Ramaco Resources, Inc.

METCZ

Ramaco Resources, Inc. engages in the development, operation, and sale of metallurgical coal. The company's development portfolio includes the Elk Creek project that covers an area of approximately 20,200 acres located in southern West Virginia; the Berwind property covering an area of approximately 62,500 acres situated on the border of West Virginia and Virginia; the Knox Creek property, which...

Country: United StatesPrice: $25.35Market Cap: $1.1B

Company Profile

Industry: Coal
SIC Sector: Coal Mining
Size: Small Cap($1.1B)
Revenue: $536.6M-19.5% YoY
Net Income: $51.4M-559.7% YoY

Financial Snapshot

Operating Margin-10.4%
Return on Equity-10.6%
Debt / Equity0.97
Current Ratio5.46
EPS (Diluted)$-0.99−93.6%

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Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
—
Dividends
$4.3M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
188.9% = 191.9% + −1.0%
FY23
−33.5% = −29.1% + −6.2%
FY24
−93.6% = −86.4% + −53.2%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$1.1B--------
Revenue$536.6M↓19%$666.3M↓4%$693.5M↑23%$565.7M↑100%$283.4M
Operating Income-$56.0M↓436%$16.6M↓83%$95.2M↓37%$150.4M↑280%$39.5M
Net Income-$51.4M↓560%$11.2M↓86%$82.3M↓29%$116.0M↑192%$39.8M
EPS (Diluted)$-0.99↓1000%$0.11↓94%$1.73↓33%$2.60↑189%$0.90
Gross Margin15.5%↓22%20.0%↓31%28.8%↓30%41.1%↑33%31.0%
Operating Margin-10.4%↓518%2.5%↓82%13.7%↓48%26.6%↑91%13.9%
ROE-10.6%↓445%3.1%↓86%22.3%↓41%37.5%↑99%18.8%
Total Debt$467.6M↑404%$92.8M↓37%$147.9M↓10%$164.5M↑209%$53.2M
Shareholders' Equity$483.6M↑33%$362.8M↓2%$369.6M↑20%$309.2M↑46%$211.1M
Current Ratio5.46↑299%1.37↑23%1.12↑23%0.91↓51%1.86
Debt / Equity0.97↑278%0.26↓36%0.40↓25%0.53↑111%0.25
Operating Cash Flow$2.0M↓98%$112.7M↓30%$161.0M↓14%$187.9M↑252%$53.3M
Free Cash Flow----$78.1M↑20%$64.9M↑172%$23.9M
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictFAILFAILPASSBUYHOLDPASSFAILFAILNot rankedFAILPASSFAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety-201.1%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Growth

    All 5 investors flag METCZ's growth

    Positive Net Income Frequency6/11 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    EPS Growth AccelerationLatest: -1000.0%, Prior: -93.6%
    ✗DruckenmillerAccelerating EPS growth
    Revenue Growth RateLatest: -19.5%, Prior: -3.9%
    ✗DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth-3.9%
    ✗Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency2/5 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth Rate
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 101.0% vs Rev: -19.5%
    ✗LynchInventory growth < Revenue growth
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth

Where They Disagree

  • Profitability

    No clean pass — all 11 investors flag at least one profitability criterion

    Discount to Intrinsic Value-498.9% (IV=$4.25 vs Price=$25.45)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency6/11 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Return on Equity4.9% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    EPS Growth AccelerationLatest: -1000.0%, Prior: -93.6%
    ✗DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of Safety
    ✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue-10.4%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-10.6%
    ✗Ackman>= 15%
    Net Income / Total Assets-4.51%
    ✗PiotroskiROA > 0
    ROA Change YoY1.66% -> -4.51% (delta: -6.17%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=0.17%, ROA=-4.51%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY20.0% -> 15.5%
    ✗PiotroskiImproved YoY
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=-10.0%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-10.6%
    ✗Lynch> 15%
    Net Income Positive (10+ years)6/12 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (5-yr avg)14.2%
    ✗Buffett> 15% (5-yr avg)
    Operating Margin (10-yr trend)-10.4% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$82.3M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)1.85
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Positive EPS (10 years)6/12 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Debt & Leverage

