Ramaco Resources (METC) AI Stock Analysis

• Market Cap: $1.14B
• Dividend Yield: 2.83%
• Average Volume (3M): 2.90M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.74
• Revenue Growth: -16.99%
• EPS Growth: -184.02%
• Country: US
• Employees: 984
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Coal
• EPS (TTM): -0.26
• Shares Outstanding: 55,159,985
• 10 Day Avg. Volume: 1,471,733
• 30 Day Avg. Volume: 2,901,610
• PEG Ratio: 0.03
• Price to Book (P/B): 1.99
• Price to Sales (P/S): 1.80
• P/FCF Ratio: -15.85
• Enterprise Value/Market Cap: 0.36
• Enterprise Value/Revenue: 0.77
• Enterprise Value/Gross Profit: 30.75
• Enterprise Value/Ebitda: 20.00
• 1Y Price Target: $24.30
• Price Target Upside: 62.76% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.2
• Revenue Forecast (FY): $640.24M

• Rating: 48 Neutral
• Price Target: $17.50 ▲(17.21% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held down primarily by deteriorating profitability and a sharp free-cash-flow reversal, alongside weak technical trend signals. Offsetting factors include a stronger, low-leverage balance sheet and constructive longer-term strategic guidance/corporate actions, though near-term coal market headwinds and legal risk temper the outlook.

Positive Factors

Conservative balance sheet and sizable equity base

Ramaco’s materially reduced debt and large equity base provide durable financial flexibility to fund operations and growth without heavy leverage. Low indebtedness lowers refinancing risk in commodity cycles and supports capital allocation toward critical minerals and mine development over a multi‑quarter horizon.

Strategic diversification into rare earths with Brook Mine scale-up

The company’s pivot to critical minerals (large Brook Mine scale-up and planned oxide processing) is a structural shift toward higher‑value products. If realized, the planned processing and terminal investments could materially diversify revenue and reduce cyclical coal exposure, improving long‑term margin stability.

Enhanced liquidity and committed credit capacity to support growth

A larger, longer‑dated $500M facility plus recent capital raises provides durable funding optionality for mine development and working capital. Coupled with a demonstrated low‑cost coal position and multi‑year production growth, this reduces execution risk in scaling rare‑earth processing and sustaining operations through cycles.

Negative Factors

Deteriorating profitability and negative free cash flow

The recent sharp reversal to negative FCF and minimal operating cash flow undermines self‑funding capacity for capital projects and increases reliance on external financing. This reflects stressed earnings quality and elevates execution and liquidity risk if commodity pricing does not improve.

Structural met coal market headwinds and production cuts

Persistent oversupply and weaker index pricing have prompted guidance trims and mine idling, reducing revenue visibility. Given steel and seaborne met coal cyclicality, prolonged soft markets can compress margins and make operating cash generation and mine utilization persistently volatile.

Securities class action over Brook Mine statements

A securities lawsuit tied to Brook Mine disclosures creates legal, financial and reputational risk. Potential litigation costs, management distraction, and adverse outcomes could delay offtake deals or financing for critical‑minerals projects, slowing realization of the strategic diversification plan.

Ramaco Resources Business Overview & Revenue Model

Company Description

Ramaco Resources, Inc. produces and sells metallurgical coal. The company's development portfolio includes the Elk Creek project consisting of approximately 20,200 acres of controlled mineral and 16 seams located in southern West Virginia; the Berwind property comprising approximately 41,300 acres of controlled mineral and an area of Squire Jim seam coal deposits, which is situated on the border of West Virginia and Virginia; the Knox Creek property consisting of approximately 62,100 acres of controlled mineral that is located in Virginia; and the RAM Mine property comprising approximately 1,570 acres of controlled mineral, which is situated in southwestern Pennsylvania. The company serves blast furnace steel mills and coke plants in the United States, as well as international metallurgical coal consumers. The company was founded in 2015 and is headquartered in Lexington, Kentucky.

How the Company Makes Money

Ramaco Resources generates revenue primarily through the sale of metallurgical coal, which is sold to steel producers and other industrial customers. The company earns money by supplying high-quality coal that meets specific client specifications, often entering long-term contracts that provide stable revenue streams. Additionally, Ramaco may also benefit from spot market sales when demand surges. Key partnerships with steel manufacturers and other industrial entities enhance its market presence and customer base, contributing to its earnings. Factors influencing its revenue include coal market prices, production levels, and operational efficiency, as well as the overall health of the steel industry.

Ramaco Resources Financial Statement Overview

Summary

Weak latest-year fundamentals: revenue declined and the company swung to a net loss with negative EBIT, while free cash flow turned deeply negative. This is partially offset by a materially improved, low-leverage balance sheet with sizable equity that provides resilience if operating performance stabilizes.

