Ramaco Resources, Inc.
- Open
- 14.13
- Day high
- 14.29
- Day low
- 11.88
- Prev close
- 14.41
- Volume
- 3.3M
- Mkt cap
- $783M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.1
- P/S
- 1.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$17.0M over the last 3 months (0 open-market buys, 28 sales)
- 🏛Institutions accumulating (13F)
Ramaco Resources, Inc. (METC) is a Energy company listed on NASDAQ. The stock is down 52% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 28 sales (SEC Form 4). Drillr has 1 published research article covering METC.
Ramaco Resources, Inc. (METC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
METC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-0.26 | $-0.26 | -0.2% | $145M | +8.8% |
| May 12, 2026 | $-0.22 | $-0.30 | -36.4% | $122M | -6.2% |
| Feb 26, 2026 | $-0.24 | $-0.26 | -8.3% | $128M | -7.6% |
| Jul 31, 2025 | $-0.22 | $-0.29 | -31.8% | $153M | +10.2% |
| Mar 10, 2025 | $-0.11 | $0.06 | +154.5% | $171M | +2.6% |
| May 9, 2024 | $0.33 | $0.23 | -30.3% | $173M | +0.0% |
| Mar 7, 2024 | $0.68 | $0.60 | -11.8% | $203M | -13.7% |
| May 3, 2023 | $0.44 | $0.57 | +29.5% | $166M | +0.0% |
| Mar 8, 2023 | $0.59 | $0.32 | -45.8% | $135M | -4.0% |
| Feb 24, 2022 | $0.42 | $0.42 | +0.0% | $88M | -1.1% |
| Nov 2, 2021 | $0.33 | $0.16 | -51.5% | $76M | +4.8% |
| May 12, 2021 | $0.00 | $0.10 | +2097.8% | $43M | — |
METC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 10, 2026 | DISCOVERY CAPITAL MANAGEMENT, LLC / CT10 percent owner | Sell | 500,000 | $9.57 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 80,683 | $14.00 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 1,583 | $10.78 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 8,115 | $15.18 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 106,657 | $14.41 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 5,398 | $10.93 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 2,023 | $11.58 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 59,350 | $15.31 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 65,989 | $14.06 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 2,364 | $10.78 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 2,396 | $10.78 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 2,266 | $10.34 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 131,977 | $14.41 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 53,328 | $14.00 |
| Jun 10, 2026 | LEIDEL PETER Adirector | Sell | 6,637 | $15.18 |
Source: METC SEC Form 4 filings, latest Aug 10, 2026. For informational purposes only — not investment advice.
See the full METC insider & 13F page →METC research & analysis
Ramaco Resources, Inc. company profile
Overview
Ramaco Resources, Inc. (NASDAQ:METC) is a coal mining company founded in 2015 and headquartered in Lexington, Kentucky. The company went public in February 2017 and has rapidly grown from a startup to become a significant producer of metallurgical coal in the Central Appalachian region. Ramaco operates multiple mining complexes across West Virginia, Virginia, and Pennsylvania, with a focus on producing high-quality, low-sulfur metallurgical coal used in steelmaking. The company has expanded its operations from initial production of 2.2 million tons in 2021 to achieving a 4 million ton annual run rate by 2024, while also venturing into rare earth elements and critical minerals extraction.
Business
Ramaco Resources operates in the metallurgical coal mining industry, which is a specialized segment of the broader coal sector. Unlike thermal coal used for electricity generation, metallurgical coal (also called "met coal" or "coking coal") is an essential ingredient in steel production. The coal is processed in coke ovens to create coke, a carbon-rich fuel that serves as both a heat source and a chemical reducing agent in blast furnaces during steelmaking. The company's core business involves extracting, processing, and selling metallurgical coal from underground and surface mines. Ramaco's coal is characterized by its low ash and low sulfur content, making it particularly valuable for steel production as these impurities can negatively affect steel quality. The company operates several mining complexes including the Elk Creek project in southern West Virginia, the Berwind property on the West Virginia-Virginia border, and facilities in Virginia and Pennsylvania. Beyond traditional coal mining, Ramaco has been developing a critical minerals and rare earth elements business centered around its Brook Mine project in Wyoming. This emerging segment aims to extract rare earth elements and critical minerals from coal deposits, positioning the company to potentially become the first new rare earth mine operator in the United States in 70 years. The rare earth project is expected to produce approximately 1,400 metric tons of critical mineral oxides annually from an estimated 1.7 million ton deposit. The metallurgical coal segment represents virtually 100% of current revenues, while the critical minerals project remains in development phase with commercial production targeted for late 2026 or early 2027.
