TMC the metals Balance Sheet Health
Financial Health criteria checks 3/6
TMC the metals has a total shareholder equity of $-33.4M and total debt of $0.0, which brings its debt-to-equity ratio to 0%. Its total assets and total liabilities are $181.6M and $215.1M respectively.
Key information
0%
Debt to equity ratio
US$0
Debt
| Interest coverage ratio | n/a |
| Cash | US$117.63m |
| Equity | -US$33.44m |
| Total liabilities | US$215.07m |
| Total assets | US$181.63m |
Recent financial health updates
Recent updates
New Narrative • Apr 14
Offshore Permit Delays And Cost Risks Will Eventually Support Critical Minerals Opportunity
Catalysts About TMC the metals TMC the metals is focused on developing deep seabed polymetallic nodule resources and related offshore collection and onshore processing capacity in the United States. What are the underlying business or industry changes driving this perspective?
New Narrative • Mar 31
U.S. Seabed Permitting And Brownsville Hub Will Reshape Future Critical Metals Supply
Catalysts About TMC the metals The Metals Company is developing deep seabed polymetallic nodule collection and onshore processing solutions focused on supplying critical battery and industrial metals. What are the underlying business or industry changes driving this perspective?
New Narrative • Mar 05
Seabed Nodule Permitting And Critical Mineral Demand Will Reshape This Long Term Opportunity
Catalysts About TMC the metals TMC the metals is focused on collecting polymetallic nodules from the seafloor and processing them into nickel, manganese, copper and cobalt products for industrial and battery supply chains. What are the underlying business or industry changes driving this perspective?Seeking Alpha • Jan 01
TMC the metals company: A Quasi U.S.-Backed Critical Mineral Supplier
Summary TMC the metals company stands to benefit from NOAA certification, which provides a regulatory backstop and enhances project credibility. PFS results indicate significant upside potential for investors, highlighting the scale and economic attractiveness of TMC's resource base. While share dilution risk exists, sovereign backing helps limit this threat and supports capital access. Favorable US metals sentiment and supportive macro trends further underpin the company's expansion prospects, despite remaining operational and regulatory risks. Read the full article on Seeking AlphaAnalysis Article • May 28
An Intrinsic Calculation For TMC the metals company Inc. (NASDAQ:TMC) Suggests It's 47% Undervalued
Key Insights TMC the metals' estimated fair value is US$8.86 based on 2 Stage Free Cash Flow to Equity TMC the metals...Seeking Alpha • Apr 21
TMC the metals company: It's All Politics Now
Summary TMC the metals company faces significant political hurdles in obtaining a mining license for deep-sea manganese nodules, despite solving technical challenges. TMC's financial stability hinges on capital infusions, with a recent $19.9 million offering providing short-term liquidity but not funding through to production. The environmental movement and international bureaucracy are major obstacles, delaying the establishment of mining regulations and potentially preventing TMC from obtaining necessary licenses. The valuation of TMC is highly dependent on political outcomes; without a license, the company is overvalued, but with a license, it holds substantial value. Read the full article on Seeking AlphaSeeking Alpha • Jan 28
TMC the metals company: Still Speculative, But Cautiously Optimistic
Summary The Metals Company's stock surged 93% recently due to optimism about potential commercial operations under the new US administration, despite a deteriorating financial position. The new US administration's support for deep-sea mining could enable TMC to start scaling commercially, but the company urgently needs cash. TMC's financials show a significant decline, with a sharp increase in short-term payables and a reduction in cash burn from operations. TMC remains a speculative buy, driven by potential political tailwinds and financial discipline, but it is a highly risky investment. Read the full article on Seeking AlphaSeeking Alpha • Oct 17
The Metals Company: High-Potential Deep-Sea Mining Company, But Regulatory And Financial Uncertainty Remain
Summary The Metals Company has large potential in deep-sea mining of polymetallic nodules, which is crucial for the electrification transition, with minimal environmental impact compared to traditional mining. TMC's NORI-D field alone has a net present value of more than $8 billion, with total potential revenue from all fields estimated at $500 billion. The anticipated ISA approval could enable TMC to start collection by 2026, but regulatory uncertainty remains. TMC's operations could significantly reduce geopolitical dependency on critical metals, positioning it as a future leader in sustainable mining for the renewable energy sector. Regulatory uncertainty and the low cash position make me rate this stock as a hold. Read the full article on Seeking AlphaSeeking Alpha • Jun 14
TMC the metals: A Speculative Buy Where Patience Could Benefit The Brave
Summary TMC is a deep-sea minerals exploration company that could become a viable player in battery metals over the next years, if regulation permits. The political climate appears to moderately appease, and an exploitation permit may be in sight over the next 12–16 months, according to its management. While the company still depends on external financing to sustain itself, the commitment of all stakeholders remains strong. Any decisive news on when operations can actually commence could unlock value for investors, and I rate TMC a highly risky and speculative buy. Read the full article on Seeking AlphaSeeking Alpha • Sep 30
TMC signs labor neutrality agreement with UAW
The Metals Company (NASDAQ:TMC) has entered a labor neutrality agreement with the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW). The labor agreement will ensure that TMC will not oppose any effort by its workers to unionize through UAW. The union organization currently has more than 400,000 active members and 600 local unions, with 1,750 contracts with around 1,050 employers in the US and Canada. TMC will explore and mine for metals crucial for electric batteries on the seabed of the Pacific Ocean. It holds exploration and commercial rights for an area between Hawaii and Mexico. TMC also plans to establish a large-scale processing facility to produce battery metals such as nickel, cobalt sulfate and copper cathode in the US to support a localized battery supply chain.Seeking Alpha • Aug 22
