Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
TMC the metals Co Inc. (TMC)
A forensic read on TMC the metals Co Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Clean
Earnings quality
2
Forensic signals
-90.8%
ROE
$1.9B
Market cap
TMC the metals Co Inc. earns a D (Weak — demands caution) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-2406%Return on invested capital. Return on invested capital is -2406% and slipping from -2188% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+20.1%/yrShare-count dilution. Diluted share count changed +60% over the last 3 years to FY2025 (+20.1%/yr). The count is GROWING — existing holders are being diluted. That's ~20.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~60%.
Key fundamentals
Free Cash Flow$-43.1M
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🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.