TMC the metals company Inc. (TMC) Stock Price & Analysis
TMC the metals company Inc. (TMC) closed at USD 2.47 on Thursday, October 22, 2026, down 6.79% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 2.65; the Oct 22, 2026 session ranged USD 2.41–2.62 on volume of 4,190,239 shares. Market capitalization is $1.09B, with a 52-week range of USD 2.41–10.05 (NMS). Source: Nexqual, retrieved October 23, 2026 at 12:54 UTC.
Also available as compact Markdown for AI agents: nexqual.com/TMC.md
Key facts (TMC)
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $133K; 1 not under a Rule 10b5-1 plan ($133K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (6 analysts), mean target USD 10.9 (range 10–12.3).
- Total return with dividends: 1Y -65.5% vs S&P 500 +14.9%; 5Y -25.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD -0.05, revenue estimate $0K.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (TMC)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$150M | -$174M | -$72.4M | -$81.3M | -$140M | -$206M |
| Net income | -$141M | -$171M | -$73.8M | -$81.9M | -$320M | -$306M |
| EPS (diluted) | $0.69 | $0.71 | $0.26 | $0.25 | $0.83 | — |
| Free cash flow | — | — | -$60.2M | -$44.0M | -$43.1M | -$43.8M |
| Cash + short-term investments | $84.9M | $46.9M | $6.8M | $3.5M | $118M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (TMC)
FCF yield -4.02% · Earnings yield -28.05%
Insider sales (SEC Form 4, open-market, last ~7 months) (TMC)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-02 | May Brendan | Director | 20,768 | $133K | 9.7% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (TMC)
Consensus Buy (mean 1.50 on a 1–5 scale), 6 analysts; mean target USD 10.9 (low 10, high 12.3).
Total return (dividends reinvested) (TMC)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -65.5% | -25.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -65.6% | -5.8% |
| Volatility (annualized) | 90.0% | 101.2% |
| Max drawdown | -73.8% (Jan 2026→Oct 2026) | -85.9% (Nov 2021→Dec 2022) |
TMC suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Pacific Metals | “PAMCO: In November 2022, we entered into a non-binding memorandum of understanding ("MoU") with PAMCO of Japan under which PAMCO conducted a prefeasibility study of processing nodules in PAMCO's Hachinohe facility, which is located on the coast in northern Japan and is equipped with port and processing infrastructure required to receive and process polymetallic nodules and to ship products to customers.” |
| Customer | Deep Ocean Mining | “PAMCO: In November 2022, we entered into a non-binding memorandum of understanding ("MoU") with PAMCO of Japan under which PAMCO conducted a prefeasibility study of processing nodules in PAMCO's Hachinohe facility, which is located on the coast in northern Japan and is equipped with port and processing infrastructure required to receive and process polymetallic nodules and to ship products to customers.” |
| Customer | CRU International | “Metallurgical test work, market studies by CRU International Limited, value-in-use studies by SINTEF and initial engagement with customers indicate that this manganese silicate product will be a premium product with high value in use as an input into silicomanganese alloy production that we believe will receive strong market acceptance.” |
| Partner | NORI and Allseas Group | “We expect that the definitive agreement with Allseas will extend our exclusive use agreement with respect to the Hidden Gem.” |
| Partner | Allseas Investments | “On September 9, 2024, we entered into a Working Capital Loan Agreement with Allseas Investments, a company related to Allseas.” |
| Partner | Nauru Ocean Resources | “As part of the ESIA we conducted for offshore operations in the NORI Area D in partnership with world leading deep-sea research institutions and contractors, we also assessed the impacts of the NORI Area D Project on marine ecosystem function and services, including biodiversity.” |
| Partner | Low Carbon Royalties | “Barron and Shesky violated Section 20(a) of the Exchange Act, by making false and/or misleading statements and/or failing to disclose information regarding the classification of the non-financial asset received from our partnership with Low Carbon Royalties Inc. and the derecognition of the capitalized exploration contract related to NORI.” |
| Partner | Kingston Process Metallurgy | “In November 2025, we announced that we had successfully produced battery-grade, high-purity manganese sulfate from our nodule-derived manganese silicate product during bench scale trials at our partner KPM's operating facility in Ontario.” |
Quoted from the company's 10-K filed Mar 31, 2026.
