TMC the metals company inc. (TMC) Stock Score, Valuation & Financial Research

TMC the metals company inc. is in the Basic Materials sector and Other Precious Metals industry. It is reviewed using Wall Street Score's company-strength, valuation, growth and financial-health framework. A complete Wall Street Score is not currently available.

Quick answer for TMC

TMC the metals company inc. does not currently have a complete Wall Street Score. The stored market price is USD 3.70. These figures are a research snapshot, not a buy or sell recommendation.

What TMC the metals company inc. does

TMC the metals company Inc., a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in two polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean. Its products are used in electric vehicles (EV) and energy storage markets; manganese alloy production required for steel production; and EV wiring, energy transmission, and other applications. The company was founded in 2011 and is based in Vancouver, Canada.

Company business and revenue

Research reporting period: 2025-12-31. A research update is not a new financial filing.

How the company makes money

TMC is a deep-sea minerals exploration company currently in the pre-revenue stage. Its business model focuses on the development of projects to collect, process, and refine polymetallic nodules from the ocean floor to supply critical battery metals like nickel, copper, cobalt, and manganese for the electric vehicle and energy storage markets.

Products and services

  • The company is developing technology and processes to collect polymetallic nodules from the seafloor and refine them into battery-grade metals including nickel, copper, cobalt, and manganese.

Customer types

Electric vehicle manufacturers; Energy storage system manufacturers.

Suppliers, materials and equipment

  • Allseas Group SA — Provides offshore engineering, vessel conversion, and subsea collection system development services. Source

Business strengths to evaluate

  • Access to large, high-grade polymetallic nodule resources in the Clarion-Clipperton Zone Source

Business risks and research considerations

  • Uncertainty regarding regulatory approval and the International Seabed Authority mining code Source
  • Significant capital requirements and history of operating losses Source
  • Environmental and social opposition to deep-sea mining Source

Sources: Company research source

Company research refreshed 2026-10-12. This is saved research, not a live check of company relationships. Check the reporting period and source disclosures. Financial figures and scores follow their separate update schedules.

TMC financial snapshot

Statement amounts: USD. Quote amounts: USD. No exchange-rate conversion is performed in this snapshot. Market-capitalization currency is not supplied by this projection.

Wall Street Score:
Not currently available
Stored price:
USD 3.70
Market capitalization:
1.6B (currency not supplied)
Revenue:
USD 0.00
Net income:
USD -305.64M
Free cash flow:
USD -43.1M
Cash:
USD 98.66M
Total debt:
USD 0.00
EPS:
USD -0.86

What stands out

  • Free cash flow is USD -43.1M, negative for the stored period.
  • The balance sheet shows USD 98.66M of cash versus USD 0.00 of total debt, an excess of cash over debt on these two reported measures.
  • The current research record carries a fundamental change risk warning, which should be reviewed alongside the score.

Company-specific financial comparisons

The following are calculated from saved company data, not forecasts or statements about future performance. Differences in reporting dates or units can make a ratio misleading; verify the original filings.

  • Cash exceeds debt by USD 98.66M using the stored balance-sheet values. This does not include other obligations or restricted cash.

Questions worth answering for TMC

Use these questions to check the stored figures against the latest company filings. They identify issues to investigate; they are not findings about management's plans or future results.

  • How long can TMC fund negative free cash flow using its current cash position before it may need more debt or new shares?
  • How is TMC likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
  • What specifically needs to improve for TMC to reach sustainable profitability?
  • What does the current fundamental change risk warning mean for the reliability or interpretation of TMC's score?

What the numbers mean

A complete valuation score is not currently available, so valuation should be checked using the available earnings, cash-flow and price data.

A complete financial score is not currently available, so investors should review cash, debt, earnings and cash flow directly.

A strong company and an attractive stock price are not always the same thing. Revenue, earnings, free cash flow, debt, management quality, competitive advantage and valuation should be considered together. Wall Street Score organizes these inputs into a consistent research framework so investors can identify what deserves deeper review.

Data freshness: Financial data last refreshed 2026-10-01.

Research-input completeness: 64% of the scoring inputs required for this public page are currently available.

How to research TMC

Start by understanding how the company makes money. Then compare revenue and earnings trends, cash generation, debt, liquidity and valuation. Review the company's latest filings and earnings reports before acting on any score or model estimate.

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Data may change as company filings and market prices update. Educational research only; not a buy or sell recommendation.