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TMC the metals (TMC) Financials

TMC the metals logo
$5.24 +0.05 (+0.96%)
Closing price 04:00 PM Eastern
Extended Trading
$5.22 -0.03 (-0.48%)
As of 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for TMC the metals

Annual Income Statements for TMC the metals

This table shows TMC the metals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -57 -141 -171 -74 -82 -320
Consolidated Net Income / (Loss)		 -57 -141 -171 -74 -82 -320
Net Income / (Loss) Continuing Operations		 -57 -141 -171 -74 -82 -320
Total Pre-Tax Income 		-57 -141 -171 -74 -82 -320
Total Operating Income		 -57 -150 -174 -72 -81 -140
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 57 150 174 72 81 140
Selling, General & Admin Expense		 7.72 57 30 23 31 100
Exploration Expense		 49 93 145 50 51 40
Other Special Charges / (Income)		 - - - 0.00 0.20 0.00
Total Other Income / (Expense), net		 -0.03 8.37 3.23 -1.35 -0.41 -180
Interest Expense		 -0.05 1.00 -1.11 -0.52 2.43 0.42
Interest & Investment Income		 - - 0.00 -0.57 -0.23 0.29
Other Income / (Expense), net		 -0.08 9.38 2.12 -1.30 2.24 -180
Income Tax Expense		 - - 0.08 0.04 0.05 0.14
Basic Earnings per Share		 $0.32 $0.69 $0.71 $0.26 $0.25 $0.83
Weighted Average Basic Shares Outstanding		 178.57M 204.93M 239.87M 288.64M 321.88M 384.51M
Diluted Earnings per Share		 $0.32 $0.69 $0.71 $0.26 $0.25 $0.83
Weighted Average Diluted Shares Outstanding		 178.57M 204.93M 239.87M 288.64M 321.88M 384.51M
Weighted Average Basic & Diluted Shares Outstanding		 10.46M 226.78M 277.88M 318.25M 347.91M 433.19M

Quarterly Income Statements for TMC the metals

This table shows TMC the metals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -14 -12 -33 -25 -20 -21 -16 -21 -74 -185 -40
Consolidated Net Income / (Loss)		 -14 -12 -33 -25 -20 -21 -16 -21 -74 -185 -40
Net Income / (Loss) Continuing Operations		 -14 -12 -34 -25 -20 -21 -16 -21 -74 -185 -40
Total Pre-Tax Income 		0.00 -12 -61 -25 -20 -21 -62 -19 -72 -184 -44
Total Operating Income		 -13 -13 -33 -25 -20 -20 -16 -18 -22 -55 -45
Total Operating Expenses		 13 13 33 25 20 20 17 18 22 55 45
Selling, General & Admin Expense		 5.13 4.61 6.58 6.56 7.89 8.15 8.04 8.50 11 46 34
Exploration Expense		 8.10 7.91 27 18 12 12 8.30 9.52 10 9.63 11
Total Other Income / (Expense), net		 -0.72 0.07 -0.36 -0.78 0.04 -0.56 -0.12 -1.48 -50 -129 0.77
Interest Expense		 -0.07 -0.07 0.05 0.17 0.48 0.61 1.17 1.00 0.69 -0.66 -0.61
Interest & Investment Income		 0.00 -0.12 -0.23 -0.08 -0.06 -0.06 -0.09 -0.04 0.09 -0.49 0.73
Other Income / (Expense), net		 -0.79 0.12 -0.08 -0.53 0.58 0.11 1.14 -0.44 -49 -129 -0.56
Basic Earnings per Share		 $0.05 $0.04 $0.12 $0.08 $0.06 $0.06 $0.05 $0.06 $0.20 $0.46 $0.11
Weighted Average Basic Shares Outstanding		 281.32M 294.64M 288.64M 311.52M 320.89M 323.66M 321.88M 345.35M 366.63M 405.51M 384.51M
Diluted Earnings per Share		 $0.05 $0.04 $0.12 $0.08 $0.06 $0.06 $0.05 $0.06 $0.20 $0.46 $0.11
Weighted Average Diluted Shares Outstanding		 281.32M 294.64M 288.64M 311.52M 320.89M 323.66M 321.88M 345.35M 366.63M 405.51M 384.51M
Weighted Average Basic & Diluted Shares Outstanding		 292.92M 305.16M 318.25M 320.51M 323.99M 324.26M 347.91M 362.19M 406.39M 413.49M 433.19M

