Trilogy Metals Inc. (TMQ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-86.0%

$0.31

vs $2.22 price

Levered DCF

$0.31

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

7.89

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-17.15×	-23.56×	-4.38×	-3.46×	-11.33×	0.81×	-9×	-12.33×
P/B	5.92×	1.48×	0.47×	0.59×	1.48×	1.49×	13.33×	8.4×
P/S	0×	0×	0×	0×	0×	0×	12.67×	16.39×
EV / EBITDA	-16.18×	-19.91×	-4.19×	-3.44×	-11.07×	-22.86×	-7.94×	-11.74×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-100.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-143.6%	-129.3%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-145.3%	-132.5%
Current ratio	1.57×	32.84×	6.2×	5.45×	6.41×	10.93×	8.56×	14.26×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	-61.62×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-34.0%	-6.5%	-10.9%	-16.7%	-13.0%	88.0%	-152.8%	-67.8%
Return on invested capital	-7.6%	-5.0%	-5.2%	-4.8%	-5.2%	-6.8%	-56.0%	-40.2%
Return on assets	-26.9%	-6.4%	-10.8%	-16.6%	-12.9%	87.3%	-54.1%	-40.0%
Free cash flow yield	-0.4%	-0.9%	-4.7%	-4.6%	-2.1%	-3.0%	-9.9%	-8.2%
Earnings yield	-5.7%	-4.4%	-22.9%	-28.3%	-8.8%	59.2%	-11.5%	-8.1%
Enterprise value	$683.6M	$170.9M	$62.6M	$83.3M	$239.6M	$262.5M	$224.2M	$247.4M
Net debt / EBITDA	1.22×	2.99×	0.17×	0.1×	0.27×	0.92×	0.68×	1.09×
Cash conversion cycle (days)	0	-17,885	-6,661	-4,036	-3,563	-53	-12	-8