Ramaco Resources, Inc. METC
Ramaco Resources, Inc. (the "Company," "Ramaco," "we," "us," or "our") is a Delaware corporation formed in October 2016. Our principal corporate and executive offices are located in Lexington, Kentucky with operational offices in Charleston, West Virginia and Sheridan, Wyoming. We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as to international metallurgical coal consumers. In mid-2025, we initiated development of our rare earth element and critical mineral operations near Sheridan, Wyoming (the "Brook Mine"). The Brook Mine initially produced
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $536.6M | $666.3M | $693.5M | $565.7M | $283.4M | $168.9M | $168.9M | $227.6M | $61.0M | $5.2M |
| Cost of revenue | $453.4M | $533.3M | $493.8M | $333.0M | $195.4M | $145.5M | $162.5M | $176.6M | $60.5M | $2.6M |
| Gross profit | $83.2M | $133.0M | $199.7M | $232.7M | $88.0M | $23.4M | $6.4M | $51.0M | $515.0K | $2.6M |
| SG&A | $69.4M | $49.3M | $48.8M | $40.0M | $21.6M | $21.0M | $18.2M | $14.0M | $12.6M | $7.5M |
| Total operating expenses | $592.6M | $649.7M | $598.3M | $415.3M | $243.9M | $188.0M | $200.7M | $203.5M | $76.9M | $12.7M |
| Operating income | -$56.0M | $16.6M | $95.2M | $150.4M | $39.5M | -$19.1M | $29.5M | $24.1M | -$15.9M | -$7.5M |
| Interest expense | $7.8M | $6.1M | $8.9M | — | $2.6M | $1.2M | $1.2M | $1.4M | $23.0K | $124.0K |
| Pre-tax income | -$62.1M | $14.9M | $104.7M | $146.2M | $44.4M | -$8.4M | $30.1M | $25.2M | -$15.4M | -$7.5M |
| Income tax | $10.7M | $3.7M | $22.4M | $30.2M | $4.6M | $3.5M | $5.2M | $113.0K | $0 | $0 |
| Net income | -$51.4M | $11.2M | $82.3M | $116.0M | $39.8M | -$4.9M | $24.9M | $25.1M | -$15.4M | -$7.5M |
| EPS, basic | -0.99 | 0.11 | 1.77 | 2.63 | 0.90 | -0.12 | 0.61 | 0.63 | -0.41 | — |
| EPS, diluted | -0.99 | 0.11 | 1.73 | 2.60 | 0.90 | -0.12 | 0.61 | 0.62 | -0.41 | — |
| Shares, diluted (wtd. avg.) | — | — | — | $44.7M | $44.3M | $42.5M | $40.8M | $40.3M | $37.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $440.3M | $33.0M | $42.8M | $36.5M | $22.8M | $6.7M | $6.9M | $7.4M | $6.2M | $5.2M |
| Short-term investments | — | — | — | — | — | — | — | — | $5.2M | $55.2M |
| Receivables | $54.4M | $73.6M | $96.9M | $41.2M | $44.5M | $20.3M | $19.3M | $10.7M | $7.2M | $914.7K |
| Inventory | $87.2M | $43.4M | $37.2M | $45.0M | $15.8M | $11.9M | $15.3M | $14.2M | $10.1M | $1.5M |
| Total current assets | $597.6M | $167.6M | $189.7M | $147.5M | $86.8M | $42.5M | $44.3M | $35.0M | $29.5M | $63.3M |
| Property, plant and equipment | $511.9M | $482.0M | $459.1M | $429.8M | $227.1M | $180.5M | $178.2M | $149.2M | $115.5M | $46.4M |
| Total assets | $1.14B | $674.7M | $665.8M | $596.3M | $329.0M | $228.6M | $226.8M | $188.2M | $148.1M | $119.2M |
| Accounts payable | $41.6M | $48.9M | $51.6M | $34.8M | $15.3M | $11.7M | $10.7M | $16.4M | $19.5M | $9.0M |
| Short-term debt | $56.0K | $359.0K | $56.5M | $35.6M | $7.7M | $4.9M | $3.3M | $5.0M | — | — |
| Total current liabilities | $109.5M | $122.4M | $170.0M | $162.8M | $46.7M | $29.1M | $26.4M | $29.8M | $22.4M | $15.4M |
| Long-term debt | $467.6M | $57.0K | $349.0K | $18.8M | $3.3M | $12.6M | $9.6M | $4.5M | — | — |
| Total liabilities | $657.0M | $311.9M | $296.2M | $287.1M | $118.0M | $59.5M | $56.7M | $47.1M | $34.7M | $35.4M |
| Retained earnings | -$311.0K | $69.5M | $91.9M | $140.0M | $47.1M | $9.8M | $14.7M | -$10.2M | -$35.3M | -$18.3M |
| Total equity | $483.6M | $362.8M | $369.6M | $309.2M | $211.1M | $169.1M | $170.1M | $141.1M | $113.4M | -$5.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.0M | $112.7M | $161.0M | $187.9M | $53.3M | $13.3M | $42.4M | $36.2M | -$8.5M | -$3.9M |
| Depreciation and amortisation | $68.2M | $65.6M | $54.3M | $41.2M | $26.2M | $20.9M | $19.5M | $12.4M | $3.2M | $252.0K |
| Stock-based compensation | $17.6M | $17.5M | $12.9M | $8.2M | $5.3M | $4.1M | $4.1M | $2.6M | $2.8M | $299.0K |
| Capital expenditure | $62.8M | $55.2M | $82.9M | $123.0M | $29.5M | $24.8M | $45.7M | $48.1M | $75.0M | $16.7M |
| Investing cash flow | -$83.7M | -$70.8M | -$72.2M | -$145.7M | -$59.6M | -$24.8M | -$45.7M | -$42.9M | -$19.8M | -$77.5M |
| Financing cash flow | $489.0M | -$50.8M | -$82.5M | -$28.5M | $22.4M | $11.3M | $2.8M | $7.9M | $29.3M | $85.5M |
| Dividends paid | $4.3M | $24.6M | $25.8M | $20.0M | $20.0M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-086668.
Others in SIC 1220
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| HCC | WARRIOR MET COAL, INC. | $5.52B | 96.7x | -14.1% |
| CNR | Core Natural Resources, Inc. | $4.94B | — | 92.4% |
| AREC | American Resources Corp | $259.9M | 3.9x | -100.0% |