Annual Cash Flow Statements for TMC the metals

This table details how cash moves in and out of TMC the metals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -5.85 75 -38 107 157 237
Net Cash From Operating Activities		 -27 -56 -67 -60 -43 -43
Net Cash From Continuing Operating Activities		 -27 -56 -67 88 117 114
Net Income / (Loss) Continuing Operations		 -57 -141 -171 0.00 0.00 0.00
Non-Cash Adjustments To Reconcile Net Income		 27 62 89 89 108 112
Changes in Operating Assets and Liabilities, net		 2.54 23 15 -1.56 9.01 1.23
Net Cash From Investing Activities		 -0.61 -3.84 -1.17 -0.58 -0.52 0.45
Net Cash From Continuing Investing Activities		 -0.61 -3.84 -1.17 -0.58 -0.52 0.45
Purchase of Property, Plant & Equipment		 -0.61 -0.40 -1.17 -0.58 -0.52 -0.25
Sale and/or Maturity of Investments		 - - 0.00 - 0.00 0.69
Net Cash From Financing Activities		 21 135 30 20 41 157
Net Cash From Continuing Financing Activities		 21 135 30 20 41 123
Repayment of Debt		 - - - 0.00 -2.00 -4.28
Issuance of Debt		 0.00 26 - 0.00 14 0.00
Issuance of Common Equity		 20 0.00 0.11 16 29 100
Other Financing Activities, net		 0.92 109 30 3.90 0.11 27
Effect of Exchange Rate Changes		 -0.01 - - - - -0.03
Cash Income Taxes Paid		 - - - - 0.03 0.09

Quarterly Cash Flow Statements for TMC the metals

This table details how cash moves in and out of TMC the metals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 -8.40 83 51 -3.14 -3.53 132 36 40 72 70 54
Net Cash From Operating Activities		 -8.40 -13 -15 -12 -12 -5.74 -14 -9.35 -11 -11 -11
Net Cash From Continuing Operating Activities		 -8.40 68 52 -12 -12 126 18 32 -85 133 33
Non-Cash Adjustments To Reconcile Net Income		 5.02 40 40 7.69 6.65 70 23 32 10 37 34
Changes in Operating Assets and Liabilities, net		 0.61 0.52 12 5.54 1.31 10 -4.76 0.21 0.19 1.42 -0.59
Net Cash From Investing Activities		 -0.08 -0.10 -0.40 -0.34 -0.08 -0.05 -0.05 -0.07 0.30 -0.02 0.24
Net Cash From Continuing Investing Activities		 -0.08 -0.10 -0.40 -0.34 -0.08 -0.05 -0.05 -0.07 0.30 -0.02 0.24
Purchase of Property, Plant & Equipment		 -0.08 -0.10 -0.40 -0.34 -0.08 -0.05 -0.05 -0.07 -0.05 -0.02 -0.11
Sale and/or Maturity of Investments		 - - - - - - - - - - 0.35
Net Cash From Financing Activities		 0.08 15 -0.15 9.05 8.64 5.63 17 8.29 124 11 13
Net Cash From Continuing Financing Activities		 0.08 15 -0.15 0.05 8.64 5.63 17 8.29 89 5.14 21
Repayment of Debt		 - - - 0.00 - - - -1.80 -7.50 -2.48 7.50
Issuance of Common Equity		 0.08 16 0.25 0.00 2.57 2.32 15 11 89 - 0.01
Other Financing Activities, net		 - -0.70 -0.40 0.05 0.22 5.05 2.29 -0.47 6.87 7.61 13
Effect of Exchange Rate Changes		 - - - - - - - - - - -0.01

