Ramaco Resources Inc (METC)
NASDAQ:METC
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Ramaco Resources
(NASDAQ:METC)
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Rating:50Neutral
Price Target:
$15.50
▲(17.16% Upside)
Action:ReiteratedDate:04/01/26
The score is held back primarily by deteriorating recent profitability and a sharp drop in cash generation, despite a notably strengthened balance sheet. Technically, the stock remains in a weak trend (below longer-term moving averages with negative MACD). Offsetting these risks, the earnings call outlined solid 2026 volume guidance with substantial contracting and highlighted very strong liquidity, while valuation is mixed given losses but supported modestly by the dividend yield.
Positive Factors
Strong balance sheet and record liquidity
Record liquidity (~$521M) and a net debt position (~$11M) provide durable financial flexibility to fund growth projects, absorb cyclical coal downturns, and support higher near-term CapEx without immediate refinancing. The large cash buffer enables strategic optionality and capital allocation discipline over the next 2–6 months.
Negative Factors
Recent profitability and cash-flow deterioration
The sharp swing to a net loss and a near-zero operating cash flow with deeply negative free cash flow represent a substantive reversal from prior cash-generative years. Sustained weak profitability and cash conversion strain reinvestment capacity, heighten reliance on external capital, and increase sensitivity to commodity cycles over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet and record liquidity
Record liquidity (~$521M) and a net debt position (~$11M) provide durable financial flexibility to fund growth projects, absorb cyclical coal downturns, and support higher near-term CapEx without immediate refinancing. The large cash buffer enables strategic optionality and capital allocation discipline over the next 2–6 months.
Read all positive factors
Ramaco Resources (METC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$899.27M
Dividend Yield2.83%
Average Volume (3M)1.81M
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue Growth-16.99%
EPS Growth-184.02%
CountryUS
Employees984
SectorBasic Materials
Sector Strength58
IndustryCoal
Share Statistics
EPS (TTM)-0.26
Shares Outstanding55,963,520
10 Day Avg. Volume1,687,577
30 Day Avg. Volume1,811,588
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 Cap0.35
Enterprise Value/Revenue0.59
Enterprise Value/Gross Profit23.69
Enterprise Value/Ebitda21.14
Forecast
1Y Price Target
$24.20Price Target Upside82.92% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.19
Revenue Forecast (FY)$648.24M
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 Ber...
How the Company Makes Money
Ramaco Resources makes money primarily by producing and selling metallurgical coal. Revenue is generated when the company mines coal from its properties, processes it (including coal preparation/blending where applicable), and sells the resulting ...
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 Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive outlook driven by a materially stronger balance sheet (record liquidity up >275% YoY), best-in-class coal cost and margin performance, clear 2026 guidance with substantial sales coverage, and a potentially transformative carbochlorination flowsheet that raises expected product value and reduces certain capital/operating risks. Offsetting these positives are meaningful market headwinds in high-vol coking coal pricing, near-term logistics/shipment disruptions, a modest delay to critical-mineral pilot timing, and remaining uncertainty around final project CapEx and downstream separation capacity. On balance, the company appears well-positioned financially and operationally to capitalize on improving low-vol markets and to de-risk Brook Mine economics, while still facing execution and market timing risks.Positive Updates
Record Liquidity and Balance Sheet Strength
Ended Q4 with record liquidity of $521 million (up >275% YoY) and a net debt position of $11 million after raising roughly $1 billion in capital in H2 2025 (includes $65M unsecured notes, $200M equity underwriting, $345M convertible notes and an expanded $500M revolving credit facility).
Negative Updates
High-Vol Metallurgical Coal Pricing Pressure
U.S. high-vol metallurgical coal indices declined materially (indices down ~17% during the referenced period and an additional ~4% in Q4 vs Q3), leaving high-vol markets oversupplied and intensely competitive with pricing lagging historic relativities versus Australian premium low-vol.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Liquidity and Balance Sheet Strength
Ended Q4 with record liquidity of $521 million (up >275% YoY) and a net debt position of $11 million after raising roughly $1 billion in capital in H2 2025 (includes $65M unsecured notes, $200M equity underwriting, $345M convertible notes and an expanded $500M revolving credit facility).
