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Monday 2 November 2026
Export METCB’s income statement to Excel — free account
Ramaco Resources, Inc.
METCB 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.
- Revenue
- −5.33%
- EPS
- +10.3%
- Free cash flow
- +22.9%
- Total debt
- +265.6%
Quarter to June 2026, against a year earlier
4.27
0.14
+3.39%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 5 | 61 | 228 | 230 | 169 | 283 | 566 | 694 | 666 | 537 | 515 | +67.3% | — | — | — | — | |
| Gross margin, % | 15.70 | 0.84 | 22.42 | 29.43 | 13.86 | 31.05 | 41.14 | 28.80 | 19.96 | 15.51 | 14.29 | (0.2) pt | ||||||
| EBT | (8) | (15) | 25 | 30 | (8) | 44 | 146 | 105 | 15 | (62) | (76) | +26.5% | ||||||
| EBT margin, % | (144.09) | (25.26) | 11.07 | 13.07 | (4.97) | 15.67 | 25.84 | 15.09 | 2.24 | (11.58) | (14.77) | +132.5 pt | ||||||
| Net income | (8) | (15) | 25 | 25 | (5) | 40 | 116 | 82 | 11 | (51) | (62) | +23.8% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.00 | 1.62 | 5.68 | 5.64 | 3.98 | 6.45 | 12.81 | 13.72 | 12.93 | 9.15 | 7.98 | n/m | |||||
| Earnings | — | (0.41) | 0.63 | 0.61 | (0.12) | 0.90 | 2.63 | 1.77 | 0.11 | (0.99) | (1.07) | +11.6% | ||||||
| Cash flow | 0.00 | (0.23) | 0.90 | 1.04 | 0.31 | 1.21 | 4.25 | 3.19 | 2.19 | 0.03 | (0.65) | n/m | ||||||
| Capex | 0.00 | (2.00) | (1.20) | (1.12) | (0.58) | (0.67) | (2.79) | (1.64) | (1.34) | (1.10) | (1.14) | n/m | ||||||
| Free cash flow | 0.00 | (2.23) | (0.30) | (0.08) | (0.27) | 0.54 | 1.47 | 1.55 | 0.85 | (1.07) | (1.79) | n/m | ||||||
| Book value | 0.00 | 3.02 | 3.52 | 4.16 | 3.98 | 4.80 | 7.00 | 7.31 | 7.04 | 8.25 | 5.82 | n/m | ||||||
| Shares, m | — | 38 | 40 | 41 | 42 | 44 | 44 | 51 | 52 | 59 | 63 | +5.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 7.12 | 51.29 | 0.00 | 0.00 | 8.6 | |||||
| P/S | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.86 | 0.71 | 1.22 | 0.54 | 0.8 | ||||||
| P/B | 1.19 | 1.19 | 1.19 | 1.19 | 1.19 | 1.19 | 1.19 | 1.61 | 1.30 | 1.35 | 0.73 | 1.3 | ||||||
| EV/Sales | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.94 | 0.80 | 1.26 | 0.88 | 0.9 | ||||||
| EV/FCF | 100.23 | 100.23 | 100.23 | 100.23 | 100.23 | 100.23 | 100.23 | 8.30 | 12.19 | (10.81) | (3.92) | 71.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (4) | (9) | 36 | 42 | 13 | 53 | 188 | 161 | 113 | 2 | (42) | n/m | |||||
| Capex | (17) | (75) | (48) | (46) | (25) | (29) | (123) | (83) | (69) | (64) | (74) | +16.2% | ||||||
| Free cash flow | (21) | (84) | (12) | (3) | (11) | 24 | 65 | 78 | 44 | (63) | (116) | +13.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 48 | 7 | 5 | 18 | 13 | 40 | (15) | 20 | 45 | 488 | 352 | +29.4% | |||||
| Net debt | (50) | (11) | 3 | 7 | 12 | 26 | 97 | 53 | 63 | 21 | 178 | n/m | ||||||
| Shareholders’ equity | (5) | 113 | 141 | 170 | 169 | 211 | 309 | 370 | 363 | 484 | 376 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (10.77) | (11.54) | 14.91 | 12.01 | (2.15) | 14.26 | 25.08 | 12.05 | 0.73 | (5.28) | (6.76) | +5.5 pt | |||||
| ROIC | 0.00 | (9.71) | 10.49 | 10.40 | (6.58) | 10.42 | 23.17 | 14.08 | 2.44 | (6.93) | (8.19) | (6.9) pt | ||||||
| ROE | 0.00 | (28.44) | 19.70 | 16.02 | (2.89) | 20.92 | 44.61 | 22.41 | 1.34 | (11.32) | (15.89) | (11.3) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 31 | 268 | 349 | 395 | 349 | 454 | 725 | 811 | 984 | 900 | — | +45.4% | |||||
| Revenue/emp, $m | 0.17 | 0.23 | 0.65 | 0.58 | 0.48 | 0.62 | 0.78 | 0.86 | 0.68 | 0.60 | — | +15.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Ramaco Resources, Inc. vs peers in Coking Coal (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| HCC Warrior Met Coal | $4.5B | 20.7× | 13.5× | +71.31% (above 0%: growing) | +1,400.00% (above 0%: growing) | +376.32% (above 0%: growing) | 31.90% | 18.54% | Compare |
| AMR Alpha Metallurgical Resources, Inc. | $2.0B | — (loss-making) | — (loss-making) | −10.43% (below 0%: shrinking) | n/m | −128.43% (below 0%: shrinking) | 9.98% | (2.13%) | Compare |
| SXC SunCoke Energy, Inc. | $961.6M | — (loss-making) | 27.3× | +9.49% (above 0%: growing) | +650.00% (above 0%: growing) | −979.59% (below 0%: shrinking) | 21.12% | 6.10% | Compare |
| METCB Ramaco Resources, Inc. | $682.3M | — (loss-making) | — | −5.33% (below 0%: shrinking) | n/m | +22.91% (above 0%: growing) | 11.48% | (12.60%) | |
| METC Ramaco Resources, Inc. | $415.7M | — (loss-making) | — (loss-making) | −5.33% (below 0%: shrinking) | n/m | +22.91% (above 0%: growing) | 11.48% | (12.60%) | Compare |
| Median of peers | $1.5B | — | — | +2.08% | — | −52.76% | 16.30% | 1.99% |
Pay and ownership Proxy statement filed 27 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.21m | 16.19m | 719.41 |
| 2024 | 7.76m | (3.12m) | 387.59 |
| 2023 | 7.51m | 20.07m | 601.92 |
| 2022 | 5.87m | (894.65k) | 255.08 |
| 2021 | 4.36m | 16.28m | 379.89 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement