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Ramaco Resources
(NASDAQ:METC)
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Rating:43Neutral
Price Target:
$9.50
▼(-8.21% Downside)
Action:Reiterated
Date:08/06/26
The score is held down primarily by weak recent financial performance—especially negative operating/free cash flow and renewed losses—along with bearish technicals as the stock trades below all key moving averages with negative momentum. Offsetting factors include strong reported liquidity and shareholder returns via buybacks, plus longer-term optionality from the Brook critical minerals initiative, but near-term coal market and cost pressures keep the overall profile risk-tilted.
Positive Factors
Strong liquidity and inventory
Record liquidity (> $400M) and sizeable inventory provide durable financial flexibility to fund capital projects, support operations through commodity cycles, and preserve optionality for M&A or project financing without immediate reliance on volatile spot markets or distress financing.
Negative Factors
Negative operating and free cash flow
Recent sharp cash‑flow deterioration (negative OCF and deeply negative FCF) reduces resilience to prolonged weak commodity pricing, limits organic funding for capex and projects, and increases reliance on liquidity or external financing if adverse trends persist beyond the near term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity and inventory
Record liquidity (> $400M) and sizeable inventory provide durable financial flexibility to fund capital projects, support operations through commodity cycles, and preserve optionality for M&A or project financing without immediate reliance on volatile spot markets or distress financing.
Read all positive factors
Ramaco Resources Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, highlighting where Ramaco Resources is most successful and where it might encounter risks or opportunities for growth due to regional economic factors or shifts in market demand.
Breaks down revenue across different regions, highlighting where Ramaco Resources is most successful and where it might encounter risks or opportunities for growth due to regional economic factors or shifts in market demand.
Data provided by:
The Fly
The FlyRamaco Resources (METC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$568.30M
Dividend YieldN/A
Average Volume (3M)1.41M
Price to Earnings (P/E)―
Beta (1Y)1.58
Revenue Growth-16.66%
EPS Growth-195120.00%
CountryUS
Employees900
SectorBasic Materials
Sector Strength58
IndustryCoal
Share Statistics
EPS (TTM)-0.52
Shares Outstanding53,804,860
10 Day Avg. Volume1,351,155
30 Day Avg. Volume1,410,645
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.99
Price to Sales (P/S)1.80
P/FCF Ratio-15.85
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$18.20Price Target Upside75.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.79
Revenue Forecast (FY)$597.00M
Ramaco Resources Business Overview & Revenue Model
Company Description
Ramaco Resources, Inc. primarily focuses on the mining and commercialization of metallurgical coal. The company possesses a substantial portfolio of development properties, including the Elk Creek project in southern West Virginia, which spans app...
How the Company Makes Money
Ramaco Resources makes money primarily by mining, processing, and selling metallurgical coal. Revenue is generated from coal sales under a mix of contract and spot-market arrangements, with pricing generally influenced by global seaborne metallurg...
Ramaco Resources Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call emphasized transformative upside from the Hatch conceptual study and significant operational and financial strengths — including >$400M liquidity, successful share repurchases, sub-$100/ton cash costs, strong safety improvements, and clear commercial progress (NDAs and offtake discussions). These positives are tempered by near-term met-coal market weakness (especially high-vol), lower realized prices and adjusted EBITDA, diesel-driven cost pressure, modest guidance reductions, and timing/financing risks for the Brook refinery project. Overall the positives (strategic optionality, robust balance sheet, credible project economics and pilot progress) outweigh the near-term operational and market challenges, though execution and financing are key dependencies going forward.Positive Updates
Hatch Conceptual Study and Brook Mine Economics
Released Hatch carbochlorination conceptual study showing Brook Mine project NPV range of approximately $3.4 billion to $8 billion and projected average adjusted EBITDA between $600 million and $1.3 billion; study positions Ramaco to move from upstream feedstock provider to a potential large-scale midstream refiner.
