Ramaco Resources Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow rather than red: there is no documented threat to the substance of the business. As of March 31, 2026 the company held $355.2 million of cash and $488.8 million of liquidity against $452.1 million of financial debt, $345.0 million of which is interest-free until 2031; net financial debt is roughly $97 million against $437.0 million of equity, cash interest paid in the quarter was $2.3 million, there is no going-concern language, the $350.0 million credit facility runs to the end of 2030, and the control weakness reported in 2024 was considered remediated as of December 31, 2025. The first-quarter 2026 outflow from operations and investment ($51.6 million) would leave roughly seven quarters of runway, and much of it was inventory and receivables build: excluding working capital swings of $32.9 million, cash from operations was only about negative $1.7 million. Yellow rather than green: revenue has fallen for three straight years, the result swung to a $51.4 million loss in 2025, cash from operations collapsed to $2.0 million and turned negative in the first quarter of 2026, and cash margin per ton fell from $24 to $16 within a year — while the second leg the market narrative rests on has never booked a dollar of revenue, costs $18.3 million a year and was downgraded in the company's own annual report on July 24, 2026, at the regulator's prompting, from a viable project to an exploration stage property. That both classes together cost on the order of $0.6 billion to $0.75 billion — depending on whether one applies the documented Class B closing price of June 12, 2026 or the fundamental data as of July 30, 2026 — is a price argument, does not set the colour, but belongs on the table. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Ramaco Resources is the engineering study trap in its purest form: two genuine engineering studies, both at the lowest accuracy tier — and it took the U.S. securities regulator, the SEC, to make the label say so. On July 24, 2026 the company deleted the statements asserting the technical and economic viability of its Brook Mine project from its annual report in response to comments from the regulator's staff, and the same day swapped the September 2025 shareholder letter for a version without margin, cash flow and valuation tables. Five days later a new letter arrived carrying an internally prepared $8.0 billion net present value against an estimated $4.0 billion of capital cost. Underneath it works a very low-cost coal producer that lost $51.4 million in 2025, whose cash from operations collapsed to $2.0 million and whose half billion of liquidity came from the capital market rather than from mining. Not investment advice.
Cost position in the core business
Cash cost of $98 per ton in the first quarter of 2026 — a third consecutive quarter below $100, achieved without wage cuts and despite diesel prices roughly 23 percent higher. On top of that, 3.5 million tons were already committed for 2026 as of April 30, 2026, which is 90 percent of guidance at the 3.9 million ton midpoint. In a market where competitors are idling production, that is a documented advantage.
Earnings and cash generation
Revenue down for three straight years ($693.5 million to $666.3 million to $536.6 million), net income swung from +$82.3 million (2023) to −$51.4 million (2025), with a further $18.3 million loss in the first quarter of 2026. Cash from operating activities fell from $161.0 million to $2.0 million (2025) and was negative $34.6 million in the first quarter of 2026. Cash margin per ton fell from $24 to $16 within a year.
The Brook Mine project
The rare earths segment booked no revenue in 2025 or the first quarter of 2026 and cost $18.3 million and $6.6 million respectively. On July 24, 2026, in response to comments from the SEC staff, Ramaco had to delete the statements asserting technical and economic viability from its annual report; the $8.0 billion net present value published on July 29, 2026 is, per its own footnote, an internal estimate resting on 100 percent inferred resources with no sensitivity analysis.
Balance sheet and funding
As of March 31, 2026 the company held $355.2 million of cash, $488.8 million of liquidity and $437.0 million of equity against $452.1 million of financial debt — $345.0 million of it interest-free until 2031. Net financial debt is roughly $97 million and cash interest paid in the quarter was only $2.3 million. But the money came from a $189.0 million equity offering and $398.5 million of notes issued in 2025, not from operations — and the planned project carries $4.0 billion of pre-production capital cost by the company's own estimate.
Capital structure and governance
Two share classes, of which Class B (11.37 million shares as of May 8, 2026) conveys no direct claim on the internal unit CORE; the board may redefine CORE assets and per-ton fees without shareholder approval and may exchange all Class B shares into Class A. Add up to roughly 14.2 million additional shares from the convertible and 4,000,000 new shares in the incentive plan since June 10, 2026. On the positive side: the control weakness reported in 2024 was considered remediated as of December 31, 2025.
Worth Noting
Ramaco Resources reached our research list through routine review of new SEC filings: on July 24, 2026 an amended annual report (10-K/A) and an amended current report (8-K/A) arrived on the same day. This article reflects the state of play as of July 31, 2026; second-quarter 2026 results were scheduled for August 5, 2026 at that time.
