Metals Acquisition Corp. II
Metals Acquisition Corp. II Class A Ordinary Shares is a blank check equity issued by Metals Acquisition Corp. II, a special purpose acquisition company. The shares represent ownership in a company formed to pursue a merger, share exchange, asset acquisition, or similar business combination with one or more operating businesses. Its securities were initially offered as units combining Class A ordinary shares with redeemable warrants, and the Class A shares later separated for standalone trading. Based in the Cayman Islands, Metals Acquisition Corp. II operates in the shell company segment of the financial market, where such entities are used as financing and transaction vehicles for potential business combinations. The Class A Ordinary Shares are part of the company’s public capital structure and are used by investors seeking exposure to the SPAC’s transaction process rather than to an established operating business.
$10.12
-$0.02 (-0.15%)
EOD Oct 16, 2026
22.68% operating margin is above average. ROIC at 7.13%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 114.3% YoY with margins expanding 31.4pp.
Net debt of $242M represents 4.3x FCF, leverage limits flexibility.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$341M
▲ +114.3% YoY
Net Income (TTM)
-$70M
▲ +43.5% YoY
Op. Margin
22.17%
▲ +31.4pp YoY
ROIC
7.13%
▲ +10.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$58M
▲ +252.8% YoY
Op. Cash Flow (TTM)
$64M
▲ +320.2% YoY
Net Debt
$242M
Cash & Equiv.
$172M
Continue Research
Is Metals Acquisition Corp. II (MTAL) overvalued?
Metals Acquisition Corp. II (MTAL) trades below a two-stage DCF intrinsic value of about $27.81 per share, so at $10.12 the stock looks undervalued (174.9% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Metals Acquisition Corp. II scores 24/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is Metals Acquisition Corp. II's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $27.81 per share for MTAL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $20.85. At today's $10.12, that puts the stock about 174.9% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is Metals Acquisition Corp. II a high-quality business?+
Metals Acquisition Corp. II scores 24 out of 100 on Intrinsiqq's quality score, a weighted blend of 4 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 22.2% operating margin and a 7.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is Metals Acquisition Corp. II a good stock to buy right now?+
That depends on valuation and quality together, not either alone. MTAL currently trades below its estimated intrinsic value and scores 24/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.