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. 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. (METCB) Beneish M-score
Ramaco Resources, Inc.'s Beneish M-score for fiscal 2025 is −3.21; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.21 | (0.19) |
| FY2024 | −3.03 | (1.22) |
| FY2023 | −1.81 | 1.19 |
| FY2022 | −3.00 | (1.20) |
| FY2021 | −1.80 | 0.33 |
| FY2020 | −2.13 | 0.19 |
| FY2019 | −2.32 | (0.91) |
| FY2018 | −1.41 | (17.12) |
| FY2017 | 15.71 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.92 | — | 0.84 | |
| Gross margin index | 1.29 | — | 0.68 | |
| Asset quality index | 0.73 | — | 0.30 | |
| Sales growth index | 0.81 | — | 0.72 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 1.75 | — | −0.30 | |
| Total accruals to total assets | (0.05) | — | −0.22 | |
| Leverage index | 1.55 | — | −0.51 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.21 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| METC Ramaco Resources, Inc. compare | −3.2× |
| METCB Ramaco Resources, Inc. | −3.2× |
| AMR Alpha Metallurgical Resources, Inc. compare | −2.7× |
| HCC Warrior Met Coal compare | −2.4× |
| SXC SunCoke Energy, Inc. compare | −2.1× |
| AREC American Resources Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI