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Ramaco Resources (METC) USD

At a glance: strengths & risks
✗Revenue declining (-19%)✗Profit falling (-560%)✗Loss-making last FY✗Margins compressing (12%→2%)✗High leverage (3.8x EBITDA)

Sector: Coal

Geography: USA (Appalachia, Central Appalachia)

COMM_METC

Price chart

10.53 USDDay -3.48%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
10.53 USD · -3.48%
Market cap
618 mln USD

Growth

Δ revenue y/y
-5.3%
Δ EBITDA y/y
-145.3%

Multiples

P/E (LTM)
—
3y avg: 32.7x
P/B (FY)
1.3x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
3y avg: 6.9x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
—
FCF yield (LTM)
-57.0%

Value creation

negative target market cap — net debt exceeds target EV (over-levered)
Upside (potential)
-127.5%
↓ details

Liquidity

Daily turnover (listing)
13.8 mln USD

Shares: yahoo_fundamentals_timeseries/METC

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK144.8
y/y -5.3%
-18.2
y/y —
16.8
y/y -1.4%
-1.4
y/y -145.3%
-15.4
y/y —
12.2-27.61024.7
y/y 51.9%
376.1
y/y 8.2%
-15.2%185.9Link
2026-03-31Q1 2026 (3M)OK121.6
y/y -9.7%
-24.3
y/y —
16.6
y/y -5.3%
-7.7
y/y -239.3%
-18.3
y/y —
-34.6-17.51091.6
y/y 59.2%
437.0
y/y 23.0%
-15.9%113.6Link
2025-12-31Q4 2025 (3M)OK128.0
y/y -25.1%
-15.6
y/y -345.7%
16.5
y/y -1.3%
0.9
y/y -96.2%
-14.7
y/y -481.2%
-18.4-9.61140.6
y/y 69.1%
483.6
y/y 33.3%
-10.2%45.8Link
2025-09-30Q3 2025 (3M)OK121.0
y/y -27.7%
-14.5
y/y -1008.5%
17.1
y/y -4.0%
2.6
y/y -86.6%
-13.3
y/y —
-1.4-16.6849.7
y/y 31.6%
526.9
y/y 45.6%
-4.1%-57.6Link
2025-06-30Q2 2025 (3M)OK153.0
y/y -1.5%
-13.8
y/y -355.7%
17.0
y/y 7.3%
3.2
y/y -85.0%
-14.0
y/y -352.2%
-4.3-16.3674.6
y/y 2.3%
347.4
y/y -5.1%
-15.9%17.6Link
2025-03-31Q1 2025 (3M)OK134.7
y/y -22.0%
-12.0
y/y -467.1%
17.5
y/y 15.3%
5.5
y/y -70.2%
-9.5
y/y -565.4%
26.0-20.3685.7
y/y 1.7%
355.2
y/y -4.6%
-10.5%-6.6Link
2024-12-31Q4 2024 (3M)OK170.9
y/y -15.7%
6.4
y/y -82.9%
16.7
y/y 16.0%
23.1
y/y -55.4%
3.9
y/y -87.2%
15.71.7674.7
y/y 1.3%
362.8
y/y -1.8%
3.1%-17.5Link
2024-09-30Q3 2024 (3M)OK167.4
y/y -10.5%
1.6
y/y -90.1%
17.8
y/y 23.3%
19.4
y/y -36.4%
-0.2
y/y -101.2%
37.4-16.8645.4
y/y -0.2%
361.8
y/y 2.6%
-0.1%33.5Link
2024-06-30Q2 2024 (3M)OK155.3
y/y 13.0%
5.4
y/y -46.1%
15.9
y/y 17.1%
21.3
y/y -9.8%
5.5
y/y -26.7%
34.4-21.4659.2
y/y -0.2%
366.1
y/y 8.6%
6.0%36.4Link
2024-03-31Q1 2024 (3M)OK172.7
y/y 3.8%
3.3
y/y -89.7%
15.2
y/y 28.4%
18.5
y/y -57.7%
2.0
y/y -92.0%
25.2-18.7674.0
y/y 5.1%
372.3
y/y 10.5%
2.2%39.5Link
2023-12-31Q4 2023 (3M)OK202.7
y/y —
37.3
y/y —
14.4
y/y —
51.7
y/y —
30.0
y/y —
41.6-18.0665.8
y/y —
369.6
y/y —
22.8%25.9Link
2023-09-30Q3 2023 (3M)OK187.0
y/y —
16.1
y/y —
14.4
y/y —
30.5
y/y —
19.5
y/y —
69.9-16.9646.7
y/y —
352.6
y/y —
7.5%31.3Link
2023-06-30Q2 2023 (3M)OK137.5
y/y —
10.0
y/y —
13.6
y/y —
23.6
y/y —
7.6
y/y —
28.2-24.5660.4
y/y —
337.1
y/y —
9.0%71.1Link
2023-03-31Q1 2023 (3M)OK166.4
y/y —
31.9
y/y —
11.9
y/y —
43.7
y/y —
25.3
y/y —
21.4-23.5641.3
y/y —
336.9
y/y —
—48.7Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)8
Long-term debt (incl. LT leases)461
− Cash & equivalents355
Net debt114