Annual Balance Sheets for TMC the metals

This table presents TMC the metals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.12 55 133 95 69 63 182
Total Current Assets		 0.00 10 89 50 8.82 5.33 121
Cash & Equivalents		 0.00 10 85 47 6.84 3.48 118
Other Current Assets		 - 0.13 3.69 2.73 1.98 1.85 3.05
Plant, Property, & Equipment, net		 0.00 1.31 1.42 2.03 1.13 0.77 0.52
Total Noncurrent Assets		 0.00 43 43 43 59 57 60
Long-Term Investments		 - - - 0.00 8.43 8.20 13
Intangible Assets		 - - - - 1.64 1.93 2.13
Other Noncurrent Operating Assets		 - 43 43 43 49 47 45
Total Liabilities & Shareholders' Equity		 0.12 55 133 95 69 63 182
Total Liabilities		 0.10 18 40 53 58 80 215
Total Current Liabilities		 0.02 7.76 27 42 31 55 59
Short-Term Debt		 0.02 - - - 0.00 12 0.00
Accounts Payable		 - 4.32 27 42 31 43 46
Other Current Liabilities		 - 3.44 - - - 0.00 13
Total Noncurrent Liabilities		 0.00 11 14 12 27 26 156
Noncurrent Deferred & Payable Income Tax Liabilities		 - 11 11 11 11 11 11
Other Noncurrent Operating Liabilities		 - 0.00 3.13 0.98 16 15 145
Total Equity & Noncontrolling Interests		 0.02 36 93 42 11 -17 -33
Total Preferred & Common Equity		 0.02 36 93 42 11 -17 -33
Total Common Equity		 0.02 36 93 42 11 -17 -33
Common Stock		 0.03 200 398 518 561 616 919
Retained Earnings		 -0.01 -163 -304 -475 -549 -631 -951
Accumulated Other Comprehensive Income / (Loss)		 - -1.22 -1.22 -1.22 -1.22 -1.20 -1.20

Quarterly Balance Sheets for TMC the metals

This table presents TMC the metals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 117 85 75 88 65 61 61 64 174 176
Total Current Assets		 72 32 22 28 5.94 1.71 2.92 7.36 117 117
Cash & Equivalents		 67 28 20 23 3.99 0.47 0.36 2.35 116 116
Other Current Assets		 5.04 3.23 1.64 5.33 1.95 1.24 2.56 5.01 1.52 1.57
Plant, Property, & Equipment, net		 2.10 2.00 1.97 2.08 1.05 0.94 0.85 0.71 0.66 0.60
Total Noncurrent Assets		 43 52 52 58 58 58 58 56 56 58
Long-Term Investments		 - 8.78 8.64 8.53 8.35 8.29 8.23 8.17 7.91 10
Intangible Assets		 - - - - 1.72 1.79 1.87 1.96 2.04 2.08
Other Noncurrent Operating Assets		 43 43 43 49 48 48 47 46 46 45
Total Liabilities & Shareholders' Equity		 117 85 75 88 65 61 61 64 174 176
Total Liabilities		 38 30 31 32 64 70 83 81 92 216
Total Current Liabilities		 25 18 18 19 36 44 57 55 50 47
Short-Term Debt		 - - - - - 5.88 9.18 9.98 2.48 0.00
Accounts Payable		 25 18 18 19 36 38 48 45 47 47
Total Noncurrent Liabilities		 13 12 13 13 27 27 26 26 42 169
Noncurrent Deferred & Payable Income Tax Liabilities		 11 11 11 11 11 11 11 11 11 11
Other Noncurrent Operating Liabilities		 2.23 1.53 2.31 2.20 17 16 15 15 32 159
Total Equity & Noncontrolling Interests		 79 56 44 55 1.81 -9.61 -21 -17 82 -41
Total Preferred & Common Equity		 79 56 44 55 1.81 -9.61 -21 -17 82 -41
Total Common Equity		 79 56 44 55 1.81 -9.61 -21 -17 82 -41
Common Stock		 446 532 534 558 577 586 595 636 809 871
Retained Earnings		 -366 -475 -489 -502 -574 -594 -615 -652 -726 -911
Accumulated Other Comprehensive Income / (Loss)		 -1.22 -1.22 -1.22 -1.22 -1.22 -1.22 -1.20 -1.20 -1.20 -1.20