Income Statement

Profitability has deteriorated sharply in the latest annual period: revenue fell to $536.6M (down 7.4%) and the company swung to a net loss of -$51.4M with negative EBIT and near-breakeven (slightly negative) EBITDA margin. This contrasts with strong profitability in 2022–2023 (healthy net margins and solid operating profits) and modest profitability in 2024, indicating earnings volatility and weakening pricing/cost dynamics. Strength: the business has demonstrated it can generate strong margins in up-cycles; weakness: current-year losses and margin compression materially reduce quality of earnings.

Balance Sheet

Leverage appears conservative and improved meaningfully in the most recent year, with debt dropping to ~$17.5M and debt-to-equity at ~0.04 versus ~0.27–0.45 in prior years. Equity is sizable (~$483.6M) and the asset base has expanded, which provides balance sheet flexibility. The key weakness is returns: the most recent year shows a negative return on equity driven by the net loss, underscoring that low leverage alone doesn’t offset profitability pressure.

Cash Flow

Cash generation weakened substantially in the latest annual period: operating cash flow was only ~$2.0M while free cash flow was deeply negative at about -$60.8M, implying heavy cash outflows (likely investment and/or working-capital pressure). Prior years (2022–2024) showed strong operating cash flow and positive free cash flow, so the current profile looks like a sharp reversal rather than a steady decline. Strength: the company has a track record of generating cash in better market conditions; weakness: the latest year’s low operating cash flow and negative free cash flow raise near-term funding and execution risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	536.62M	666.29M	693.52M	565.69M	283.39M
Gross Profit	13.41M	65.92M	144.08M	190.42M	61.16M
EBITDA	13.82M	88.12M	169.22M	195.33M	73.78M
Net Income	-51.45M	11.19M	82.31M	116.04M	39.76M
Balance Sheet
Total Assets	1.14B	674.69M	665.84M	596.34M	329.03M
Cash, Cash Equivalents and Short-Term Investments	440.35M	33.01M	41.96M	35.61M	21.89M
Total Debt	17.52M	103.67M	101.13M	138.82M	51.46M
Total Liabilities	657.00M	311.88M	296.23M	287.14M	117.96M
Stockholders Equity	483.57M	362.81M	369.61M	309.20M	211.07M
Cash Flow
Free Cash Flow	-60.81M	43.82M	78.13M	64.86M	-6.27M
Operating Cash Flow	1.97M	112.67M	161.04M	187.87M	53.34M
Investing Cash Flow	-83.67M	-70.83M	-72.21M	-145.71M	-59.61M
Financing Cash Flow	489.04M	-50.79M	-82.52M	-28.50M	22.37M

Ramaco Resources Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.93
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For METC, the sentiment is Negative. The current price of 14.93 is below the 20-day moving average (MA) of 17.60, below the 50-day MA of 18.79, and below the 200-day MA of 21.25, indicating a bearish trend. The MACD of -0.97 indicates Positive momentum. The RSI at 37.81 is Neutral, neither overbought nor oversold. The STOCH value of 60.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for METC.

Ramaco Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARLP	77 Outperform	$3.40B	10.94	16.80%	11.05%	-9.45%	-46.37%
BTU	62 Neutral	$4.13B	-73.57	-1.47%	0.96%	-7.21%	-106.39%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
HCC	60 Neutral	$4.76B	83.57	2.69%	0.36%	-23.25%	-90.78%
HNRG	57 Neutral	$849.57M	-4.54	-74.70%	―	7.60%	-591.73%
AMR	54 Neutral	$2.32B	-49.18	-2.87%	―	-32.53%	-112.77%
METC	48 Neutral	$1.14B	-30.29	-12.16%	2.83%	-16.99%	-184.02%

Ramaco Resources Corporate Events

Ramaco Resources Declares Class B Stock Dividend, Advances Minerals

Ramaco Resources, Inc., based in Lexington, Ky., is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and is expanding into rare earth and critical minerals development in Wyoming. The company is positioning itself as a dual-platform supplier, targeting both steelmaking coal markets and higher-value critical minerals used in semiconductors and related technologies.

In 2025, Ramaco reported a net loss of $51.4 million, including a fourth-quarter loss of $14.7 million, but delivered $36.1 million in adjusted EBITDA and materially improved cash mine costs, which remained in the first quartile of the U.S. cost curve. Despite weaker metallurgical coal indices that compressed cash margins, the company exited the year with record liquidity of $521 million and, on February 25, 2026, announced a Class B stock dividend of $0.1489 per share payable March 27, 2026, while progressing a new patent-pending carbochlorination flowsheet expected to lower capital and operating costs and shift its future critical minerals revenue mix toward high-purity gallium, alumina and quartz.

Ramaco is also advancing engineering and economic studies for its Wyoming critical minerals project, with a revised Preliminary Economic Assessment and Pre-Feasibility Study scheduled for 2026, alongside continued pilot plant development and third-party testing. On the coal side, the company has already secured 2026 sales commitments of 3.1 million tons, covering most of its production guidance through a mix of fixed-price North American contracts and index-linked export volumes.

The most recent analyst rating on (METC) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ramaco Resources stock, see the METC Stock Forecast page.

Ramaco Resources Faces New Securities Class Action Lawsuit

On February 13, 2026, Ramaco Resources disclosed it had been served with a summons in a putative securities class action filed on January 30, 2026, in the Southern District of New York. The lawsuit, brought by investor Lynn Henning on behalf of similarly situated shareholders, targets the company and two senior executives over alleged misstatements about the development and active mining status of its Brook Mine rare earth and critical minerals project in Wyoming during the July 31, 2025 to October 23, 2025 class period.

The complaint seeks class certification, compensatory damages, and recovery of legal and expert costs, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act and related rules. Ramaco Resources has stated it believes the claims are without merit and that it will defend the case vigorously, setting up a legal dispute that could carry financial and reputational implications for the miner and its leadership depending on the litigation’s outcome.

The most recent analyst rating on (METC) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ramaco Resources stock, see the METC Stock Forecast page.

Ramaco Resources Expands Revolving Credit Facility and Maturity

On December 30, 2025, Ramaco Resources, Inc. amended and restated its existing asset-based revolving credit agreement, substantially expanding its borrowing capacity and extending the facility’s term. The new structure increases total commitments to $500 million, comprising a $350 million revolving credit facility and a $150 million accordion feature, up from $200 million and a $75 million accordion under the prior arrangement, and pushes the maturity out to 2030. The facility, led by KeyBank with a broadened syndicate including Truist and several other major banking partners, carries SOFR- or base-rate-based pricing, is secured by a first-priority lien on substantially all of the company’s personal property (excluding real estate and certain equipment), and includes customary covenants, financial tests tied to availability and fixed charge coverage, and standard events of default. This significant increase in credit capacity and term extension marked an important step in 2025 for Ramaco’s balance sheet, enhancing financial flexibility to support disciplined growth in its metallurgical coal business, fund the development of its Brook Mine rare earth and critical mineral project in Wyoming, and underpin nearly $1 billion in capital markets and banking transactions the company executed since August, with implications for continued capital returns and long-term value creation for shareholders.

The most recent analyst rating on (METC) stock is a Hold with a $17.50 price target. To see the full list of analyst forecasts on Ramaco Resources stock, see the METC Stock Forecast page.

Ramaco Resources Authorizes $100 Million Share Repurchase Program

On December 23, 2025, Ramaco Resources announced that its board of directors had authorized a share repurchase program of up to $100 million of its Class A common stock, to be executed over a 24‑month period. The buyback may be conducted through open market purchases, block trades or privately negotiated transactions, and the company has board approval to use written trading plans with a third‑party broker to facilitate the repurchases. Management framed the program as a new tool for returning capital to shareholders and underscored that Ramaco’s more than $600 million in capital raises completed in the second half of 2025 leave it well positioned to fund both the repurchases and its capital development plans, while maintaining liquidity. The discretionary nature of the program, which can be modified, suspended or discontinued, and the intent to cancel repurchased shares, suggests a flexible approach to capital allocation aimed at signaling confidence in Ramaco’s operational performance and financial strength while potentially enhancing shareholder value.

The most recent analyst rating on (METC) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on Ramaco Resources stock, see the METC Stock Forecast page.

Ramaco Resources Plans Rare Earth Offtake Partnership with Mulberry

On December 23, 2025, Ramaco Resources and Georgia-based Mulberry Industries announced they had signed a non-binding memorandum of understanding to negotiate an offtake partnership under which Ramaco would supply customized blends of rare earth oxides, including samarium, NdPr, yttrium, gallium and Dy/Tb, for Mulberry’s permanent magnet manufacturing operations. The planned arrangement would leverage Ramaco’s emerging rare earth production at its Brook Mine in Wyoming and Mulberry’s vertically integrated magnet-making capabilities to strengthen a domestic, ex-China supply chain for advanced permanent magnets used in defense, aerospace, automotive and robotics applications, potentially reducing U.S. reliance on Chinese-controlled rare earth mining, refining and magnet production and supporting national security-focused industrial policy.

The most recent analyst rating on (METC) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on Ramaco Resources stock, see the METC Stock Forecast page.

Ramaco Resources Announces Q4 2025 Dividend Ratio

On December 8, 2025, Ramaco Resources announced the dividend ratio for its previously declared Class B common stock dividend for the fourth quarter of 2025. Shareholders of record on December 5, 2025, will receive 0.014390 of one share of Class B common stock for each share held, based on a closing price of $12.37 per share. The dividend is payable on December 19, 2025, and any fractional shares will be compensated in cash.

The most recent analyst rating on (METC) stock is a Hold with a $17.50 price target. To see the full list of analyst forecasts on Ramaco Resources stock, see the METC Stock Forecast page.