TMC the metals company Inc. Common Stock (TMC)

FairStock Score: 19/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach TMC as a Graham-style analyst, asking first whether there is a business with earnings and assets, and second whether the price offers a margin of safety. The filings show no revenue in the periods I can see: fiscal 2023, 2024, 2025, and fiscal Q1 and Q2 2026. Meanwhile, reported net losses were $73.8 million in FY2023, $81.9 million in FY2024, $319.8 million in FY2025, $20.6 million in fiscal Q1 2026, and $60.1 million in fiscal Q2 2026. That is not a compounding machine; it is an exploration venture consuming capital. The company owns exploration and commercial rights in two polymetallic nodule contract areas in the Clarion Clipperton Zone, which could be a real asset if deep-sea mining becomes commercially and regulatorily viable. But there is no proven moat today, only potential resource rights in a capital-intensive, environmentally sensitive industry. Financial health is poor by the numbers: trailing free cash flow is negative $43.8 million, the FairStock-calculated Piotroski F-Score is 0/9, Altman Z-Score is -4.09, ROE is -1123.19%, and ROCE is -72.54%. At the close on 2026-10-13, the price was $2.82 and market cap $1.2 billion, with a FairStock P/E of -3.86 and score of 19/100. Without revenue or profits, valuation rests on hopes for future mining. The 52-week range of $2.72 to $10.05 and beta of 1.91 show how speculative the market has been. I would need evidence of production, permits, and self-funding economics before calling this anything but a lottery ticket dressed as a resource company.

In plain English: TMC the metals company is trying to mine metals like nickel, cobalt, copper and manganese from the deep seafloor. It has no reported revenue and has lost money in every filed year shown, so the business itself looks weak today. At a $1.2 billion market value and a $2.82 share price, the price looks expensive relative to those results because investors are paying for future mining hopes rather than current profits.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer