Ramaco Resources (METC) Financials

$16.62 -0.01 (-0.06%)

Closing price 07/11/2025 04:00 PM Eastern

Extended Trading

$18.87 +2.25 (+13.53%)

As of 07/11/2025 07:59 PM Eastern

Annual Income Statements for Ramaco Resources

This table shows Ramaco Resources' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	0.00	-7.52	-15	25	25	-4.91	40	116	82	11
Consolidated Net Income / (Loss)	0.00	-7.52	-15	25	25	-4.91	40	116	82	11
Net Income / (Loss) Continuing Operations	0.00	-7.52	-15	25	25	-4.91	40	116	82	11
Total Pre-Tax Income	0.00	-7.52	-15	25	30	-8.39	44	146	105	15
Total Operating Income	0.00	-7.53	-16	24	30	-19	40	150	95	17
Total Gross Profit	0.00	0.82	0.52	51	68	23	88	233	200	133
Total Revenue	0.00	5.22	61	228	230	169	283	566	694	666
Operating Revenue	0.00	5.22	61	228	230	169	283	566	694	666
Total Cost of Revenue	0.00	4.40	61	177	162	146	195	333	494	533
Operating Cost of Revenue	-	4.40	61	177	162	146	195	333	494	533
Total Operating Expenses	0.00	8.35	16	27	38	43	48	82	104	116
Selling, General & Admin Expense	-	7.87	13	14	18	21	22	40	49	49
Depreciation Expense	-	0.25	3.15	12	20	21	26	41	54	66
Other Operating Expenses / (Income)	-	0.23	0.41	0.49	0.51	0.57	0.62	1.12	1.40	1.47
Total Other Income / (Expense), net	0.00	0.02	0.48	1.09	0.57	11	4.87	-4.19	9.42	-1.72
Interest & Investment Income	-	0.14	0.27	-	-	-1.22	-2.56	-6.83	-8.90	-6.12
Other Income / (Expense), net	-	0.00	0.20	2.52	1.76	12	7.43	2.64	18	4.41
Income Tax Expense	-	0.00	-	0.11	5.16	-3.48	4.65	30	22	3.73
Basic Earnings per Share	$0.00	$0.00	($0.41)	$0.63	$0.61	($0.12)	$0.90	$2.63	$1.77	$0.11
Weighted Average Basic Shares Outstanding	-	0.00	37.58M	40.04M	40.84M	42.46M	44.27M	44.45M	53.09M	54.00M
Diluted Earnings per Share	$0.00	$0.00	($0.41)	$0.62	$0.61	($0.12)	$0.90	$2.60	$1.73	$0.11
Weighted Average Diluted Shares Outstanding	-	0.00	37.58M	40.26M	40.84M	42.46M	44.27M	44.45M	53.09M	54.00M
Weighted Average Basic & Diluted Shares Outstanding	-	-	40.08M	40.84M	40.95M	42.64M	44.27M	44.45M	53.09M	54.00M

This table shows Ramaco Resources' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	27	14	25	7.56	19	30	2.03	5.54	-0.24	3.86	-9.46
Consolidated Net Income / (Loss)	27	14	25	7.56	19	30	2.03	5.54	-0.24	3.86	-9.46
Net Income / (Loss) Continuing Operations	27	14	25	7.56	19	30	2.03	5.54	-0.24	3.86	-9.46
Total Pre-Tax Income	34	17	31	10	25	39	2.57	6.46	-0.18	6.07	-14
Total Operating Income	37	18	32	10	16	37	3.28	5.42	1.59	6.35	-12
Total Gross Profit	57	40	56	38	42	63	33	33	33	35	21
Total Revenue	137	135	166	137	187	203	173	155	167	171	135
Operating Revenue	137	135	166	137	187	203	173	155	167	171	135
Total Cost of Revenue	80	95	111	99	145	139	140	123	135	136	114
Operating Cost of Revenue	80	95	111	99	145	139	140	123	135	136	114
Total Operating Expenses	21	22	24	28	26	26	30	27	31	28	33
Selling, General & Admin Expense	8.67	11	12	14	11	11	14	11	13	11	15
Depreciation Expense	11	11	12	14	14	14	15	16	18	17	18
Other Operating Expenses / (Income)	0.50	-0.37	0.35	0.35	0.35	0.36	0.35	0.35	0.35	0.40	0.40
Total Other Income / (Expense), net	-3.19	-0.65	-1.06	-0.02	8.89	1.62	-0.70	1.04	-1.77	-0.28	-1.73
Interest & Investment Income	-2.26	-1.51	-2.31	-2.52	-2.45	-1.63	-1.33	-1.48	-1.70	-1.61	-2.23
Other Income / (Expense), net	-0.93	0.86	1.25	2.50	11	3.25	0.63	2.52	-0.08	1.33	0.51
Income Tax Expense	6.60	3.08	5.55	2.47	5.51	8.83	0.54	0.92	0.06	2.21	-4.29
Basic Earnings per Share	$0.61	$0.33	$0.57	$0.17	$0.41	$0.62	$0.24	$0.08	($0.03)	($0.18)	($0.39)
Weighted Average Basic Shares Outstanding	44.12M	44.45M	44.41M	52.69M	52.69M	53.09M	53.09M	52.45M	52.53M	54.00M	54.70M
Diluted Earnings per Share	$0.60	$0.34	$0.57	$0.17	$0.40	$0.59	$0.23	$0.08	($0.03)	($0.17)	($0.39)
Weighted Average Diluted Shares Outstanding	44.12M	44.45M	44.41M	52.69M	52.69M	53.09M	53.09M	52.45M	52.53M	54.00M	54.70M
Weighted Average Basic & Diluted Shares Outstanding	44.12M	44.45M	44.41M	52.69M	52.69M	53.09M	53.09M	52.45M	52.53M	54.00M	54.70M

