Ramaco Resources Inc (METC)
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Ramaco Resources sells metallurgical coal to steel mills — but the market talks about rare earths. In July 2026 the company had to amend its own annual report in response to comments from the staff of the U.S. securities regulator, the SEC, deleting the very sentences that asserted the technical and economic viability of its Brook Mine project. Five days later it published a new, internally prepared number: an $8.0 billion net present value. In between sit a segment with zero revenue, a $51.4 million loss for 2025 and a $4.0 billion capital cost estimate. We read what the filings say — and what was taken out of them.
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Valuation
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AI Rating
NeutralKein wesentlicher KI-Bezug: In allen sieben ausgewerteten Filings — Geschäftsberichte 10-K für 2025 und 2024, geänderter Geschäftsbericht 10-K/A für 2025 und die Quartalsberichte 10-Q zum 31.03.2026, 30.09.2025, 30.06.2025 und 31.03.2025 — gibt es keinen einzigen Treffer für „artificial intelligence“, „machine learning“, „generative“ oder „AI“; das Technologie-Kapitel (Item 1C Cybersecurity) beschreibt ausschließlich fremdverwaltete IT-Infrastruktur, und die einzige eigene Forschung betrifft fortgeschrittene Kohlenstoffprodukte sowie Seltene Erden am Explorationsobjekt Brook Mine.
View the full file — quotes, sources, reviewed filings
„We have become increasingly dependent upon technology, including information systems as well as infrastructure and cloud applications and services. These technologies are used to operate our businesses, process and record financial and operating data, communicate with our business partners, analyze mining information, estimate quantities of coal reserves, and perform other activities related to our business."
Wir sind zunehmend von Technologie abhängig geworden, einschließlich Informationssystemen sowie Infrastruktur- und Cloud-Anwendungen und -Diensten. Diese Technologien werden eingesetzt, um unsere Geschäfte zu betreiben, Finanz- und Betriebsdaten zu verarbeiten und zu erfassen, mit unseren Geschäftspartnern zu kommunizieren, Bergbau-Informationen auszuwerten, Kohlemengen zu schätzen und weitere Tätigkeiten im Zusammenhang mit unserem Geschäft auszuführen.
„Ramaco uses third parties to manage its information technology (“IT”) infrastructure. The Company’s process for assessing, identifying, and managing material cybersecurity risks includes the following activities, all of which are performed or assisted by third parties with considerable experience providing managed IT and security services or IT assurance services:"
Ramaco lässt seine IT-Infrastruktur von Dritten verwalten. Der Prozess des Unternehmens zur Beurteilung, Erkennung und Steuerung wesentlicher Cybersicherheitsrisiken umfasst die folgenden Tätigkeiten, die alle von Dritten mit erheblicher Erfahrung im Bereich verwalteter IT- und Sicherheitsdienste oder IT-Prüfungsdienste ausgeführt oder unterstützt werden:
Filings Reviewed: 10-Q 2026-05-11 · 10-K/A 2026-07-24 · 10-K 2026-02-26 · 10-Q 2025-10-28 · 10-Q 2025-08-01 · 10-Q 2025-05-12 · 10-K 2025-03-17
Rated on July 31, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.13 | -23.50 | 155 | 13.00 | 3.60 | 34 | 13 |
| 2024: Q3 | -0.03 | -106.70 | 167 | -10.50 | -0.10 | 37 | 20 |
| 2024: Q4 | 0.06 | -90.00 | 171 | -15.70 | 2.30 | 16 | 5 |
| 2025: Q1 | -0.19 | -480.00 | 135 | -22.00 | -7.00 | 26 | 6 |
| 2025: Q2 | -0.29 | -323.10 | 153 | -1.50 | -9.10 | -4 | -19 |
| 2025: Q3 | -0.25 | -733.30 | 121 | -27.70 | -11.00 | -2 | -22 |
| 2025: Q4 | -0.26 | -533.30 | 128 | -25.10 | -11.50 | -18 | -46 |
| 2026: Q1 | -0.30 | -57.90 | 122 | -9.70 | -15.10 | -35 | -52 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Cash cost of $98 per ton in the first quarter of 2026 — a third consecutive quarter below $100, achieved without wage cuts and despite diesel prices roughly 23 percent higher. On top of that, 3.5 million tons were already committed for 2026 as of April 30, 2026, which is 90 percent of guidance at the 3.9 million ton midpoint. In a market where competitors are idling production, that is a documented advantage.
Revenue down for three straight years ($693.5 million to $666.3 million to $536.6 million), net income swung from +$82.3 million (2023) to −$51.4 million (2025), with a further $18.3 million loss in the first quarter of 2026. Cash from operating activities fell from $161.0 million to $2.0 million (2025) and was negative $34.6 million in the first quarter of 2026. Cash margin per ton fell from $24 to $16 within a year.
