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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $537M | $14M | $-51M | $-82M | -10.6% | -19.5% | -559.7% |
| 2024 | $666M | $87M | $11M | $44M | 3.1% | -3.9% | -86.4% |
| 2023 | $694M | $168M | $82M | $78M | 22.3% | 22.6% | -29.1% |
| 2022 | $566M | $194M | $116M | $64M | 37.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 565.69 | 693.52 | 666.30 | 536.62 |
| Operating Revenue | - | 565.69 | 693.52 | 666.30 | 536.62 |
| Cost Of Revenue | - | 332.96 | 493.79 | 533.29 | 453.39 |
| Gross Profit | - | 232.73 | 199.73 | 133 | 83.23 |
| Operating Expense | - | 82.34 | 104.49 | 116.37 | 139.18 |
| Selling General And Administration | - | 40.03 | 48.83 | 49.29 | 69.36 |
| Total Expenses | - | 415.30 | 598.28 | 649.66 | 592.57 |
| Operating Income | - | 150.39 | 95.24 | 16.64 | -55.96 |
| Total Operating Income As Reported | - | 150.39 | 95.24 | 16.64 | -55.96 |
| EBITDA | - | 194.22 | 167.82 | 86.66 | 13.82 |
| Normalized EBITDA | - | 194.22 | 167.82 | 86.66 | 13.82 |
| EBIT | - | 153.02 | 113.57 | 21.04 | -54.34 |
| Interest Expense | - | 6.83 | 8.90 | 6.12 | 7.80 |
| Net Interest Income | - | -6.83 | -8.90 | -6.12 | -7.80 |
| Other Non Operating Income Expenses | - | 2.64 | 18.32 | 4.41 | 1.62 |
| Other Income Expense | - | 2.64 | 18.32 | 4.41 | 1.62 |
| Interest Expense Non Operating | - | 6.83 | 8.90 | 6.12 | 7.80 |
| Net Non Operating Interest Income Expense | - | -6.83 | -8.90 | -6.12 | -7.80 |
| Pretax Income | - | 146.20 | 104.66 | 14.92 | -62.14 |
| Tax Provision | - | 30.15 | 22.35 | 3.73 | -10.69 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 116.04 | 82.31 | 11.19 | -51.45 |
| Net Income From Continuing And Discontinued Operation | - | 116.04 | 82.31 | 11.19 | -51.45 |
| Net Income From Continuing Operation Net Minority Interest | - | 116.04 | 82.31 | 11.19 | -51.45 |
| Net Income | - | 116.04 | 82.31 | 11.19 | -51.45 |
| Net Income Common Stockholders | - | 116.04 | 82.31 | 11.19 | -51.45 |
| Net Income Including Noncontrolling Interests | - | 116.04 | 82.31 | 11.19 | -51.45 |
| Normalized Income | - | 116.04 | 82.31 | 11.19 | -51.45 |
| Diluted NI Availto Com Stockholders | - | 116.04 | 82.31 | 11.19 | -51.45 |
| Basic Average Shares | - | 44.16 | 46.50 | 53.77 | 58.65 |
| Diluted Average Shares | - | 44.70 | 47.58 | 53.77 | 58.65 |
| Reconciled Depreciation | - | 41.19 | 54.25 | 65.61 | 68.16 |
| Reconciled Cost Of Revenue | - | 332.96 | 493.79 | 533.29 | 453.39 |
| Depreciation Amortization Depletion Income Statement | - | 41.19 | 54.25 | 65.61 | 68.16 |
| Depreciation And Amortization In Income Statement | - | 41.19 | 54.25 | 65.61 | 68.16 |
| Other Operating Expenses | - | 1.12 | 1.40 | 1.46 | 1.67 |
| Depreciation Income Statement | - | 41.19 | 54.25 | 65.61 | 68.16 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ramaco Resources, Inc.this co. | METC | $1.1B | - | 2.30 | -10.6% | 82.52 |
| United States Antimony Corporation | UAMY | $1.3B | -295.38 | 9.09 | -3.1% | -162.31 |
| Tronox Holdings plc | TROX | $1.2B | -2.65 | 0.88 | -33.1% | 211.38 |
| Oil-Dri Corporation of America | ODC | $1.2B | 32.68 | 5.78 | 17.7% | 17.88 |
| NWPX Infrastructure, Inc. | NWPX | $1.2B |
| - |
| - |
| - |
| - |
| - |
| - |
| 33.37 |
| 2.99 |
| 9.0% |
| 18.71 |
| Stepan Company | SCL | $1.2B | 24.97 | 0.94 | 3.8% | 8.08 |
| Green Plains Inc. | GPRE | $1.1B | -8.71 | 1.38 | -15.8% | 42.51 |
| ASP Isotopes Inc. | ASPI | $1.0B | - | 4.92 | -85.8% | - |
| LSB Industries, Inc. | LXU | $927M | 37.67 | 1.78 | 4.7% | 9.63 |
| Peer Median | - | 24.97 | 2.39 | 0.3% | 17.88 | |