Latest Ratios: P/E Ratio -12.9x · EV/EBITDA N/A · ROE -32.9%. (2010–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $580M | $705M | $197M | $65M | $86M | $246M | $279M | $243M | $270M | $86M | $59M |
| Enterprise Value | $528M | $654M | $171M | $63M | $83M | $240M | $269M | $224M | $247M | $80M | $52M |
| P/E Ratio → | -12.92 | — | — | — | — | — | 0.83 | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | 12.67 | 16.39 | 5.66 | 11.69 |
| P/B Ratio | 4.46 | 5.68 | 1.48 | 0.47 | 0.59 | 1.48 | 1.52 | 13.33 | 8.40 | 3.33 | 1.28 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | 11.67 | 15.00 | 5.31 | 10.23 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | -100.0% | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | -143.6% | -129.3% | -129.4% | -95.3% |
| Net Profit Margin | — | — | — | — | — | — | — | -145.3% | -132.5% | -139.8% | -96.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -32.9% | -32.9% | -6.4% | -10.6% | -15.6% | -12.4% | 160.1% | -110.6% | -75.5% | -58.8% | -10.1% |
| ROA | -29.0% | -29.0% | -6.3% | -10.5% | -15.5% | -12.3% | 136.6% | -52.5% | -46.0% | -48.5% | -9.9% |
| ROIC | -7.9% | -7.9% | -4.2% | -3.9% | -3.4% | -3.9% | -10.9% | -498.6% | -108.5% | -49.6% | -9.8% |
| ROCE | -7.3% | -7.3% | -5.0% | -5.1% | -4.5% | -4.9% | -10.8% | -54.0% | -47.9% | -47.6% | -9.9% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.41 | -0.19 | -0.02 | -0.02 | -0.04 | -0.06 | -1.05 | -0.71 | -0.21 | -0.16 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -61.34 | -331.21 | -141.07 |
Net cash position: cash ($52M) exceeds total debt ($111000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.57 | 1.57 | 32.84 | 6.20 | 5.45 | 6.41 | 10.93 | 8.56 | 14.26 | 2.14 | 26.39 |
| Quick Ratio | 1.57 | 1.57 | 32.84 | 6.20 | 5.45 | 6.41 | 10.93 | 8.56 | 14.26 | 2.14 | 26.39 |
| Cash Ratio | 1.56 | 1.56 | 32.58 | 5.57 | 4.82 | 6.12 | 10.64 | 8.15 | 13.88 | 1.86 | 25.09 |
| Asset Turnover | — | — | — | — | — | — | — | 0.37 | 0.30 | 0.37 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | 5.02 | 0.51 | 11.36 | 3.41 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 120.7% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Shares Outstanding | — | $165M | $160M | $153M | $146M | $144M | $145M | $135M | $122M | $106M | $105M |
Regulatory and Permitting Impasse
According to current market data, TMQ trades at a price-to-book ratio of 4.46, which suggests that investors are pricing in significant long-term optionality despite the company's lack of revenue and the persistent regulatory hurdles surrounding the Ambler Access Project's development timeline.
The elevated P/B ratio relative to typical industrial developers implies that the market assigns value to the geological grade of the Arctic deposit rather than current financial performance. This valuation appears highly sensitive to the binary outcome of federal permitting, as any further delays may force a re-rating of the stock toward its liquidation value.
As reported in financial statements, TMQ's ROIC has remained consistently negative, reaching -4.8% in 2026Q1, which reflects the ongoing erosion of invested capital as the company funds exploration and administrative overhead without generating any offsetting commercial returns from its joint venture interests.
The persistent negative returns on capital are a structural feature of a pre-revenue developer, indicating that capital is being consumed rather than compounded. Investors should monitor whether the joint venture with South32 can eventually transition these expenditures into productive assets, as current trends suggest a continued decay in capital efficiency.
Based on recent SEC filings, the company's current ratio of 1.46 in 2026Q1 indicates a narrowing liquidity cushion, which warrants close monitoring as the firm continues to burn through its $47.8 million cash balance to sustain operations in the absence of any revenue.
While the current ratio appears adequate for short-term obligations, the lack of operational cash flow makes the company vulnerable to any unexpected spikes in legal or permitting costs. The rapid decline in liquidity from previous quarters suggests that the company may face a capital-raising event sooner than the market currently anticipates.
As indicated by the company's financial disclosures, the use of the equity method for its 50% stake in Ambler Metals masks the true scale of project-level liabilities, which are not fully captured in the reported balance sheet figures of $33.1 million in total liabilities.
Analysts often misapply standard leverage ratios to TMQ, failing to account for the off-balance-sheet commitments inherent in the joint venture structure. Investors should look beyond the reported debt-to-equity ratio of 0.00 and instead focus on the 'look-through' cash burn of the entire project to understand the true financial risk.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying TMQ stock.
Trilogy Metals Inc.'s current P/E ratio is -12.9x. The historical average is 0.8x.
Trilogy Metals Inc.'s return on equity (ROE) is -32.9%. The historical average is -32.2%.
Based on historical data, Trilogy Metals Inc. is trading at a P/E of -12.9x. Compare with industry peers and growth rates for a complete picture.