Negative Updates
Met Coal Market Weakness (High-Vol)
Ongoing market weakness across most U.S. coal qualities, particularly high-volatile coals; U.S. high-vol indices declined ~$10/ton year-on-year in Q2 while some international benchmarks improved, resulting in production discipline and proactive idling of at least one Stonecoal section.
Read all updates
Q2-2026 Updates
Positive
Negative
Hatch Conceptual Study and Brook Mine Economics
Released Hatch carbochlorination conceptual study showing Brook Mine project NPV range of approximately $3.4 billion to $8 billion and projected average adjusted EBITDA between $600 million and $1.3 billion; study positions Ramaco to move from upstream feedstock provider to a potential large-scale midstream refiner.
Read all positive updates
Company Guidance
Ramaco updated 2026 guidance targeting production of 3.6–3.9 million tons and sales of 4.0–4.3 million tons, Q3 shipments of 950,000–1.1 million tons, full‑year cash cost guidance of $96–$99/ton, and capital expenditures of $92–$97 million (up ~$7M for Maben low‑vol development); the Board approved $25 million for the first two Maben underground sections (adding ~600,000 tons by end‑2027) as the company shifts low‑vol to ~50% of the slate (from ~25%). Q2 results showed cash cost per ton sold of $99, realized price $116/ton (down from $123 Y/Y), cash margin $17/ton (vs $20 prior year), adjusted EBITDA $6M, Class A EPS loss $0.26, diesel averaged $4.64/gal in Q2 (peak $5.71, start‑of‑year ~$2.50) driving roughly a $3/ton cost impact vs. early‑2026, and the company ended the quarter with record liquidity of >$400M, ~1.0M tons of coal inventory, and has repurchased >8% of Class A shares for ~$66M (now <52M shares outstanding). On Brook Mine timing and de‑risking, Hatch studied 1.8M and 3.5M ton feed cases and internal modeling shows potential NPV ~$3.4B–$8B and average adjusted EBITDA ~$600M–$1.3B; pilot plant building on track to finish this year with full‑scale ops expected in 2027, an e‑waste study due this fall, an S‑K 1300 technical summary by year‑end and a pre‑feasibility study planned for spring 2027.Ramaco Resources Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
57
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 515.41M | 536.62M | 666.29M | 693.52M | 565.69M | 283.39M |
| Gross Profit | 9.49M | 13.41M | 65.92M | 144.08M | 190.42M | 61.16M |
| EBITDA | -7.36M | 15.49M | 88.12M | 169.22M | 195.33M | 73.78M |
| Net Income | -61.75M | -51.45M | 11.19M | 82.31M | 116.04M | 39.76M |
Balance Sheet | ||||||
| Total Assets | 1.02B | 1.14B | 674.69M | 665.84M | 596.34M | 329.03M |
| Cash, Cash Equivalents and Short-Term Investments | 282.54M | 440.35M | 33.01M | 41.96M | 35.61M | 21.89M |
| Total Debt | 15.61M | 468.88M | 103.67M | 101.13M | 138.82M | 51.46M |
| Total Liabilities | 648.61M | 657.00M | 311.88M | 296.23M | 287.14M | 117.96M |
| Stockholders Equity | 376.07M | 483.57M | 362.81M | 369.61M | 309.20M | 211.07M |
Cash Flow | ||||||
| Free Cash Flow | -135.66M | -60.81M | 43.82M | 78.13M | 64.86M | -6.27M |
| Operating Cash Flow | -43.18M | 1.97M | 112.67M | 161.04M | 187.87M | 53.34M |
| Investing Cash Flow | -90.75M | -83.67M | -70.83M | -72.21M | -145.71M | -59.61M |
| Financing Cash Flow | 388.34M | 489.04M | -50.79M | -82.52M | -28.50M | 22.37M |
Ramaco Resources Technical Analysis
Negative
10.35
Price Trends
13.11
Negative
13.79
Negative
17.32
Negative
Market Momentum
-1.07
Positive
35.13
Neutral
12.34
Positive
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 10.35 is below the 20-day moving average (MA) of 11.18, below the 50-day MA of 13.11, and below the 200-day MA of 17.32, indicating a bearish trend. The MACD of -1.07 indicates Positive momentum. The RSI at 35.13 is Neutral, neither overbought nor oversold. The STOCH value of 12.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for METC.