    2 of 8 pass — Marks, Akre, Munger +3 more object

    Interest Coverage & Debt/EBITDAIC=-6.9x, D/EBITDA=38.3x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels0.97
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity0.97
    ✓Ackman<= 1.0
    LT Debt / Total Assets Change0.01% -> 40.99%
    ✗PiotroskiDecreased YoY
    Show 4 more metrics ▾
    Total Debt / Equity0.97
    ✗Lynch< 0.33
    Cash - Long-term Debt$-27.2M
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 0.97, IC: -6.9x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    LT Debt vs Net Current AssetsLT Debt $467.6M vs NCA $488.1M
    ✓GrahamLT Debt <= Net Current Assets
  • Valuation

    1 of 9 pass — Marks, Spier, Pabrai +5 more object

    P/B or P/E vs. Historical Average
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-498.9% (IV=$4.25 vs Price=$25.45)
    ✗Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of Safety
    ✗SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share
    ✗Ackman<= 25
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=-10.0%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth Rate
    ✗Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS89.8x
    ✗Graham<= 15x
    Price-to-Book Ratio
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
  • Cash Flow

    3 of 6 pass — Marks, Pabrai and Ackman object

    FCF Positive3/9 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$2.0M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=0.17%, ROA=-4.51%
    ✓PiotroskiCFO/Assets > ROA
    FCF Positive and Growing$78.1M
    ✓LynchPositive and growing
    Free Cash Flow Proxy$82.3M
    ✓BuffettPositive and growing
  • Efficiency

    2 of 6 pass — Akre, Munger, Piotroski +1 more object

    ROIC (high and growing)1/8 years ROIC > 15% (latest: -4.6%)
    ✗AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital-4.6%
    ✗Munger> 15%
    Current Ratio Change YoY1.37 -> 5.46
    ✓PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY0.99x -> 0.47x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)-10.0%
    ✗Greenblatt> 25%
    ROIC (3-5 yr avg)10.1%
    ✓Buffett> 10%
    ROIC - WACC+0.1%
    ✓BuffettPositive (WACC = 10%)
    Current Ratio5.46
    ✓Graham>= 2.0
  • Verdicts

    Split decision: 6 FAIL · 3 PASS · 1 BUY · 1 HOLD

    Overall verdict
    ✗MarksFAIL (3/8)✗AkreFAIL (1/7)✓DruckenmillerPASS (4/7)✓SpierBUY (7/8)•PabraiHOLD (5/8)✓MungerPASS (4/7)✗AckmanFAIL (2/9)✗PiotroskiFAIL (F-Score 3)•GreenblattNot ranked✗LynchFAIL (1/7)✓BuffettPASS (4/9)✗GrahamFAIL (3/9)

Historical Score Timeline

Industry Peers

Similar companies in Coal

METCZ vs Peers — Financial Grading

Revenue$536.6MBottom 25%
Net Income$51.4MMedian
ROE-10.6%Bottom 25%
D/E0.97Bottom 25%
Op. Margin-10.4%Bottom 25%
Curr. Ratio5.46Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
WARRIOR MET COAL, INC.HCC$5.2B$98.20$1.3B$57.0M2.7%0.073.5%3.193/95/93/70/3F-Score 4
Core Natural Resources, Inc.CNR$4.8B$95.94$4.2B$153.2M-4.2%0.13-4.4%1.603/94/92/70/3F-Score 3
ALLIANCE RESOURCE PARTNERS LPARLP$3.3B$25.42$2.2B$311.2M16.9%0.2417.6%2.104/97/95/71/3F-Score 4
PEABODY ENERGY CORPBTU$3.1B$25.48$3.9B$42.5M-1.2%—-2.1%1.853/94/90/70/3F-Score 4
Alpha Metallurgical Resources, Inc.AMR$2.1B$166.05$2.1B$61.7M-4.0%0.00-2.9%4.476/94/92/70/3F-Score 4
NATURAL RESOURCE PARTNERS LPNRP$1.4B$104.56$207.3M$136.4M21.6%0.0769.6%1.853/95/96/70/3F-Score 5
NACCO INDUSTRIES INCNC$321.8M$42.64$277.2M$17.6M4.1%0.237.9%3.095/92/94/70/3F-Score 6
Coronado Global Resources Inc.CODQL$310.2M$0.18$1.9B$432.1M-66.5%1.06-17.0%1.552/92/90/70/3F-Score 2