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Side-by-side financial comparison of TMC the metals Co Inc. (TMC) and Upstream Bio, Inc. (UPB). Click either name above to swap in a different company.
TMC the metals Co Inc. is the larger business by last-quarter revenue ($1.3M vs $668.0K, roughly 1.9× Upstream Bio, Inc.). TMC the metals Co Inc. runs the higher net margin — -3136.5% vs -6356.1%, a 3219.6% gap on every dollar of revenue.
The Metals Company, formerly DeepGreen Metals, is a Canadian deep sea mining exploration company. The company focuses on the mining of polymetallic nodules in the Clarion Clipperton Zone of the Pacific.
TCI Co., Ltd. is a Taiwanese contract development and manufacturing organization (CDMO) specialising in the research, development and production of functional beverages, dietary supplements and skincare products. Headquartered in the Neihu Technology Park in Taipei, TCI evolved from an original trading company founded in 1980 into a CDMO group serving clients across Asia, Europe and North America, and is publicly traded on Taiwan's over-the-counter market under the code 8436.
TMC vs UPB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3M | $668.0K |
| Net Profit | $-40.4M | $-42.5M |
| Gross Margin | — | — |
| Operating Margin | -3470.9% | -6911.2% |
| Net Margin | -3136.5% | -6356.1% |
| Revenue YoY | 2425.5% | — |
| Net Profit YoY | -151.5% | — |
| EPS (diluted) | $0.11 | $-0.78 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.3M | $668.0K | ||
| Q3 25 | $1.3M | $683.0K | ||
| Q2 25 | — | $937.0K | ||
| Q1 25 | — | $566.0K | ||
| Q3 24 | — | $607.0K | ||
| Q4 23 | $205.0K | — | ||
| Q3 23 | $319.0K | — | ||
| Q1 23 | $454.0K | — |
| Q4 25 | $-40.4M | $-42.5M | ||
| Q3 25 | $-184.5M | $-33.7M | ||
| Q2 25 | — | $-40.0M | ||
| Q1 25 | — | $-27.3M | ||
| Q3 24 | — | $-16.0M | ||
| Q4 23 | $-33.5M | — | ||
| Q3 23 | $-12.5M | — | ||
| Q1 23 | $-13.7M | — |
| Q4 25 | -3470.9% | -6911.2% | ||
| Q3 25 | -4134.4% | -5539.4% | ||
| Q2 25 | — | -4732.9% | ||
| Q1 25 | — | -5656.0% | ||
| Q3 24 | — | -3112.5% | ||
| Q4 23 | -16223.9% | — | ||
| Q3 23 | -3924.1% | — | ||
| Q1 23 | -2947.8% | — |
| Q4 25 | -3136.5% | -6356.1% | ||
| Q3 25 | -13780.2% | -4941.1% | ||
| Q2 25 | — | -4265.3% | ||
| Q1 25 | — | -4818.0% | ||
| Q3 24 | — | -2634.6% | ||
| Q4 23 | -16321.5% | — | ||
| Q3 23 | -3908.2% | — | ||
| Q1 23 | -3028.2% | — |
| Q4 25 | $0.11 | $-0.78 | ||
| Q3 25 | $0.46 | $-0.63 | ||
| Q2 25 | — | $-0.74 | ||
| Q1 25 | — | $-0.51 | ||
| Q3 24 | — | $-6.96 | ||
| Q4 23 | $0.12 | — | ||
| Q3 23 | $0.04 | — | ||
| Q1 23 | $0.05 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $117.6M | $341.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-33.4M | $339.8M |
| Total Assets | $181.6M | $353.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $117.6M | $341.5M | ||
| Q3 25 | $115.6M | $372.4M | ||
| Q2 25 | — | $393.6M | ||
| Q1 25 | — | $431.4M | ||
| Q3 24 | — | $220.7M | ||
| Q4 23 | $6.8M | — | ||
| Q3 23 | $22.5M | — | ||
| Q1 23 | $28.4M | — |
| Q4 25 | $-33.4M | $339.8M | ||
| Q3 25 | $-40.6M | $378.6M | ||
| Q2 25 | — | $408.7M | ||
| Q1 25 | — | $445.6M | ||
| Q3 24 | — | $-160.3M | ||
| Q4 23 | $10.9M | — | ||
| Q3 23 | $41.6M | — | ||
| Q1 23 | $41.8M | — |
| Q4 25 | $181.6M | $353.8M | ||
| Q3 25 | $175.6M | $391.2M | ||
| Q2 25 | — | $420.5M | ||
| Q1 25 | — | $456.2M | ||
| Q3 24 | — | $232.7M | ||
| Q4 23 | $68.9M | — | ||
| Q3 23 | $87.8M | — | ||
| Q1 23 | $85.5M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-11.4M | $-30.6M |
| Free Cash FlowOCF − Capex | $-11.5M | — |
| FCF MarginFCF / Revenue | -889.8% | — |
| Capex IntensityCapex / Revenue | 8.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.4M | $-30.6M | ||
| Q3 25 | $-11.5M | $-22.2M | ||
| Q2 25 | — | $-39.2M | ||
| Q1 25 | — | $-41.2M | ||
| Q3 24 | — | — | ||
| Q4 23 | $-15.2M | — | ||
| Q3 23 | $-12.5M | — | ||
| Q1 23 | $-23.5M | — |
| Q4 25 | $-11.5M | — | ||
| Q3 25 | $-11.5M | $-22.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | $-12.6M | — | ||
| Q1 23 | — | — |
| Q4 25 | -889.8% | — | ||
| Q3 25 | -859.4% | -3265.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | -3951.4% | — | ||
| Q1 23 | — | — |
| Q4 25 | 8.2% | — | ||
| Q3 25 | 1.5% | 9.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | 31.3% | — | ||
| Q1 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