This table details how cash moves in and out of Ramaco Resources' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.99	4.20	1.02	1.16	-0.52	-0.16	16	14	6.31	-8.96
Net Cash From Operating Activities	-1.92	-3.86	-8.47	36	42	13	53	188	161	113
Net Cash From Continuing Operating Activities	-1.92	-3.86	-8.47	36	42	13	53	188	161	113
Net Income / (Loss) Continuing Operations	-2.34	-7.52	-15	25	25	-4.91	40	116	82	11
Consolidated Net Income / (Loss)	-2.34	-7.52	-15	25	25	-4.91	40	116	82	11
Depreciation Expense	0.00	0.25	3.15	12	20	21	26	41	54	66
Amortization Expense	-	0.00	-	0.57	0.06	0.06	0.21	0.49	0.78	0.93
Non-Cash Adjustments To Reconcile Net Income	0.07	3.62	3.23	3.13	4.57	-3.73	0.47	7.98	4.12	19
Changes in Operating Assets and Liabilities, net	0.34	-0.22	0.57	-5.02	-6.70	0.98	-13	22	20	16
Net Cash From Investing Activities	-3.46	-77	-20	-43	-46	-25	-60	-146	-72	-71
Net Cash From Continuing Investing Activities	-3.46	-77	-20	-43	-46	-25	-60	-145	-72	-71
Purchase of Property, Plant & Equipment	-4.85	-17	-75	-48	-46	-25	-29	-123	-83	-69
Acquisitions	0.00	-0.30	-	-	0.00	0.00	-30	-12	0.00	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.00	11	0.00
Other Investing Activities, net	1.39	-	-	-	-	0.00	0.00	-9.90	-0.56	-1.99
Net Cash From Financing Activities	6.37	86	29	7.92	2.83	11	22	-28	-83	-51
Net Cash From Continuing Financing Activities	6.37	86	29	7.92	2.83	11	22	-28	-83	-51
Repayment of Debt	-1.39	-0.92	-11	-23	-70	-46	-29	-47	-168	-199
Payment of Dividends	0.00	0.00	-5.41	-	-	0.00	0.00	-20	-26	-25
Issuance of Debt	1.02	0.86	-	31	74	50	54	42	130	197
Other Financing Activities, net	6.74	1.88	-0.13	-0.99	-0.59	6.84	-3.34	-3.08	-19	-24
Cash Interest Paid	0.00	0.11	0.09	0.83	1.00	1.10	1.60	7.06	8.11	4.76
Cash Income Taxes Paid	0.00	0.00	0.00	0.00	0.00	0.02	0.01	16	0.77	1.23

This table details how cash moves in and out of Ramaco Resources' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	3.16	-11	1.00	-2.73	9.04	-1.00	-11	-2.93	-4.71	10	10
Net Cash From Operating Activities	49	29	21	28	70	42	25	34	37	16	26
Net Cash From Continuing Operating Activities	49	29	21	28	70	42	25	34	37	16	26
Net Income / (Loss) Continuing Operations	27	14	25	7.56	19	30	2.03	5.54	-0.24	3.86	-9.46
Consolidated Net Income / (Loss)	27	14	25	7.56	19	30	2.03	5.54	-0.24	3.86	-9.46
Depreciation Expense	11	11	12	14	14	14	15	16	18	17	18
Amortization Expense	0.12	0.12	0.15	0.21	0.21	0.21	0.21	0.23	0.22	0.27	0.35
Non-Cash Adjustments To Reconcile Net Income	2.51	2.42	3.29	1.98	0.57	-1.73	5.03	4.94	4.32	4.61	3.76
Changes in Operating Assets and Liabilities, net	8.52	0.85	-19	4.92	35	-1.36	2.70	7.82	15	-9.77	14
Net Cash From Investing Activities	-48	-34	-22	-21	-14	-14	-19	-21	-18	-13	-22
Net Cash From Continuing Investing Activities	-48	-33	-22	-21	-14	-14	-19	-21	-18	-13	-22
Purchase of Property, Plant & Equipment	-38	-32	-24	-24	-17	-18	-19	-21	-18	-11	-20
Other Investing Activities, net	-11	-1.18	1.18	3.00	2.98	-7.72	0.07	0.09	-0.33	-1.81	-1.94
Net Cash From Financing Activities	1.95	-6.63	2.01	-9.48	-47	-28	-18	-16	-24	7.19	6.67
Net Cash From Continuing Financing Activities	1.95	-6.63	2.01	-9.48	-47	-28	-18	-16	-24	7.19	6.67
Repayment of Debt	-7.66	-30	-37	-25	-63	-41	-55	-53	-49	-38	-7.17
Payment of Dividends	-5.00	-5.05	-5.56	-5.55	-6.94	-7.77	-8.32	-8.18	-7.97	-0.13	-2.48
Issuance of Debt	16	25	45	33	18	35	52	45	40	60	19
Other Financing Activities, net	-1.06	3.73	-0.12	-11	5.96	-14	-5.75	-	-7.44	-15	-2.68

This table presents Ramaco Resources' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	119	148	188	227	229	329	596	666	675
Total Current Assets	63	29	35	44	42	87	147	190	168
Cash & Equivalents	5.20	5.93	6.95	5.53	5.30	22	36	42	33
Accounts Receivable	0.91	7.17	11	19	20	44	41	97	74
Inventories, net	1.52	10	14	15	12	16	45	37	43
Prepaid Expenses	0.39	1.10	3.15	4.27	4.95	4.63	26	14	18
Plant, Property, & Equipment, net	46	115	149	178	181	227	430	459	482
Total Noncurrent Assets	9.52	3.19	4.02	4.29	5.59	15	19	17	25
Noncurrent Note & Lease Receivables	-	-	-	-	0.00	9.13	13	10	12
Other Noncurrent Operating Assets	4.32	3.19	4.02	4.29	5.59	6.07	6.10	6.72	13
Total Liabilities & Shareholders' Equity	119	148	188	227	229	329	596	666	675
Total Liabilities	35	35	47	57	60	118	287	296	312
Total Current Liabilities	15	22	30	26	29	47	163	170	122
Short-Term Debt	0.50	0.00	5.00	3.33	4.87	7.67	36	57	0.36
Accounts Payable	8.96	20	16	11	12	15	35	52	49
Accrued Expenses	1.17	2.82	8.09	12	12	19	42	52	62
Other Current Liabilities	4.73	0.07	0.36	0.68	0.91	4.23	51	9.60	12
Total Noncurrent Liabilities	109	12	17	30	30	71	124	126	189
Long-Term Debt	11	0.00	4.47	9.61	13	36	52	34	88
Capital Lease Obligations	-	-	-	-	0.00	4.60	4.92	4.92	7.52
Asset Retirement Reserve & Litigation Obligation	9.43	12	13	15	15	22	29	29	30
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	0.11	5.27	1.76	6.41	36	54	56
Other Noncurrent Operating Liabilities	89	-	-	0.85	0.97	2.53	3.30	4.48	7.66
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-4.99	113	141	170	169	211	309	370	363
Total Preferred & Common Equity	-4.99	113	141	170	169	211	309	370	363
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-4.99	113	141	170	169	211	309	370	363
Common Stock	0.00	149	151	155	159	164	169	278	293
Retained Earnings	-18	-35	-10	15	9.81	47	140	92	70

