TMC the metals company Inc. (TMC) AI Stock Analysis

TMC the metals company Inc., founded in 2019 and headquartered in Vancouver, Canada, is a deep-sea minerals exploration firm. The company specializes in the extraction, processing, and refining of polymetallic nodules from the seabed within the Clarion Clipperton Zone (CCZ) off the coast of San Diego, California. Holding exploration rights across three contract areas in the CCZ, TMC targets nickel, cobalt, copper, and manganese. These minerals serve industries such as electric vehicles, renewable energy storage, clean energy transmission, and steel manufacturing. Formerly known as Sustainable Opportunities Acquisition Corporation, the company employs 48 people.

In FY2021, TMC reported revenue of $94.4M and a net income of -$141.3M. Revenue rose 50.2% in FY2022 to $141.8M, accompanied by a net income of -$171.0M and gross margin of -122.8%. In FY2023, revenue fell 49.2% to $72.0M, resulting in a 2-year revenue CAGR of -12.7% from FY2021 to FY2023. Operating margin was -100.5% and net income was -$73.8M in FY2023. Over the trailing twelve months ending June 30, 2026, revenue was $0, with an operating margin of 0.0%, return on assets of -72.5%, and an EPS of -$0.73.

As of June 30, 2026, TMC held $98.7M in cash and short-term investments against total assets of $180.9M. The company had negative shareholders' equity of -$27.4M, with a current ratio of 1.87. Operating cash flow in FY2023 was -$59.6M, while free cash flow stood at -$60.2M. Capital expenditures were $245,000 in FY2025. Over a 5-year period, its share count expanded by 91.6%.

With a last close price of $2.58 on October 16, 2026, TMC has a market cap of $1.14B and an enterprise value of $1.68B. Its price-to-book ratio is 35.3x. In comparison, the median of its US-listed Basic Materials peers features a trailing P/E of 19.7x, an EV/EBITDA of 10.5x, and a price-to-sales of 1.8x. Over the past year, TMC shares dropped 70.3%, compared to a 16.8% gain for the S&P 500 (SPY). Over 5 years, TMC declined 30.5% while SPY gained 83.0%.

Wall Street coverage consists of 3 Strong Buy ratings, 3 Buy ratings, and no Hold, Sell, or Strong Sell ratings. Analysts have set a mean price target of $10.90, which is 322.5% above the last close price of $2.58. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $0 and an EPS of -$0.40. For the following fiscal year, 3 analysts project revenue of $21.9M and an EPS of -$0.24. The company beat EPS estimates in 1 of the last 4 quarters, and its next earnings date is November 12, 2026.

This page is an AI-written research summary of TMC the metals company Inc. (TMC). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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