Ramaco Resources Financials
This page shows Ramaco Resources (METCB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Debt-funded liquidity replaced operating self-funding as the dominant business mechanic once profitability and cash conversion weakened.
By FY2025, the company showed ample near-term liquidity with$440.3M of cash and a 5.5x current ratio. But that cushion was created by$489.0M of financing inflow as operating cash flow fell to$2.0M , so the balance sheet became more liquid at the same time the core business stopped meaningfully funding itself.
The earnings squeeze was not just about lower sales; gross margin compression from
Working capital became heavier as inventory rose to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ramaco Resources's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ramaco Resources has an operating margin of -10.4%, meaning the company retains $-10 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is down from 2.5% the prior year.
Ramaco Resources's revenue declined 19.5% year-over-year, from $666.3M to $536.6M. This contraction results in a growth score of 9/100.
Ramaco Resources has elevated debt relative to equity (D/E of 0.97), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 28/100, reflecting increased financial risk.
With a current ratio of 5.46, Ramaco Resources holds $5.46 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 91/100.
Ramaco Resources's ROE of -10.6% shows moderate profitability relative to equity, earning a score of 38/100. This is down from 3.1% the prior year.
Ramaco Resources scores 1.28, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ramaco Resources passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Ramaco Resources generates $-0.04 in operating cash flow ($2.0M OCF vs -$51.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Ramaco Resources earns $-7.2 in operating income for every $1 of interest expense (-$56.0M vs $7.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ramaco Resources generated $536.6M in revenue in fiscal year 2025. This represents a decrease of 19.5% from the prior year.
Ramaco Resources's EBITDA was $12.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 85.1% from the prior year.
Ramaco Resources reported -$51.4M in net income in fiscal year 2025. This represents a decrease of 558.9% from the prior year.
Ramaco Resources earned $-0.99 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1000.0% from the prior year.
Cash & Balance Sheet
Ramaco Resources held $440.3M in cash against $467.6M in long-term debt as of fiscal year 2025.
Margins & Returns
Ramaco Resources's gross margin was 15.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.5 percentage points from the prior year.
Ramaco Resources's operating margin was -10.4% in fiscal year 2025, reflecting core business profitability. This is down 12.9 percentage points from the prior year.
Ramaco Resources's net profit margin was -9.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11.3 percentage points from the prior year.
Ramaco Resources's ROE was -10.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 13.7 percentage points from the prior year.
Capital Allocation
METCB Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $121.6M-5.0% | $128.0M+5.8% | $121.0M-20.9% | $153.0M+13.6% | $134.7M-21.2% | $170.9M+2.1% | $167.4M+7.8% | $155.3M |
| Cost of Revenue | $108.5M+5.1% | $103.2M+1.4% | $101.8M-24.1% | $134.2M+17.6% | $114.1M-16.1% | $136.1M+1.0% | $134.7M+9.7% | $122.8M |
| Gross Profit | $13.1M-47.1% | $24.8M+29.3% | $19.2M+2.0% | $18.8M-8.5% | $20.5M-41.0% | $34.8M+6.5% | $32.7M+0.4% | $32.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $20.3M-13.4% | $23.4M+45.2% | $16.1M+6.3% | $15.2M+4.0% | $14.6M+28.6% | $11.4M-12.1% | $12.9M+18.6% | $10.9M |
| Operating Income | -$24.3M-55.7% | -$15.6M-7.8% | -$14.5M-4.6% | -$13.8M-15.2% | -$12.0M-289.3% | $6.4M+298.5% | $1.6M-70.6% | $5.4M |
| Interest Expense | -$334K | N/A | $2.3M | N/A | -$2.2M | N/A | $1.7M | N/A |
| Income Tax | -$5.8M-128.7% | $20.3M+715.9% | -$3.3M-62.5% | -$2.0M+52.7% | -$4.3M-296.4% | $2.2M+3480.3% | $61K-93.3% | $915K |
| Net Income | -$18.3M-25.0% | -$14.7M-10.2% | -$13.3M+4.8% | -$14.0M-47.8% | -$9.5M-344.6% | $3.9M+1717.6% | -$239K-104.3% | $5.5M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | $-0.03-137.5% | $0.08 |
METCB Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B-4.3% | $1.1B+34.2% | $849.7M+25.9% | $674.6M-1.6% | $685.7M+1.6% | $674.7M+4.5% | $645.4M-2.1% | $659.2M |
| Current Assets | $542.7M-9.2% | $597.6M+81.8% | $328.7M+112.2% | $154.9M-5.5% | $164.0M-2.2% | $167.6M+14.3% | $146.7M-8.7% | $160.6M |
| Cash & Equivalents | $355.2M-19.3% | $440.3M+127.2% | $193.8M+589.1% | $28.1M-35.3% | $43.5M+31.7% | $33.0M+44.4% | $22.9M-17.1% | $27.6M |
| Inventory | $105.5M+21.1% | $87.2M+6.8% | $81.6M+37.5% | $59.3M+5.7% | $56.1M+29.4% | $43.4M-18.3% | $53.1M+1.3% | $52.4M |