A caution on data feeds: Ramaco has two listed share classes. The share count in the fundamental data shows only the 53,804,858 Class A shares and omits the 11,370,005 Class B shares — around 17 percent of all shares. The dated anchor used in this analysis is the Class B closing price of June 12, 2026 ($11.43) documented in the current report of June 15, 2026; because no Class A price is documented in any filing, it is applied there as well for want of a better anchor. The market capitalization of both classes is therefore given as a range: roughly $0.6 billion to $0.75 billion (fundamental data as of July 30, 2026: roughly $0.63 billion).
The Brook Mine figures (net present value $8.0 billion, annual adjusted EBITDA $1.3 billion, pre-production capital cost $4.0 billion) are expressly Ramaco's internal estimates based on the Hatch conceptual study. They are not independently verified, were not prepared under Subpart 1300 of Regulation S-K and rest on 100 percent inferred resources. A regulator-compliant technical report is announced for the end of 2026. "Segment adjusted EBITDA" is a company-defined non-GAAP measure.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 8.90 $ to 54.60 $ · Last price: 9.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Coking Coal
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Ramaco Resources Inc METC | 0.6 | – | 1,160.9 | 14.3 | -20.0 | -19.5 | -62.4 |
| Warrior Met Coal Inc HCC | 4.9 | 32.7 | 10.6 | 30.6 | 17.3 | -14.1 | 45.7 |
| Alpha Metallurgical Resources Inc AMR | 2.4 | – | 21.0 | 10.0 | -3.1 | -28.0 | 16.2 |
| SunCoke Energy Inc SXC | 0.8 | – | 10.9 | 18.1 | – | -5.1 | 31.2 |
| Ramaco Resources Inc. METCB | 0.3 | – | 1,160.9 | 14.3 | -12.6 | -19.5 | -64.6 |
| Median of companies shown | 0.8 | – | 21.0 | 14.3 | -7.9 | -19.5 | 16.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 5 | -8 | -8 | -0.19 | -4 | 84 | 119 |
| 2017 | 61 | -16 | -15 | -0.41 | -9 | 113 | 148 |
| 2018 | 228 | 24 | 25 | 0.62 | 36 | 141 | 188 |
| 2019 | 230 | 30 | 25 | 0.61 | 42 | 170 | 227 |
| 2020 | 169 | -19 | -5 | -0.12 | 13 | 169 | 229 |
| 2021 | 283 | 40 | 40 | 0.90 | 53 | 211 | 329 |
| 2022 | 566 | 150 | 116 | 2.60 | 188 | 309 | 596 |
| 2023 | 694 | 95 | 82 | 1.84 | 161 | 370 | 666 |
| 2024 | 666 | 17 | 11 | 0.25 | 113 | 363 | 675 |
| 2025 | 537 | -56 | -51 | -1.03 | 2 | 484 | 1,141 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.13 | -23.50 | 155 | 13.00 | 3.60 | 34 | 13 |
| 2024: Q3 | -0.03 | -106.70 | 167 | -10.50 | -0.10 | 37 | 20 |
| 2024: Q4 | 0.06 | -90.00 | 171 | -15.70 | 2.30 | 16 | 5 |
| 2025: Q1 | -0.19 | -480.00 | 135 | -22.00 | -7.00 | 26 | 6 |
| 2025: Q2 | -0.29 | -323.10 | 153 | -1.50 | -9.10 | -4 | -19 |
| 2025: Q3 | -0.25 | -733.30 | 121 | -27.70 | -11.00 | -2 | -22 |
| 2025: Q4 | -0.26 | -533.30 | 128 | -25.10 | -11.50 | -18 | -46 |
| 2026: Q1 | -0.30 | -57.90 | 122 | -9.70 | -15.10 | -35 | -52 |
| 2026: Q2 | – | – | 145 | -5.40 | -10.60 | 12 | 12 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.95 | -1.07 – -0.78 | 571 | 4.0% | 3 |
| 12/31/2027 | 0.22 | -0.14 – 0.71 | 695 | 123.5% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Kein wesentlicher KI-Bezug: In allen sieben ausgewerteten Filings — Geschäftsberichte 10-K für 2025 und 2024, geänderter Geschäftsbericht 10-K/A für 2025 und die Quartalsberichte 10-Q zum 31.03.2026, 30.09.2025, 30.06.2025 und 31.03.2025 — gibt es keinen einzigen Treffer für „artificial intelligence“, „machine learning“, „generative“ oder „AI“; das Technologie-Kapitel (Item 1C Cybersecurity) beschreibt ausschließlich fremdverwaltete IT-Infrastruktur, und die einzige eigene Forschung betrifft fortgeschrittene Kohlenstoffprodukte sowie Seltene Erden am Explorationsobjekt Brook Mine.
View the full file — quotes, sources, reviewed filings
„We have become increasingly dependent upon technology, including information systems as well as infrastructure and cloud applications and services. These technologies are used to operate our businesses, process and record financial and operating data, communicate with our business partners, analyze mining information, estimate quantities of coal reserves, and perform other activities related to our business."