This table presents Ramaco Resources' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	562	641	660	647	674	659	645	686
Total Current Assets	142	178	178	169	183	161	147	164
Cash & Equivalents	47	37	34	43	31	28	23	43
Accounts Receivable	50	71	59	64	104	70	63	52
Inventories, net	40	51	67	50	41	52	53	56
Prepaid Expenses	4.96	19	18	12	7.29	11	7.85	12
Plant, Property, & Equipment, net	403	444	458	457	466	475	477	488
Total Noncurrent Assets	17	20	25	21	25	24	22	34
Noncurrent Note & Lease Receivables	9.84	12	17	13	17	14	12	20
Other Noncurrent Operating Assets	7.21	7.11	7.66	7.57	8.00	9.81	9.96	14
Total Liabilities & Shareholders' Equity	562	641	660	647	674	659	645	686
Total Liabilities	263	304	323	294	302	293	284	330
Total Current Liabilities	150	151	142	143	148	121	109	124
Short-Term Debt	31	30	25	28	28	7.20	0.38	0.31
Accounts Payable	65	80	50	52	60	48	54	59
Accrued Expenses	49	33	39	46	50	58	48	54
Other Current Liabilities	5.26	8.56	28	16	11	7.69	6.24	11
Total Noncurrent Liabilities	113	153	181	152	153	172	175	206
Long-Term Debt	50	79	97	67	58	76	77	104
Capital Lease Obligations	3.78	3.98	8.30	5.77	8.54	7.51	6.68	13
Asset Retirement Reserve & Litigation Obligation	28	29	30	28	29	29	31	30
Noncurrent Deferred & Payable Income Tax Liabilities	18	38	42	46	52	55	55	51
Other Noncurrent Operating Liabilities	3.37	3.74	4.08	4.32	4.96	4.94	5.41	6.75
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	299	337	337	353	372	366	362	355
Total Preferred & Common Equity	299	337	337	353	372	366	362	355
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	299	337	337	353	372	366	362	355
Common Stock	167	172	273	276	280	277	282	307
Retained Earnings	131	165	64	76	92	89	80	48

