METC

MKT CAP:$770M

Ramaco Resources, Inc.

Market Cap

$770M

Energy·Coal·🇺🇸 United States·NASDAQ

Energy·Coal·🇺🇸·NASDAQ

Stock Price

$14.55-$4.16 (-22.21%)

Apr 22, 2026

Company Details

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; ...

CEO

Randall W. Atkins

IPO Date

Feb 3, 2017

Website

www.ramacoresources.com

Key Metrics TTM

Revenue

$537M

-19.5% YoY

Net Income

-$51M

EPS (Diluted)

-$1.03

Free Cash Flow

-$67M

Revenue / Share

$10.78

Gross Margin

2.5%

Operating Margin

-10.4%

Net Margin

-9.6%

FCF Margin

-12.5%

P/S

1.4x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Feb 26, 2026

$537M-19.5%EPS -$1.03

Q4 2025

Feb 26, 2026

$128M-25.1%EPS -$0.30

Q3 2025

Oct 28, 2025

$121M-27.7%EPS -$0.25

Q2 2025

Aug 1, 2025

$153M-1.5%EPS -$0.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$155M	$65M	$53M
Q2 22	$139M	$51M	$43M
Q3 22	$137M	$45M	$37M
Q4 22	$135M	$29M	$18M
Q1 23	$166M	$44M	$32M
Q2 23	$137M	$24M	$10M
Q3 23	$187M	$28M	$16M
Q4 23	$203M	$49M	$37M
Q1 24	$173M	$17M	$3M
Q2 24	$155M	$16M	$5M
Q3 24	$167M	$15M	$2M
Q4 24	$171M	$18M	$6M
Q1 25	$135M	$3M	-$12M
Q2 25	$153M	$1M	-$14M
Q3 25	$121M	$2M	-$14M
Q4 25	$128M	$8M	-$16M

Valuation

Quarter	P/S	P/E
Q1 22	1.9x	10.0x
Q2 22	1.7x	7.7x
Q3 22	1.5x	6.4x
Q4 22	1.4x	6.6x
Q1 23	1.3x	7.7x
Q2 23	1.3x	10.4x
Q3 23	1.2x	11.5x
Q4 23	1.1x	9.4x
Q1 24	1.1x	13.0x
Q2 24	1.1x	13.5x
Q3 24	1.1x	20.6x
Q4 24	1.2x	68.8x
Q1 25	1.2x	—
Q2 25	1.2x	—
Q3 25	1.3x	—
Q4 25	1.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$77M	$58M
Q2 22	$32M	-$2M
Q3 22	$49M	$12M
Q4 22	$29M	-$3M
Q1 23	$21M	-$2M
Q2 23	$28M	$4M
Q3 23	$70M	$53M
Q4 23	$42M	$24M
Q1 24	$25M	$6M
Q2 24	$34M	$13M
Q3 24	$37M	$20M
Q4 24	$16M	$5M
Q1 25	$26M	$6M
Q2 25	-$4M	-$19M
Q3 25	-$2M	-$22M
Q4 25	-$18M	-$31M

Capital Expenditures

Quarter	CapEx
Q1 22	$20M
Q2 22	$34M
Q3 22	$38M
Q4 22	$32M
Q1 23	$24M
Q2 23	$24M
Q3 23	$17M
Q4 23	$18M
Q1 24	$19M
Q2 24	$21M
Q3 24	$18M
Q4 24	$11M
Q1 25	$20M
Q2 25	$15M
Q3 25	$20M
Q4 25	$13M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+256.4%	+141.6%
Q2 22	+82.3%	+39.0%
Q3 22	+79.3%	+48.3%
Q4 22	+54.5%	+80.1%
Q1 23	+7.4%	+31.9%
Q2 23	-0.9%	+32.8%
Q3 23	+36.5%	+70.5%
Q4 23	+49.9%	+41.3%
Q1 24	+3.8%	+26.0%
Q2 24	+13.0%	+17.6%
Q3 24	-10.5%	-3.0%
Q4 24	-15.7%	-0.6%
Q1 25	-22.0%	-13.4%
Q2 25	-1.5%	+11.3%
Q3 25	-27.7%	-18.3%
Q4 25	-25.1%	-12.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$5M	3.7%

OpEx Breakdown

Quarter	SG&A
Q1 22	$12M
Q2 22	$9M
Q3 22	$9M
Q4 22	$11M
Q1 23	$12M
Q2 23	$14M
Q3 23	$11M
Q4 23	$11M
Q1 24	$14M
Q2 24	$11M
Q3 24	$13M
Q4 24	$11M
Q1 25	$15M
Q2 25	$15M
Q3 25	$16M
Q4 25	$21M

Revenue Segments

Quarter	Domestic Coal Revenues	Export Revenues
Q1 22	$60M	$95M
Q2 22	$91M	$47M
Q3 22	$78M	$58M
Q4 22	$97M	$38M
Q1 23	$40M	$126M
Q2 23	$53M	$84M
Q3 23	$75M	$112M
Q1 24	$54M	$119M
Q2 24	$55M	$100M
Q3 24	$54M	$113M
Q1 25	$44M	$91M
Q2 25	$64M	$89M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$72M	$0	$72M
Q2 22	$45M	$0	$45M
Q3 22	$48M	$0	$48M
Q4 22	$36M	$0	$36M
Q1 23	$38M	$0	$38M
Q2 23	$35M	$0	$35M
Q3 23	$44M	$0	$44M
Q4 23	$42M	$0	$42M
Q1 24	$31M	$0	$31M
Q2 24	$28M	$0	$28M
Q3 24	$24M	$0	$24M
Q4 24	$33M	$0	$33M
Q1 25	$44M	$0	$44M
Q2 25	$29M	$0	$29M
Q3 25	$194M	$0	$194M
Q4 25	$440M	$0	$440M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	45M	+0.5%	+3.4%
Q2 22	45M	+0.5%	+2.2%
Q3 22	45M	-1.3%	+0.2%
Q4 22	45M	+0.1%	-0.2%
Q1 23	45M	+0.3%	-0.5%
Q2 23	44M	-1.8%	-2.7%
Q3 23	52M	+17.5%	+15.8%
Q4 23	53M	+2.4%	+18.5%
Q1 24	51M	-2.9%	+14.8%
Q2 24	53M	+3.2%	+20.6%
Q3 24	52M	-1.7%	+1.0%
Q4 24	53M	+2.5%	+1.1%
Q1 25	50M	-6.7%	-3.0%
Q2 25	50M	0.0%	-6.0%
Q3 25	50M	0.0%	-4.4%
Q4 25	50M	0.0%	-6.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$341.1K	454
Q2 22	$305.4K	454
Q3 22	$301.6K	454
Q4 22	$186.5K	725
Q1 23	$229.5K	725
Q2 23	$189.6K	725
Q3 23	$257.9K	725
Q4 23	$250.0K	811
Q1 24	$212.9K	811
Q2 24	$191.5K	811
Q3 24	$206.4K	811
Q4 24	$173.7K	984
Q1 25	$136.8K	984
Q2 25	$155.4K	984
Q3 25	$123.0K	984
Q4 25	$142.2K	900

Revenue / Employee