The Metals Royalty Company Inc. (TMCR) Balance Sheet
TMCR balance sheet, 2025
December 31, 2025 · U.S. dollars$32.9M assets = $1.8M liabilities + $31.2M equity
Both columns are drawn to the same scale: what TMCR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TMCR financial health
Descriptive bands, not a rating. Fiscal 2025.
TMCR balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $21.5M2023 | $32.9M2025 | +23.8%/yr | |
| Total liabilities | $146,5912023 | $1.8M2025 | +246.8%/yr | |
| Shareholders’ equity | $21.3M2023 | $31.2M2025 | +20.9%/yr | |
| Cash & short-term investments | $857,4502023 | $18.4M2025 | +362.8%/yr | |
| Working capital | $944,3002023 | $17.1M2025 | +$16.1M | |
| Book value per share | $0.392023 | $0.572025 | +20.9%/yr | |
| Shares outstanding | 55.1M2023 | 55.1M2025 | 0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TMCR assets
TMCR liabilities and equity
TMCR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TMCR balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $18.4M | $1.4M | $857,450 |
| Cash & equivalents | $18.4M | $1.4M | $857,450 |
| Receivables | $288,730 | $259,814 | $228,155 |
| Inventory | $0 | $0 | $0 |
| Other current assets | $198,164 | $4,867 | $5,286 |
| Total current assets | $18.9M | $1.7M | $1.1M |
| Property, plant & equipment (net) | $14.1M | $19.8M | $20.4M |
| Goodwill & intangible assets | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 |
| Total assets | $32.9M | $21.5M | $21.5M |
| Liabilities | |||
| Accounts payable | $1.8M | $28,331 | $131,317 |
| Total current liabilities | $1.8M | $69,720 | $146,591 |
| Long-term debt | $0 | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $0 |
| Total liabilities | $1.8M | $69,720 | $146,591 |
| Shareholders' equity | |||
| Common stock & paid-in capital | $35.5M | — | — |
| Retained earnings (deficit) | −$5.0M | −$6.1M | −$5.8M |
| Total shareholders' equity | $31.2M | $21.4M | $21.3M |
| Key figures | |||
| Working capital | $17.1M | $1.6M | $944,300 |
| Tangible book value | $31.2M | $21.4M | $21.3M |
| Book value per share | $0.57 | $0.39 | $0.39 |
| Shares outstanding | 55.1M | 55.1M | 55.1M |
| Current ratio | 10.70 | 23.81 | 7.44 |
| Quick ratio | 10.58 | 23.74 | 7.41 |
| Equity / assets | 94.6% | 99.7% | 99.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Dec '24 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $11.8M | $31.3M | $18.4M | $9.0M | $1.4M |
| Cash & equivalents | $11.8M | $31.3M | $18.4M | $9.0M | $1.4M |
| Receivables | $0 | $0 | $288,730 | $0 | $259,814 |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.1M | $677,762 | $198,164 | $143,652 | $4,867 |
| Total current assets | $12.9M | $32.0M | $18.9M | $9.2M | $1.7M |
| Property, plant & equipment (net) | $128.5M | $14.1M | $14.1M | $14.1M | $19.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $28.9M | $0 | $0 | $0 | $0 |
| Total assets | $170.3M | $46.1M | $32.9M | $23.3M | $21.5M |
| Liabilities | |||||
| Accounts payable | $7.2M | $3.5M | $1.8M | $1.5M | $28,331 |
| Short-term debt | $556,995 | — | — | — | — |
| Total current liabilities | $7.7M | $3.5M | $1.8M | $1.5M | $69,720 |
| Long-term debt | $41.7M | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $49.5M | $3.5M | $1.8M | $1.5M | $69,720 |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $139.6M | $56.0M | $35.5M | $21.8M | — |
| Retained earnings (deficit) | −$21.8M | −$15.2M | −$5.0M | −$1.4M | −$6.1M |
| Total shareholders' equity | $120.9M | $42.6M | $31.2M | $21.8M | $21.4M |
| Key figures | |||||
| Total debt | $42.3M | — | — | — | — |
| Net cash (debt) | −$30.5M | — | — | — | — |
| Working capital | $5.2M | $28.5M | $17.1M | $7.7M | $1.6M |
| Tangible book value | $120.9M | $42.6M | $31.2M | $21.8M | $21.4M |
| Book value per share | $1.95 | $0.77 | $0.57 | $0.51 | $0.39 |
| Shares outstanding | 62.0M | 55.1M | 55.1M | 43.1M | 55.1M |
| Current ratio | 1.67 | 9.12 | 10.70 | 6.32 | 23.81 |
| Quick ratio | 1.53 | 8.93 | 10.58 | 6.22 | 23.74 |
| Debt / equity | 0.35 | — | — | — | — |
| Equity / assets | 71.0% | 92.4% | 94.6% | 93.8% | 99.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
TMCR financial position
At the end of fiscal 2025 (December 31, 2025), Metals Royalty had total assets of $32.9 million (up 53.5% from a year earlier), total liabilities of $1.8 million and shareholders' equity of $31.2 million. Its current ratio was 10.70. In the latest quarter (ended June 30, 2026) total assets were $170.3 million and equity $120.9 million.
Related: TMCR income statement, TMCR cash flow statement, TMCR key metrics. See the TMCR stock overview for the latest quote and news.
TMCR balance sheet FAQ
What are Metals Royalty's total assets?
Metals Royalty reported total assets of $32.9 million at the end of fiscal 2025 (December 31, 2025), compared with $21.5 million a year earlier.
How much cash does Metals Royalty have?
Metals Royalty held $18.4 million in cash and short-term investments at the end of fiscal 2025.
What is Metals Royalty's book value?
Metals Royalty's shareholders' equity (book value) was $31.2 million at the end of fiscal 2025, or $0.57 per share.
What is Metals Royalty's current ratio?
Metals Royalty had current assets of $18.9 million and current liabilities of $1.8 million, a current ratio of 10.70 (it can cover its short-term obligations).