This table displays calculated financial ratios and metrics derived from Ramaco Resources' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	1,070.17%	272.85%	1.16%	-26.63%	67.77%	99.61%	22.60%	-3.93%
EBITDA Growth	0.00%	0.00%	-72.23%	415.96%	28.44%	-72.87%	431.63%	165.34%	-13.41%	-48.05%
EBIT Growth	0.00%	0.00%	-108.35%	269.63%	17.57%	-122.91%	755.25%	225.85%	-25.79%	-81.47%
NOPAT Growth	0.00%	0.00%	-111.06%	315.62%	1.99%	-154.63%	364.84%	237.24%	-37.25%	-83.34%
Net Income Growth	0.00%	0.00%	-105.15%	262.64%	-0.56%	-119.68%	910.25%	191.86%	-29.07%	-86.40%
EPS Growth	0.00%	0.00%	0.00%	251.22%	-1.61%	-119.67%	850.00%	188.89%	-33.46%	-93.64%
Operating Cash Flow Growth	0.00%	-101.48%	-119.35%	527.24%	17.13%	-68.59%	300.69%	252.21%	-14.28%	-30.04%
Free Cash Flow Firm Growth	0.00%	0.00%	-418.85%	89.95%	45.92%	-82.04%	-19.90%	55.16%	294.52%	-47.75%
Invested Capital Growth	0.00%	0.00%	271.90%	40.45%	23.58%	2.11%	30.85%	54.21%	15.59%	0.74%
Revenue Q/Q Growth	0.00%	0.00%	49.72%	9.72%	0.62%	39.09%	-1.93%	9.21%	10.78%	-4.56%
EBITDA Q/Q Growth	0.00%	0.00%	5.89%	23.52%	3.10%	26.07%	115.17%	0.08%	17.18%	-25.80%
EBIT Q/Q Growth	0.00%	0.00%	-5.68%	23.75%	0.41%	27.90%	378.23%	-2.42%	23.38%	-60.93%
NOPAT Q/Q Growth	0.00%	0.00%	-7.05%	23.56%	-7.00%	-34.46%	260.45%	-3.59%	22.92%	-66.48%
Net Income Q/Q Growth	0.00%	0.00%	-7.42%	31.41%	-5.69%	-1,979.24%	116.82%	-3.54%	23.48%	-70.05%
EPS Q/Q Growth	0.00%	0.00%	0.00%	31.91%	-7.58%	-400.00%	143.24%	-2.62%	16.89%	-87.36%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	39.89%	47.53%	0.59%	-21.26%	6.42%	7.73%	8.41%	-18.68%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	57.02%	-62.08%	28.35%	-317.66%	68.91%	594.50%	-62.90%
Invested Capital Q/Q Growth	0.00%	0.00%	18.20%	-1.87%	-0.55%	-5.81%	23.00%	5.63%	2.91%	0.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	15.70%	0.84%	22.42%	29.43%	13.86%	31.05%	41.14%	28.80%	19.96%
EBITDA Margin	0.00%	-139.53%	-20.54%	17.40%	22.10%	8.17%	25.89%	34.42%	24.31%	13.15%
Operating Margin	0.00%	-144.36%	-26.04%	10.59%	12.83%	-11.30%	13.95%	26.58%	13.73%	2.50%
EBIT Margin	0.00%	-144.36%	-25.70%	11.69%	13.59%	-4.24%	16.57%	27.05%	16.38%	3.16%
Profit (Net Income) Margin	0.00%	-144.08%	-25.26%	11.02%	10.83%	-2.91%	14.03%	20.51%	11.87%	1.68%
Tax Burden Percent	0.00%	100.00%	100.00%	99.55%	82.85%	58.48%	89.54%	79.37%	78.65%	75.01%
Interest Burden Percent	0.00%	99.80%	98.27%	94.64%	96.19%	117.08%	94.56%	95.54%	92.16%	70.90%
Effective Tax Rate	0.00%	0.00%	0.00%	0.45%	17.15%	0.00%	10.46%	20.63%	21.35%	24.99%
Return on Invested Capital (ROIC)	0.00%	0.00%	-52.02%	19.51%	15.24%	-7.45%	16.92%	39.60%	19.00%	2.94%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-38.94%	-5.72%	24.66%	79.01%	39.74%	31.54%	32.51%	0.73%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	23.58%	0.19%	0.79%	4.56%	4.00%	5.01%	5.25%	0.12%
Return on Equity (ROE)	0.00%	150.73%	-28.44%	19.70%	16.02%	-2.89%	20.92%	44.61%	24.25%	3.06%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-169.05%	-14.14%	-5.85%	-9.54%	-9.81%	-3.05%	4.54%	2.20%
Operating Return on Assets (OROA)	0.00%	-6.32%	-11.74%	15.83%	15.08%	-3.15%	16.84%	33.07%	18.00%	3.14%
Return on Assets (ROA)	0.00%	-6.30%	-11.54%	14.91%	12.01%	-2.15%	14.26%	25.08%	13.04%	1.67%
Return on Common Equity (ROCE)	0.00%	150.73%	-28.44%	19.70%	16.02%	-2.89%	20.92%	44.61%	24.25%	3.06%
Return on Equity Simple (ROE_SIMPLE)	0.00%	150.73%	-13.60%	17.77%	14.66%	-2.90%	18.84%	37.53%	22.27%	3.08%
Net Operating Profit after Tax (NOPAT)	0.00	-5.27	-11	24	24	-13	35	119	75	12
NOPAT Margin	0.00%	-101.05%	-18.23%	10.54%	10.63%	-7.91%	12.49%	21.10%	10.80%	1.87%
Net Nonoperating Expense Percent (NNEP)	0.00%	-8.23%	-13.08%	25.23%	-9.42%	-86.46%	-22.82%	8.06%	-13.51%	2.22%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	29.74%	16.12%	2.72%
Cost of Revenue to Revenue	0.00%	84.30%	99.16%	77.58%	70.57%	86.14%	68.95%	58.86%	71.20%	80.04%
SG&A Expenses to Revenue	0.00%	150.84%	21.05%	6.15%	7.90%	12.45%	7.63%	7.08%	7.04%	7.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	160.07%	26.88%	11.83%	16.60%	25.16%	17.10%	14.56%	15.07%	17.46%
Earnings before Interest and Taxes (EBIT)	0.00	-7.53	-16	27	31	-7.17	47	153	114	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.00	-7.28	-13	40	51	14	73	195	169	88
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.30	1.35	0.83	0.70	3.73	2.45	2.32	1.46
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.30	1.35	0.83	0.70	3.73	2.45	2.32	1.46
Price to Revenue (P/Rev)	0.00	0.00	4.28	0.84	0.61	0.70	2.78	1.34	1.24	0.80
Price to Earnings (P/E)	0.00	0.00	0.00	7.59	5.64	0.00	19.79	6.54	10.41	47.46
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.54%	5.48%
Earnings Yield	0.00%	0.00%	0.00%	13.17%	17.73%	0.00%	5.05%	15.30%	9.60%	2.11%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	2.45	1.34	0.83	0.72	3.43	2.23	2.15	1.40
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	4.10	0.85	0.64	0.77	2.87	1.44	1.31	0.89
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	4.87	2.91	9.43	11.08	4.19	5.40	6.78
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	7.25	4.73	0.00	17.31	5.33	8.01	28.24
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	8.04	6.05	0.00	22.97	6.83	12.15	47.61
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	5.33	3.49	9.78	15.24	4.34	5.65	5.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.85	63.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-2.23	0.00	0.07	0.08	0.10	0.23	0.30	0.26	0.26
