The capital structure has shifted toward debt-based financing, with total debt rising to $145.0 million by 2026Q1, contributing to a negative equity position of $27.3 million.
| Total Current Assets | 122.78M | 117.63M | 5.33M | 8.82M | 49.6M | 88.56M | 10.22M | 16.02M |
| Cash & Short-Term Investments | 119.68M | 117.63M | 3.48M | 6.84M | 46.84M | 84.87M | 10.1M | 15.95M |
| Cash Only | 119.68M | 117.63M | 3.48M | 6.84M | 46.84M | 84.87M | 10.1M | 15.95M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 3.05M | 249K | 467K | 117K | 64K | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.1M | -3.05M | 0 | 0 | 0 | 0 | 56K | 12.87K |
| Total Non-Current Assets | 62.09M | 1.91M | 57.67M | 60.08M | 45.17M | 44.57M | 44.46M | 2.3M |
| Property, Plant & Equipment | 4.09M | 1.91M | 6.51M | 50M | 2.02M | 44.57M | 44.46M | 2.3M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Goodwill | 0 | 2.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 1.93M | 1.64M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 46.8M | 13.45M | 8.2M | 8.43M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 42.95M | -15.57M | 41.02M | 0 | 43.15M | 0 | 0 | 0 |
| Total Assets | 184.87M | 181.63M | 63M | 68.9M | 94.78M | 133.13M | 54.69M | 18.32M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | 747.84% | 188.31% | -8.56% | -27.31% | -28.81% | 143.44% | 198.44% | - |
| Total Current Liabilities | 56.55M | 59.4M | 54.53M | 31.33M | 41.61M | 26.57M | 7.76M | 1.8M |
| Accounts Payable | 0 | 46.05M | 42.75M | 0 | 0 | 26.57M | 4.32M | 1.8M |
| Days Payables Outstanding | 41.78K | 66.7K | 43.11K | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 11.78M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 56.55M | 13.35M | 0 | 31.33M | 41.61M | 0 | 3.44M | 0 |
| Current Ratio | 2.17x | 1.98x | 0.10x | 0.28x | 1.19x | 3.33x | 1.32x | 8.89x |
| Quick Ratio | 2.17x | 1.98x | 0.10x | 0.28x | 1.19x | 3.33x | 1.32x | 8.89x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 155.68M | 155.68M | 25.59M | 26.64M | 11.66M | 13.8M | 10.68M | 8.33M |
| Long-Term Debt | 145M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 42.7M | 10.68M | 10.68M | 10.68M | 10.68M | 10.68M | 0 | 0 |
| Other Non-Current Liabilities | 0 | 145M | 14.91M | 15.97M | 983K | 3.13M | 10.68M | 8.33M |
| Total Liabilities | 212.22M | 215.07M | 80.12M | 57.98M | 53.27M | 40.37M | 18.43M | 10.14M |
| Total Debt | 145M | 0 | 11.78M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 25.32M | -117.63M | 8.29M | -6.84M | -46.84M | -84.87M | -10.1M | -15.95M |
| Debt / Equity | -5.30x | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.93x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.16x | - | - | - | - | -0.57x | -0.18x | - |
| Interest Coverage | -115.74x | -43.56x | -30.47x | - | -153813.68x | -143.76x | - | - |
| Total Equity | -27.35M | -33.44M | -17.12M | 10.92M | 41.51M | 92.75M | 36.25M | 8.19M |
| Equity Growth % | 704.38% | -95.37% | -256.79% | -73.69% | -55.25% | 155.84% | 342.79% | - |
| Book Value per Share | -0.08 | -0.09 | -0.05 | 0.04 | 0.17 | 0.45 | 0.20 | 0.06 |
| Total Shareholders' Equity | -27.35M | -33.44M | -17.12M | 10.92M | 41.51M | 92.75M | 36.25M | 8.19M |
| Common Stock | 705.29M | 681.34M | 477.22M | 438.24M | 332.88M | 296.05M | 154.43M | 79.82M |
| Retained Earnings | -971.88M | -951.28M | -631.43M | -548.9M | -475.12M | -304.16M | -162.86M | -106.23M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.2M | -1.2M | -1.2M | -1.22M | -1.22M | -1.22M | -1.22M | -1.22M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and liquidity dependency
As reported in recent financial filings, TMC's equity position has deteriorated into a deficit of $27.3 million by 2026Q1, reflecting a persistent trend of capital erosion as the company continues to fund high-cost exploration activities without any offsetting commercial revenue streams to stabilize the balance sheet.
The shift from positive equity in early 2024 to a sustained deficit suggests that the company is consuming its capital base to maintain its operational status. Investors should monitor whether this trajectory forces further dilutive equity raises, as the current balance sheet structure appears increasingly fragile without a clear path to commercialization.
Based on the company's 2026Q1 balance sheet, total debt has climbed to $145.0 million, representing a significant departure from the debt-free status maintained in previous periods and indicating a shift toward debt-based financing to bridge the gap in its pre-revenue operational lifecycle.
The sudden accumulation of debt suggests that traditional equity markets may be becoming more expensive or less accessible for the company's needs. This leverage introduces new interest-related burdens that could further strain the company's limited cash reserves if regulatory milestones continue to face delays.
According to the latest quarterly data, TMC holds $119.7 million in cash, which provides a temporary buffer; however, the current ratio of 2.17 masks the underlying reality that the company lacks recurring revenue to support its ongoing high-burn exploration and regulatory compliance expenditures.
While the current ratio appears healthy on the surface, it is heavily dependent on the timing of cash inflows from financing activities rather than operational success. The company's liquidity position remains highly sensitive to the pace of ISA regulatory developments, which dictates the duration of its remaining cash runway.
As evidenced by the provided financial statements, the company's asset base is heavily skewed toward intangible exploration rights, with net PPE dropping from $50.0 million in 2023Q4 to $4.1 million in 2026Q1, suggesting a potential impairment risk if the underlying mining permits are not secured.
The rapid decline in PPE value warrants further investigation into whether this reflects asset depreciation or a strategic shift in how the company accounts for its subsea collection equipment. This volatility in asset composition makes the headline total asset figure a potentially misleading indicator of the company's true economic value.
Quick answers to the most common questions about buying TMC stock.
As of 2025, TMC the metals company Inc. (TMC) had total assets of $181.6M including $117.6M in current assets.
TMC the metals company Inc. (TMC) carries total debt of $0.0M, offset by $117.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TMC the metals company Inc. (TMC) has total shareholders' equity (book value) of $-33.4M ($-0.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TMC the metals company Inc. (TMC) reported a current ratio of 1.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.