TMC the metals company Inc. (TMC) Balance Sheet
TMC balance sheet, 2025
December 31, 2025 · U.S. dollars$181.6M assets = $215.1M liabilities + −$33.4M equity
Liabilities exceed assets: shareholders’ equity is negative (−$33.4M).
Both columns are drawn to the same scale: what TMC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TMC financial health
Descriptive bands, not a rating. Fiscal 2025.
TMC balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $18.3M2019 | $181.6M2025 | +46.6%/yr | |
| Total liabilities | $10.1M2019 | $215.1M2025 | +66.4%/yr | |
| Shareholders’ equity | $8.2M2019 | −$33.4M2025 | — | |
| Cash & short-term investments | $16.0M2019 | $117.6M2025 | +39.5%/yr | |
| Total debt | $29.4M2021 | $11.8M2024 | −26.3%/yr | |
| Net cash (debt) | $55.5M2021 | −$8.3M2024 | −$63.8M | |
| Working capital | $14.2M2019 | $58.2M2025 | +$44.0M | |
| Book value per share | $0.062019 | −$0.092025 | — | |
| Current ratio | 8.892019 | 1.982025 | −6.91 | |
| Debt / equity | 0.322021 | 1.282023 | +0.97 | |
| Shares outstanding | 131.3M2019 | 384.5M2025 | +19.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TMC assets
TMC liabilities and equity
TMC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TMC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $117.6M | $3.5M | $6.8M | $46.8M | $84.9M | $10.1M | $16.0M |
| Cash & equivalents | $117.6M | $3.5M | $6.8M | $46.8M | $84.9M | $10.1M | $16.0M |
| Short-term investments | — | — | — | $61.8M | — | $300.1M | — |
| Receivables | $3.0M | $249,000 | $467,000 | $117,000 | $64,000 | $56,000 | $12,871 |
| Inventory | $0 | $0 | $0 | −$2.6M | −$3.7M | −$136,784 | $0 |
| Other current assets | $0 | $1.6M | $1.5M | $5.3M | $7.3M | $209,784 | $59,524 |
| Total current assets | $117.6M | $5.3M | $8.8M | $49.6M | $88.6M | $10.2M | $16.0M |
| Property, plant & equipment (net) | $1.9M | $6.5M | $50.0M | $2.0M | $44.6M | $44.5M | $2.3M |
| Goodwill & intangible assets | $4.2M | $1.9M | $1.6M | $0 | $0 | $0 | $0 |
| Long-term investments | $13.4M | $8.2M | $8.4M | $0 | $0 | $0 | $0 |
| Other non-current assets | $44.4M | $41.0M | $0 | $43.1M | $0 | $0 | $1 |
| Total assets | $181.6M | $63.0M | $68.9M | $94.8M | $133.1M | $54.7M | $18.3M |
| Liabilities | |||||||
| Accounts payable | $46.0M | $42.8M | $31.3M | $117,000 | $26.6M | $4.3M | $1.8M |
| Short-term debt | — | $11.8M | — | — | — | — | — |
| Total current liabilities | $59.4M | $54.5M | $31.3M | $41.6M | $26.6M | $7.8M | $1.8M |
| Long-term debt | $0 | $0 | $0 | $52.7M | $29.4M | $0 | $0 |
| Other long-term liabilities | $155.7M | $25.6M | $26.6M | $0 | $0 | $10.7M | $8.3M |
| Total liabilities | $215.1M | $80.1M | $58.0M | $53.3M | $40.4M | $18.4M | $10.1M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $681.3M | $477.2M | $438.2M | $332.9M | $296.1M | $154.4M | $79.8M |
| Retained earnings (deficit) | −$951.3M | −$631.4M | −$548.9M | −$475.1M | −$304.2M | −$162.9M | −$106.2M |
| Accumulated other comprehensive income | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M |
| Total shareholders' equity | −$33.4M | −$17.1M | $10.9M | $41.5M | $92.8M | $36.3M | $8.2M |
