Ramaco Resources, Inc.
METC Basic Materials Coking Coal
Ramaco Resources, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $536.6 million, down 19.5% from fiscal 2024. In the quarter to June 2026, revenue fell 5.33%, EPS grew 10.3%, free cash flow grew 22.9% and total debt rose 265.6%, each against the same quarter a year earlier.
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Ramaco Resources, Inc. (METC) Altman Z-score
Ramaco Resources, Inc.'s Altman Z-score for fiscal 2025 is 1.79, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.79 | (0.51) |
| FY2024 | 2.30 | (1.16) |
| FY2023 | 3.46 | 0.59 |
| FY2022 | 2.87 | (1.70) |
| FY2021 | 4.57 | 2.78 |
| FY2020 | 1.80 | (1.34) |
| FY2019 | 3.14 | (0.91) |
| FY2018 | 4.05 | (0.09) |
| FY2017 | 4.15 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.43 | — | 0.51 | |
| Retained earnings / total assets | 0.00 | — | −0.00 | |
| EBIT / total assets | (0.05) | — | −0.16 | |
| Market value of equity / total liabilities | 1.61 | — | 0.96 | |
| Sales / total assets | 0.47 | — | 0.47 | |
| Altman Z-score | Distress zone | 1.79 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.25 | ||
Z and Z″ put Ramaco Resources, Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| HCC Warrior Met Coal compare | 6.0× |
| AMR Alpha Metallurgical Resources, Inc. compare | 4.6× |
| METC Ramaco Resources, Inc. | 1.8× |
| SXC SunCoke Energy, Inc. compare | 1.5× |
| METCB Ramaco Resources, Inc. compare | 1.4× |
| AREC American Resources Corporation compare | −1.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets