What is Trilogy Metals's earnings per share (EPS)?

Trilogy Metals (TMQ) reported diluted earnings per share of $-0.26 for fiscal year 2025. This represents a -420.0% 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.

Trilogy Metals Financials

TMQ

Source SEC Filings (10-K/10-Q) Data as of May 31, 2026 Currency USD FYE November

This page shows Trilogy Metals (TMQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI TMQ FY2025 2026-07-08

FY2025 was a balance-sheet recapitalization year, with new obligations boosting cash faster than operations could fund themselves.

From FY2024 to FY2025, total assets rose to $157.3M while equity fell to $124.1M, a combination that points to funding coming from new liabilities rather than from internally generated capital. With cash at $51.6M and operating cash flow still negative at -$3.2M, the stronger asset base reflects a financing event more than a self-funding operating engine.

The FY2025 net loss of -$42.2M was far larger than operating cash burn of -$3.2M, so reported results weakened much faster than cash actually left the business. That gap suggests the year was shaped more by non-cash accounting effects than by a sharp jump in day-to-day spending, which matters because liquidity is governed by cash burn, not by the headline loss alone.

For several years the company carried very little in obligations, but total liabilities jumped to $33.2M from $903K in FY2025. Because nearly all of that balance is current, liquidity is still present but less effortless; cash remains larger than total liabilities, yet short-term claims now play a much bigger role in how the balance sheet works.

Financial Health Signals

Financial health score pending refresh

We are recalculating Trilogy Metals's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

1/5

Trilogy Metals passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.08x

For every $1 of reported earnings, Trilogy Metals generates $0.08 in operating cash flow (-$3.2M OCF vs -$42.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$42.2M

YoY-391.9%

Trilogy Metals reported -$42.2M in net income in fiscal year 2025. This represents a decrease of 391.9% from the prior year.

EPS (Diluted)

$-0.26

YoY-420.0%

Trilogy Metals earned $-0.26 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 420.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$51.6M

YoY+99.8%

5Y CAGR+35.9%

10Y CAGR+12.4%

Trilogy Metals held $51.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-34.0%

YoY-27.6pp

5Y CAGR-122.0pp

10Y CAGR-15.1pp

Trilogy Metals's ROE was -34.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 27.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

TMQ Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	$1.1M
SG&A Expenses	$1.3M+9.2%	$1.2M-8.3%	$1.3M+3.2%	$1.3M-15.2%	$1.5M-8.1%	$1.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$42.2M-391.9%	-$8.6M+42.6%	-$15.0M+38.4%	-$24.3M-12.0%	-$21.7M-113.4%	$161.8M
EPS (Diluted)	$-0.26-420.0%	$-0.05+50.0%	$-0.10+41.2%	$-0.17-13.3%	$-0.15-113.4%	$1.12

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	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	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	$430K-24.2%	$567K	N/A	$214K-39.4%	$353K+2.9%	$343K	N/A	$293K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$6.3M+10.2%	-$7.1M	N/A	-$1.7M+19.8%	-$2.2M+39.9%	-$3.6M	N/A	-$1.6M
EPS (Diluted)	$-0.040.0%	$-0.04	N/A	$-0.010.0%	$-0.01+50.0%	$-0.02	N/A	$-0.01

TMQ Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$157.3M+17.7%	$133.7M-3.1%	$138.0M-5.5%	$146.0M-12.7%	$167.3M-9.7%	$185.3M
Current Assets	$51.9M+99.4%	$26.0M+803.7%	$2.9M-1.0%	$2.9M-56.0%	$6.6M-42.2%	$11.4M
Cash & Equivalents	$51.6M+99.8%	$25.8M+897.5%	$2.6M+0.7%	$2.6M-59.2%	$6.3M-43.3%	$11.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$118K+637.5%	$16K-51.5%	$33K+94.1%	$17K-10.5%	$19K-85.3%	$129K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$33.2M+3574.8%	$903K+94.2%	$465K-18.0%	$567K-55.2%	$1.3M-12.9%	$1.5M
Current Liabilities	$33.1M+4075.7%	$793K+70.5%	$465K-12.9%	$534K-48.2%	$1.0M-1.4%	$1.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$124.1M-6.5%	$132.8M-3.5%	$137.6M-5.4%	$145.4M-12.4%	$166.0M-9.7%	$183.8M
Retained Earnings	-$132.6M-46.7%	-$90.4M-10.5%	-$81.8M-22.4%	-$66.9M-56.9%	-$42.6M-103.4%	-$20.9M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$151.2M-2.2%	$154.5M-1.8%	$157.3M+21.8%	$129.1M-1.4%	$131.0M-1.1%	$132.4M-1.0%	$133.7M-0.5%	$134.4M
Current Assets	$39.0M-18.8%	$48.0M-7.5%	$51.9M+118.8%	$23.7M-3.9%	$24.7M-2.5%	$25.3M-2.7%	$26.0M-0.2%	$26.1M
Cash & Equivalents	$38.8M-18.7%	$47.8M-7.4%	$51.6M+120.8%	$23.4M-5.1%	$24.6M-2.4%	$25.2M-2.4%	$25.8M+0.4%	$25.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$106K-5.4%	$112K-5.1%	$118K+594.1%	$17K-15.0%	$20K+5.3%	$19K+18.8%	$16K+100.0%	$8K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$35.3M+6.7%	$33.1M-0.4%	$33.2M+7193.0%	$455K-52.9%	$967K+20.9%	$800K-11.4%	$903K+63.3%	$553K
Current Liabilities	$35.2M+6.7%	$33.0M-0.3%	$33.1M+8777.5%	$373K-57.3%	$874K+24.5%	$702K-11.5%	$793K+85.3%	$428K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$115.9M-4.6%	$121.5M-2.1%	$124.1M-3.5%	$128.7M-1.0%	$130.0M-1.2%	$131.6M-0.9%	$132.8M-0.8%	$133.8M
Retained Earnings	-$146.0M-4.5%	-$139.7M-5.3%	-$132.6M-35.4%	-$97.9M-1.8%	-$96.2M-2.3%	-$94.0M-4.0%	-$90.4M-1.8%	-$88.8M

