Tmc The Metals Company Inc Financials

TMC

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Tmc The Metals Company Inc (TMC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

1/9

Tmc The Metals Company Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.53x

For every $1 of reported earnings, Tmc The Metals Company Inc generates $0.53 in operating cash flow (-$43.5M OCF vs -$81.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-195.4x

Tmc The Metals Company Inc earns $-195.4 in operating income for every $1 of interest expense (-$81.3M vs $416K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

N/A

Free Cash Flow

-$44.0M

YoY+26.9%

Tmc The Metals Company Inc generated -$44.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 26.9% from the prior year.

Net Income

-$81.9M

YoY-11.1%

Tmc The Metals Company Inc reported -$81.9M in net income in fiscal year 2024. This represents a decrease of 11.1% from the prior year.

EPS (Diluted)

$0.25

YoY-3.8%

Tmc The Metals Company Inc earned $0.25 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 3.8% from the prior year.

Cash & Debt

$3.5M

YoY-49.1%

5Y CAGR-26.3%

Tmc The Metals Company Inc held $3.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

341M

YoY+11.1%

Tmc The Metals Company Inc had 341M shares outstanding in fiscal year 2024. This represents an increase of 11.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$515K

YoY-10.9%

Tmc The Metals Company Inc invested $515K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 10.9% from the prior year.

TMC Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$30.6M+36.0%	$22.5M-23.6%	$29.5M-47.8%	$56.6M+632.7%	$7.7M	N/A
Operating Income	-$81.3M-12.3%	-$72.4M+58.4%	-$174.1M-16.4%	-$149.6M-164.3%	-$56.6M	N/A
Interest Expense	$416K-67.9%	$1.3M+16.7%	$1.1M+210.8%	-$1.0M-1992.5%	$53K	N/A
Income Tax	$48K+17.1%	$41K-46.8%	$77K	N/A	N/A	N/A
Net Income	-$81.9M-11.1%	-$73.8M+56.8%	-$171.0M-21.0%	-$141.3M-149.5%	-$56.6M-626418.4%	-$9K
EPS (Diluted)	$0.25-3.8%	$0.26-63.4%	$0.71+2.9%	$0.69+115.6%	$0.32	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	N/A	N/A	N/A	N/A	$410K	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$45.7M+298.3%	$11.5M+35.0%	$8.5M+4.3%	$8.1M+3.3%	$7.9M+20.3%	$6.6M	N/A	$4.6M
Operating Income	-$55.4M-151.9%	-$22.0M-22.0%	-$18.0M+9.8%	-$20.0M+1.6%	-$20.3M+17.8%	-$24.7M	N/A	-$12.5M
Interest Expense	$1.3M+810.9%	$147K-73.7%	$558K+7871.4%	$7K-56.3%	$16K-84.3%	$102K	N/A	$319K
Income Tax	$123K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$184.5M-148.2%	-$74.3M-261.1%	-$20.6M-0.3%	-$20.5M-1.7%	-$20.2M+19.9%	-$25.2M	N/A	-$12.5M
EPS (Diluted)	$0.46+130.0%	$0.20+233.3%	$0.060.0%	$0.060.0%	$0.06-25.0%	$0.08	N/A	$0.04

TMC Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$63.0M-8.6%	$68.9M-27.3%	$94.8M-28.8%	$133.1M+143.4%	$54.7M+45615.2%	$120K
Current Assets	$5.3M-39.6%	$8.8M-82.2%	$49.6M-44.0%	$88.6M+766.1%	$10.2M+63962.4%	$16K
Cash & Equivalents	$3.5M-49.1%	$6.8M-85.4%	$46.9M-44.8%	$84.9M+740.7%	$10.1M-36.7%	$16.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$80.1M+38.2%	$58.0M+8.8%	$53.3M+31.9%	$40.4M+119.1%	$18.4M+17680.2%	$104K
Current Liabilities	$54.5M+74.0%	$31.3M-24.7%	$41.6M+56.6%	$26.6M+242.6%	$7.8M+7382.2%	$104K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$17.1M-256.8%	$10.9M-73.7%	$41.5M-55.3%	$92.8M+155.8%	$36.3M+227041.2%	$16K
Retained Earnings	-$631.4M-15.0%	-$548.9M-15.5%	-$475.1M-56.2%	-$304.2M-86.8%	-$162.9M-1801625.9%	-$9K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$175.6M+1.1%	$173.7M+169.4%	$64.5M+2.4%	$63.0M+3.9%	$60.6M-7.3%	$65.5M-5.0%	$68.9M-21.6%	$87.8M
Current Assets	$117.2M-0.1%	$117.3M+1493.9%	$7.4M+38.0%	$5.3M+211.6%	$1.7M-71.2%	$5.9M-32.6%	$8.8M-68.4%	$27.9M
Cash & Equivalents	$115.6M-0.1%	$115.8M+4834.3%	$2.3M-32.6%	$3.5M+634.2%	$474K-88.1%	$4.0M-41.7%	$6.8M-69.7%	$22.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$216.2M+135.5%	$91.8M+13.0%	$81.3M+1.4%	$80.1M+14.0%	$70.3M+10.4%	$63.6M+9.8%	$58.0M+25.5%	$46.2M
Current Liabilities	$46.8M-5.5%	$49.6M-10.2%	$55.2M+1.3%	$54.5M+24.9%	$43.7M+19.7%	$36.5M+16.4%	$31.3M+62.0%	$19.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$40.6M-149.6%	$81.9M+588.3%	-$16.8M+2.1%	-$17.1M-78.2%	-$9.6M-630.8%	$1.8M-83.4%	$10.9M-73.8%	$41.6M
Retained Earnings	-$910.9M-25.4%	-$726.4M-11.4%	-$652.0M-3.3%	-$631.4M-6.3%	-$594.3M-3.5%	-$574.1M-4.6%	-$548.9M-6.5%	-$515.4M