Annual Metrics And Ratios for TMC the metals

This table displays calculated financial ratios and metrics derived from TMC the metals' official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 413,492,045.00
DEI Adjusted Shares Outstanding		 - - - - - 413,492,045.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -0.77
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 0.00% -149.04% -22.77% 57.26% -7.31% -306.15%
EBIT Growth		 0.00% -147.36% -22.67% 57.16% -7.27% -304.29%
NOPAT Growth		 0.00% -164.27% -16.40% 58.43% -12.29% -72.30%
Net Income Growth		 0.00% -149.51% -20.99% 56.84% -11.06% -290.33%
EPS Growth		 0.00% 115.63% 2.90% -63.38% -3.85% 232.00%
Operating Cash Flow Growth		 0.00% -111.41% -18.74% 10.56% 27.03% 1.42%
Free Cash Flow Firm Growth		 0.00% 0.00% -25.69% 52.42% 14.44% 211.83%
Invested Capital Growth		 0.00% -69.88% -168.18% 18.95% -291.13% -866.30%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 6.81% -84.93% 51.12% 18.72% -10.74%
EBIT Q/Q Growth		 0.00% 6.80% -84.53% 51.00% 18.66% -10.74%
NOPAT Q/Q Growth		 0.00% 0.57% -49.71% 51.87% 17.22% -25.39%
Net Income Q/Q Growth		 0.00% 0.00% -83.52% 50.78% 17.51% -8.24%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -55.93% -21.88% 7.79%
Operating Cash Flow Q/Q Growth		 0.00% -67.33% 10.62% 7.25% 3.11% 5.23%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -9.11% 55.96% -87.66% -26.82%
Invested Capital Q/Q Growth		 0.00% 232.07% -144.07% -117.92% 18.48% 1.28%
Profitability Metrics		 - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.06% 100.05% 100.06% 100.06% 100.05%
Interest Burden Percent		 99.91% 100.72% 99.35% 100.07% 103.61% 100.04%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -312.27% -219.06% -254.68% -281.48% 2,643.32% 1,265.18%
Cash Return on Invested Capital (CROIC)		 0.00% -507.89% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -307.54% -218.13% -254.68% -281.48% 2,643.32% 1,265.18%
Return on Equity Simple (ROE_SIMPLE)		 -156.21% -152.34% -411.91% -675.77% 478.69% 0.00%
Net Operating Profit after Tax (NOPAT)		 -40 -105 -122 -51 -57 -98
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -168.46% -77.05% -74.51% -74.37% -329.96% -338.67%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -464.12% 1,064.96% 293.15%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -57 -140 -172 -74 -79 -320
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -56 -140 -172 -73 -79 -320
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 11.30 5.05 4.93 30.75 0.00 0.00
Price to Tangible Book Value (P/TBV)		 11.30 5.05 4.93 36.19 0.00 0.00
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 15.06 48.70 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 48.93
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 -0.69 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.28 -0.74 -0.98 -1.19 2.45 2.59
Leverage Ratio		 1.51 1.46 1.70 3.12 -21.27 -4.84
Compound Leverage Factor		 1.51 1.47 1.69 3.12 -22.04 -4.84
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% -220.38% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% -220.38% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 1.52% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 98.48% 100.00% 100.00% 100.00% 320.38% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 -0.15 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 -0.21 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 5.60 0.85 -10.60 -11.60 -16.39 -5.62
Noncontrolling Interest Sharing Ratio		 1.52% 0.43% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 1.32 3.33 1.19 0.28 0.10 2.03
Quick Ratio		 1.30 3.19 1.13 0.22 0.06 1.98
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -86 -109 -52 -44 49
Operating Cash Flow to CapEx		 -4,371.00% -13,953.23% -5,697.43% -10,306.75% -8,440.39% -17,490.20%
Free Cash Flow to Firm to Interest Expense		 0.00 -86.17 0.00 0.00 -18.23 117.20
Operating Cash Flow to Interest Expense		 0.00 -55.92 0.00 0.00 -17.92 -101.54
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -56.33 0.00 0.00 -18.13 -102.12
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - -
Invested Capital		 26 7.88 -5.37 -4.35 -17 -165
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 -18 -13 1.02 -13 -147
Enterprise Value (EV)		 394 384 158 320 363 2,420
Market Capitalization		 404 469 204 336 363 2,551
Book Value per Share		 $0.95 $0.41 $0.16 $0.04 ($0.05) ($0.08)
Tangible Book Value per Share		 $0.95 $0.41 $0.16 $0.03 ($0.06) ($0.09)
Total Capital		 36 93 42 11 -5.34 -33
Total Debt		 0.00 0.00 0.00 0.00 12 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -10 -85 -47 -15 0.09 -131
Capital Expenditures (CapEx)		 0.61 0.40 1.17 0.58 0.52 0.25
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.63 -23 -39 -29 -41 -56
Debt-free Net Working Capital (DFNWC)		 2.47 62 7.99 -23 -37 61
Net Working Capital (NWC)		 2.47 62 7.99 -23 -49 61
Net Nonoperating Expense (NNE)		 17 37 49 23 25 222
Net Nonoperating Obligations (NNO)		 -10 -85 -47 -15 0.09 -131
Total Depreciation and Amortization (D&A)		 0.56 0.45 0.42 0.36 0.36 0.00
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.69 $0.71 $0.26 $0.25 $0.83
Adjusted Weighted Average Basic Shares Outstanding		 0.00 204.93M 239.87M 288.64M 321.88M 384.51M
Adjusted Diluted Earnings per Share		 $0.00 $0.69 $0.71 $0.26 $0.25 $0.83
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 204.93M 239.87M 288.64M 321.88M 384.51M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 226.78M 277.88M 318.25M 347.91M 433.19M
Normalized Net Operating Profit after Tax (NOPAT)		 -40 -105 -122 -51 -57 -98
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 0.00 -139.79 0.00 0.00 -32.58 -757.26
NOPAT to Interest Expense		 0.00 -104.40 0.00 0.00 -23.45 -232.32
EBIT Less CapEx to Interest Expense		 0.00 -140.20 0.00 0.00 -32.79 -757.84
NOPAT Less CapEx to Interest Expense		 0.00 -104.80 0.00 0.00 -23.67 -232.90
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% -0.47% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for TMC the metals

