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METC

Ramaco Resources, Inc.

METC

Ramaco Resources, Inc. • NASDAQ
$15.69 ▲ 0.26% (+0.04)
Market Cap $865.46 M
52w High $57.80
52w Low $6.30
Dividend Yield 0.34%
P/E -23.07
Volume 1.22M
Outstanding Shares 55.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $120.996M ▼ $16.143M ▲ $-13.31M ▲ -11% ▼ $-0.25 ▲ $9.734M ▲
Q2-2025 $152.959M ▲ $15.181M ▲ $-13.974M ▼ -9.136% ▼ $-0.26 ▼ $4.254M ▼
Q1-2025 $134.656M ▼ $14.602M ▲ $-9.457M ▼ -7.023% ▼ $-0.18 ▼ $6.427M ▼
Q4-2024 $170.892M ▲ $11.354M ▼ $3.858M ▲ 2.258% ▲ $0.072 ▲ $24.792M ▲
Q3-2024 $167.411M $12.921M $-239K -0.143% $-0.005 $19.683M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $194.646M ▲ $849.655M ▲ $322.743M ▼ $526.912M ▲
Q2-2025 $28.93M ▼ $674.646M ▼ $327.207M ▼ $347.439M ▼
Q1-2025 $44.266M ▲ $685.735M ▲ $330.487M ▲ $355.248M ▼
Q4-2024 $33.009M ▲ $674.686M ▲ $311.88M ▲ $362.806M ▲
Q3-2024 $23.664M $645.395M $283.571M $361.824M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.308M ▲ $-2.38M ▲ $-18.849M ▼ $186.945M ▲ $165.716M ▲ $-22.384M ▼
Q2-2025 $-13.974M ▼ $-4.26M ▼ $-14.099M ▲ $3.023M ▼ $-15.336M ▼ $-19.408M ▼
Q1-2025 $-9.457M ▼ $26.039M ▲ $-22.256M ▼ $6.674M ▼ $10.457M ▲ $5.726M ▲
Q4-2024 $3.858M ▲ $15.682M ▼ $-12.733M ▲ $7.191M ▲ $10.145M ▲ $4.76M ▼
Q3-2024 $-239K $37.381M $-18.119M $-23.969M $-4.707M $19.596M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Domestic Coal Revenues
Domestic Coal Revenues
 $50.00M ▲$110.00M ▲$40.00M ▼$60.00M ▲
Export Revenues
Export Revenues
 $110.00M ▲$210.00M ▲$90.00M ▼$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Ramaco’s income statement shows a classic commodity cycle story. Revenue has grown a lot compared with several years ago, but it appears to have peaked around 2022 and then softened more recently. Profitability followed the same pattern: very strong margins and earnings in the boom period, then noticeable margin compression and much thinner profits as coal pricing and costs normalized. The company is still generally profitable, but earnings per share have fallen sharply from prior highs. That suggests Ramaco is operating through a tougher phase of the met coal cycle, with less room for error on costs, production issues, or pricing. The core business can clearly generate strong profits in good markets, but results are volatile and highly exposed to commodity conditions.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily as Ramaco has grown, with total assets and shareholder equity both rising over time. That indicates the business has been reinvesting and building its asset base rather than simply shrinking or running off cash. Debt has increased from very low levels to something more meaningful, but it still appears manageable relative to the size of the company. Cash on hand is modest, so Ramaco does not have a huge liquidity cushion, and it is relying on ongoing cash generation and external financing for its growth projects. The more recent convertible notes issue adds financial flexibility but also introduces future dilution risk and more leverage to manage as large projects ramp up.

Cash Flow

Cash Flow Cash flow performance looks better than the income statement alone might suggest. Operating cash flow has grown over the past five years and has stayed solid even as reported earnings have come down from their peak. That indicates the underlying cash-earning power of the coal operations remains decent. Free cash flow has moved from negative to sustainably positive as the business scaled up, though it appears to be tightening again as capital spending stays elevated. The company is clearly investing heavily in new projects, particularly its critical minerals and advanced carbon initiatives. That means near‑term cash is being plowed back into growth, and the success of those projects will be important for justifying this higher level of investment.

