One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
TMC the metals company Inc.
TMC · NMS · Basic Materials · Other Industrial Metals & Mining
Current price
$4.14
52-week range
$3.40 - $11.35
Market cap
$2.34B
Balance sheet
Healthy
-43.56x Concerning
Net cash $98.66M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
1 Risk
0 rewards · 1 risks
View details ↓What this company does
TMC the metals company Inc.
TMC the metals company explores the deep ocean for rocks containing valuable metals like nickel and cobalt, which are essential for making electric car batteries. The company plans to collect and process these metals for sale, but it is currently in a pre-revenue stage (not yet making significant sales from its main business). Its value is therefore based on the future potential of its underwater mineral rights rather than current profits.
How the company got here
Founded in 2011 as DeepGreen Metals, the company has focused on exploring for polymetallic nodules, which are small rocks on the deep ocean floor containing valuable metals. A key moment was in 2021 when it merged with a special-purpose acquisition company (SPAC), a type of company created to raise money and buy another one, which allowed it to become a publicly traded company on the Nasdaq stock exchange under the name TMC the metals company Inc. Through partnerships with the island nations of Nauru, Tonga, and Kiribati, TMC has secured exploration rights to large areas of the Pacific Ocean floor. The company is still in the exploration and development phase and has not yet started commercial-scale mining or generated revenue (the money a company makes from its business activities).
What it actually does
TMC is working to collect potato-sized rocks, called polymetallic nodules, from the deep ocean floor. These nodules contain metals like nickel, cobalt, copper, and manganese, which are important ingredients for making batteries for electric vehicles (EVs) and for energy storage. Instead of traditional mining on land, TMC is developing underwater robotic systems to gather these nodules. The company's goal is to then process these nodules to extract the metals and sell them to industries that need them, particularly for clean energy technologies.
Exploration of Seafloor Polymetallic Nodules
The company's entire business is currently focused on one main activity: exploring and developing the process to collect and refine polymetallic nodules from the bottom of the Pacific Ocean. This involves scientific research to understand the deep-sea environment, developing the technology to collect the nodules, and creating methods to process them into usable metals like nickel, copper, cobalt, and manganese. Since the company is still in a pre-revenue stage (meaning it is not yet selling any products or making money), this single segment represents all of its current operations and spending. The success of the entire company depends on its ability to eventually turn this exploration work into a profitable business by selling the metals it collects.
What management is betting on now
Management's primary focus is on securing the world's first commercial license to collect nodules from the international seabed, which is regulated by the International Seabed Authority (ISA). They are also heavily invested in proving that their method of collecting metals from the ocean floor has a lower environmental and social impact compared to traditional land-based mining. A major part of their strategy involves forming partnerships with other companies to handle the expensive offshore collection and onshore processing, which allows TMC to be more capital-light (relying less on its own expensive equipment). Ultimately, the company is betting that the increasing demand for metals needed for the energy transition, like for electric vehicle batteries, will make their deep-sea nodule collection a vital and profitable new source for these materials.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-5.79M
FY2024 Q4
$-13.84M
FY2025 Q1
$-9.42M
FY2025 Q2
$-10.71M
FY2025 Q3
$-11.51M
FY2025 Q4
$-11.46M
FY2026 Q1
$-650.00K
FY2026 Q2
$-20.13M
Revenue
—
Net income
$-60.12M
Diluted EPS
0.14
Operating cash flow
$-20.10M
Free cash flow
$-20.13M
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Sources
Revenue
—
Net income
$-20.60M
Diluted EPS
0.05
Operating cash flow
$-615.00K
Free cash flow
$-650.00K
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Sources
Revenue
—
Net income
$-40.40M
Diluted EPS
0.11
Operating cash flow
$-11.36M
Free cash flow
$-11.46M
Fetching…
Sources
Revenue
—
Net income
$-184.52M
Diluted EPS
0.46
Operating cash flow
$-11.49M
Free cash flow
$-11.51M
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Sources
Revenue
—
Net income
$-74.34M
Diluted EPS
0.20
Operating cash flow
$-10.66M
Free cash flow
$-10.71M
Fetching…
Sources
Revenue
—
Net income
$-20.59M
Diluted EPS
0.06
Operating cash flow
$-9.35M
Free cash flow
$-9.42M
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Sources
Revenue
—
Net income
$-16.06M
Diluted EPS
0.05
Operating cash flow
$-13.79M
Free cash flow
$-13.84M
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Sources
Revenue
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Net income
$-20.52M
Diluted EPS
0.06
Operating cash flow
$-5.74M
Free cash flow
$-5.79M
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Sources
Is it cheap or expensive?
Fair value — vs current price $4.14
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $98.7M - more cash than debt. Interest coverage -43.6x.
Net debt
$-98.66M
Interest coverage
-43.56x
TMC the metals company Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
TMC
BASELINE
TMC the metals company Inc.
Total debt $0.00 Interest coverage -43.56x This is the baseline the peer rows are being compared against.
Total debt $981.62M Interest coverage -4.61x Neither company has much profit cushion over interest right now.
Total debt $379.00K Interest coverage -2.66x Neither company has much profit cushion over interest right now.
Total debt $9.93M Interest coverage -2.72x Neither company has much profit cushion over interest right now.
Total debt $297.00K Interest coverage -5,079.50x Neither company has much profit cushion over interest right now.
What you should know
The case for and against TMC
0 Rewards
1 Risk
Rewards
Risks
-
Return on equity was -1123.2% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-17.25x
P/B
-65.71x
P/S
—
EV/EBITDA
-8.40x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
-1,123.2%
ROA
-72.5%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
1.93x
Quick ratio
1.93x
Total debt
$0.00
Total cash
$98.66M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
—
EPS TTM
-0.75
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-43.56M
Free CF TTM
$-43.10M
FCF margin
—
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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