This table displays calculated financial ratios and metrics derived from TMC the metals' official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 413,492,045.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 413,492,045.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -11.40% 56.25% 69.76% -81.57% -40.74% -52.87% 54.50% 26.78% -263.34% -833.49% -219.22%
EBIT Growth		 -11.26% 56.11% 69.70% -81.04% -40.66% -52.47% 54.39% 26.80% -261.57% -829.59% -217.39%
NOPAT Growth		 27.82% 56.24% 70.11% -84.43% -53.41% -59.47% 50.85% 27.01% -8.28% -177.32% -173.46%
Net Income Growth		 -13.91% 55.31% 69.46% -83.26% -42.96% -64.59% 52.00% 18.28% -268.61% -799.21% -151.53%
EPS Growth		 0.00% -66.67% -73.33% 60.00% 20.00% 50.00% -58.33% -25.00% 233.33% 666.67% 120.00%
Operating Cash Flow Growth		 62.83% -44.78% 23.47% 49.53% -43.93% 54.13% 9.18% 21.14% 11.99% -98.60% 17.23%
Free Cash Flow Firm Growth		 -110.55% 45.36% 62.41% 168.15% 155.52% 249.56% 105.06% -150.20% -16.36% 243.04% 9,352.05%
Invested Capital Growth		 0.00% 99.25% 18.95% -157.30% -181.12% -186.00% -291.13% -64.28% -214.76% -697.95% -866.30%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -0.65% 11.59% -169.96% 24.41% 21.99% 3.97% 19.65% -21.63% -287.13% -159.12% 75.47%
EBIT Q/Q Growth		 -0.64% 11.52% -168.86% 24.38% 21.81% 4.09% 19.57% -21.36% -286.23% -158.91% 75.47%
NOPAT Q/Q Growth		 1.15% 5.37% -165.69% 25.79% 17.77% 1.64% 18.10% -10.20% -21.98% -151.92% 19.25%
Net Income Q/Q Growth		 -2.61% 11.63% -168.38% 24.70% 19.95% -1.75% 21.73% -28.19% -261.09% -148.20% 78.11%
EPS Q/Q Growth		 0.00% -20.00% 200.00% -33.33% -25.00% 0.00% -16.67% 20.00% 233.33% 130.00% -76.09%
Operating Cash Flow Q/Q Growth		 64.24% -48.89% -21.43% 21.95% -2.00% 52.55% -140.43% 32.22% -14.07% -7.74% 1.15%
Free Cash Flow Firm Q/Q Growth		 -44.49% 15.43% -16.49% 147.88% 17.70% 127.81% -96.06% -575.07% 296.10% 834.40% 8.58%
Invested Capital Q/Q Growth		 -16.19% 57.64% -117.92% -141.95% -18.65% -67.14% 18.48% -1.62% -127.33% -323.72% 1.28%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 0.00% 100.11% 54.59% 98.96% 0.00% 104.83% 25.77% 105.62% 103.42% 100.07% 91.95%
Interest Burden Percent		 0.00% 100.42% 183.82% 100.98% 0.00% 103.52% 409.79% 105.62% 100.84% 99.91% 97.06%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -375.25% -223.02% -281.48% -297.16% -530.00% -586.27% 2,643.32% 1,034.19% -364.03% 951.82% 1,265.18%
Cash Return on Invested Capital (CROIC)		 -1,713.09% -643.66% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -375.25% -223.02% -281.48% -297.16% -530.00% -586.27% 2,643.32% 1,034.19% -364.03% 951.82% 1,265.18%
Return on Equity Simple (ROE_SIMPLE)		 -375.25% -270.77% 0.00% -4,708.67% 950.22% 462.72% 0.00% 461.27% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.26 -8.76 -23 -17 -14 -14 -11 -13 -15 -39 -31
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -33.83% -7.56% -32.75% -31.98% -37.80% -42.94% -60.84% -123.89% -95.03% -232.38% -13.90%
Return On Investment Capital (ROIC_SIMPLE)		 - - -213.24% -954.55% - - 214.18% 185.78% -18.24% 95.39% 93.57%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -14 -12 -33 -25 -20 -19 -15 -18 -71 -185 -45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -14 -12 -33 -25 -20 -19 -15 -18 -71 -185 -45
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 10.38 5.24 30.75 251.44 0.00 0.00 0.00 0.00 29.20 0.00 0.00
Price to Tangible Book Value (P/TBV)		 10.38 5.24 36.19 4,946.71 0.00 0.00 0.00 0.00 29.95 0.00 0.00
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 27.83 10.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 36.44 48.93
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 -0.61 -0.43 -0.69 -0.60 0.03 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.65 -0.73 -1.19 -0.86 -0.92 -0.90 2.45 0.86 -1.72 2.02 2.59
Leverage Ratio		 1.71 1.52 3.12 2.63 3.94 4.39 -21.27 -8.69 3.24 -3.82 -4.84
Compound Leverage Factor		 0.00 1.53 5.74 2.65 0.00 4.55 -87.18 -9.18 3.27 -3.81 -4.70