| Accounts Receivable | $66.3M+22.0% | $54.4M+24.6% | $43.6M-22.0% | $55.9M+7.3% | $52.1M-29.2% | $73.6M+17.0% | $62.9M-9.6% | $69.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $654.6M-0.4% | $657.0M+103.6% | $322.7M-1.4% | $327.2M-1.0% | $330.5M+6.0% | $311.9M+10.0% | $283.6M-3.3% | $293.1M |
| Current Liabilities | $111.2M+1.6% | $109.5M-1.0% | $110.6M-2.8% | $113.8M-8.5% | $124.4M+1.6% | $122.4M+12.5% | $108.8M-9.9% | $120.8M |
| Long-Term Debt | N/A | $467.6M+302.0% | $116.3M | N/A | N/A | $57K-99.9% | $43.1M+2.3% | $42.2M |
| Total Equity | $437.0M-9.6% | $483.6M-8.2% | $526.9M+51.7% | $347.4M-2.2% | $355.2M-2.1% | $362.8M+0.3% | $361.8M-1.2% | $366.1M |
| Retained Earnings | -$18.6M-5891.0% | -$311K-101.8% | $17.1M-47.5% | $32.6M-32.7% | $48.4M-30.4% | $69.5M-13.3% | $80.2M-9.7% | $88.9M |
METCB Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$34.6M-88.4% | -$18.4M-1174.7% | -$1.4M+66.2% | -$4.3M-116.4% | $26.0M+66.0% | $15.7M-58.0% | $37.4M+8.6% | $34.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$17.0M+38.2% | -$27.5M-39.1% | -$19.8M-40.4% | -$14.1M+36.7% | -$22.3M-74.8% | -$12.7M+29.7% | -$18.1M+15.0% | -$21.3M |
| Financing Cash Flow | -$33.5M-111.5% | $292.4M+56.4% | $186.9M+6084.1% | $3.0M-54.7% | $6.7M-7.2% | $7.2M+130.0% | -$24.0M-49.5% | -$16.0M |
| Dividends Paid | N/A | $0 | $0-100.0% | $1.9M-24.7% | $2.5M+1834.4% | $128K-98.4% | $8.0M-2.6% | $8.2M |
| Share Buybacks | $11.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
METCB Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.8%-8.6pp | 19.4%+3.5pp | 15.8%+3.5pp | 12.3%-3.0pp | 15.2%-5.1pp | 20.4%+0.8pp | 19.5%-1.4pp | 20.9% |
| Operating Margin | -20.0%-7.8pp | -12.2%-0.2pp | -12.0%-2.9pp | -9.0%-0.1pp | -8.9%-12.7pp | 3.7%+2.8pp | 0.9%-2.5pp | 3.5% |
| Net Margin | -15.1%-3.6pp | -11.5%-0.5pp | -11.0%-1.9pp | -9.1%-2.1pp | -7.0%-9.3pp | 2.3%+2.4pp | -0.1%-3.7pp | 3.6% |
| Return on Equity | -4.2%-1.2pp | -3.0%-0.5pp | -2.5%+1.5pp | -4.0%-1.4pp | -2.7%-3.7pp | 1.1%+1.1pp | -0.1%-1.6pp | 1.5% |
| Return on Assets | -1.7%-0.4pp | -1.3%+0.3pp | -1.6%+0.5pp | -2.1%-0.7pp | -1.4%-1.9pp | 0.6%+0.6pp | -0.0%-0.9pp | 0.8% |
| Current Ratio | 4.88-0.6 | 5.46+2.5 | 2.97+1.6 | 1.36+0.0 | 1.32-0.1 | 1.37+0.0 | 1.35+0.0 | 1.33 |
| Debt-to-Equity | 1.50+0.5 | 0.97+0.7 | 0.22-0.7 | 0.94+0.0 | 0.93+0.9 | 0.00-0.1 | 0.120.0 | 0.12 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Ramaco Resources's annual revenue?
Ramaco Resources (METCB) reported $536.6M in total revenue for fiscal year 2025. This represents a -19.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ramaco Resources's revenue growing?
Ramaco Resources (METCB) revenue declined by 19.5% year-over-year, from $666.3M to $536.6M in fiscal year 2025.
Is Ramaco Resources profitable?
No, Ramaco Resources (METCB) reported a net income of -$51.4M in fiscal year 2025, with a net profit margin of -9.6%.
What is Ramaco Resources's EBITDA?
Ramaco Resources (METCB) had EBITDA of $12.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ramaco Resources have?
As of fiscal year 2025, Ramaco Resources (METCB) had $440.3M in cash and equivalents against $467.6M in long-term debt.
What is Ramaco Resources's gross margin?
Ramaco Resources (METCB) had a gross margin of 15.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ramaco Resources's operating margin?
Ramaco Resources (METCB) had an operating margin of -10.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ramaco Resources's net profit margin?
Ramaco Resources (METCB) had a net profit margin of -9.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ramaco Resources's return on equity (ROE)?
Ramaco Resources (METCB) has a return on equity of -10.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ramaco Resources's operating cash flow?
Ramaco Resources (METCB) generated $2.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ramaco Resources's total assets?
Ramaco Resources (METCB) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Ramaco Resources's current ratio?
Ramaco Resources (METCB) had a current ratio of 5.46 as of fiscal year 2025, which is generally considered healthy.
What is Ramaco Resources's debt-to-equity ratio?
Ramaco Resources (METCB) had a debt-to-equity ratio of 0.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ramaco Resources's return on assets (ROA)?
Ramaco Resources (METCB) had a return on assets of -4.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ramaco Resources's Altman Z-Score?
Ramaco Resources (METCB) has an Altman Z-Score of 1.28, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ramaco Resources's Piotroski F-Score?
Ramaco Resources (METCB) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ramaco Resources's earnings high quality?
Ramaco Resources (METCB) has an earnings quality ratio of -0.04x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ramaco Resources cover its interest payments?
Ramaco Resources (METCB) has an interest coverage ratio of -7.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ramaco Resources?
Ramaco Resources (METCB) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.