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← CockpitCompetitor Analysis › TMQ.TO Trilogy Metals Inc.Open in the cockpit ↗

Trilogy Metals Inc.TMQ.TOCompetitor analysis, valuation and peers

Canada · CAD·Materials›Other Metals/Minerals
Momentum laggard 4
Mkt cap
$391M
US dollars, full cap
Free float
66%
of shares outstanding
$/day
$423,580
20-day average traded
P/B
3.22×
price to book
ROE
-39.3%
delivered
Implied ROE
29.5%
what the price asks
Next earnings
91 days
5 Feb 2027
Close · CADC$3.02
1D+6.7%
1W-0.3%
1M-26.2%
3M-43.0%
6M-50.3%
YTD-49.2%
1Y-46.5%
ATR %6.8%
52w lowhigh69.5% off high

What Trilogy Metals does

Employees: 13

Trilogy Metals at a glance

Size Trilogy Metals (TMQ.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $391M, the 379th largest of 420 Canada companies the cockpit tracks. Shares closed at C$3.02 on 6 Nov 2026.

Performance Over six months the shares fell 50.3%, against -36.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th lowest of 21 in its peer set.

Valuation It trades at 3.22× book value against a peer median of 2.27× (8th most expensive of 21).

Price implies The share price implies a return on equity of about 29.5%; Trilogy Metals delivers -39.3%, so the price asks more than the business earns today.

Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).

Relative performance

608010011 May 202611 Aug 20266 Nov 2026Peer median 63TMQ.TO 49
Six months, rebased to 100: Trilogy Metals against the median of its 20 peers (local-currency closes).

Trilogy Metals financials

Reported figures in CAD; fiscal year ends 2025-11-30. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueC$0C$0C$0C$0C$0
Revenue growth—————
Gross profitC$0C$0-C$5,453-C$10,809-C$22,018
EBITDA-C$17.0M-C$13.2M-C$9.13M-C$9.75M-C$8.97M
Net income-C$66.5M-C$59.2M-C$11.7M-C$20.2M-C$31.4M
Free cash flow-C$7.70M-C$4.55M-C$2.49M-C$4.18M-C$5.10M
Capital expenditureC$0C$0C$0C$0C$0
Total debtC$112,290C$154,740C$205,822C$44,743C$300,965

Quarterly statements and history in the cockpit →

Trilogy Metals competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-50%0%+50%-20%0%+20%603527600281TTSARAREGBOELZM137400WA1A4NVULSLIASHAPURMINUAMYNBG6MALOYRMNICUTMQ.TO6-month return →1-month return →
Up and to the right = strong over both horizons. Trilogy Metals is the large dot.

Fundamentals: return on equity against price-to-book

-100%-50%0%00×50×100×150×603527600281TTSARAREGBOELZMWA1A4NVULSLIASHAPURMING6MALOYRMNICUTMQ.TOReturn on equity →Price / book →
A bank or insurer earning more on its equity usually trades at a higher multiple of book; points far above the trend are priced for more. Trilogy Metals is the large dot.

Capital: ROE delivered against the ROE the price implies

0%500%1,000%1,500%2,000%0%1,000%2,000%603527600281TTSARARMTMQ.TOROE delivered →ROE the price implies →
Above the diagonal = the price asks for a higher return on equity than the business earns today. Trilogy Metals is the large dot.

Trilogy Metals competitors and peer comparison

How Trilogy Metals compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Trilogy Metals against its 20 peers (data as of 6 Nov 2026)
MeasureTMQ.TOPeer medianRank in peer set
1-month return-26.2%-14.9%5th lowest of 21
6-month return-50.3%-36.5%8th lowest of 21
Return on equity-39.3%-14.3%5th lowest of 21
Price / book3.22×2.27×8th most expensive of 21
ROE the price implies29.5%17.5%8th most demanding of 21
ROE delivered-39.3%-13.8%5th lowest of 18

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthROEPrice / bookImplied ROEDelivered ROE
Trilogy Metals TMQ.TOCanada$391M-50%n/a-39%3.22×29.5%-39.3%
Anhui Zhongyuan New Materials 603527.SSChina$396M-36%+59%1%1.25×11.2%1.1%
Shanxi Huayang New Material 600281.SSChina$385M-11%+10%-59%14.25×102.7%-59.5%
Tintina Mines TTS.VCanada$380M+219%n/a-100%173.11×2,008.6%-99.6%
Aclara Resources ARA.TOCanada$402M-50%n/a-5%1.98×12.9%-5.2%
Regulus Resources REG.VCanada$402M+15%n/a-4%8.32×26.3%-3.8%
Boss Energy BOE.AXAustralia$403M0%+100%1%1.22×12.4%0.5%
Lifezone Metals LZMUnited States$378M-30%+652%-17%4.24×39.2%n/a
People & Technology 137400.KSSouth Korea$408M-57%-18%12%0.76×6.5%12.3%
WA1 Resources WA1.AXAustralia$410M-51%n/a-2%2.71×49.1%-2.3%
Alpha HPA A4N.AXAustralia$372M-42%+135%-14%1.31×14.6%-13.5%
Vulcan Energy Resources VUL.AXAustralia$370M-70%-33%-18%0.47×9.5%-17.9%
Standard Lithium SLI.VCanada$365M-62%n/a-15%0.97×15.9%-15.5%
Ashapura Minechem ASHAPURMIN.NSIndia$421M-37%+63%28%2.41×40.7%n/a
United States Antimony UAMYUnited States$422M-74%+36%-15%2.33×13.1%-14.9%
NioCorp Developments NBUnited States$423M-52%n/a-21%0.98×6.3%n/a
Group 6 Metals G6M.AXAustralia$424M-9%+508%198%3.94×19.1%197.6%
REalloys ALOYUnited States$427M-38%+21%-150%2.21×24.0%-150.2%
Roxmore Resources RM.TOCanada$357M+65%n/a-19%6.05×97.7%-18.8%
Magna Mining NICU.TOCanada$429M-15%+299%-63%5.56×71.4%-63.0%
Central Asia Metals CAML.LUnited Kingdom$430M-17%+23%-14%0.97×15.0%-13.8%

Questions

Which companies are Trilogy Metals's closest peers?
The cockpit's peer set: Anhui Zhongyuan New Materials (603527.SS), Shanxi Huayang New Material (600281.SS), Tintina Mines (TTS.V), Aclara Resources (ARA.TO), Regulus Resources (REG.V), Boss Energy (BOE.AX), Lifezone Metals (LZM), People & Technology (137400.KS).
Is Trilogy Metals expensive compared with its peers?
On price / book it trades at 3.22× against a peer median of 2.27×, 8th most expensive of 21 in its peer set. The share price implies a return on equity of about 29.5%; Trilogy Metals delivers -39.3%, so the price asks more than the business earns today.
How has Trilogy Metals stock performed?
Over six months to 6 Nov 2026 the shares returned -50.3% against -36.5% for the median peer; over one year -46.5%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.