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% -157.42% -74.63% -220.38% -146.99% 2.94% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% -157.42% -74.63% -220.38% -146.99% 2.94% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 257.42% 174.63% 320.38% 246.99% 97.06% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 -0.07 -0.09 -0.15 -0.14 -0.02 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.03 -0.01 0.00 0.01 0.98 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 -0.09 -0.13 -0.21 -0.19 -0.05 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.05 -0.01 0.00 0.01 2.27 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -0.85 -2.96 -9.67 -9.82 -11.93 -13.63 -13.05 -11.57 8.88 -3.07 -0.63
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.19 1.44 0.28 0.16 0.04 0.05 0.10 0.13 2.37 2.50 2.03
Quick Ratio		 1.10 1.17 0.22 0.11 0.01 0.01 0.06 0.04 2.33 2.47 1.98
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -25 -21 -24 12 14 31 1.23 -5.84 11 107 116
Operating Cash Flow to CapEx		 -11,198.67% -12,505.00% -3,767.99% -3,485.88% -16,118.67% -11,472.00% -27,582.00% -13,352.86% -21,324.00% -57,435.00% -10,814.29%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -517.01 68.84 28.77 51.31 1.05 -5.83 16.70 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 -323.09 -70.13 -25.40 -9.43 -11.76 -9.33 -15.54 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -331.66 -72.14 -25.55 -9.52 -11.80 -9.40 -15.62 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 15 24 -4.35 -11 -12 -21 -17 -17 -39 -167 -165
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 15 12 1.02 -29 -28 -45 -13 -6.77 -27 -146 -147
Enterprise Value (EV)		 429 259 320 443 430 344 363 598 2,269 2,463 2,420
Market Capitalization		 457 290 336 455 433 343 363 598 2,390 2,589 2,551
Book Value per Share		 $0.16 $0.19 $0.04 $0.01 ($0.03) ($0.07) ($0.05) ($0.05) $0.23 ($0.10) ($0.08)
Tangible Book Value per Share		 $0.16 $0.19 $0.03 $0.00 ($0.04) ($0.07) ($0.06) ($0.05) $0.22 ($0.11) ($0.09)
Total Capital		 44 55 11 1.81 -3.73 -12 -5.34 -6.79 84 -41 -33
Total Debt		 0.00 0.00 0.00 0.00 5.88 9.18 12 9.98 2.48 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -29 -31 -15 -12 -2.89 0.58 0.09 -0.54 -121 -126 -131
Capital Expenditures (CapEx)		 0.08 0.10 0.40 0.34 0.08 0.05 0.05 0.07 0.05 0.02 0.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -16 -14 -29 -35 -37 -46 -41 -40 -46 -45 -56
Debt-free Net Working Capital (DFNWC)		 3.53 8.53 -23 -31 -36 -45 -37 -38 70 70 61
Net Working Capital (NWC)		 3.53 8.53 -23 -31 -42 -54 -49 -48 68 70 61
Net Nonoperating Expense (NNE)		 4.85 3.70 10 7.92 5.96 6.55 4.62 7.98 59 146 9.10
Net Nonoperating Obligations (NNO)		 -29 -31 -15 -12 -2.89 0.58 0.09 -0.54 -121 -126 -131
Total Depreciation and Amortization (D&A)		 0.09 0.09 0.10 0.09 0.11 0.08 0.08 0.06 0.06 0.00 0.00
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.05 $0.04 $0.12 $0.08 $0.06 $0.06 $0.05 $0.06 $0.20 $0.46 $0.11
Adjusted Weighted Average Basic Shares Outstanding		 281.32M 294.64M 288.64M 311.52M 320.89M 323.66M 321.88M 345.35M 366.63M 405.51M 384.51M
Adjusted Diluted Earnings per Share		 $0.05 $0.04 $0.12 $0.08 $0.06 $0.06 $0.05 $0.06 $0.20 $0.46 $0.11
Adjusted Weighted Average Diluted Shares Outstanding		 281.32M 294.64M 288.64M 311.52M 320.89M 323.66M 321.88M 345.35M 366.63M 405.51M 384.51M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 292.92M 305.16M 318.25M 320.51M 323.99M 324.26M 347.91M 362.19M 406.39M 413.49M 433.19M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.26 -8.76 -23 -17 -14 -14 -11 -13 -15 -39 -31
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 -709.38 -149.19 -41.42 -31.10 -12.97 -18.42 -103.91 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 -495.35 -102.23 -29.85 -22.98 -9.76 -12.59 -22.42 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 -717.96 -151.20 -41.58 -31.18 -13.01 -18.49 -103.98 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -503.92 -104.25 -30.00 -23.06 -9.80 -12.66 -22.50 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, trend-focused recap of TMC the metals Co Inc. (NASDAQ: TMC) using the latest four-year window reflected in the provided quarterly statements. The figures show continued profitability challenges in 2025, but cash flow dynamics and financing activity provided liquidity in several quarters. Balance-sheet data indicate leverage and some periods of negative equity, which investors should monitor closely.

