlung, Verarbeitung und Raffinierung polymetallischer Knollen vom Meeresboden. Es erkundet hauptsächlich Nickel-, Kobalt-, Kupfer- und Manganprodukte. Das Unternehmen hält Explorations- und Kommerzialisierungsrechte in zwei Konzessionsgebieten für polymetallische Knollen in der Clarion-Clipperton-Zone des Pazifischen Ozeans. Seine Produkte werden in den Märkten für Elektrofahrzeuge (EV) und Energiespeicherung; für die Manganlegierungsproduktion, die für die Stahlproduktion benötigt wird; sowie für weitere Anwendungen eingesetzt. Das Unternehmen wurde 2011 gegründet und hat seinen Sitz in Vancouver, Kanada.
- Employees
- 48
- Headquarters
- Vancouver, BC
- Address
- 1111 West Hastings Street, V6E 2J3 Vancouver, Canada
- Phone
- 888 458 3420
- Website
- metals.co
- IPO Date
- 09/10/2021
- ISIN
- CA87261Y1060
Management
| Name | Title | Birth Year |
|---|---|---|
| Gerard Barron | CEO & Chairman of the Board | 1967 |
| Craig Shesky | Chief Financial Officer | 1985 |
| Erika Ilves | Chief Strategy Officer | 1978 |
| Claude Plourde | Chief Accounting Officer | – |
| Andy Jones | Chief Technology Officer | – |
| Ryan Coombes | General Counsel & Corporate Secretary | – |
| Dan Porras | Head Of Communications & Brand | – |
| Jordan Gailey | People & Business Manager | – |
| Anthony O'Sullivan B.Sc., M.Sc. | Chief Development Officer | 1967 |
| Gregory S. Stone Ph.D. | Chief Ocean Scientist | 1958 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 11/12/2026 TMC the metals Co Inc. (TMC): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 11/09/2026 TMC the metals Co Inc. (TMC): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 09/29/2026 TMC the metals Co Inc. (TMC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/19/2026 TMC the metals Co Inc. (TMC): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/17/2026 TMC the metals Co Inc. (TMC): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/13/2026 TMC the metals Co Inc. (TMC): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: November 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.