# Ramaco Resources, Inc. (METCB)

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

**Price:** USD 3.89 (+2.91% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 3.89 · day 3.71–4.15 · 52w 3.57–16.81 · market cap null · 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).
- 1 of 80 tracked superinvestors hold METCB (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: None.
- Total return with dividends: 1Y -73.8% vs S&P 500 +14.9%; 5Y -51.6% vs S&P 500 +80.3%.

## 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) | $0.85 | $2.51 | $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)


## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold METCB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.01% | $5.2M | Added +12.3% |

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-06-12) |
|---|---|---|
| Total return | -73.8% | -51.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -73.9% | -19.4% |
| Volatility (annualized) | 72.2% | 58.9% |
| Max drawdown | -76.6% (Nov 2025→Oct 2026) | -78.3% (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/METCB · 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)

Named in METCB's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1687187/000110465926020479/metc-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Komatsu Financial | "Komatsu Financial Limited Partnership Loan—On August 16, 2021, we entered into an equipment loan with Komatsu Financial Limited Partnership, as lender, in the principal amount of approximately $1.0 million for the" |

Other companies that name METCB in their own reports (relationship from METCB'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) | — | — | — | $140.7M | — |
| Next quarter (ends 2026-12-31) | — | — | — | $163.6M | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $574.6M | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $695.3M | — |