Long-Term Debt to Equity	0.00	-2.13	0.00	0.03	0.06	0.07	0.19	0.18	0.10	0.26
Financial Leverage	0.00	10.93	-0.61	-0.03	0.03	0.06	0.10	0.16	0.16	0.16
Leverage Ratio	0.00	-23.91	2.47	1.32	1.33	1.34	1.47	1.78	1.86	1.83
Compound Leverage Factor	0.00	-23.86	2.42	1.25	1.28	1.57	1.39	1.70	1.71	1.30
Debt to Total Capital	0.00%	181.16%	0.00%	6.29%	7.07%	9.35%	18.52%	22.96%	20.46%	20.94%
Short-Term Debt to Total Capital	0.00%	8.14%	0.00%	3.32%	1.82%	2.61%	2.96%	8.88%	12.17%	0.08%
Long-Term Debt to Total Capital	0.00%	173.02%	0.00%	2.97%	5.25%	6.74%	15.56%	14.08%	8.30%	20.86%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-81.16%	100.00%	93.71%	92.93%	90.65%	81.48%	77.04%	79.54%	79.06%
Debt to EBITDA	0.00	-1.53	0.00	0.24	0.25	1.26	0.65	0.47	0.56	1.10
Net Debt to EBITDA	0.00	7.49	0.00	0.06	0.15	0.88	0.36	0.29	0.32	0.72
Long-Term Debt to EBITDA	0.00	-1.46	0.00	0.11	0.19	0.91	0.55	0.29	0.23	1.09
Debt to NOPAT	0.00	-2.11	0.00	0.39	0.53	-1.31	1.36	0.77	1.27	7.70
Net Debt to NOPAT	0.00	10.34	0.00	0.11	0.30	-0.91	0.74	0.47	0.71	5.05
Long-Term Debt to NOPAT	0.00	-2.02	0.00	0.19	0.39	-0.94	1.14	0.47	0.51	7.67
Altman Z-Score	0.00	0.00	4.30	4.06	3.14	1.96	5.68	3.68	3.57	2.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	4.12	1.31	1.17	1.68	1.46	1.86	0.91	1.12	1.37
Quick Ratio	0.00	3.99	0.82	0.59	0.94	0.88	1.42	0.47	0.82	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	54	-173	-17	-9.40	-17	-21	-9.20	18	9.35
Operating Cash Flow to CapEx	-39.52%	-23.09%	-11.29%	75.17%	92.70%	53.78%	181.02%	152.72%	224.76%	163.66%
Free Cash Flow to Firm to Interest Expense	0.00	437.25	0.00	-12.18	-7.88	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	-31.14	0.00	25.36	35.53	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-166.00	0.00	-8.38	-2.80	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.04	0.46	1.35	1.11	0.74	1.02	1.22	1.10	0.99
Accounts Receivable Turnover	0.00	5.70	15.11	25.43	15.36	8.54	8.75	13.21	10.05	7.82
Inventory Turnover	0.00	2.90	10.46	14.57	11.04	10.70	14.09	10.96	12.02	13.25
Fixed Asset Turnover	0.00	0.11	0.75	1.72	1.41	0.94	1.39	1.72	1.56	1.42
Accounts Payable Turnover	0.00	0.49	4.25	9.83	12.01	12.99	14.43	13.27	11.42	10.62
Days Sales Outstanding (DSO)	0.00	64.01	24.16	14.35	23.77	42.74	41.70	27.62	36.33	46.69
Days Inventory Outstanding (DIO)	0.00	126.06	34.91	25.06	33.08	34.13	25.91	33.31	30.36	27.56
Days Payable Outstanding (DPO)	0.00	743.44	85.91	37.14	30.39	28.10	25.30	27.50	31.95	34.39
Cash Conversion Cycle (CCC)	0.00	-553.36	-26.84	2.27	26.46	48.76	42.31	33.43	34.73	39.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-59	102	144	177	181	237	366	423	426
Invested Capital Turnover	0.00	-0.18	2.85	1.85	1.43	0.94	1.35	1.88	1.76	1.57
Increase / (Decrease) in Invested Capital	0.00	-59	162	41	34	3.75	56	129	57	3.13
Enterprise Value (EV)	0.00	0.00	250	193	148	130	813	815	910	594
Market Capitalization	0.00	0.00	261	190	141	118	787	759	857	531
Book Value per Share	$0.00	$0.00	$2.87	$3.52	$4.16	$3.96	$4.79	$7.01	$7.02	$6.91
Tangible Book Value per Share	$0.00	$0.00	$2.87	$3.52	$4.16	$3.96	$4.79	$7.01	$7.02	$6.91
Total Capital	0.00	6.14	113	151	183	187	259	401	465	459
Total Debt	0.00	11	0.00	9.47	13	17	48	92	95	96
Total Long-Term Debt	0.00	11	0.00	4.47	9.61	13	40	57	39	96
Net Debt	0.00	-55	-11	2.52	7.42	12	26	57	53	63
Capital Expenditures (CapEx)	4.85	17	75	48	46	25	29	123	72	69
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-12	-4.10	3.22	16	13	26	-15	34	13
Debt-free Net Working Capital (DFNWC)	0.00	48	7.04	10	21	18	48	20	76	46
Net Working Capital (NWC)	0.00	48	7.04	5.17	18	13	40	-15	20	45
Net Nonoperating Expense (NNE)	0.00	2.24	4.29	-1.09	-0.47	-8.46	-4.36	3.33	-7.41	1.29
Net Nonoperating Obligations (NNO)	0.00	-55	-11	2.52	7.42	12	26	57	53	63
Total Depreciation and Amortization (D&A)	0.00	0.25	3.15	13	20	21	26	42	55	67
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-230.72%	-6.71%	1.42%	6.83%	7.67%	9.13%	-2.71%	4.95%	1.88%
Debt-free Net Working Capital to Revenue	0.00%	927.92%	11.53%	4.47%	9.23%	10.81%	16.86%	3.59%	11.00%	6.84%
Net Working Capital to Revenue	0.00%	918.33%	11.53%	2.27%	7.78%	7.92%	14.15%	-2.71%	2.85%	6.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.63	$0.61	($0.12)	$0.00	$2.63	$1.77	$0.11
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	40.08M	40.04M	40.84M	42.46M	0.00	44.16M	53.09M	54.00M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.62	$0.61	($0.12)	$0.00	$2.60	$1.73	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	40.08M	40.26M	40.84M	42.46M	0.00	44.70M	53.09M	54.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	40.08M	40.84M	40.95M	42.64M	0.00	44.45M	53.09M	54.00M
Normalized Net Operating Profit after Tax (NOPAT)	0.00	-5.27	-11	24	24	-13	35	119	75	12
Normalized NOPAT Margin	0.00%	-101.05%	-18.23%	10.54%	10.63%	-7.91%	12.49%	21.10%	10.80%	1.87%
Pre Tax Income Margin	0.00%	-144.08%	-25.26%	11.07%	13.07%	-4.97%	15.67%	25.84%	15.09%	2.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-60.73	0.00	18.65	26.23	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	-42.51	0.00	16.81	20.51	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-195.59	0.00	-15.08	-12.10	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-177.37	0.00	-16.92	-17.82	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-35.06%	0.00%	0.00%	0.00%	0.00%	17.27%	31.37%	219.82%
Augmented Payout Ratio	0.00%	0.00%	-46.45%	0.00%	0.00%	0.00%	0.00%	17.27%	31.37%	219.82%

