# Ramaco Resources, Inc. (METC)

> Source: Nexqual · https://nexqual.com/METC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ramaco Resources, Inc. (METC), nexqual.com/METC" · informational, not investment advice.

**Price:** USD 7.23 (-0.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 7.28 · day 6.94–7.4 · 52w 6.94–40.63 · market cap $460M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $515M, net income -$61.7M (-12.0% margin), free cash flow -$114M (SEC filings).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $36.5M; 5 not under a Rule 10b5-1 plan ($36.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.38 on a 1–5 scale) (8 analysts), mean target USD 16.76 (range 8–30).
- Total return with dividends: 1Y -79.9% vs S&P 500 +14.9%; 5Y -42.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD -0.21, revenue estimate $141M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $283M | $566M | $694M | $666M | $537M | $515M |
| Gross profit | $88.0M | $233M | $200M | $133M | $83.2M | — |
| Operating income | $39.5M | $150M | $95.2M | $16.6M | -$56.0M | -$72.6M |
| Net income | $39.8M | $116M | $82.3M | $11.2M | -$51.4M | -$61.7M |
| EPS (diluted) | $0.88 | $2.60 | $1.73 | $0.11 | -$0.99 | — |
| Free cash flow | $23.9M | $64.9M | $78.1M | $57.4M | -$60.8M | -$114M |
| Gross margin | 31.0% | 41.1% | 28.8% | 20.0% | 15.5% | — |
| Operating margin | 13.9% | 26.6% | 13.7% | 2.5% | -10.4% | -14.1% |
| Net margin | 14.0% | 20.5% | 11.9% | 1.7% | -9.6% | -12.0% |
| Revenue growth | +67.8% | +99.6% | +22.6% | -3.9% | -19.5% | — |
| Cash + short-term investments | $21.9M | $35.6M | $42.0M | $33.0M | $440M | — |
| Total debt | $45.5M | $129M | $91.4M | $88.2M | $468M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.9x · P/B 1.2x · FCF yield -24.80% · Earnings yield -13.41%

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-06 | Discovery Capital Management, Llc / Ct |  | 500,000 | $4.8M | 9.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Discovery Capital Management, Llc / Ct |  | 200,000 | $3.0M | 3.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-03-24…2026-03-30 | Leidel Peter A | Director | 52,410 | $577K | 4.1% | No | Too little history (no open-market trades in 2024) |
| 2026-03-27 | Leidel Peter A | Director | 179,885 | $2.8M | 10.5% | No | Too little history (no open-market trades in 2024) |
| 2026-03-05…2026-03-26 | Leidel Peter A | Director | 1,820,115 | $25.4M | 36.7% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.38 on a 1–5 scale), 8 analysts; mean target USD 16.76 (low 8, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-18 | Morgan Stanley | Target lowered | Equal-Weight | $13 → $11 |
| 2026-08-18 | Baird | Downgrade | Outperform → Neutral | $13 |
| 2026-08-06 | Benchmark | Target lowered | Buy | $38 → $26 |
| 2026-08-06 | Goldman Sachs | Target lowered | Neutral | $13 → $11 |
| 2026-07-09 | Goldman Sachs | Target lowered | Neutral | $16 → $13 |
| 2026-07-08 | Morgan Stanley | Target lowered | Equal-Weight | $17 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -79.9% | -42.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -80.0% | -10.5% |
| Volatility (annualized) | 84.0% | 78.9% |
| Max drawdown | -80.0% (Oct 2025→Oct 2026) | -84.7% (Oct 2025→Oct 2026) |

## Peers (Coking Coal)
SXC (SunCoke Energy, Inc.) USD 9.71 -1.82% · AMR (Alpha Metallurgical Resources, ) USD 159.39 -0.30% · HCC (Warrior Met Coal, Inc.) USD 83 -1.44% · GFI (Gold Fields Limited) USD 35.14 -4.51% · NTR (Nutrien Ltd.) USD 69.09 +1.42% · STLD (Steel Dynamics, Inc.) USD 239.9 -3.25%

## More
Full page: https://nexqual.com/METC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name METC in their own reports (relationship from METC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Core Natural Resources, Inc. (CNR) | 10-K 2026-02-17 | "The peer group, for the purposes of the information presented below, is comprised of Alliance Resource Partners LP, Alpha Metallurgical Resources, Inc., Hallador Energy Company, Peabody Energy Corpora…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Export Coal Revenues | $104.4M | 72.1% | +16.9% |
| Domestic Coal Revenues | $40.4M | 27.9% | -36.5% |
| Total revenue | $144.8M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 15%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-04)

- "We expect third-quarter cash costs to trend toward the higher end of the full-year range on the back of continued elevated fuel costs related to the Iranian conflict. ​ ● The Company now expects full-year 2026 capital expenditures to be $92 - $97 million versus $85 - $90 million previously."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.21 | $-0.11 | +83.1% | $140.7M | 3 |
| Next quarter (ends 2026-12-31) | $-0.13 | $-0.07 | +83.0% | $163.6M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.93 | $-0.74 | +25.6% | $574.6M | 4 |
| Next fiscal year (ends 2027-12-31) | $0.29 | $0.07 | +351.3% | $695.3M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±20.1%; last 8 reports averaged ±13.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 89.7% | ±20.1% |
| 2026-12-18 | 56 | 89.4% | ±27.7% |
| 2027-01-15 | 84 | 85.9% | ±32.2% |
| 2027-03-19 | 147 | 85.0% | ±41.9% |
| 2027-06-17 | 237 | 84.4% | ±51.9% |