TRCGF (Thistle Resources) Debt-to-Equity: -0.45 (As of Mar. 2026)

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TRCGF Thistle Resources Inc TRCGF
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What is Thistle Resources Debt-to-Equity?

Thistle Resources TRCGF -6.25% 10 Debt-to-Equity is -0.45 as of Mar. 2026. GuruFocus rates TRCGF with a GF Score™ of 10/100. Among 1,231 Metals & Mining companies, Thistle Resources ranks worse than 81234.69% on this metric.

Thistle Resources's Short-Term Debt & Capital Lease Obligation for the quarter that ended in Mar. 2026 was $0.01 Mil. Thistle Resources's Long-Term Debt & Capital Lease Obligation for the quarter that ended in Mar. 2026 was $0.93 Mil. Thistle Resources's Total Stockholders Equity for the quarter that ended in Mar. 2026 was $-2.12 Mil. Thistle Resources's debt to equity for the quarter that ended in Mar. 2026 was -0.45.

A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.

The historical rank and industry rank for Thistle Resources's Debt-to-Equity or its related term are showing as below:

TRCGF' s Debt-to-Equity Range Over the Past 10 Years
Min: -0.59   Med: -0.49   Max: -0.02
Current: -0.45

During the past 4 years, the highest Debt-to-Equity Ratio of Thistle Resources was -0.02. The lowest was -0.59. And the median was -0.49.

TRCGF's Debt-to-Equity is not ranked
in the Metals & Mining industry.
Industry Median: 0.13 vs TRCGF: -0.45

Thistle Resources  (OTCPK:TRCGF) Debt-to-Equity Explanation

In the calculation of Debt to Equity, we use the total of Short-Term Debt & Capital Lease Obligation and Long-Term Debt & Capital Lease Obligation divided by Total Stockholders Equity. In some calculations, Total Liabilities is used to for calculation.

Be Aware

Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.

Thistle Resources Debt-to-Equity Related Terms

Thistle Resources Debt-to-Equity Historical Data

* Premium members only.

The historical data trend for Thistle Resources's Debt-to-Equity can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Thistle Resources Debt-to-Equity Chart

Thistle Resources Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Debt-to-Equity
-0.02 -0.57 -0.58 -0.49

Thistle Resources Quarterly Data
Dec22 Jun23 Dec23 Jun24 Sep24 Dec24 Mar25 Sep25 Dec25 Mar26
Debt-to-Equity Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.58 N/A -0.48 -0.49 -0.45

TRCGF vs : Debt-to-Equity Comparison

For the Other Industrial Metals & Mining subindustry, Thistle Resources's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Thistle Resources Debt-to-Equity vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Thistle Resources's Debt-to-Equity distribution charts can be found below:

* The bar in red indicates where Thistle Resources's Debt-to-Equity falls into.


TRCGF
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Thistle Resources Inc TRCGF
Debt-to-Equity is just one metric. See GF Score™, valuation, warning signs, and more.
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Thistle Resources Debt-to-Equity Calculation

Debt to Equity measures the financial leverage a company has.

Thistle Resources's Debt to Equity Ratio for the fiscal year that ended in Dec. 2025 is calculated as

Debt to Equity=Total Debt / Total Stockholders Equity
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / Total Stockholders Equity
=(0.922 + 0) / -1.886
=-0.49

Thistle Resources's Debt to Equity Ratio for the quarter that ended in Mar. 2026 is calculated as

Debt to Equity=Total Debt / Total Stockholders Equity
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / Total Stockholders Equity
=(0.014 + 0.929) / -2.119
=-0.45

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Debt-to-Equity →
What does a Debt-to-Equity of -0.45 mean?
Thistle Resources (TRCGF) has a Debt-to-Equity of -0.45 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Thistle Resources and its competitors. According to the industry distribution chart, Thistle Resources ranks #999999 out of 1231 companies in the Metals & Mining industry.
Is Thistle Resources' Debt-to-Equity too high?
Thistle Resources' current Debt-to-Equity is -0.45. Based on the distribution chart, Thistle Resources ranks #999999 out of 1231 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Thistle Resources has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does Thistle Resources' Debt-to-Equity compare to ?
According to the Metals & Mining industry distribution chart, Thistle Resources ranks #999999 out of 1231 companies for Debt-to-Equity. This places Thistle Resources in the lower half of its industry. The industry median Debt-to-Equity is 0.13. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for a Metals & Mining company?
The median Debt-to-Equity among Metals & Mining companies is 0.13, based on 1,231 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Thistle Resources and its competitors. For the Metals & Mining industry, the median Debt-to-Equity is 0.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thistle Resources's current Debt-to-Equity is -0.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thistle Resources stock overvalued right now?
Thistle Resources (TRCGF) has a current Debt-to-Equity of -0.45. The current Debt-to-Equity is -0.45. Thistle Resources' overall GF Score™ is 10/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Thistle Resources (TRCGF), the current Debt-to-Equity is -0.45 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Thistle Resources Business Description

Comparable Companies
Other Exchanges TRCG:Canada
Address 77 King Street West, Suite 3000, TD Centre North Tower, Toronto, ON, CAN, M5K 1G8
Thistle Resources Inc is engaged in base and precious metal exploration in the Bathurst Mining Camp, New Brunswick, and the Cape Breton Highlands Region, Nova Scotia. The company wholly-owns the following mineral exploration projects: Middle River Gold Project; Middle River VMS Project; Celtic Highlands Project and Alba Forks Project. It has acquired the option to purchase the mineral claims associated with the Brunswick Gold-Silver Project.
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Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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