Latest Ratios: P/E Ratio -5.1x · EV/EBITDA N/A · ROE N/A. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $2.4B | $361M | $318M | $185M | $426M | — | — |
| Enterprise Value | $1.7B | $2.3B | $369M | $311M | $138M | $341M | — | — |
| P/E Ratio → | -5.12 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | — | — | — | 29.08 | 4.45 | 4.60 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | 2.28 | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -281.5% | -254.7% | -219.1% | -254.9% | -526.1% |
| ROA | -261.5% | -261.5% | -124.3% | -90.2% | -150.0% | -150.5% | -155.1% | -235.1% |
| ROIC | — | — | — | -1332.0% | -10278.5% | 659.3% | 461.6% | — |
| ROCE | -214.3% | -214.3% | -353.2% | -159.6% | -218.0% | 194.9% | 178.4% | -254.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | -0.63 | -1.13 | -0.92 | -0.28 | -1.95 |
| Net Debt / EBITDA | — | — | — | — | — | -0.57 | -0.18 | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -43.56 | -43.56 | -30.47 | — | -153813.68 | -143.76 | — | — |
Net cash position: cash ($118M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.98 | 1.98 | 0.10 | 0.28 | 1.19 | 3.33 | 1.32 | 8.89 |
| Quick Ratio | 1.98 | 1.98 | 0.10 | 0.28 | 1.19 | 3.33 | 1.32 | 8.89 |
| Cash Ratio | 1.98 | 1.98 | 0.06 | 0.22 | 1.13 | 3.19 | 1.30 | 8.85 |
| Asset Turnover | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $385M | $322M | $289M | $240M | $205M | $179M | $131M |
Regulatory and liquidity dependency
As reported in financial statements, TMC's ROIC has remained deeply negative, with a 2024Q1 figure of -19.5%, illustrating the company's inability to generate returns on invested capital while it remains entirely dependent on external funding to sustain its deep-sea exploration and regulatory compliance activities.
The persistent negative return on capital metrics are expected for a pre-revenue entity, yet they underscore the significant hurdle the company faces in achieving future profitability. Investors should monitor whether the eventual transition to commercial extraction can overcome the high capital intensity inherent in subsea mining operations.
Based on recent SEC filings, the company's current ratio improved to 2.17 in 2026Q1, yet this metric appears misleading as it does not account for the absence of recurring revenue streams required to offset the ongoing high-burn rate of exploration and development expenditures.
While the current ratio suggests a temporary ability to cover short-term obligations, the lack of operational cash flow makes the company highly sensitive to capital market conditions. Any delay in regulatory milestones may force management to seek further dilutive financing, which could rapidly erode the current liquidity position.
According to comparative market data, TMC's valuation and financial profile diverge significantly from terrestrial miners like MP Materials, as the company lacks the established production base and cash flow generation that typically underpin the valuation multiples of its industry peers.
The gap between TMC and its peers is structural rather than temporary, driven by the unique regulatory and technical risks associated with deep-sea nodule collection. Investors should recognize that traditional mining valuation metrics are largely inapplicable until the company achieves a clear path to commercial-scale production.
As evidenced by the company's pre-revenue status, the use of EV/EBITDA or P/E ratios is fundamentally flawed, as these metrics obscure the binary nature of the company's regulatory risk and the absence of any underlying operational cash flow to support such valuation frameworks.
Analysts should instead focus on the 'burn-to-permit' ratio, which better captures the company's runway relative to the critical regulatory milestones required for commercialization. Relying on standard mining multiples may lead to an inaccurate assessment of the company's intrinsic value, which is currently tied more to legal rights than to operational output.
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Quick answers to the most common questions about buying TMC stock.
TMC the metals company Inc.'s current P/E ratio is -5.1x. This places it at the 50th percentile of its historical range.
Based on historical data, TMC the metals company Inc. is trading at a P/E of -5.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.