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) Updated Feb 28, 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).

Financial Health Signals

Financial Profile 21/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Trilogy Metals's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Trilogy Metals carries a low D/E ratio of 0.27, meaning only $0.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Trilogy Metals's current ratio of 1.57 is below the typical benchmark, resulting in a score of 27/100. However, the company holds substantial cash reserves (156% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

Trilogy Metals generates a -34.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -6.5% the prior year.

Piotroski F-Score Weak

1/9

Trilogy Metals 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

0.08x

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$567K	N/A	$214K-39.4%	$353K+2.9%	$343K	N/A	$293K-8.2%	$319K
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	-$7.1M	N/A	-$1.7M+19.8%	-$2.2M+39.9%	-$3.6M	N/A	-$1.6M+9.6%	-$1.8M
EPS (Diluted)	$-0.04	N/A	$-0.010.0%	$-0.01+50.0%	$-0.02	N/A	$-0.010.0%	$-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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$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-0.7%	$135.3M
Current Assets	$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+85.3%	$14.1M
Cash & Equivalents	$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+83.6%	$14.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$112K-5.1%	$118K+594.1%	$17K-15.0%	$20K+5.3%	$19K+18.8%	$16K+100.0%	$8K-46.7%	$15K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$33.1M-0.4%	$33.2M+7193.0%	$455K-52.9%	$967K+20.9%	$800K-11.4%	$903K+63.3%	$553K+19.4%	$463K
Current Liabilities	$33.0M-0.3%	$33.1M+8777.5%	$373K-57.3%	$874K+24.5%	$702K-11.5%	$793K+85.3%	$428K-7.6%	$463K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$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-0.8%	$134.9M
Retained Earnings	-$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-1.8%	-$87.2M

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$2.7M-391.2%	-$558K+55.9%	-$1.3M-86.9%	-$677K+9.5%	-$748K-2976.9%	$26K+103.3%	-$785K-60.2%	-$490K
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	-$2.5M	N/A	N/A	N/A	N/A	$0-100.0%	$12.5M	N/A
Financing Cash Flow	$1.3M-95.5%	$29.8M+135290.9%	$22K-69.0%	$71K-45.8%	$131K	N/A	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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-5.8%	N/A	-1.4%+0.3pp	-1.7%+1.1pp	-2.8%	N/A	-1.2%+0.1pp	-1.3%
Return on Assets	-4.6%	N/A	-1.4%+0.3pp	-1.7%+1.1pp	-2.7%	N/A	-1.2%+0.1pp	-1.3%
Current Ratio	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+30.6	30.42
Debt-to-Equity	0.270.0	0.27+0.3	0.000.0	0.010.0	0.010.0	0.010.0	0.000.0	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 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 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.

How financially healthy is Trilogy Metals?

Trilogy Metals (TMQ) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.