Assessing TMC the metals (TMC) Valuation Following Executive Order on Deep-Sea Mining Permits

New momentum has gathered around TMC the metals (TMC) after President Trump signed an executive order in April 2025 that streamlines deep-sea mining permits. TMC’s U.S. arm quickly filed applications for exploration and commercial recovery licenses.

See our latest analysis for TMC the metals.

The excitement around TMC has translated directly to its numbers, with the stock delivering an extraordinary year-to-date share price return of over 470% and a one-year total shareholder return of 605%. Short-term momentum has picked up as investors respond to the recent executive order, and while there is some volatility, the longer-term performance suggests optimism is still running high.

If TMC’s massive run has you reconsidering what’s next, this is the perfect time to broaden your search and discover fast growing stocks with high insider ownership

With momentum at record highs, the key debate now is whether TMC’s rapid ascent leaves further upside on the table or if the market has already accounted for all its future growth prospects. Could this still be a buying opportunity?

Price-to-Book of 34.2x: Is it justified?

TMC currently trades at a sky-high price-to-book (P/B) ratio of 34.2x, making its valuation stand out starkly against both peers and industry benchmarks. With a last close price of $6.88, this premium suggests investors are pricing in substantial future upside.

The price-to-book ratio compares a company's market value to its book value, and is often used to evaluate asset-heavy sectors like metals and mining. A higher multiple like this usually signals the market is forecasting rapid growth or a unique competitive edge. Sometimes it may also reflect speculative optimism or a lack of tangible assets on the balance sheet.

Compared to the US Metals and Mining industry average P/B of just 2.3x, TMC looks extremely expensive. Even against its peer group, where the average sits at 13.5x, TMC's valuation is rich. The market is clearly assigning a much greater premium than what is typical for similar companies, and this level could become an anchor if expectations aren't met.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-Book of 34.2x (OVERVALUED)

However, the lack of current revenue and ongoing net losses remain crucial risks. These issues could challenge optimistic expectations if not addressed soon.

Find out about the key risks to this TMC the metals narrative.

Build Your Own TMC the metals Narrative

If you're not fully convinced or want to dig into the numbers yourself, you can craft your own analysis and narrative in just a few clicks: Do it your way

A great starting point for your TMC the metals research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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