Read all positive updates
Company Guidance
Ramaco's 2026 guidance calls for metallurgical coal production of 3.7–4.1 million tons and sales of 4.1–4.5 million tons (vs. ~3.8 million tons in 2025), with roughly 80% of 2026 production committed and 3.1 million tons already secured (1.1M domestic at an average fixed price of $142/ton and 2.0M export tons index‑linked); first‑quarter shipments are guided at 800k–950k tons with Q1 cash costs expected toward the high end of the annual range. Financial and project metrics include full‑year CapEx of $85–90 million (up from $64M in 2025) comprising maintenance capital of roughly $10–11/ton, ~ $20M of growth CapEx for Berwind/Maben (which could add ~100k–200k tons in 2026 and ~0.5M tons in 2027), and ~ $20M for rare‑earths; the company expects net interest income in 2026 (vs. net interest expense in 2025) driven by record liquidity of $521M and net debt of $11M. Operational and near‑term performance context: Q4 production was 892k tons with cash cost/ton sold of $92, cash margin of $24/ton, adjusted EBITDA of $9M, and the rare‑earth program is targeting a revised PEA midyear, a pre‑feasibility study by year‑end, pilot shell completion this summer and full pilot operations in 2027.Ramaco Resources Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
35
Negative
| 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
Negative
13.23
Price Trends
15.58
Negative
17.04
Negative
22.03
Negative
Market Momentum
-0.48
Positive
40.87
Neutral
14.54
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 13.23 is below the 20-day moving average (MA) of 14.34, below the 50-day MA of 15.58, and below the 200-day MA of 22.03, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 40.87 is Neutral, neither overbought nor oversold. The STOCH value of 14.54 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.40B | 9.58 | 17.15% | 11.05% | -9.45% | -46.37% | |
69 Neutral | $3.47B | -68.38 | -1.47% | 0.96% | -7.21% | -106.39% | |
66 Neutral | $2.48B | -42.11 | -3.88% | ― | -32.53% | -112.77% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | $4.62B | 50.49 | 2.71% | 0.36% | -23.25% | -90.78% | |
55 Neutral | $712.88M | 19.52 | 30.81% | ― | 7.60% | -591.73% | |
50 Neutral | $899.27M | -18.74 | -12.01% | 2.83% | -16.99% | -184.02% |
* Basic Materials Sector Average
METC
Ramaco Resources
13.23
4.85
57.84%
ARLP
Alliance Resource
25.65
1.47
6.08%
HNRG
Hallador Energy Company
15.09
1.90
14.40%
AMR
Alpha Metallurgical Resources
186.86
68.85
58.34%
HCC
Warrior Met Coal
85.77
38.68
82.16%
BTU
Peabody Energy Comm
27.69
15.49
127.00%
Ramaco Resources Corporate Events
Business Operations and Strategy
Ramaco Resources Announces Strategic Multi-Division Corporate Reorganization
Positive
Mar 31, 2026
On March 31, 2026, Ramaco Resources announced that its board had approved a strategic internal corporate reorganization that will place its operations and assets into four distinct business divisions. The structure will separate metallurgical coal...
Legal Proceedings
Ramaco Resources Files Trade Secrets Lawsuit Against Ex-Employee
Negative
Mar 20, 2026
On March 16, 2026, Ramaco Resources, Inc. and its subsidiary Ramaco Carbon, LLC filed a civil complaint in the U.S. District Court for the District of Wyoming against former employee Alex J. Moyes. The company alleges misappropriation of trade sec...
Dividends
Ramaco Resources Details First-Quarter 2026 Stock Dividend
Positive
Mar 16, 2026
On March 16, 2026, Ramaco Resources announced detailed terms for its previously declared first-quarter 2026 stock dividend on its Class B common shares, payable on March 27, 2026 to shareholders of record as of March 13, 2026. Based on the March 1...
Business Operations and StrategyRegulatory Filings and Compliance
Ramaco CEO Exercises Options, Boosts Stake Amid Expansion
Positive
Mar 2, 2026
On February 26, 2026, Ramaco Resources Chairman and Chief Executive Officer Randall W. Atkins exercised long-held stock options originally granted around the company’s 2017 public offering to acquire additional Class A and Class B shares. Af...
Business Operations and StrategyDividendsFinancial Disclosures
Ramaco Resources Declares Class B Stock Dividend, Advances Minerals
Positive
Feb 25, 2026
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 p...
Legal Proceedings
Ramaco Resources Faces New Securities Class Action Lawsuit
Negative
Feb 20, 2026
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 si...
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.