Trilogy Metals Inc. (TMQ) Balance Sheet
TMQ balance sheet, FY2025
November 30, 2025 · U.S. dollars$157.3M assets = $33.2M liabilities + $124.1M equity
Both columns are drawn to the same scale: what TMQ owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TMQ financial health
Descriptive bands, not a rating. Fiscal FY2025.
TMQ balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $46.7MFY2016 | $157.3MFY2025 | +14.4%/yr | |
| Total liabilities | $593,000FY2016 | $33.2MFY2025 | +56.4%/yr | |
| Shareholders’ equity | $46.2MFY2016 | $124.1MFY2025 | +11.6%/yr | |
| Cash & short-term investments | $14.9MFY2016 | $51.6MFY2025 | +14.8%/yr | |
| Total debt | $566,000FY2020 | $111,000FY2025 | −27.8%/yr | |
| Net cash (debt) | $10.6MFY2020 | $51.5MFY2025 | +$40.9M | |
| Working capital | $15.1MFY2016 | $18.8MFY2025 | +$3.8M | |
| Book value per share | $0.44FY2016 | $0.75FY2025 | +6.2%/yr | |
| Current ratio | 26.39FY2016 | 1.57FY2025 | −24.82 | |
| Debt / equity | 0.00FY2020 | 0.00FY2025 | 0.00 | |
| Shares outstanding | 105.1MFY2016 | 164.8MFY2025 | +5.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TMQ assets
TMQ liabilities and equity
TMQ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TMQ balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $51.6M | $25.8M | $2.6M | $2.6M | $6.3M | $11.1M | $19.2M | $23.0M | $7.9M | $14.9M |
| Cash & equivalents | $51.6M | $25.8M | $2.6M | $2.6M | $6.3M | $11.1M | $19.2M | $23.0M | $5.4M | $7.3M |
| Short-term investments | — | $106,742 | $259,000 | $320 | $285 | $184 | $719 | $619,000 | $2.5M | $7.5M |
| Receivables | $118,000 | $16,000 | $33,000 | $17,000 | $19,000 | $129,000 | $264,000 | $23,000 | $470,000 | $47,000 |
| Inventory | $0 | $0 | −$997,000 | −$494,000 | −$934 | −$369,000 | $0 | $0 | $0 | $0 |
| Other current assets | $193,000 | $195,000 | $1.3M | $814,000 | $285,934 | $553,000 | $719,000 | $619,000 | $723,000 | $724,000 |
| Total current assets | $51.9M | $26.0M | $2.9M | $2.9M | $6.6M | $11.4M | $20.2M | $23.6M | $9.1M | $15.6M |
| Property, plant & equipment (net) | $117,000 | $155,000 | $117,000 | $331,000 | $630,000 | $682,000 | $31.3M | $30.9M | $31.1M | $30.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $105.3M | $107.5M | $135.0M | $142.8M | $160.1M | $173.1M | $0 | $0 | $0 | $297,000 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $114,000 | $114,000 | $114,000 | $0 |
| Total assets | $157.3M | $133.7M | $138.0M | $146.0M | $167.3M | $185.3M | $51.6M | $54.7M | $40.3M | $46.7M |
| Liabilities | ||||||||||
| Accounts payable | $646,000 | $196,000 | $146,000 | $188,000 | $205,000 | $226,000 | $902,000 | $400,000 | $2.8M | $160,000 |
| Short-term debt | $41,000 | $37,000 | $33,000 | $189,000 | $179,000 | $158,000 | — | — | — | — |
| Deferred revenue | — | — | −$2.2M | — | — | — | — | — | — | — |
| Total current liabilities | $33.1M | $793,000 | $465,000 | $534,000 | $1.0M | $1.0M | $2.4M | $1.7M | $4.2M | $593,000 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $111,000 | $147,000 | $33,000 | $222,000 | $414,000 | $566,000 | — | — | — | — |
| Other long-term liabilities | $70,000 | $110,000 | $202,000 | $33,000 | $235,000 | $408,000 | $31.0M | $20.8M | $10.4M | $160,000 |
| Total liabilities | $33.2M | $903,000 | $465,000 | $567,000 | $1.3M | $1.5M | $33.4M | $22.5M | $14.6M | $593,000 |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $225.2M | $190.5M | $187.9M | $182.2M | $180.8M | $179.7M | $178.0M | $164.1M | $136.5M | $136.4M |