Competitive Edge

Competitive Edge In its core business, Ramaco is a low‑cost producer of metallurgical coal for steelmaking, which is a real competitive advantage in a cyclical and often volatile market. Being toward the lower end of the cost curve typically allows the company to stay profitable longer than higher‑cost peers when prices weaken. Where Ramaco stands out is its attempt to build a second platform in rare earth elements and critical minerals. The Brook Mine’s unusual geology, non‑radioactive nature, and focus on high‑value magnetic rare earths and other critical elements give it a differentiated profile relative to traditional coal or standard rare earth miners. Partnership ties with U.S. government labs and the strategic positioning around domestic supply security further support its competitive narrative. However, this diversification is still mostly prospective. The coal business is proven but vulnerable to long‑term decarbonization and policy trends. The rare earth and advanced materials business could strengthen Ramaco’s position and reduce reliance on coal, but it also introduces execution, permitting, and technology risks that have not yet been fully proven at scale.

Innovation and R&D

Innovation and R&D Ramaco is unusually innovation‑heavy for a coal company. Through Ramaco Carbon and partnerships with the Department of Energy’s labs, it is working on turning coal and coal waste into advanced carbon materials such as graphene and synthetic graphite. It has built a meaningful patent and licensing portfolio around these processes. On the minerals side, the company is pursuing unconventional rare earth extraction from softer, coal‑associated rock, aiming for lower cost and less environmental complexity than traditional hard‑rock deposits. The planned pilot plant and later commercial facilities are designed to prove out these concepts and move up the value chain, with longer‑term ambitions that could include making metals, magnets, or other downstream products. All of this represents significant optionality but also high uncertainty. Many of these technologies and business lines are early‑stage, capital‑intensive, and will take years to validate commercially. The innovation engine is a clear differentiator, but it also raises the company’s risk profile if timelines slip or economics disappoint.

Summary

Ramaco Resources is in the middle of a strategic evolution. Financially, it remains a cyclical metallurgical coal producer whose revenues and earnings have already passed through a strong upcycle and are now in a slower, margin‑pressured phase. The company still generates cash and has grown its asset base and equity, but with only modest cash reserves and rising leverage, it needs its investments to pay off. Strategically, management is using the coal cash flows to fund a push into rare earth elements and advanced carbon materials. If successful, this could gradually transform Ramaco from a single‑commodity coal story into a broader critical‑materials and carbon‑technology platform, potentially less exposed to traditional coal headwinds and better aligned with long‑term industrial and security trends. The opportunity is meaningful, but so are the uncertainties. Key watch‑points include coal market conditions and cost control, progress and economics at the Brook Mine and its pilot plant, commercialization of coal‑to‑products technologies, regulatory and environmental milestones, and disciplined balance sheet management as capital spending ramps. The next several years will likely determine whether Ramaco remains primarily a coal producer with interesting side projects, or successfully becomes a diversified critical materials and carbon technology company.

NEWS

November 24, 2025 · 11:28 AM UTC

Lowey Dannenberg, P.C. is Investigating Ramaco Resources Inc. (NASDAQ: METC) for Potential Violations of the Federal Securities Laws and Encourages Investors with more than $50,000 in Losses to Contact the Firm

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November 17, 2025 · 2:30 PM UTC

Lowey Dannenberg, P.C. is Investigating Ramaco Resources Inc. (NASDAQ: METC) for Potential Violations of the Federal Securities Laws and Encourages Investors with more than $50,000 in Losses to Contact the Firm

Read more

November 14, 2025 · 8:00 AM UTC

Ramaco Resources Announces Fourth Quarter Stock Dividend for Class B Common Stock

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November 13, 2025 · 8:00 AM UTC

Ramaco Posts FAQ Section on Website for Brook Mine Project

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November 5, 2025 · 7:04 AM UTC

RAMACO RESOURCES, INC. PRICES HEDGING TRANSACTION TO PLACE BORROWED CLASS A COMMON STOCK IN CONNECTION WITH CONVERTIBLE NOTES OFFERING

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