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what it is
Ramaco digs coal that steelmakers use to make metal.
how it gets paid
Last year Ramaco Resources made $666M in revenue. Elk Creek Complex was the main engine at $0.40B, or 60% of sales.
what just happened
Ramaco posted $409M in revenue and $0.05 in EPS.
At a glance
B balance sheet — gets the job done, barely
25/100 earnings predictability — expect surprises
3.1% return on capital — nothing to write home about
$0.11 fy2024 eps est
$666M fy2024 rev est
xvary composite: 47/100 — below average
What they do
Ramaco digs coal that steelmakers use to make metal.
66 million reserve tons (coal already booked in the ground) and 1,352 million measured and indicated resource tons (coal geologists think is there) give you runway. That is a lot of dirt for a company guiding to 4 to 5 million clean tons a year. The moat is not glamour. It is scale in the ground.
How they make money
$666M
annual revenue
Elk Creek Complex
$0.40B
Berwind
$0.12B
Knox Creek
$0.09B
RAM Mine and other development
$0.07B
The products that matter
mines and sells steelmaking coal
Metallurgical Coal
$579.5M · 87% of revenue
This is the company. Q4 2025 revenue came in at $108.7M and missed estimates by 24%, which is the market's reminder that when coal disappoints, the whole story disappoints.
the core business
critical minerals development
Rare Earth & Other
$86.5M · 13% of revenue
This is the exciting part, which is exactly why you should keep it in proportion. The stock fell 6.4% on jan 29, 2026 after policy shifted away from critical mineral price supports. Optionality is real. So is policy risk.
the side bet
Key numbers
$666M
2024 sales
That is the top line you have to watch, because a 10% swing is about $67M.
$0.11
2024 EPS
That is barely anything per share, so small cost changes matter fast.
66M tons
reserve tons
That is the coal already booked in the ground, which gives the mine more runway.
$127M
long debt
That debt equals 13% of capital, so the balance sheet is not a toy.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $127M (13% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for METC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Ramaco posted $409M in revenue and $0.05 in EPS.
Revenue was up 238% vs. prior year. Gross margin was still only 2.5%, so more coal moved than cash kept.
$409M
revenue
$0.05
eps
2.5%
gross margin
revenue jump
The $409M revenue print matters because it is 238% above last year.
source: company earnings report, 2025
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What could go wrong
Ramaco's risk stack is unusually straightforward: coal still drives 87% of revenue, margins are negative, and the more exciting minerals angle is still small enough that policy headlines can move the stock more than operating results justify. If you own it, you need the core business to get healthier before the side narrative gets bigger.
high
the coal business stays weak
Trailing net margin is -9.59% and operating margin is -10.4%. In human-speak: the main engine is still burning cash instead of producing it.
If operating margin does not get back above zero, the buyback story will look more like signaling than value creation.
high
the rare earth story stays a story
Rare earth and other is 13% of revenue. That is real, but still small. The market reaction to the 6.4% drop on jan 29, 2026 showed how much expectation is already packed into the optionality.
If that mix does not grow from 13%, you are still holding a coal company with a more fashionable investor deck.
med
headline risk keeps widening the discount
The stock fell 9.57% when class action securities allegations became public. With a 5 / 100 price stability score, you are not dealing with a market that shrugs off bad news.
Even if legal costs stay manageable, the valuation can stay pressured while the case hangs over the name.
med
quarterly volatility keeps resetting trust
Q4 2025 revenue of $108.7M missed expectations by 24%. Pair that with 25 / 100 earnings predictability and you get a stock that has to re-prove itself every quarter.
If the next few reports stay lumpy, the market is unlikely to give management full credit for long-range plans.
Coal still pays the bills at 87% of revenue. The problem is that the bills are being paid by a business with negative margins and very little room for another bad surprise.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
estimated for may 11, 2026. after a 24% Q4 revenue miss, you need to see whether coal revenue stops disappointing and whether the margin line starts moving the right way.
capital return
actual buyback execution
The authorization is $100M. Here's the thing: authorizations are easy. Actual share retirement is the proof beat. Watch what gets repurchased, not just what got announced.
legal
lawsuit developments
The stock already dropped 9.57% when the allegations surfaced. Any filing, ruling, or settlement update matters because this name does not absorb uncertainty gracefully.
business mix
rare earth share of revenue
Rare earth and other is 13% of revenue today. If that number stays stuck while coal stays weak, the diversification case loses its punch.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts do not trust this earnings stream to stay smooth. neither should you.
risk rank
3
Middle-tier safety. Not distressed, not defensive. You are buying cyclicality with extra company-specific noise on top.
price stability
5 / 100
This stock does not trade like a steady asset. It trades like a small-cap commodity name where every headline gets to vote.
source: institutional data
Institutional activity
institutional ownership data for METC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$18
current price
n/a
target midpoint · n/a from current
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