| Retained earnings (deficit) | −$132.6M | −$90.4M | −$81.8M | −$66.9M | −$42.6M | −$20.9M | −$182.7M | −$154.8M | −$132.9M | −$111.8M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | — | $0 | $0 | −$3.5M | −$3.5M | −$3.3M | −$3.3M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $124.1M | $132.8M | $137.6M | $145.4M | $166.0M | $183.8M | $18.3M | $32.2M | $25.7M | $46.2M |
| Key figures | ||||||||||
| Total debt | $111,000 | $147,000 | $33,000 | $222,000 | $414,000 | $566,000 | — | — | — | — |
| Net cash (debt) | $51.5M | $25.7M | $2.6M | $2.4M | $5.9M | $10.6M | — | — | — | — |
| Working capital | $18.8M | $25.3M | $2.4M | $2.4M | $5.6M | $10.4M | $17.8M | $22.0M | $4.9M | $15.1M |
| Tangible book value | $124.1M | $132.8M | $137.6M | $145.4M | $166.0M | $183.8M | $18.3M | $32.2M | $25.7M | $46.2M |
| Book value per share | $0.75 | $0.83 | $0.90 | $1.00 | $1.15 | $1.27 | $0.14 | $0.26 | $0.24 | $0.44 |
| Shares outstanding | 164.8M | 159.8M | 152.6M | 145.7M | 144.4M | 144.6M | 135.2M | 121.8M | 105.6M | 105.1M |
| Current ratio | 1.57 | 32.84 | 6.20 | 5.45 | 6.41 | 10.93 | 8.56 | 14.26 | 2.14 | 26.39 |
| Quick ratio | 1.56 | 32.60 | 5.64 | 4.85 | 6.14 | 10.76 | 8.26 | 13.89 | 1.97 | 25.17 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Equity / assets | 78.9% | 99.3% | 99.7% | 99.6% | 99.2% | 99.2% | 35.4% | 58.9% | 63.7% | 98.7% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $31.2M | $38.8M | $47.8M | $51.6M | $23.4M | $24.6M | $25.2M | $25.8M | $25.7M | $14.0M | $2.0M | $2.6M |
| Cash & equivalents | $31.2M | $38.8M | $47.8M | $51.6M | $23.4M | $24.6M | $25.2M | $25.8M | $25.7M | $14.0M | $2.0M | $2.6M |
| Short-term investments | — | — | — | — | — | — | $97,000 | $106,742 | $352,000 | $46,000 | $125 | $259 |
| Receivables | $93,000 | $106,000 | $112,000 | $118,000 | $17,000 | $20,000 | $19,000 | $16,000 | $8,000 | $15,000 | $14,000 | $33,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$8,000 | $0 | $1 | $192 |
| Other current assets | $338,000 | $69,000 | $120,000 | $193,000 | $344,000 | $59,000 | $97,000 | $195,000 | $360,000 | $46,000 | $124,999 | $258,808 |
| Total current assets | $31.6M | $39.0M | $48.0M | $51.9M | $23.7M | $24.7M | $25.3M | $26.0M | $26.1M | $14.1M | $2.2M | $2.9M |
| Property, plant & equipment (net) | $85,000 | $96,000 | $106,000 | $117,000 | $126,000 | $136,000 | $145,000 | $155,000 | $164,000 | $17,000 | $68,000 | $117,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $112.1M | $106.4M | $105.3M | $105.3M | $106.2M | $106.9M | $107.5M | $108.1M | $121.2M | $134.3M | $135.0M |
| Other non-current assets | $109.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $140.8M | $151.2M | $154.5M | $157.3M | $129.1M | $131.0M | $132.4M | $133.7M | $134.4M | $135.3M | $136.6M | $138.0M |
| Liabilities | ||||||||||||
| Accounts payable | $220,000 | $125,000 | $231,000 | $646,000 | $141,000 | $249,000 | $297,000 | $196,000 | $51,000 | $85,000 | $159,000 | $146,000 |
| Short-term debt | $45,000 | $44,000 | $43,000 | $41,000 | $40,000 | $39,000 | $36,000 | $37,000 | $37,000 | — | — | $33,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | −$51,000 | — | — | — |
| Total current liabilities | $23.9M | $35.2M | $33.0M | $33.1M | $373,000 | $874,000 | $702,000 | $793,000 | $428,000 | $463,000 | $464,000 | $465,000 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | $92,000 | $103,000 | $111,000 | $122,000 | $132,000 | $134,000 | $147,000 | $162,000 | $0 | $0 | $33,000 |