This table displays calculated financial ratios and metrics derived from Ramaco Resources' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	79.28%	54.54%	7.41%	-0.86%	36.55%	49.92%	3.80%	12.98%	-10.46%	-15.70%	-22.02%
EBITDA Growth	188.96%	0.53%	-27.30%	-52.12%	-11.09%	81.30%	-57.15%	-8.57%	-53.52%	-55.25%	-67.01%
EBIT Growth	274.17%	-16.67%	-37.82%	-72.15%	-23.33%	113.40%	-88.21%	-36.71%	-94.46%	-81.03%	-395.01%
NOPAT Growth	311.96%	-23.02%	-37.91%	-77.02%	-57.46%	92.92%	-90.10%	-38.63%	-91.10%	-85.98%	-425.25%
Net Income Growth	282.44%	-22.82%	-39.10%	-77.30%	-27.66%	108.80%	-91.95%	-26.67%	-101.23%	-87.16%	-565.40%
EPS Growth	275.00%	-17.07%	-38.04%	-77.03%	-33.33%	73.53%	-59.65%	-52.94%	-107.50%	-128.81%	-269.57%
Operating Cash Flow Growth	923.74%	86.56%	-72.39%	-11.64%	41.21%	42.96%	17.91%	21.97%	-46.52%	-62.27%	3.38%
Free Cash Flow Firm Growth	-1,934.00%	-211.12%	-5,454.09%	-38.00%	58.03%	75.17%	86.29%	107.67%	79.03%	103.22%	93.63%
Invested Capital Growth	79.57%	54.21%	80.33%	44.02%	18.65%	15.59%	5.87%	-1.14%	2.93%	0.74%	-1.61%
Revenue Q/Q Growth	-1.25%	-1.24%	23.02%	-17.37%	36.01%	8.43%	-14.82%	-10.05%	7.79%	2.08%	-21.20%
EBITDA Q/Q Growth	-13.88%	-35.76%	48.42%	-41.70%	59.92%	31.01%	-64.92%	24.41%	-18.70%	26.13%	-74.14%
EBIT Q/Q Growth	-20.60%	-46.93%	74.50%	-62.13%	118.60%	47.72%	-90.36%	103.30%	-80.87%	406.19%	-249.88%
NOPAT Q/Q Growth	-10.61%	-49.36%	75.09%	-71.01%	65.52%	129.66%	-91.01%	79.62%	-75.99%	261.82%	-308.44%
Net Income Q/Q Growth	-19.16%	-46.53%	75.57%	-70.08%	157.57%	54.34%	-93.24%	172.69%	-104.31%	1,714.23%	-345.13%
EPS Q/Q Growth	-18.92%	-43.33%	67.65%	-70.18%	135.29%	47.50%	-61.02%	-65.22%	-137.50%	-466.67%	-129.41%
Operating Cash Flow Q/Q Growth	55.01%	-41.27%	-26.52%	32.09%	147.72%	-40.54%	-39.39%	36.63%	8.62%	-58.05%	66.04%
Free Cash Flow Firm Q/Q Growth	-36.78%	8.31%	-38.69%	20.66%	58.40%	45.75%	23.41%	144.37%	-213.74%	108.33%	-251.49%
Invested Capital Q/Q Growth	14.93%	5.63%	12.78%	5.19%	-5.32%	2.91%	3.30%	-1.77%	-1.43%	0.72%	0.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.84%	29.43%	33.55%	27.84%	22.64%	31.23%	19.09%	20.95%	19.52%	20.37%	15.24%
EBITDA Margin	34.56%	22.48%	27.12%	19.13%	22.50%	27.18%	11.20%	15.48%	11.68%	14.43%	4.74%
Operating Margin	26.80%	13.40%	19.16%	7.31%	8.60%	18.37%	1.90%	3.49%	0.95%	3.72%	-8.93%
EBIT Margin	26.11%	14.03%	19.91%	9.12%	14.66%	19.98%	2.26%	5.11%	0.91%	4.50%	-8.55%
Profit (Net Income) Margin	19.65%	10.64%	15.18%	5.50%	10.41%	14.82%	1.18%	3.57%	-0.14%	2.26%	-7.02%
Tax Burden Percent	80.31%	82.35%	81.99%	75.39%	77.95%	77.28%	79.00%	85.83%	134.27%	63.56%	68.79%
Interest Burden Percent	93.69%	92.06%	93.03%	79.92%	91.07%	95.98%	65.88%	81.34%	-11.73%	79.00%	119.36%
Effective Tax Rate	19.69%	17.65%	18.01%	24.61%	22.05%	22.72%	21.00%	14.17%	0.00%	36.44%	0.00%
Return on Invested Capital (ROIC)	41.36%	20.71%	28.27%	8.63%	11.09%	24.98%	2.47%	4.98%	1.12%	3.71%	-9.06%
ROIC Less NNEP Spread (ROIC-NNEP)	30.36%	19.41%	24.95%	8.60%	24.19%	27.26%	1.68%	6.10%	-1.16%	3.40%	-10.57%
Return on Net Nonoperating Assets (RNNOA)	2.87%	3.08%	2.22%	1.65%	3.93%	4.40%	0.33%	1.38%	-0.19%	0.54%	-2.02%
Return on Equity (ROE)	44.23%	23.79%	30.49%	10.28%	15.02%	29.38%	2.80%	6.36%	0.92%	4.25%	-11.08%
Cash Return on Invested Capital (CROIC)	-10.98%	-3.05%	-25.05%	-14.84%	-0.96%	4.54%	6.44%	12.41%	6.05%	2.20%	1.84%
Operating Return on Assets (OROA)	31.41%	17.16%	21.93%	9.14%	15.19%	21.95%	2.41%	5.56%	0.98%	4.47%	-7.90%
Return on Assets (ROA)	23.64%	13.01%	16.73%	5.51%	10.78%	16.28%	1.25%	3.88%	-0.15%	2.24%	-6.49%
Return on Common Equity (ROCE)	44.23%	23.79%	30.49%	10.28%	15.02%	29.38%	2.80%	6.36%	0.92%	4.25%	-11.08%
Return on Equity Simple (ROE_SIMPLE)	40.28%	0.00%	29.63%	21.98%	18.91%	0.00%	15.87%	15.59%	10.33%	0.00%	-0.08%
Net Operating Profit after Tax (NOPAT)	29	15	26	7.57	13	29	2.59	4.65	1.12	4.04	-8.42
NOPAT Margin	21.52%	11.03%	15.71%	5.51%	6.70%	14.20%	1.50%	2.99%	0.67%	2.36%	-6.25%
Net Nonoperating Expense Percent (NNEP)	10.99%	1.30%	3.33%	0.03%	-13.10%	-2.28%	0.79%	-1.12%	2.27%	0.31%	1.50%
Return On Investment Capital (ROIC_SIMPLE)	-	3.72%	-	-	-	6.20%	-	-	-	0.88%	-1.78%
Cost of Revenue to Revenue	58.16%	70.57%	66.45%	72.16%	77.36%	68.77%	80.91%	79.05%	80.48%	79.63%	84.76%
SG&A Expenses to Revenue	6.33%	7.95%	7.06%	10.42%	6.13%	5.58%	8.17%	7.02%	7.72%	6.64%	10.84%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.05%	16.03%	14.39%	20.53%	14.04%	12.86%	17.19%	17.47%	18.57%	16.65%	24.17%
Earnings before Interest and Taxes (EBIT)	36	19	33	13	27	40	3.90	7.94	1.52	7.68	-12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	47	30	45	26	42	55	19	24	20	25	6.38
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.63	2.45	2.35	1.07	1.58	2.32	2.38	1.81	1.70	1.46	1.25
Price to Tangible Book Value (P/TBV)	2.63	2.45	2.35	1.07	1.58	2.32	2.38	1.81	1.70	1.46	1.25
Price to Revenue (P/Rev)	1.52	1.34	1.37	0.62	0.89	1.24	1.26	0.92	0.88	0.80	0.71
Price to Earnings (P/E)	6.54	6.54	7.94	4.85	8.38	10.41	14.98	11.58	16.42	47.46	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	1.18%	1.54%	2.32%	4.22%	4.59%	5.48%	6.71%
Earnings Yield	15.30%	15.30%	12.59%	20.60%	11.94%	9.60%	6.68%	8.63%	6.09%	2.11%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.38	2.23	2.11	1.05	1.50	2.15	2.17	1.69	1.60	1.40	1.21
Enterprise Value to Revenue (EV/Rev)	1.59	1.44	1.50	0.79	0.98	1.31	1.36	1.01	0.97	0.89	0.83
Enterprise Value to EBITDA (EV/EBITDA)	4.23	4.19	4.89	3.06	4.28	5.40	6.65	5.15	5.72	6.78	6.95
Enterprise Value to EBIT (EV/EBIT)	5.25	5.33	6.54	4.55	6.70	8.01	11.26	9.08	12.53	28.24	92.28
Enterprise Value to NOPAT (EV/NOPAT)	6.65	6.83	8.40	5.85	10.12	12.15	18.43	14.90	18.12	47.61	553.52