TMC the metals company: Profiling A Lottery Ticket
Today, we put TMC the metals company in the spotlight for the first time. Management believes it has the production rights to globe's largest undeveloped Nickel project. An investment analysis on this very high risk/high reward concern follows in the paragraphs below. Nothing that is worth knowing can be taught”― Oscar Wilde Today, we take our first look at a small and unique mining concern with an unusual name. The company came public via the SPAC craze of 2020 and 2021. Like most of that "vintage," the stock has done little but destroy shareholder value since debuted on the public markets. However, the shares are seeing insider buying and the company is potentially position to ride the huge growth in the electric vehicle ("EV") space. An analysis follows below. Seeking Alpha Company Overview: TMC the metals company Inc. (TMC) is headquartered in Vancouver, Canada. The company plans to primarily explore for nickel, cobalt, copper, and manganese products via the collection, processing, and refining of polymetallic nodules found on the seafloor in the Clarion Clipperton Zone [CCZ] in the southwest of San Diego. The stock sells for just under a buck a share and sports an approximate $200 million market cap. May Company Presentation Given the explosion in electric vehicle production, the company has some long term tailwinds given how much of its potential future production such as nickel is used in the electric vehicle manufacturing process. May Company Presentation The company was formerly known as Sustainable Opportunities Acquisition Corp. ("SOAC"), which came public last summer via a SPAC merger with DeepGreen Metals Inc. Deep Green Metals was a Canada-based mining group founded in 2011. It is important to note the company is really more of an advanced concept right now than an operating mining concern. The firm intends to extract materials the deep seabed floor starting in 2024 in the CCZ where it has secured rights. Management believes it has rights to globe's largest undeveloped Nickel project. It also thinks it can be a low cost producer as plans to harvest these Polymetallic nodules (AKA, manganese nodules) from the sea floor. These nodules hold the four primary battery metals which are cobalt, nickel, copper, and manganese. These are contained within a single ore which doesn't have heavy metals, easing the process of extraction considerably. Both the equipment and process for this sort of complex extraction is in the testing phases, and the true ecological impact of such deep-sea extractions remains unknown. One of the many obstacles the company will have to overcome to start extracting minerals from the sea floor is waiting for final regulations from International Seabed Authority, or ISA. They are due out in 2023. Then there will likely be resistance/potential lawsuits from the usual environmental groups. However, that is likely to balanced by the increasing national security ramifications from Russia's invasion of Ukraine this year. This resulted in myriad sanctions against Russia, which is the largest producer of nickel and a large producer of many other minerals. A recent article on Seeking Alpha captured nicely these competing influences. May Company Presentation The company has many partners is this huge endeavor including Allseas, Glencore, Epsilon Carbon and Maersk. As can be seen below, there are numerous major tasks to check off before production can begin, hopefully in 2024. May Company Presentation Analyst Commentary & Balance Sheet: Only two analyst firms, Wedbush ($3 price target) and Piper Sandler ($2.50 price target) have offered up ratings on TMC the metals company Inc. so far in 2022. Both have Hold ratings on the stock. Insiders seem more sanguine on the company's prospects. The CEO purchased some $100,000 of new shares on August 12th. The same day a beneficial owner added $5 million to their holdings in TMC, which was part of PIPE to raise additional capital. This follows similar moves by both entities in March of this year. There has been no insider selling in the shares since the company debuted on the market. Less than three percent of the outstanding shares are currently held short.Seeking Alpha • Mar 17
In For A Nickel With TMC The Metals Company
Shares of TMC The Metals Company are up from their most recent lows but still down 70% from their de-SPAC debut price of $10 just six months ago. Much of the recent price move may be due to current and anticipated moves in the prices of the resources TMC intends to produce such as Nickel. While this is significant, it misses the big picture for why TMC is far more valuable today than it was just a few weeks ago.Seeking Alpha • Mar 07
TMC The Metals Company: Not A Story I Believe, Sadly
It's a very cool plan. There are those manganese nodules that are packed with nickel, copper and cobalt. Get the nodules off the deep sea bed, process them for the metals and gain cheap Ni, Cu and Co. Sounds great - except I don't think the economics works here.Seeking Alpha • Dec 07
TMC The Metals Company: Pressing Environmental Concerns
The business proposition of TMC the metals company is attractive, considering the value it offers to the Electric Vehicle (EV) value chain, but its premature IPO negates it. The IPO appears to be overvalued and the projections seem to be overly optimistic. Investors need to proceed with caution as it seems likely to continue on its bearish for the near future.Financial Position Analysis
Short Term Liabilities: TMC has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.
Long Term Liabilities: TMC has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.
Debt to Equity History and Analysis
Debt Level: TMC is debt free.
Reducing Debt: TMC's has negative shareholder equity, so we do not need to check if its debt has reduced over time.
Balance Sheet
Cash Runway Analysis
For companies that have on average been loss-making in the past, we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: TMC has sufficient cash runway for more than a year based on its current free cash flow.
Forecast Cash Runway: TMC has sufficient cash runway for 1.3 years if free cash flow continues to reduce at historical rates of 4.2% each year.
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/07 14:50 |
| End of Day Share Price | 2026/05/07 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
TMC the metals company Inc. is covered by 8 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jacob Sekelsky | Alliance Global Partners |
| null null | Cantor Fitzgerald Canada Corporation |
| Jonathan Day | Edison Investment Research |