| Other long-term liabilities | $36,000 | $48,000 | $60,000 | $70,000 | $82,000 | $93,000 | $98,000 | $110,000 | $125,000 | $0 | $0 | $202,000 |
| Total liabilities | $23.9M | $35.3M | $33.1M | $33.2M | $455,000 | $967,000 | $800,000 | $903,000 | $553,000 | $463,000 | $464,000 | $465,000 |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $228.1M | $228.0M | $227.8M | $225.2M | $192.9M | $192.9M | $192.6M | $190.5M | $190.2M | $190.0M | $189.8M | $187.9M |
| Retained earnings (deficit) | −$145.8M | −$146.0M | −$139.7M | −$132.6M | −$97.9M | −$96.2M | −$94.0M | −$90.4M | −$88.8M | −$87.2M | −$85.4M | −$81.8M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | $0 | $0 |
| Total shareholders' equity | $116.8M | $115.9M | $121.5M | $124.1M | $128.7M | $130.0M | $131.6M | $132.8M | $133.8M | $134.9M | $136.1M | $137.6M |
| Key figures | ||||||||||||
| Total debt | $81,000 | $92,000 | $103,000 | $111,000 | $122,000 | $132,000 | $134,000 | $147,000 | $162,000 | — | — | $33,000 |
| Net cash (debt) | $31.1M | $38.7M | $47.7M | $51.5M | $23.2M | $24.5M | $25.1M | $25.7M | $25.6M | — | — | $2.6M |
| Working capital | $7.8M | $3.8M | $15.0M | $18.8M | $23.4M | $23.8M | $24.6M | $25.3M | $25.7M | $13.6M | $1.7M | $2.4M |
| Tangible book value | $116.8M | $115.9M | $121.5M | $124.1M | $128.7M | $130.0M | $131.6M | $132.8M | $133.8M | $134.9M | $136.1M | $137.6M |
| Book value per share | $0.68 | $0.67 | $0.71 | $0.75 | $0.78 | $0.79 | $0.81 | $0.83 | $0.83 | $0.84 | $0.86 | $0.88 |
| Shares outstanding | 172.8M | 172.6M | 171.9M | 165.0M | 164.3M | 164.2M | 162.8M | 160.5M | 160.5M | 160.2M | 157.7M | 155.9M |
| Current ratio | 1.33 | 1.11 | 1.46 | 1.57 | 63.63 | 28.26 | 36.08 | 32.84 | 60.98 | 30.42 | 4.64 | 6.20 |
| Quick ratio | 1.31 | 1.11 | 1.45 | 1.56 | 62.71 | 28.19 | 35.94 | 32.60 | 60.15 | 30.32 | 4.37 | 5.64 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | 0.00 |
| Equity / assets | 83.0% | 76.7% | 78.6% | 78.9% | 99.6% | 99.3% | 99.4% | 99.3% | 99.6% | 99.7% | 99.7% | 99.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
TMQ financial position
At the end of fiscal 2025 (November 30, 2025), Trilogy Metals had total assets of $157.3 million (up 17.7% from a year earlier), total liabilities of $33.2 million and shareholders' equity of $124.1 million. It held $51.6 million in cash and short-term investments against $0.1 million of debt, a net cash position of $51.5 million. Its current ratio was 1.57. In the latest quarter (ended August 31, 2026) total assets were $140.8 million and equity $116.8 million.
Related: TMQ income statement, TMQ cash flow statement, TMQ key metrics. See the TMQ stock overview for the latest quote and news.
TMQ balance sheet FAQ
What are Trilogy Metals's total assets?
Trilogy Metals reported total assets of $157.3 million at the end of fiscal 2025 (November 30, 2025), compared with $133.7 million a year earlier.
How much debt does Trilogy Metals have?
Trilogy Metals had $0.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Trilogy Metals have?
Trilogy Metals held $51.6 million in cash and short-term investments at the end of fiscal 2025; with $0.1 million of debt that is net cash of $51.5 million.
What is Trilogy Metals's book value?
Trilogy Metals's shareholders' equity (book value) was $124.1 million at the end of fiscal 2025, or $0.75 per share.
What is Trilogy Metals's current ratio?
Trilogy Metals had current assets of $51.9 million and current liabilities of $33.1 million, a current ratio of 1.57 (it can cover its short-term obligations).