  • Operating cash flow improved to positive territory in Q3 2025 (Net Cash From Continuing Operating Activities about $133.1M) and remained positive in Q4 2025 (about $33.2M).
  • In Q2 2025, the company raised roughly $89.4M via the issuance of common equity, boosting liquidity from financing activities.
  • Q2 2025 also shows a strong positive contribution from continuing financing activities (about $88.8M), adding liquidity beyond equity issuance.
  • Net change in cash was positive in both Q3 2025 (+$70.46M) and Q4 2025 (+$54.04M), signaling improving liquidity in the latter part of 2025.
  • Total assets in the 2025 period were roughly in the mid-$170M range (about $173.7M in Q2 2025 and about $175.6M in Q3 2025), indicating a relatively flat asset base over these quarters.
  • Certain quarters show Total Revenue reported as zero in the dataset, which can hinder clear year-over-year revenue trend interpretation.
  • Earnings per share figures sometimes diverge from net income due to restatements and quarterly accounting adjustments, calling for cautious interpretation of per-share metrics.
  • Net income deteriorated across 2025 quarters: Q2 about -$74.3M, Q3 about -$184.5M, Q4 about -$40.4M, and Q1 2025 about -$20.6M (continuing operations and net income figures reflect sizable losses).
  • In Q3 2025, total equity was negative (about -$40.6M), and total liabilities exceeded total assets (Liabilities around $216.2M vs. Assets around $175.6M), signaling balance-sheet stress.
  • The dataset shows inconsistent quarterly reporting and several restatements across years, which can complicate long-term trend analysis and comparability for investors.
05/05/26 09:57 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About TMC the metals' Financials