The rare earths segment booked no revenue in 2025 or the first quarter of 2026 and cost $18.3 million and $6.6 million respectively. On July 24, 2026, in response to comments from the SEC staff, Ramaco had to delete the statements asserting technical and economic viability from its annual report; the $8.0 billion net present value published on July 29, 2026 is, per its own footnote, an internal estimate resting on 100 percent inferred resources with no sensitivity analysis.
As of March 31, 2026 the company held $355.2 million of cash, $488.8 million of liquidity and $437.0 million of equity against $452.1 million of financial debt — $345.0 million of it interest-free until 2031. Net financial debt is roughly $97 million and cash interest paid in the quarter was only $2.3 million. But the money came from a $189.0 million equity offering and $398.5 million of notes issued in 2025, not from operations — and the planned project carries $4.0 billion of pre-production capital cost by the company's own estimate.
Two share classes, of which Class B (11.37 million shares as of May 8, 2026) conveys no direct claim on the internal unit CORE; the board may redefine CORE assets and per-ton fees without shareholder approval and may exchange all Class B shares into Class A. Add up to roughly 14.2 million additional shares from the convertible and 4,000,000 new shares in the incentive plan since June 10, 2026. On the positive side: the control weakness reported in 2024 was considered remediated as of December 31, 2025.
Ramaco Resources is the engineering study trap in its purest form: two genuine engineering studies, both at the lowest accuracy tier — and it took the U.S. securities regulator, the SEC, to make the label say so. On July 24, 2026 the company deleted the statements asserting the technical and economic viability of its Brook Mine project from its annual report in response to comments from the regulator's staff, and the same day swapped the September 2025 shareholder letter for a version without margin, cash flow and valuation tables. Five days later a new letter arrived carrying an internally prepared $8.0 billion net present value against an estimated $4.0 billion of capital cost. Underneath it works a very low-cost coal producer that lost $51.4 million in 2025, whose cash from operations collapsed to $2.0 million and whose half billion of liquidity came from the capital market rather than from mining. Not investment advice.
- Ramaco Resources reached our research list through routine review of new SEC filings: on July 24, 2026 an amended annual report (10-K/A) and an amended current report (8-K/A) arrived on the same day. This article reflects the state of play as of July 31, 2026; second-quarter 2026 results were scheduled for August 5, 2026 at that time.
- A caution on data feeds: Ramaco has two listed share classes. The share count in the fundamental data shows only the 53,804,858 Class A shares and omits the 11,370,005 Class B shares — around 17 percent of all shares. The dated anchor used in this analysis is the Class B closing price of June 12, 2026 ($11.43) documented in the current report of June 15, 2026; because no Class A price is documented in any filing, it is applied there as well for want of a better anchor. The market capitalization of both classes is therefore given as a range: roughly $0.6 billion to $0.75 billion (fundamental data as of July 30, 2026: roughly $0.63 billion).
- The Brook Mine figures (net present value $8.0 billion, annual adjusted EBITDA $1.3 billion, pre-production capital cost $4.0 billion) are expressly Ramaco's internal estimates based on the Hatch conceptual study. They are not independently verified, were not prepared under Subpart 1300 of Regulation S-K and rest on 100 percent inferred resources. A regulator-compliant technical report is announced for the end of 2026. "Segment adjusted EBITDA" is a company-defined non-GAAP measure.
About the Company
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 covers an area of approximately 88,850 acres is located in Virginia; the Maben property covering an area of approximately 28,000 acres located in southern West Virginia; and the Brook Mine property that covers an area of approximately 15,800 acres located in northeastern Wyoming. It serves blast furnace steel mills and coke plants in North America, as well as metallurgical coal consumers internationally. Ramaco Resources, Inc. was founded in 2015 and is based in Lexington, Kentucky.
| Employees | 900 |
|---|---|
| Headquarters | Lexington, KY |
| Website | ramacoresources.com |
| IPO Date | 3. Feb 2017 |
| Next Earnings | 30. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Randall W. Atkins J.D. | Founder, Chairman & CEO | 1953 |
| Evan H. Jenkins | Vice-Chairman & Secretary | 1961 |
| Jeremy Ryan Sussman | Executive VP & CFO | 1983 |
| Jason T. Fannin | Executive VP, Chief Commercial Officer & Chief Marketing Officer | 1974 |
| Christopher L. Blanchard | Executive Vice President of Mine Planning and Development | 1975 |
| Paul B. Horn | Executive Vice President of Mine Operations | 1972 |
| John C. Marcum | EVP of Production & Chief Accounting Officer | 1965 |
| James Scott Kreutzer | Executive Vice President for Western Operations | 1971 |
| Sabrina Duba | Senior Vice President of Operations | – |
| B. Scott Spears | Executive Vice President for External Accounting | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.