Ramaco Resources Risk Analysis
Ramaco Resources disclosed 105 risk factors in its most recent earnings report. Ramaco Resources reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ramaco Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $3.34B | 12.60 | 14.82% | 9.71% | -5.11% | 13.03% | |
70 Outperform | $4.19B | 30.31 | 6.44% | 0.40% | 11.32% | 29.65% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | $670.19M | 26.12 | 14.25% | ― | 10.26% | ― | |
55 Neutral | $2.60B | -14.18 | -3.37% | 1.32% | -0.68% | ― | |
53 Neutral | $1.74B | -45.57 | -2.47% | ― | -19.15% | -246.35% | |
43 Neutral | $568.30M | -8.19 | -13.54% | ― | -16.66% | -195120.00% |
* Basic Materials Sector Average
METC
Ramaco Resources
9.24
-11.28
-54.97%
ARLP
Alliance Resource
25.40
1.45
6.05%
HNRG
Hallador Energy Company
14.77
-3.93
-21.02%
AMR
Alpha Metallurgical Resources
146.12
22.85
18.54%
HCC
Warrior Met Coal
84.30
29.68
54.33%
BTU
Peabody Energy Comm
22.80
6.45
39.41%
Ramaco Resources Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Ramaco Resources Reports Q2 Loss, Maintains Strong Liquidity
Negative
Aug 4, 2026
On August 4, 2026, Ramaco reported a second-quarter 2026 net loss of $15.4 million and adjusted EBITDA of $5.7 million, while its board approved a stock dividend on Class B shares payable on September 25, 2026 to holders of record on September 11,...
Business Operations and Strategy
Ramaco Resources Advances Brook Mine Critical Minerals Project
Positive
Jul 29, 2026
On July 28 and July 29, 2026, Ramaco Resources received and publicly released a conceptual Initial Assessment Report from Hatch Associates Consultants covering its Brook Mine critical minerals project, alongside a shareholder letter and supporting...
Executive/Board Changes
Ramaco Resources Mourns Sudden Passing of General Counsel
Negative
Jun 25, 2026
Ramaco Resources announced on June 25, 2026, that its General Counsel and former board member E. Forrest Jones, Jr. has died unexpectedly, prompting an outpouring of grief across the company. Jones had served as General Counsel since May 2025 and ...
Dividends
Ramaco Resources Announces Class B Stock Dividend Details
Neutral
Jun 15, 2026
On June 15, 2026, Ramaco Resources announced the detailed stock dividend ratio for its previously declared second-quarter 2026 Class B common stock dividend. The board had approved a dividend valued at $0.1369 per Class B share, payable on June 26...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Ramaco Resources Shareholders Back Directors and Incentive Plan
Positive
Jun 10, 2026
On June 10, 2026, Ramaco Resources, Inc. held its Annual Meeting of Shareholders, with approximately 78% of outstanding common shares represented, and stockholders elected all director nominees Bryan H. Lawrence, David E.K. Frischkorn Jr., and Mic...
Business Operations and Strategy
Ramaco Resources Signs Rare Earth Supply Chain MOU
Positive
May 28, 2026
On May 28, 2026, Ramaco Resources announced it had signed a non-binding memorandum of understanding with Ohio-based REalloys, Inc. to develop a strategic relationship aimed at strengthening the U.S. rare earth and permanent magnet supply chain. Th...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Ramaco Reports Q1 Loss but Liquidity and Buybacks Rise
Negative
May 11, 2026
On May 11, 2026, Ramaco reported a first-quarter 2026 net loss of $18.3 million, a Class A diluted loss per share of $0.30 and negative Adjusted EBITDA of $1.8 million, even as liquidity surged to $488.8 million, more than 310% higher year on year...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.