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METCB

Ramaco Resources, Inc.

METCB

Ramaco Resources, Inc. • NASDAQ
$12.51 ▲ 1.05% (+0.13)
Market Cap $1.11 B
52w High $22.11
52w Low $5.94
Dividend Yield 0.81%
P/E -18.4
Volume 13.32K
Outstanding Shares 88.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $120.996M ▼ $16.143M ▲ $-13.308M ▲ -10.999% ▼ $-0.27 ▲ $3.136M ▼
Q2-2025 $152.959M ▲ $15.181M ▼ $-13.974M ▼ -9.136% ▼ $-0.29 ▼ $4.254M ▼
Q1-2025 $134.656M ▼ $32.546M ▲ $-9.457M ▼ -7.023% ▼ $-0.19 ▼ $6.025M ▼
Q4-2024 $170.893M ▲ $28.462M ▼ $3.858M ▲ 2.258% ▲ $0.072 ▲ $24.792M ▲
Q3-2024 $167.411M $31.086M $-239K -0.143% $-0.005 $19.405M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $193.846M ▲ $849.655M ▲ $322.743M ▼ $526.912M ▲
Q2-2025 $28.13M ▼ $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 $22.864M $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 $-13.31M ▲ $-1.441M ▲ $-19.788M ▼ $186.945M ▲ $165.716M ▲ $-17.541M ▲
Q2-2025 $-13.974M ▼ $-4.26M ▼ $-14.099M ▲ $3.023M ▼ $-15.336M ▼ $-19.826M ▼
Q1-2025 $-9.457M ▼ $26.039M ▲ $-22.256M ▼ $6.674M ▼ $10.457M ▲ $7.566M ▲
Q4-2024 $3.858M ▲ $15.682M ▼ $-12.733M ▲ $7.191M ▲ $10.14M ▲ $6.078M ▼
Q3-2024 $-239K $37.381M $-18.119M $-23.969M $-4.688M $19.596M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Domestic Coal Revenues
Domestic Coal Revenues
 $60.00M ▲$50.00M ▼$110.00M ▲$40.00M ▼
Export Revenues
Export Revenues
 $100.00M ▲$110.00M ▲$230.00M ▲$90.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown sharply from its early days and then leveled off more recently, suggesting the big ramp‑up phase in the coal business may be behind them for now. Profitability is still positive but has stepped down from prior peak years, which likely reflects softer coal pricing, higher costs, or both. Margins remain decent for a coal producer, yet the trend is toward tighter profits rather than expanding ones. Overall, the income statement shows a solid but now more mature coal business that is being used as a cash engine to support new growth areas.

Balance Sheet

Balance Sheet The balance sheet shows a business that has scaled up its asset base meaningfully over the last few years and then held it roughly steady, which fits a company that has already built much of its core mining footprint. Debt has increased from very low levels to a more noticeable but still manageable level, while equity has steadily grown, indicating retained earnings and a stronger capital base. Cash on hand is modest, so the company is not sitting on large reserves but appears to be operating with a lean liquidity profile. Overall, financial leverage looks reasonable for a cyclical resource company, but not conservative enough to ignore swings in coal and future mineral markets.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and has improved over time, which points to a coal business that reliably turns production into cash. Capital spending has been sizable but largely funded from internal cash generation, allowing the company to post mostly positive free cash flow after investments. This pattern suggests disciplined investment rather than an all‑or‑nothing bet on new projects. The key question going forward will be whether the cash coming from coal is sufficient to fund the much more ambitious critical minerals and advanced carbon plans without straining the balance sheet.

Competitive Edge

Competitive Edge In its traditional metallurgical coal business, Ramaco is one of many players in a commodity market, so pricing power is limited and driven heavily by global steel demand. Where the company stands out is its Brook Mine in Wyoming, which appears to hold a large, unconventional rare earth deposit that could be lower‑cost and easier to process than typical hard‑rock deposits. The partnership with the U.S. Department of Energy and the planned critical minerals stockpile with Goldman Sachs both enhance credibility and could position Ramaco as a key node in the domestic supply chain. That said, these advantages are still in the build‑out stage, and the company must prove it can move from promising geology and partnerships to reliable, large‑scale production and services.

Innovation and R&D

Innovation and R&D Ramaco is investing heavily in becoming more than a coal miner, with research focused on extracting rare earth elements and turning coal into higher‑value carbon products. The DOE collaboration and the growing patent portfolio around graphene, carbon fiber, and synthetic graphite suggest a genuine, science‑driven innovation effort rather than simple rebranding. Their Wyoming research campus and work on advanced computing, AI, and even quantum tools for discovery indicate a long‑term, experimental mindset aimed at building a differentiated technology base. However, most of these technologies are still early, so there is meaningful execution risk in scaling them up, proving commercial use cases, and winning offtake agreements in batteries, composites, and other advanced materials markets.

Summary

Ramaco today looks like a profitable, mid‑scale coal company using its cash flows to fund a bold pivot into critical minerals and advanced carbon materials. The core coal operations appear stable but no longer on a rapid growth path, with profits coming down from earlier highs yet still supporting reinvestment. Financially, the company carries manageable leverage and generally funds investments from internal cash, but it does not have a large cash cushion, so missteps in major projects could matter. Strategically, the rare earth opportunity at Brook Mine, the DOE and Goldman Sachs partnerships, and the carbon‑to‑products R&D platform give Ramaco a potentially distinctive position well beyond traditional coal. The main trade‑off is clear: if the new technologies and projects scale as planned, Ramaco could transform its business mix; if they stumble, the company remains heavily tied to a cyclical and environmentally sensitive coal market.

NEWS

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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October 31, 2025 · 8:00 AM UTC

Ramaco Resources to Collaborate with Goldman Sachs on Strategic Initiative to Establish First National Critical Minerals Stockpile

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October 30, 2025 · 5:15 PM UTC

Ramaco and U. S. Department of Energy's (DOE) National Energy Technology Laboratory (NETL) Execute Far-Reaching Strategic Agreement on Rare Earths and Critical Minerals

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October 27, 2025 · 4:15 PM UTC

RAMACO RESOURCES REPORTS THIRD QUARTER 2025 RESULTS

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