TMC Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$43.5M+27.0%	-$59.6M+10.6%	-$66.6M-18.7%	-$56.1M-111.4%	-$26.5M	N/A
Capital Expenditures	$515K-10.9%	$578K	N/A	N/A	N/A	N/A
Free Cash Flow	-$44.0M+26.9%	-$60.2M	N/A	N/A	N/A	N/A
Investing Cash Flow	-$515K+10.9%	-$578K+50.6%	-$1.2M+69.6%	-$3.8M-532.9%	-$607K	N/A
Financing Cash Flow	$40.7M+102.8%	$20.1M-32.5%	$29.7M-77.9%	$134.7M+532.6%	$21.3M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$11.5M-7.7%	-$10.7M-14.1%	-$9.3M+31.9%	-$13.7M-13.2%	-$12.1M-2.2%	-$11.9M+21.9%	-$15.2M-21.4%	-$12.5M
Capital Expenditures	$20K-60.0%	$50K-28.6%	$70K+40.0%	$50K-33.3%	$75K-77.9%	$340K-15.6%	$403K+303.0%	$100K
Free Cash Flow	-$11.5M-7.4%	-$10.7M-13.8%	-$9.4M+31.6%	-$13.8M-13.0%	-$12.2M0.0%	-$12.2M+21.8%	-$15.6M-23.7%	-$12.6M
Investing Cash Flow	-$20K-106.8%	$296K+522.9%	-$70K-40.0%	-$50K+33.3%	-$75K+77.9%	-$340K+15.6%	-$403K-303.0%	-$100K
Financing Cash Flow	$11.4M-90.8%	$123.8M+1392.5%	$8.3M-52.1%	$17.3M+99.7%	$8.7M-4.2%	$9.0M+6132.0%	-$150K-101.0%	$15.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TMC Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-130.1%-23.0pp	-107.1%+73.3pp	-180.4%-74.3pp	-106.1%-2.6pp	-103.6%-96.0pp	-7.6%
Current Ratio	0.10-0.2	0.28-0.9	1.19-2.1	3.33+2.0	1.32+1.2	0.15
Debt-to-Equity	-4.68-10.0	5.31+4.0	1.28+0.8	0.44-0.1	0.51-6.0	6.49
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	-4950.0%	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	-4919.0%	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-105.1%-62.3pp	-42.8%-10.9pp	-31.9%+1.5pp	-33.5%-0.2pp	-33.3%+5.2pp	-38.5%	N/A	-14.2%
Current Ratio	2.50+0.1	2.37+2.2	0.13+0.0	0.10+0.1	0.04-0.1	0.16-0.1	0.28-1.2	1.44
Debt-to-Equity	-5.32-6.4	1.12+6.0	-4.85-0.2	-4.68+2.6	-7.31-42.5	35.16+29.9	5.31+4.2	1.11
FCF Margin	N/A	N/A	N/A	N/A	-2972.9%	N/A	N/A	N/A

Note: Shareholder equity is negative (-$17.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.10), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is Tmc The Metals Company Inc profitable?

No, Tmc The Metals Company Inc (TMC) reported a net income of -$81.9M in fiscal year 2024.

What is Tmc The Metals Company Inc's earnings per share (EPS)?

Tmc The Metals Company Inc (TMC) reported diluted earnings per share of $0.25 for fiscal year 2024. This represents a -3.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Tmc The Metals Company Inc's free cash flow?

Tmc The Metals Company Inc (TMC) generated -$44.0M in free cash flow during fiscal year 2024. This represents a 26.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Tmc The Metals Company Inc's operating cash flow?

Tmc The Metals Company Inc (TMC) generated -$43.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Tmc The Metals Company Inc's total assets?

Tmc The Metals Company Inc (TMC) had $63.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Tmc The Metals Company Inc's capital expenditures?

Tmc The Metals Company Inc (TMC) invested $515K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Tmc The Metals Company Inc have outstanding?

Tmc The Metals Company Inc (TMC) had 341M shares outstanding as of fiscal year 2024.

What is Tmc The Metals Company Inc's current ratio?

Tmc The Metals Company Inc (TMC) had a current ratio of 0.10 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Tmc The Metals Company Inc's debt-to-equity ratio?

Tmc The Metals Company Inc (TMC) had a debt-to-equity ratio of -4.68 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tmc The Metals Company Inc's return on assets (ROA)?

Tmc The Metals Company Inc (TMC) had a return on assets of -130.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Tmc The Metals Company Inc's cash runway?

Based on fiscal year 2024 data, Tmc The Metals Company Inc (TMC) had $3.5M in cash against an annual operating cash burn of $43.5M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Tmc The Metals Company Inc's debt-to-equity ratio negative or unusual?

Tmc The Metals Company Inc (TMC) has negative shareholder equity of -$17.1M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Tmc The Metals Company Inc's Piotroski F-Score?

Tmc The Metals Company Inc (TMC) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tmc The Metals Company Inc's earnings high quality?

Tmc The Metals Company Inc (TMC) has an earnings quality ratio of 0.53x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Tmc The Metals Company Inc cover its interest payments?

Tmc The Metals Company Inc (TMC) has an interest coverage ratio of -195.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.