| Key figures | |||||||
| Total debt | — | $11.8M | $14.0M | $52.7M | $29.4M | — | — |
| Net cash (debt) | — | −$8.3M | −$7.2M | −$5.9M | $55.5M | — | — |
| Working capital | $58.2M | −$49.2M | −$22.5M | $8.0M | $62.0M | $2.5M | $14.2M |
| Tangible book value | −$37.7M | −$19.0M | $9.3M | $41.5M | $92.8M | $36.3M | $8.2M |
| Book value per share | −$0.09 | −$0.05 | $0.04 | $0.17 | $0.45 | $0.20 | $0.06 |
| Shares outstanding | 384.5M | 321.9M | 288.6M | 239.9M | 204.9M | 178.6M | 131.3M |
| Current ratio | 1.98 | 0.10 | 0.28 | 1.19 | 3.33 | 1.32 | 8.89 |
| Quick ratio | 2.03 | 0.07 | 0.23 | 1.13 | 3.20 | 1.31 | 8.86 |
| Debt / equity | — | — | 1.28 | 1.27 | 0.32 | — | — |
| Equity / assets | −18.4% | −27.2% | 15.8% | 43.8% | 69.7% | 66.3% | 44.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $98.7M | $119.7M | $117.6M | $115.6M | $115.8M | $2.3M | $3.5M | $360,000 | $474,000 | $4.0M | $6.8M | $22.5M |
| Cash & equivalents | $98.7M | $119.7M | $117.6M | $115.6M | $115.8M | $2.3M | $3.5M | $360,000 | $474,000 | $4.0M | $6.8M | $22.5M |
| Receivables | $2.8M | $3.1M | $3.0M | $1.6M | $1.5M | $5.0M | $249,000 | $2.6M | $1.2M | $2.0M | $467,000 | $5.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.2M | −$2.0M | $0 | −$5.3M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $1.6M | $0 | $1.2M | $2.0M | $1.5M | $5.3M |
| Total current assets | $98.7M | $122.8M | $117.6M | $117.2M | $117.3M | $7.4M | $5.3M | $2.9M | $1.7M | $5.9M | $8.8M | $27.9M |
| Property, plant & equipment (net) | $953,000 | $4.1M | $1.9M | $45.9M | $46.5M | $47.0M | $6.5M | $48.3M | $48.9M | $49.4M | $50.0M | $51.2M |
| Goodwill & intangible assets | $2.3M | $2.2M | $4.2M | $2.1M | $2.0M | $2.0M | $1.9M | $1.9M | $1.8M | $1.7M | $1.6M | $0 |
| Long-term investments | $32.8M | $15.1M | $13.4M | $10.4M | $7.9M | $8.2M | $8.2M | $8.2M | $8.3M | $8.4M | $8.4M | $8.5M |
| Other non-current assets | $46.1M | $40.8M | $44.4M | $0 | $0 | $0 | $41.0M | $0 | $0 | $0 | $0 | $0 |
| Total assets | $180.9M | $184.9M | $181.6M | $175.6M | $173.7M | $64.5M | $63.0M | $61.3M | $60.6M | $65.5M | $68.9M | $87.6M |
| Liabilities | ||||||||||||
| Accounts payable | $52.1M | — | $46.0M | $3.8M | $4.2M | $2.6M | $42.8M | $48.1M | $37.8M | $36.5M | $31.3M | $5.3M |
| Short-term debt | — | — | — | — | $2.5M | $10.0M | $11.8M | $9.2M | $5.9M | — | — | — |
| Deferred revenue | — | — | — | — | — | — | — | — | −$37.8M | — | — | — |
| Total current liabilities | $52.6M | $56.5M | $59.4M | $46.8M | $49.6M | $55.2M | $54.5M | $57.2M | $43.7M | $36.5M | $31.3M | $19.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $155.7M | $155.7M | $155.7M | $169.4M | $42.3M | $26.0M | $25.6M | $25.5M | $26.6M | $27.2M | $26.6M | $12.9M |
| Total liabilities | $208.3M | $212.2M | $215.1M | $216.2M | $91.8M | $81.3M | $80.1M | $82.8M | $70.3M | $63.6M | $58.0M | $32.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $707.4M | $705.3M | $681.3M | $638.9M | $606.2M | $495.8M | $477.2M | $463.4M | $460.6M | $454.4M | $438.2M | $434.1M |