TMQ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$3.2M-77.7%	-$1.8M+40.9%	-$3.1M+21.4%	-$3.9M+23.1%	-$5.1M+38.0%	-$8.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.0M-104.0%	$25.0M	N/A	$142K+219.3%	-$119K	N/A
Financing Cash Flow	$30.0M+40454.1%	$74K-97.6%	$3.1M+5668.5%	$54K-87.0%	$416K+91.7%	$217K
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$1.0M+62.1%	-$2.7M-391.2%	-$558K+55.9%	-$1.3M-86.9%	-$677K+9.5%	-$748K-2976.9%	$26K+103.3%	-$785K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$8.0M-220.0%	-$2.5M	N/A	N/A	N/A	N/A	$0-100.0%	$12.5M
Financing Cash Flow	$110K-91.7%	$1.3M-95.5%	$29.8M+135290.9%	$22K-69.0%	$71K-45.8%	$131K	N/A	N/A
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

TMQ Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	-34.0%-27.6pp	-6.5%+4.4pp	-10.9%+5.8pp	-16.7%-3.6pp	-13.1%-101.1pp	88.0%
Return on Assets	-26.9%-20.4pp	-6.4%+4.4pp	-10.8%+5.8pp	-16.6%-3.7pp	-13.0%-100.3pp	87.3%
Current Ratio	1.57-31.3	32.84+26.6	6.20+0.7	5.45-1.0	6.41-4.5	10.94
Debt-to-Equity	0.27+0.3	0.010.0	0.000.0	0.000.0	0.010.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-5.5%+0.3pp	-5.8%	N/A	-1.4%+0.3pp	-1.7%+1.1pp	-2.8%	N/A	-1.2%
Return on Assets	-4.2%+0.4pp	-4.6%	N/A	-1.4%+0.3pp	-1.7%+1.1pp	-2.7%	N/A	-1.2%
Current Ratio	1.11-0.3	1.46-0.1	1.57-62.1	63.63+35.4	28.26-7.8	36.08+3.2	32.84-28.1	60.98
Debt-to-Equity	0.30+0.0	0.270.0	0.27+0.3	0.000.0	0.010.0	0.010.0	0.010.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Trilogy Metals profitable?

No, Trilogy Metals (TMQ) reported a net income of -$42.2M in fiscal year 2025.

What is Trilogy Metals's return on equity (ROE)?

Trilogy Metals (TMQ) has a return on equity of -34.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Trilogy Metals's operating cash flow?

Trilogy Metals (TMQ) generated -$3.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Trilogy Metals's total assets?

Trilogy Metals (TMQ) had $157.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Trilogy Metals's current ratio?

Trilogy Metals (TMQ) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.

What is Trilogy Metals's debt-to-equity ratio?

Trilogy Metals (TMQ) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Trilogy Metals's return on assets (ROA)?

Trilogy Metals (TMQ) had a return on assets of -26.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Trilogy Metals's cash runway?

Based on fiscal year 2025 data, Trilogy Metals (TMQ) had $51.6M in cash against an annual operating cash burn of $3.2M. This gives an estimated cash runway of approximately 191 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.

What is Trilogy Metals's Piotroski F-Score?

Trilogy Metals (TMQ) has a Piotroski F-Score of 1 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Trilogy Metals's earnings high quality?

Trilogy Metals (TMQ) has an earnings quality ratio of 0.08x, 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.