Enterprise Value to Operating Cash Flow (EV/OCF)	4.72	4.34	6.59	3.56	4.15	5.65	5.76	4.23	4.87	5.27	4.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	50.85	34.75	13.52	26.77	63.54	65.05
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.30	0.33	0.39	0.29	0.26	0.26	0.25	0.23	0.26	0.33
Long-Term Debt to Equity	0.18	0.18	0.24	0.31	0.21	0.10	0.18	0.23	0.23	0.26	0.33
Financial Leverage	0.09	0.16	0.09	0.19	0.16	0.16	0.20	0.23	0.17	0.16	0.19
Leverage Ratio	1.75	1.78	1.78	1.86	1.86	1.86	1.85	1.88	1.81	1.83	1.87
Compound Leverage Factor	1.64	1.64	1.66	1.49	1.69	1.78	1.22	1.53	-0.21	1.45	2.23
Debt to Total Capital	21.99%	22.96%	24.98%	27.93%	22.29%	20.46%	20.32%	19.80%	18.81%	20.94%	24.91%
Short-Term Debt to Total Capital	8.06%	8.88%	6.61%	5.42%	6.17%	12.17%	6.04%	1.58%	0.09%	0.08%	0.06%
Long-Term Debt to Total Capital	13.93%	14.08%	18.37%	22.52%	16.11%	8.30%	14.28%	18.22%	18.73%	20.86%	24.85%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	78.01%	77.04%	75.02%	72.07%	77.71%	79.54%	79.68%	80.20%	81.19%	79.06%	75.09%
Debt to EBITDA	0.43	0.47	0.63	0.88	0.70	0.56	0.66	0.64	0.71	1.10	1.58
Net Debt to EBITDA	0.19	0.29	0.43	0.65	0.40	0.32	0.45	0.45	0.52	0.72	1.00
Long-Term Debt to EBITDA	0.27	0.29	0.46	0.71	0.51	0.23	0.47	0.59	0.71	1.09	1.58
Debt to NOPAT	0.68	0.77	1.08	1.67	1.66	1.27	1.84	1.86	2.25	7.70	125.75
Net Debt to NOPAT	0.30	0.47	0.73	1.24	0.95	0.71	1.25	1.29	1.64	5.05	79.38
Long-Term Debt to NOPAT	0.43	0.47	0.80	1.35	1.20	0.51	1.29	1.71	2.24	7.67	125.42
Altman Z-Score	3.23	2.94	3.04	1.80	2.46	3.21	3.07	2.74	2.63	2.27	1.84
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.94	0.91	1.18	1.25	1.19	1.12	1.23	1.33	1.35	1.37	1.32
Quick Ratio	0.64	0.47	0.71	0.65	0.75	0.82	0.90	0.80	0.79	0.87	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-124	-114	-158	-125	-52	-28	-22	9.59	-11	0.91	-1.38
Operating Cash Flow to CapEx	131.72%	91.92%	90.72%	115.31%	413.40%	231.15%	134.48%	160.78%	210.18%	143.58%	128.19%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.20	1.22	1.10	1.00	1.04	1.10	1.06	1.09	1.08	0.99	0.92
Accounts Receivable Turnover	11.78	13.21	9.72	10.31	10.98	10.05	8.01	11.16	11.03	7.82	8.07
Inventory Turnover	10.73	10.96	10.27	7.71	9.97	12.02	11.34	9.12	10.39	13.25	10.43
Fixed Asset Turnover	1.77	1.72	1.67	1.44	1.46	1.56	1.54	1.54	1.50	1.42	1.32
Accounts Payable Turnover	6.70	13.27	6.02	6.74	7.71	11.42	7.50	11.19	10.19	10.62	8.52
Days Sales Outstanding (DSO)	30.99	27.62	37.55	35.40	33.23	36.33	45.54	32.70	33.08	46.69	45.22
Days Inventory Outstanding (DIO)	34.02	33.31	35.52	47.34	36.62	30.36	32.19	40.01	35.13	27.56	35.01
Days Payable Outstanding (DPO)	54.46	27.50	60.58	54.13	47.35	31.95	48.70	32.61	35.83	34.39	42.84
Cash Conversion Cycle (CCC)	10.55	33.43	12.49	28.60	22.50	34.73	29.04	40.10	32.37	39.86	37.38
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	346	366	412	434	411	423	437	429	423	426	430
Invested Capital Turnover	1.92	1.88	1.80	1.57	1.65	1.76	1.65	1.66	1.68	1.57	1.45
Increase / (Decrease) in Invested Capital	153	129	184	133	65	57	24	-4.94	12	3.13	-7.04
Enterprise Value (EV)	824	815	869	456	616	910	950	724	675	594	519
Market Capitalization	786	759	793	360	558	857	885	661	614	531	444
Book Value per Share	$6.78	$7.01	$7.58	$7.59	$6.69	$7.02	$7.01	$6.90	$6.90	$6.91	$6.58
Tangible Book Value per Share	$6.78	$7.01	$7.58	$7.59	$6.69	$7.02	$7.01	$6.90	$6.90	$6.91	$6.58
Total Capital	383	401	449	468	454	465	467	457	446	459	473
Total Debt	84	92	112	131	101	95	95	90	84	96	118
Total Long-Term Debt	53	57	82	105	73	39	67	83	83	96	118
Net Debt	38	57	76	97	58	53	64	63	61	63	74
Capital Expenditures (CapEx)	38	32	24	24	17	18	19	21	18	11	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-24	-15	20	27	12	34	32	19	15	13	-3.55
Debt-free Net Working Capital (DFNWC)	22	20	56	61	55	76	62	47	38	46	40
Net Working Capital (NWC)	-8.48	-15	27	36	27	20	34	40	38	45	40
Net Nonoperating Expense (NNE)	2.56	0.54	0.87	0.02	-6.93	-1.25	0.56	-0.89	1.35	0.18	1.04
Net Nonoperating Obligations (NNO)	48	57	76	97	58	53	64	63	61	63	74
Total Depreciation and Amortization (D&A)	12	11	12	14	15	15	15	16	18	17	18
Debt-free, Cash-free Net Working Capital to Revenue	-4.68%	-2.71%	3.40%	4.72%	1.89%	4.95%	4.55%	2.71%	2.21%	1.88%	-0.57%
Debt-free Net Working Capital to Revenue	4.32%	3.59%	9.74%	10.60%	8.74%	11.00%	8.91%	6.56%	5.48%	6.84%	6.35%
Net Working Capital to Revenue	-1.64%	-2.71%	4.60%	6.21%	4.27%	2.85%	4.88%	5.55%	5.43%	6.78%	6.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	$0.33	$0.57	$0.17	$0.41	$0.62	$0.24	$0.08	($0.03)	($0.18)	($0.39)
Adjusted Weighted Average Basic Shares Outstanding	44.09M	44.45M	44.28M	52.69M	52.69M	53.09M	53.09M	52.45M	52.53M	54.00M	54.70M
Adjusted Diluted Earnings per Share	$0.60	$0.34	$0.57	$0.17	$0.40	$0.59	$0.23	$0.08	($0.03)	($0.17)	($0.39)
Adjusted Weighted Average Diluted Shares Outstanding	44.54M	44.45M	44.69M	52.69M	52.69M	53.09M	53.09M	52.45M	52.53M	54.00M	54.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	44.12M	44.45M	44.41M	52.69M	52.69M	53.09M	53.09M	52.45M	52.53M	54.00M	54.70M
Normalized Net Operating Profit after Tax (NOPAT)	29	15	26	7.57	13	29	2.59	4.65	1.12	4.04	-8.42
Normalized NOPAT Margin	21.52%	11.03%	15.71%	5.51%	6.70%	14.20%	1.50%	2.99%	0.67%	2.36%	-6.25%
Pre Tax Income Margin	24.47%	12.92%	18.52%	7.29%	13.35%	19.17%	1.49%	4.16%	-0.11%	3.55%	-10.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.47%	17.27%	20.63%	28.55%	34.64%	31.37%	48.37%	54.69%	86.28%	219.82%	-6,316.16%
Augmented Payout Ratio	12.47%	17.27%	20.63%	28.55%	34.64%	31.37%	48.37%	54.69%	86.28%	219.82%	-6,316.16%