| Retained earnings (deficit) | −$1.03B | −$971.9M | −$951.3M | −$910.9M | −$726.4M | −$652.0M | −$631.4M | −$614.8M | −$594.3M | −$574.1M | −$548.9M | −$501.7M |
| Accumulated other comprehensive income | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M | −$1.2M |
| Total shareholders' equity | −$27.4M | −$27.3M | −$33.4M | −$40.6M | $81.9M | −$16.8M | −$17.1M | −$21.5M | −$9.6M | $1.8M | $10.9M | $55.4M |
| Key figures | ||||||||||||
| Total debt | — | $145.0M | — | — | $2.5M | $10.0M | $11.8M | $9.2M | $5.9M | $14.0M | $14.0M | — |
| Net cash (debt) | — | −$25.3M | — | — | $113.3M | −$7.6M | −$8.3M | −$8.8M | −$5.4M | −$10.0M | −$7.2M | — |
| Working capital | $46.0M | $66.2M | $58.2M | $70.4M | $67.7M | −$47.9M | −$49.2M | −$54.3M | −$41.9M | −$30.5M | −$22.5M | $8.5M |
| Tangible book value | −$29.7M | −$29.5M | −$37.7M | −$42.7M | $79.8M | −$18.7M | −$19.0M | −$23.3M | −$11.4M | $92,000 | $9.3M | $55.4M |
| Book value per share | −$0.06 | −$0.06 | −$0.09 | −$0.13 | $0.22 | −$0.05 | −$0.05 | −$0.07 | −$0.03 | $0.01 | $0.04 | $0.19 |
| Shares outstanding | 433.2M | 425.8M | 384.5M | 321.9M | 366.6M | 345.3M | 321.9M | 323.7M | 320.9M | 311.5M | 306.6M | 294.6M |
| Current ratio | 1.87 | 2.17 | 1.98 | 2.50 | 2.37 | 0.13 | 0.10 | 0.05 | 0.04 | 0.16 | 0.28 | 1.44 |
| Quick ratio | 1.93 | 2.17 | 2.03 | 2.50 | 2.37 | 0.13 | 0.07 | 0.05 | 0.04 | 0.16 | 0.23 | 1.44 |
| Debt / equity | — | — | — | — | 0.03 | — | — | — | — | 7.73 | 1.28 | — |
| Equity / assets | −15.2% | −14.8% | −18.4% | −23.1% | 47.1% | −26.0% | −27.2% | −35.0% | −15.8% | 2.8% | 15.8% | 63.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
TMC financial position
At the end of fiscal 2025 (December 31, 2025), TMC the metals company had total assets of $181.6 million (up 188.3% from a year earlier), total liabilities of $215.1 million and shareholders' equity of -$33.4 million. Its current ratio was 1.98. In the latest quarter (ended June 30, 2026) total assets were $180.9 million and equity -$27.4 million.
Related: TMC income statement, TMC cash flow statement, TMC key metrics. See the TMC stock overview for the latest quote and news.
TMC balance sheet FAQ
What are TMC the metals company's total assets?
TMC the metals company reported total assets of $181.6 million at the end of fiscal 2025 (December 31, 2025), compared with $63.0 million a year earlier.
How much cash does TMC the metals company have?
TMC the metals company held $117.6 million in cash and short-term investments at the end of fiscal 2025.
What is TMC the metals company's book value?
TMC the metals company's shareholders' equity (book value) was -$33.4 million at the end of fiscal 2025, or −$0.09 per share.
What is TMC the metals company's current ratio?
TMC the metals company had current assets of $117.6 million and current liabilities of $59.4 million, a current ratio of 1.98 (it can cover its short-term obligations).
How much goodwill does TMC the metals company have?
TMC the metals company carried $4.2 million of goodwill and intangible assets, 2.3% of total assets, at the end of fiscal 2025.