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-500501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-300%-200%-100%0%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-80-60-40-200202024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-100-500501001502002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.79x of reported net profit; after capex, 0.78x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit1.34x1.62x1.96x10.07x—
accruals, % of assets-4.1%-12.0%-11.8%-15.0%-4.7%
net debt / EBITDA 3.8x · EBIT covers interest -7.2x · capex 1.4x of depreciation · dividends 58% of free cash flow · share count +1.0% a year
● Net debt / EBITDA 3.8x at the last full year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Coking Coal

Proved reserves
58.93 mln tons
2023
Reserve life (R/P)
17.1 yrs
reserves ÷ annual output
Annual production
3.46 mln tons
2023

Production, mln tons

2.2920212.4520223.462023

Proved reserves

YearReserves, mln tons
202358.93
202261.95
202139.16

Production

YearProduction, mln tonsper day, mln tons
20233.46
+41.0%		0.01
20222.45
+7.2%		0.01
20212.290.01

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Coking coal (Australia)

Current 230spot vs LTM +7%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -127.5%

Main driver: Coking coal (Australia) +7% vs LTM; revenue ×1.07 vs costs ×1.04; EBITDA 1→3; at 5.5× EV/EBITDA → -127%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Coking coal (Australia) (rev)+100%230.00215.32239.48+7%+11%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue515
LTM EBITDA1
LTM cash costs (revenue − EBITDA)514
2 · Revenue projection
Revenue multiplier — spot×1.068 (+7%)
= Spot revenue551
Revenue multiplier — 3y price×1.112 (+11%)
= 3-year-price revenue573
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs534
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs534
4 · EBITDA projection (revenue − costs)
= Spot EBITDA16
= 3-year-price EBITDA39
Conservative EBITDA = min(spot, avg)3
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.5x
Target EV = EV/EBITDA × conservative EBITDA16
Net debt186
Target market cap = EV − net debt-170
Current market cap618

Upside = target market cap ÷ current − 1 = -127.5%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q3187133+41.1%3122+38.5%
2023 Q4203182+11.3%5254-5.0%
2024 Q1173180-4.1%1841-54.4%
2024 Q2155155+0.2%217+184.3%
2024 Q3167123+36.3%19-30—
2024 Q4171131+31.0%23-20—
2025 Q1135129+4.6%6-21—
2025 Q2153138+11.2%3-6—
2025 Q3121153-20.7%35-50.6%
2025 Q4128151-15.4%112-92.4%
2026 Q1122162-24.8%-827-128.1%
2026 Q2145154-6.1%620-71.2%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -19% vs -4% the year before — a -15.5 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 +23% · 2024 -4% · 2025 -19%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 11.7x · target 75th pct (3y) 5.5x · LTM avg 7.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2024-08-300.1347 USDEx-dividend: 0.1347 USD per sharePaidYahoo Finance (ex-div)
2024-05-310.1347 USDEx-dividend: 0.1347 USD per sharePaidYahoo Finance (ex-div)
2024-02-290.1347 USDEx-dividend: 0.1347 USD per sharePaidYahoo Finance (ex-div)
2023-11-300.1221 USDEx-dividend: 0.1221 USD per sharePaidYahoo Finance (ex-div)
2023-08-310.1221 USDEx-dividend: 0.1221 USD per sharePaidYahoo Finance (ex-div)
2023-05-310.1221 USDEx-dividend: 0.1221 USD per sharePaidYahoo Finance (ex-div)
2023-02-280.1221 USDEx-dividend: 0.1221 USD per sharePaidYahoo Finance (ex-div)
2022-11-300.1103 USDEx-dividend: 0.1103 USD per sharePaidYahoo Finance (ex-div)
2022-08-310.1103 USDEx-dividend: 0.1103 USD per sharePaidYahoo Finance (ex-div)
2022-05-310.1103 USDEx-dividend: 0.1103 USD per sharePaidYahoo Finance (ex-div)
2022-02-280.1103 USDEx-dividend: 0.1103 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Ramaco Resources (METC) — from primary filings.

Ramaco Resources, Inc. develops, operates, and sells metallurgical coal used in steelmaking. The company serves blast furnace steel mills and coke plants in North America and international metallurgical coal consumers.

Frequently asked questions

What is Ramaco Resources (METC)'s P/B ratio?
Ramaco Resources (METC) trades at a P/B of 1.3x.
What is Ramaco Resources (METC)'s return on equity (ROE)?
Ramaco Resources (METC)'s ROE is -15.2%.
What is Ramaco Resources (METC)'s market capitalization?
Ramaco Resources (METC)'s market cap is 618 mln USD.

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