Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
TMC the metals Co. Inc.TMC · other
GradeNonecomputable_factors_below_threshold: 4 of 14 inputs computable; 7 are required
Reliability0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025
Peer failure rate1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$120M to $591M assetstotal assets $181.6M[1]
Warningslate filer, thin datanot computable: degenerate inputs, distress, fortress balance sheet
Inputs computable4 of 14
Graded fromfilings received through Mar 31, 2026192 days before the rescan; every figure keyed to the SEC receipt date
Last close$3.442026-10-08; market equity $1.5B; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$5$10NovDecJanFebMarAprMayJunJulAugSepOct$3.43
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2021nonen/aQ3
Apr 21, 2023nonen/aQ2
Apr 21, 2026nonen/aQ3

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 31, 2026; the document on sec.gov.

We are a deep seabed minerals developer focused on the collection, processing and refining of polymetallic nodules found on the seafloor in international waters of the Clarion Clipperton Zone (“CCZ”), approximately 1,500 miles (or 2,400 kilometers) south-west of San Diego, California. The CCZ is a geological submarine fracture zone of abyssal plains and other formations in the Eastern Pacific Ocean, with a length of around 7,240 kilometers (4,500 miles) that spans approximately 4,500,000 square kilometers (1,737,000 square miles).

Warnings [top]

Late filer. found 1 NT 10-K/Q filings in the last eight quarters
Thin data. 4 of 14 grade factors are computable; minimum is 7

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 0.4
Gross profitabilitynot computable27.1%
one or more required annual facts are missing
Return on invested capitalnot computable10.0%
one or more required annual facts are missing
Accruals ratio(226.5%)[1-4](5.9%)0.45062025-12-31
Gross margin stability, five yearsnot computable2.2 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 60.6
Twelve-month failure probabilitynot computable0.04%
latest liabilities, cash plus short-term investments, book equity, and shares are required
Altman Z double-prime(20.21)[1,5-10]2.0594.33862025-12-31
Net debt to EBITDAnot computable2.52x
one or more required annual facts are missing
Interest coveragenot computable2.18x
one or more required annual facts are missing
Current ratio2.03x[5-6]1.32x26.95062025-12-31
Growth and financing, sleeve percentile 90.7
Revenue growth, three-year compoundnot computable5.1%
four annual observations are required; found 0
Free cash flow growth, three-year compoundnot computable8.7%
four consecutive annual FCF observations are required; found 2
Reinvestment ratenot computable11.9%
one or more required annual facts are missing
Asset growth, three yearsnot computable4.1%
four consecutive annual observations are required
Net share issuance, one year24.5%[11-12](0.4%)90.73562026-03-27

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 336 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month(25.1%)2.0%22hotter than 22 of 100 peers
Distance from 52-week high(67.9%)(26.8%)7closer to its high than 7 of 100 peers
EBIT to enterprise valuenot computable4.4%required accounting or market input is missing
Free cash flow yield(2.8%)4.1%19pricier than 81 of 100 peers
Book value to price(0.02)0.349pricier than 91 of 100 peers
Sales to pricenot computable0.70required accounting or market input is missing
Composite equity issuance, five yearsnot computable(8.8%)a share count from five years earlier is required
Relative strength against the sector, log excess return(0.44)(0.13)22ahead of 22 of 100 peers

Inputs: market equity $1.5B; EBIT -$140.1M; free cash flow -$43.1M; book equity -$27.4M; cash $98.7M[13].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(507.7%)✗ fail[2,4]
Operating cash flow above zero-$42.9M✗ fail[3]
Return on assets improved(388.8 pts)✗ fail[2,4,14-15]
Operating cash flow exceeds net income$277.0M✓ pass[2-3]
Long-term leverage felln/a[1,4,15]
Current ratio improved193.4 pts✓ pass[5-6,16-17]
No new shares issued24.5%✗ fail[11-12]
Gross margin improvedn/a
Asset turnover improvedn/a[4,15]
Cash, filings, liquidity
Cash and equivalents$98.7M[18]
Operating cash flow, four quarters-$43.6M[3,18-22]
Months of runway27.2
Late filings, two years1
NT 10-K or NT 10-Q
Days since last periodic filing57
10-Q received Aug 13, 2026
Median daily dollar volume$17.7M
63 sessions
Days since newest grade input192

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$181.6M2025-12-312026-03-3110-Kfiling · viewer · series
2net incomeus-gaap:NetIncomeLoss-$319.8M2025-12-312026-03-3110-Kfiling · viewer · series
3operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$42.9M2025-12-312026-03-3110-Kfiling · viewer · series
4assetsus-gaap:Assets$63.0M2024-12-312026-03-3110-Kfiling · viewer · series
5current assetsus-gaap:AssetsCurrent$120.7M2025-12-312026-03-3110-Kfiling · viewer · series
6current liabilitiesus-gaap:LiabilitiesCurrent$59.4M2025-12-312026-03-3110-Kfiling · viewer · series
7retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$951.3M2025-12-312026-03-3110-Kfiling · viewer · series
8operating incomeus-gaap:OperatingIncomeLoss-$140.1M2025-12-312026-03-3110-Kfiling · viewer · series
9book equityus-gaap:StockholdersEquity-$33.4M2025-12-312026-03-3110-Kfiling · viewer · series
10liabilitiesus-gaap:Liabilities$215.1M2025-12-312026-03-3110-Kfiling · viewer · series
11shares outstandingdei:EntityCommonStockSharesOutstanding433,188,1872026-03-272026-03-3110-Kfiling · viewer · series
12shares outstandingdei:EntityCommonStockSharesOutstanding347,910,7422025-03-202025-03-2710-Kfiling · viewer · series
13shares outstandingdei:EntityCommonStockSharesOutstanding441,135,4822026-08-112026-08-1310-Qfiling · viewer · series
14net incomeus-gaap:NetIncomeLoss-$81.9M2024-12-312026-03-3110-Kfiling · viewer · series
15assetsus-gaap:Assets$68.9M2023-12-312025-03-2710-Kfiling · viewer · series
16current assetsus-gaap:AssetsCurrent$5.3M2024-12-312026-03-3110-Kfiling · viewer · series
17current liabilitiesus-gaap:LiabilitiesCurrent$54.5M2024-12-312026-03-3110-Kfiling · viewer · series
18cashus-gaap:CashAndCashEquivalentsAtCarryingValue$98.7M2026-06-302026-08-1310-Qfiling · viewer · series
19operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$20.7M2026-06-302026-08-1310-Qfiling · viewer · series
20operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$615,0002026-03-312026-05-1410-Qfiling · viewer · series
21operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$31.5M2025-09-302025-11-1310-Qfiling · viewer · series
22operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$20.0M2025-06-302026-08-1310-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026