TMC company outlook (results filed Aug 13, 2026)
- “Based on NOAA guidance, the Company continues to expect the permit in advance of targeted Q4 2027 offshore collection system commissioning; the rigor of NOAA's review supports the permit's long-term durability and legal defensibility and reinforces the high standards applicable to all applicants ·”
- “Allseas continued engineering, project management and vessel-use activities during the second quarter of 2026 under its definitive agreement with TMC to develop, commission and operate the Hidden Gem commercial nodule collection system, designed for a nameplate capacity of 3.0 million wet tonnes per annum ·”
- “The commercial system is expected to have a nameplate production capacity of 3.0 million wet tonnes of nodules per annum, with commissioning targeted to begin in Q4 2027, subject to regulatory approvals.”
- “If both repurchase transactions are executed, TMCR's remaining gross overriding royalty on the NORI project revenue will be 0.5%.”
Quoted word-for-word from the SEC 8-K results press release.
TMC analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.05 | $-0.05 | +0.0% | $0 | 1 |
| Next quarter (ends Dec 2026) | $-0.07 | $-0.07 | +0.0% | $0 | 1 |
| Current fiscal year (ends Dec 2026) | $-0.40 | $-0.32 | +27.0% | $0 | 4 |
| Next fiscal year (ends Dec 2027) | $-0.24 | $-0.18 | +33.3% | $21.9M | 3 |
TMC options: expected move
Options price a move of about ±18.6% (±$0.47) by Nov 13, 2026, which includes earnings on Nov 12, 2026; the earnings reaction alone is priced at about ±7.8%. Over the last 8 reports the stock moved ±8% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 93.3% | ±12.2% |
| Nov 6, 2026 | 14 | 89.4% | ±14.4% |
| Nov 13, 2026 | 21 | 95.6% | ±18.6% |
| Nov 20, 2026 | 28 | 93.8% | ±21.0% |
| Nov 27, 2026 | 35 | 93.3% | ±23.2% |
| Dec 4, 2026 | 42 | 89.6% | ±24.4% |
| Dec 18, 2026 | 56 | 88.8% | ±30.0% |
| Jan 15, 2027 | 84 | 89.9% | ±34.2% |
30-day implied volatility 86.3% vs 70.4% realized over the last 30 trading days. Put/call ratio (volume) 0.2. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 12:54 UTC)
| Price | USD 2.47 |
|---|---|
| Change | ▼ 6.79% (down) |
| Previous Close | USD 2.65 |
| Open | USD 2.54 |
| Day Range | USD 2.41 – 2.62 |
| 52-Week Range | USD 2.41 – 10.05 |
| Volume | 4,190,239 shares |
| Market Cap | $1.09B |
| Exchange | NMS |
Technical Analysis (TMC)
Nexqual's technical model rates TMC "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 12:54 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 20.25 (oversold) |
| vs SMA50 | Below (USD 3.85) |
| MACD | -0.4 (negative) |
Analyst Ratings (TMC)
Wall Street analysts rate TMC "Buy" based on 6 analysts, with a mean price target of USD 10.9 (range USD 10–12.3), per Nexqual as of October 23, 2026 at 12:54 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 6 |
| Mean Target | USD 10.9 |
| High Target | USD 12.3 |
| Low Target | USD 10 |
| Buy / Hold / Sell | 6 / 0 / 0 |
Earnings (TMC)
| Next Earnings Date | 2026-11-12 |
|---|---|
| EPS Estimate | USD -0.05 |
| Revenue Estimate | $0 |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.12 vs est -0.06 ▼ miss |
| 2026-03-31 | USD -0.05 vs est -0.05 ▲ beat |
| 2025-12-31 | USD -0.08 vs est -0.06 ▼ miss |
| 2025-09-30 | USD -0.46 vs est -0.05 ▼ miss |
Source: Nexqual, October 23, 2026 at 12:54 UTC.