Revenue model
Ramaco generates revenue primarily through direct sales of metallurgical coal to steel mills and coke plants. The company sells its coal through both fixed-price contracts and spot market transactions. For 2025, Ramaco has 2.2 million tons committed under fixed-price contracts at a blended price of $141 per ton, providing revenue visibility and price protection. The company's customers include both domestic and international steel producers. Approximately 60-70% of sales are export-focused, serving Asian markets including Indonesia, India, and Japan, as well as European customers. The remaining 30-40% serves North American blast furnace steel mills and coke plants. This geographic diversification helps optimize pricing by accessing the highest-paying markets globally. Ramaco's profitability is significantly influenced by several key factors. Metallurgical coal prices are the primary revenue driver, with global pricing determined by supply-demand dynamics in the steel industry. The company's margins benefit from its low-cost production profile, with cash costs maintained below $100 per ton in recent quarters. Operational efficiency improvements through accessing thicker coal seams and better geology have helped reduce per-ton costs even as the company scales production. External factors that impact margins include global steel demand and production levels, particularly in China which influences worldwide pricing. Chinese steel overproduction and exports can depress global steel prices and reduce demand for premium metallurgical coal. Transportation costs and rail performance also affect margins, as coal must be shipped from Appalachian mines to export terminals or domestic customers. Weather events, regulatory changes, and competition from other coal producers and alternative steelmaking technologies represent additional margin pressures. The emerging critical minerals business will operate on a different model, targeting sales of rare earth concentrates and critical minerals to technology and defense industry customers, though this revenue stream remains several years from commercialization.
Competitive moat
Ramaco's competitive moat is moderate but faces structural challenges inherent to the coal mining industry. The company's primary competitive advantages stem from its high-quality, low-sulfur coal deposits in the Central Appalachian region, which command premium pricing due to their superior metallurgical properties. The low ash and sulfur content of Ramaco's coal makes it particularly valuable for steel production, as these characteristics result in higher-quality coke and steel. The company has developed operational expertise and cost advantages through its focus on accessing thicker coal seams and optimizing mine layouts, enabling it to maintain cash costs below $100 per ton while many competitors struggle with higher cost structures. Ramaco's relatively new mining operations benefit from modern equipment and efficient mine designs compared to older, depleted mines in the region. However, the company's moat is limited by several structural vulnerabilities. The metallurgical coal industry faces long-term secular decline as steelmakers increasingly adopt alternative production methods like electric arc furnaces, which use scrap steel rather than coal-based coke. Additionally, environmental regulations and decarbonization pressures create ongoing challenges for coal-dependent businesses. Geographic concentration risk represents another moat weakness, as Ramaco's operations are primarily located in a single region, making the company vulnerable to local regulatory changes, transportation disruptions, or geological challenges. The company also faces competition from larger, more diversified mining companies with greater financial resources and global operations. The critical minerals and rare earth elements project represents a potential future moat if successfully developed, as rare earth mining involves significant technical barriers and regulatory complexity that could limit competition. However, this business remains unproven and several years from commercial viability.
Risks & safety
Ramaco maintains a reasonable margin of safety with adequate liquidity and manageable debt levels, though cyclical earnings volatility creates some uncertainty. **Liquidity and Solvency:** - Cash and short-term investments: $43.5 million as of Q1 2025 - Current ratio: 1.32x indicating adequate short-term liquidity - Total debt-to-equity ratio: 0.31x representing moderate leverage - Strong free cash flow generation: $7.6 million in Q1 2025 despite challenging market conditions **Valuation Metrics:** - EV/EBITDA: 21.0x (elevated due to cyclically depressed EBITDA in Q1 2025) - Price-to-book ratio: 1.24x suggesting reasonable asset valuation - Trading near book value provides some downside protection **Other Considerations:** - Cyclical business model creates earnings volatility and valuation uncertainty - Fixed-price contracts for 2.2 million tons in 2025 provide some revenue stability - Capital expenditure requirements for growth projects may pressure cash flows - Critical minerals project represents potential upside but also development risk and capital requirements
Recent development
Over the past few years, Ramaco has executed a dual-track growth strategy focused on expanding core metallurgical coal operations while developing a transformative critical minerals business. The company has systematically increased production capacity from 2.2 million tons in 2021 to a 4 million ton annual run rate by 2024, investing nearly $250 million in growth capital to expand facilities at the Elk Creek complex and restart the Berwind mine operations. The most significant strategic development has been the Brook Mine rare earth elements project in Wyoming, which represents a potential paradigm shift for the company. Ramaco has identified an estimated 1.7 million ton rare earth oxide deposit and is targeting production of 1,400 metric tons of critical mineral oxides annually. The project received validation through a $6.1 million matching grant from the Wyoming Energy Authority, and the company plans to begin pilot plant construction in summer 2025 with commercial production targeted for late 2026 or early 2027. Operational improvements have been a consistent focus, with the company successfully reducing cash costs from over $118 per ton in early 2024 to below $100 per ton by year-end through accessing thicker coal seams, optimizing mine layouts, and improving processing efficiency. The completion of the Maben prep plant has reduced transportation costs by $40 per ton for that facility. Leadership and governance changes include hiring Mike Woloschuk as Executive Vice President to oversee the critical minerals project and adding former Senator Joe Manchin to the Board of Directors, potentially enhancing the company's ability to navigate regulatory and policy challenges. The company has also focused on returning capital to shareholders, doubling its base dividend in 2022 and maintaining strong free cash flow generation despite market headwinds.
METC company profile · for informational purposes only — not investment advice.
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