Wir sind zunehmend von Technologie abhängig geworden, einschließlich Informationssystemen sowie Infrastruktur- und Cloud-Anwendungen und -Diensten. Diese Technologien werden eingesetzt, um unsere Geschäfte zu betreiben, Finanz- und Betriebsdaten zu verarbeiten und zu erfassen, mit unseren Geschäftspartnern zu kommunizieren, Bergbau-Informationen auszuwerten, Kohlemengen zu schätzen und weitere Tätigkeiten im Zusammenhang mit unserem Geschäft auszuführen.
10-K/A · 2026-07-24 · View SEC filing
„Ramaco uses third parties to manage its information technology (“IT”) infrastructure. The Company’s process for assessing, identifying, and managing material cybersecurity risks includes the following activities, all of which are performed or assisted by third parties with considerable experience providing managed IT and security services or IT assurance services:"
Ramaco lässt seine IT-Infrastruktur von Dritten verwalten. Der Prozess des Unternehmens zur Beurteilung, Erkennung und Steuerung wesentlicher Cybersicherheitsrisiken umfasst die folgenden Tätigkeiten, die alle von Dritten mit erheblicher Erfahrung im Bereich verwalteter IT- und Sicherheitsdienste oder IT-Prüfungsdienste ausgeführt oder unterstützt werden:
10-K/A · 2026-07-24 · View SEC filing
Filings Reviewed: 10-Q 2026-05-11 · 10-K/A 2026-07-24 · 10-K 2026-02-26 · 10-Q 2025-10-28 · 10-Q 2025-08-01 · 10-Q 2025-05-12 · 10-K 2025-03-17
Rated on July 31, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -1.7%
- More than 10% revenue growth is expected for the coming year -70.0%
- Share count grows by less than 3% a year 3.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -30.8%
- Gross margin at 40% or higher and without meaningful erosion 2.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 1.8 x EBITDA
- Operating cash flow covers the profits of the last three years 234 m
- Return on capital at 15% or higher, or up versus two years ago -5.4%
- Insiders hold at least 10% or are net buyers 10.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 67.3%
- Exp. sales growth 3Y > 5% 13.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 13.8%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -10.6%
- ROCE > 15% -5.4%
- Expected return > 10% 2.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 2, 2026 | Leidel Peter A | Director | Other | 46,777 | 0.00 | – |
| Sep 2, 2026 | Leidel Peter A | Director | Other | 1,000,000 | 0.00 | – |
| Sep 2, 2026 | Lawrence Bryan H. | Director | Other | 88,135 | 0.00 | – |
| Sep 2, 2026 | Lawrence Bryan H. | Director | Other | 1,000,000 | 0.00 | – |
| Aug 6, 2026 | Discovery Capital Management, Llc / Ct | 10% Owner | Sell | 500,000 | 9.57 | 4,785,000 |
The company
About the Company
Ramaco Resources, Inc. engages in the development, operation, and sale of metallurgical coal. The company's development portfolio includes the Elk Creek project that covers an area of approximately 20,200 acres located in southern West Virginia; the Berwind property covering an area of approximately 62,500 acres situated on the border of West Virginia and Virginia; the Knox Creek property, which covers an area of approximately 88,850 acres is located in Virginia; the Maben property covering an area of approximately 28,000 acres located in southern West Virginia; and the Brook Mine property that covers an area of approximately 15,800 acres located in northeastern Wyoming. It serves blast furnace steel mills and coke plants in North America, as well as metallurgical coal consumers internationally. Ramaco Resources, Inc. was founded in 2015 and is based in Lexington, Kentucky.
- Employees
- 900
- Headquarters
- Lexington, KY
- Address
- 250 West Main Street, 40507 Lexington, United States
- Phone
- 859 244 7455
- Website
- ramacoresources.com
- IPO Date
- 02/03/2017
- ISIN
- US75134P6007
- Stock Split
- 1014:1000 on 02/28/2025
- Stock Split
- 101:100 on 12/02/2024
Management
| Name | Title | Birth Year |
|---|---|---|
| Randall W. Atkins J.D. | Founder, Chairman & CEO | 1953 |
| Evan H. Jenkins | Secretary, Chief Administrative Officer & Vice-Chairman | 1961 |
| Jeremy Ryan Sussman | Executive VP & CFO | 1983 |
| Jason T. Fannin | Executive VP, Chief Commercial Officer & Chief Marketing Officer | 1974 |
| Christopher L. Blanchard | Executive Vice President of Mine Planning and Development | 1975 |
| Paul B. Horn | Executive Vice President of Mine Operations | 1972 |
| Sabrina Duba | Senior Vice President of Operations | – |
| John C. Marcum | EVP of Production & Chief Accounting Officer | 1965 |
| J. Tyler Adkins | General Counsel & Assistant Secretary | – |
| James Scott Kreutzer | Executive Vice President for Western Operations | 1971 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.