When does TMC the metals' fiscal year end?

According to the most recent income statement we have on file, TMC the metals' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has TMC the metals' net income changed over the last 5 years?

TMC the metals' net income appears to be on an upward trend, with a most recent value of -$319.84 million in 2025, rising from -$56.63 million in 2020. The previous period was -$81.94 million in 2024. See TMC the metals' forecast for analyst expectations on what’s next for the company.

What is TMC the metals' operating income?
TMC the metals' total operating income in 2025 was -$140.05 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $140.05 million
How has TMC the metals' revenue changed over the last 5 years?

Over the last 5 years, TMC the metals' total revenue changed from $0.00 in 2020 to $0.00 in 2025, a change of 0.0%.

How much debt does TMC the metals have?

TMC the metals' total liabilities were at $215.07 million at the end of 2025, a 168.5% increase from 2024, and a 207,380.2% increase since 2019.

How much cash does TMC the metals have?

In the past 6 years, TMC the metals' cash and equivalents has ranged from $0.00 in 2019 to $117.63 million in 2025, and is currently $117.63 million as of their latest financial filing in 2025.

How has TMC the metals' book value per share changed over the last 5 years?

Over the last 5 years, TMC the metals' book value per share changed from 0.95 in 2020 to -0.08 in 2025, a change of -108.5%.


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Financial statements for NASDAQ:TMC last updated on 4/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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