Financials & Fundamentals (TMC)
| Gross Margin | +0.00% |
|---|---|
| Operating Margin | +0.00% |
| Profit Margin | +0.00% |
| ROE | -1123.19% |
| Current Ratio | 1.93 |
| Total Cash | $98.66M |
| Total Debt | $0 |
Source: Nexqual, October 23, 2026 at 12:54 UTC.
Financial Health Score (TMC)
Nexqual rates TMC the metals company Inc.'s overall financial health "Weak" across five dimensions, as of October 23, 2026 at 12:54 UTC.
| Growth | Mixed — No data |
|---|---|
| Profitability | Weak — Pre-revenue or very early stage |
| Balance Sheet | Mixed — $99M cash, no debt |
| Cash Flow | Weak — Operating cash flow -$43M (FY ended Dec 2025, 10-K) |
| Efficiency | Critical — ROE -1123%, ROA -72.5% |
Ownership (TMC)
| Insider Ownership | +46.06% |
|---|---|
| Institutional Ownership | +13.79% |
| Shares Outstanding | 441.14M |
| Float | 240.84M |
| Short % of Float | +10.63% |
Source: Nexqual, October 23, 2026 at 12:54 UTC.
Leadership (TMC)
TMC the metals company Inc. is led by Gerard Barron, CEO & Chairman of the Board, per Nexqual as of October 23, 2026 at 12:54 UTC.
| CEO & Chairman of the Board | Gerard Barron |
|---|---|
| Chief Financial Officer | Craig Shesky |
| Chief Strategy Officer | Erika Ilves |
| Chief Technology Officer | Andy Jones |
Major Backers & Investors (TMC)
Notable institutional backers of TMC the metals company Inc. include First Manhattan Co. LLC, Citadel, Millennium Management, according to Nexqual as of October 23, 2026 at 12:54 UTC.
Active Investors
| Investor | Stake |
|---|---|
| First Manhattan Co. LLC | 3.47% |
| Citadel | 0.74% |
| Millennium Management | 0.67% |
| Anson Funds Management LP | 0.6% |
| Baird Financial Group, Inc. | 0.55% |
| Jane Street Group, LLC | 0.55% |
| Susquehanna International Group, LLP | 0.54% |
| Tudor Investment Corp Et Al | 0.38% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 0.34% |
Source: Nexqual, October 23, 2026 at 12:54 UTC.
From TMC the metals company Inc.'s Latest SEC 10-K Filing (filed 2026-03-31)
Key Strengths & Strategy (as disclosed to the SEC)
- In total, over 1 petabyte of environmental data has been collected and processed.
- We develop our integrated nodule projects through deep strategic partnerships with leading offshore and onshore companies.
Partnerships
- On March 19, 2026, we signed a Strategic Partnership Agreement with Mariana focusing on the potential development of a nodule processing and refining facility in the Port of Brownsville, Texas as part of our owner's team.
- We expect that the definitive agreement with Allseas will extend our exclusive use agreement with respect to the Hidden Gem.
Legal & Regulatory Risks (Item 1A, quoted)
- Our efforts to pursue deep-sea nodule exploration licenses and a commercial recovery permit under DSHMRA may subject us to conflicting regulatory regimes, uncertain legal interpretations, and operational risks that could adversely affect our business.
- Changes to any of the laws, rules, regulations or policies to which we are subject could have a significant impact on our business.
- Our exploration, development, collecting, processing and refining activities are subject to extensive and costly environmental requirements, and current and future laws, regulations, and permits may impose significant costs, liabilities, or obligations, or could limit or prevent our ability to continue our operations as currently contemplated or to undertake new operations.
- We may become subject to environmental liabilities as a result of noncompliance with existing or future regulations.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| NEXA | Nexa Resources S.A. | USD 11.16 | ▼ 7.77% |
| SSMR | Sunshine Silver Mining & Refini | USD 13.17 | ▼ 0.83% |
| ALM | Almonty Industries Inc. | USD 8.75 | ▼ 6.32% |
| SKE | Skeena Resources Limited | USD 28.74 | ▼ 9.25% |
| USAR | USA Rare Earth, Inc. | USD 9.63 | ▼ 5.87% |
| MTRN | Materion Corporation | USD 219.12 | ▼ 12.43% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 12:54 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt