METCB

MKT CAP:$876M

Ramaco Resources, Inc.

Market Cap

$876M

Energy·Coal·🇺🇸 United States·NASDAQ

Energy·Coal·🇺🇸·NASDAQ

Stock Price

$10.15-$2.32 (-18.60%)

Apr 24, 2026

Company Details

Ramaco Resources, Inc. operates, develops, and sells metallurgical coal. Its development portfolio includes the Elk Creek project located in southern West Virginia; the Berwind property situated on the border of West Virginia and Virginia; ...

CEO

Randall W. Atkins

IPO Date

Jun 21, 2023

Website

www.ramacoresources.com

Key Metrics TTM

Revenue

$537M

-19.5% YoY

Net Income

-$51M

EPS (Diluted)

-$0.62

Free Cash Flow

-$61M

Revenue / Share

$6.38

Gross Margin

2.5%

Operating Margin

-10.4%

Net Margin

-9.6%

FCF Margin

-11.3%

P/S

1.6x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Feb 26, 2026

$537M-19.5%EPS -$0.61

Q4 2025

Feb 26, 2026

$128M-25.1%EPS -$0.18

Q3 2025

Oct 28, 2025

$121M-27.7%EPS -$0.16

Q2 2025

Aug 1, 2025

$153M-1.5%EPS -$0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$155M	$74M	$53M
Q2 22	$139M	$62M	$43M
Q3 22	$137M	$57M	$37M
Q4 22	$135M	$40M	$18M
Q1 23	$166M	$56M	$32M
Q2 23	$137M	$38M	$10M
Q3 23	$187M	$42M	$16M
Q4 23	$203M	$63M	$37M
Q1 24	$173M	$33M	$3M
Q2 24	$155M	$33M	$5M
Q3 24	$167M	$33M	$2M
Q4 24	$171M	$35M	$6M
Q1 25	$135M	$21M	-$12M
Q2 25	$153M	$1M	-$14M
Q3 25	$121M	$2M	-$14M
Q4 25	$128M	-$10M	-$16M

Valuation

Quarter	P/S	P/E
Q1 22	1.9x	9.6x
Q2 22	1.6x	7.4x
Q3 22	1.4x	6.2x
Q4 22	1.3x	6.4x
Q1 23	1.3x	7.4x
Q2 23	1.4x	10.7x
Q3 23	1.4x	13.3x
Q4 23	1.5x	12.4x
Q1 24	1.4x	17.1x
Q2 24	1.2x	15.5x
Q3 24	1.3x	24.2x
Q4 24	1.3x	76.3x
Q1 25	0.9x	—
Q2 25	1.0x	—
Q3 25	2.4x	—
Q4 25	1.9x	—

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	$22M
Q1 24	$25M	$6M
Q2 24	$34M	$13M
Q3 24	$37M	$20M
Q4 24	$16M	$6M
Q1 25	$26M	$8M
Q2 25	-$4M	-$20M
Q3 25	-$1M	-$18M
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	$19M
Q1 24	$19M
Q2 24	$21M
Q3 24	$18M
Q4 24	$10M
Q1 25	$18M
Q2 25	$16M
Q3 25	$16M
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	$2M	1.2%
Q2 22	$2M	1.6%
Q3 22	$2M	1.5%
Q4 22	$2M	1.5%
Q1 23	$3M	1.8%
Q2 23	$0	0.0%
Q3 23	$3M	1.7%
Q4 23	$3M	1.6%
Q1 24	$5M	2.7%
Q2 24	$5M	3.0%
Q3 24	$4M	2.4%
Q4 24	$4M	2.5%
Q1 25	$3M	2.5%
Q2 25	$5M	3.1%
Q3 25	$5M	3.9%
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
Q2 24	$55M	$100M
Q3 24	$54M	$113M
Q1 25	$44M	$91M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$71M	$0	$71M
Q2 22	$43M	$0	$43M
Q3 22	$47M	$0	$47M
Q4 22	$36M	$0	$36M
Q1 23	$37M	$0	$37M
Q2 23	$34M	$0	$34M
Q3 23	$43M	$0	$43M
Q4 23	$42M	$0	$42M
Q1 24	$31M	$0	$31M
Q2 24	$28M	$0	$28M
Q3 24	$23M	$0	$23M
Q4 24	$33M	$0	$33M
Q1 25	$44M	$0	$44M
Q2 25	$28M	$0	$28M
Q3 25	$194M	$0	$194M
Q4 25	$440M	$0	$440M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	76M	+0.5%	+3.4%
Q2 22	76M	+0.5%	+2.2%
Q3 22	75M	-1.3%	+0.2%
Q4 22	75M	+0.1%	-0.2%
Q1 23	76M	+0.3%	-0.5%
Q2 23	75M	-0.5%	-1.5%
Q3 23	82M	+9.5%	+9.2%
Q4 23	79M	-4.0%	+4.8%
Q1 24	87M	+9.8%	+14.8%
Q2 24	90M	+3.2%	+19.1%
Q3 24	88M	-1.7%	+7.0%
Q4 24	90M	+2.5%	+14.3%
Q1 25	84M	-6.7%	-3.0%
Q2 25	84M	0.0%	-6.0%
Q3 25	84M	0.0%	-4.4%
Q4 25	84M	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