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TMC the metals

TMC on Nasdaq. TMC the metals sells nickel, copper, cobalt, manganese, and rare earths to manufacturers. Market value $1.7bn.

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Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Materials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-2.7%low

For every $100 of what the whole company costs, it produced $-2.68 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$3.70 a share, 9% above its 1-year low

Over the past year the price has ranged from $3.40 to $11.35.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
-0.1
-0.0
-0.0
-0.0
2021202220232024202512 monthsto Jun '26
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.27bn0.31bn0.32bn0.41bn0.44bn

Health checks

  • Free cash flow positive0 of 3 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 66% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $60 million, compared with a loss of $74 million a year ago.
  • Over the past 12 months it spent $44 million more cash than it brought in, compared with $40 million a year earlier.
  • 18% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$21m
December 2024-$16m
March 2025-$21m
June 2025-$74m
September 2025-$185m
December 2025-$40m
March 2026-$21m
June 2026-$60m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
31 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 212 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Argentum Cedit Virtuti NV
    at least 15.6%−1.0 pts
    (filed with 4 related holders)
    Since 1 July 2026
  • Korea Zinc Company, Ltd.
    Passive investor
    7.2%
    Since 25 June 2025
  • Gerard Barron
    Insider or founder
    6.9%
    Since 9 September 2026
    What they said

    Item 4 is hereby supplemented by adding the following after the end of the second paragraph thereof: On November 22, 2024, the Reporting Person acquired 260,417 Common Shares upon the vesting and settlement of restricted stock units issued to the Reporting Person pursuant to the…

    Read the filing
  • First Manhattan Co.
    Passive investor
    at least 4.9%−1.6 pts
    (filed with 3 related holders)
    Since 18 June 2025
    What they said

    The Reporting Persons initially acquired the Common Stock because they believed that the Common Stock represented an attractive investment opportunity. On May 12, 2025, Mr. Wydra, the CEO of FMC Group Holdings L.P. and First Manhattan Co. LLC and the Portfolio Manager of the…

    Read the filing
  • Brumder William George
    Passive investor
    Sold down below 5%
    Since 31 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $2m.

  • May Brendan
    Director
    Sold
    Date
    2 June 2026
    Shares
    20,768
    Price
    $6.42
    Value
    $133,331
  • Shesky Craig
    Chief Financial Officer
    Sold
    Date
    26 March 2026
    Shares
    215,492
    Price
    $4.53
    Value
    $976,179
  • Shesky Craig
    Chief Financial Officer
    Sold
    Date
    25 March 2026
    Shares
    78,186
    Price
    $4.58
    Value
    $358,092
  • Shesky Craig
    Chief Financial Officer
    Sold
    Date
    24 March 2026
    Shares
    51,941
    Price
    $4.74
    Value
    $246,200
  • O'Sullivan Anthony
    Chief Development Officer
    Sold
    Date
    2 December 2025
    Shares
    50,000
    Price
    $6.77
    Value
    $338,500
  • O'Sullivan Anthony
    Chief Development Officer
    Sold
    Date
    28 November 2025
    Shares
    50,000
    Price
    $6.51
    Value
    $325,500

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.