Key Financial Trends

Ramaco Resources kicked off Q1 2025 with solid cash‐flow generation but faced a pronounced drop in revenue and earnings. Operating cash flow remained robust, while free cash flow improved markedly versus the prior year. Heavy investment in property, plant & equipment continued, and debt issuance funded both growth and working capital needs. Despite these strengths, falling coal prices and volumes led to negative profitability and returns.

Looking back over the last four years (Q1 2022–Q1 2025), revenue growth swung from +7.4% in Q1 2023 to –22.0% in Q1 2025. Profit margins have followed suit, eroding from double‐digit positives to a –6.2% NOPAT margin in the latest quarter. Meanwhile, cash flow has been a relative bright spot even as returns on invested capital have turned negative.

Strong operating cash flow of $26.0 M in Q1 2025, up slightly from $25.2 M a year ago.
Free cash flow to firm improved to –$1.4 M, versus –$21.6 M in Q1 2024.
EBITDA remained positive at $6.38 M, cushioning against a net loss.
Capital expenditures stayed elevated at $20.3 M, supporting long‐term asset base but reducing near‐term cash.
Issued $19.0 M of debt and repaid $7.2 M in Q1 2025, reflecting active balance‐sheet management.
Maintained a 6.7% dividend yield, underscoring commitment to shareholder returns.
Revenue plunged 22.0% year‐over‐year to $134.7 M, marking the steepest decline in four years.
Net operating profit after tax swung to a $8.4 M loss, driving NOPAT margin to –6.2%.
Recorded a net loss of $9.5 M, with adjusted earnings per share at –$0.39.
Return on invested capital fell to –9.1%, down from mid‐single digits in prior quarters.

07/13/25 06:48 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Ramaco Resources' Financials

When does Ramaco Resources' financial year end?

According to the most recent income statement we have on file, Ramaco Resources' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Ramaco Resources' net income changed over the last 9 years?

Ramaco Resources' net income appears to be on an upward trend, with a most recent value of $11.19 million in 2024, rising from $0.00 in 2015. The previous period was $82.31 million in 2023. See where experts think Ramaco Resources is headed by visiting Ramaco Resources' forecast page.

What is Ramaco Resources' operating income?

Ramaco Resources' total operating income in 2024 was $16.64 million, based on the following breakdown:

Total Gross Profit: $133.00 million
Total Operating Expenses: $116.37 million

How has Ramaco Resources' revenue changed over the last 9 years?

Over the last 9 years, Ramaco Resources' total revenue changed from $0.00 in 2015 to $666.30 million in 2024, a change of 66,629,500,000.0%.

How much debt does Ramaco Resources have?

Ramaco Resources' total liabilities were at $311.88 million at the end of 2024, a 5.3% increase from 2023, and a 780.5% increase since 2016.

How much cash does Ramaco Resources have?

In the past 8 years, Ramaco Resources' cash and equivalents has ranged from $5.20 million in 2016 to $41.96 million in 2023, and is currently $33.01 million as of their latest financial filing in 2024.

How has Ramaco Resources' book value per share changed over the last 9 years?

Over the last 9 years, Ramaco Resources' book value per share changed from 0.00 in 2015 to 6.91 in 2024, a change of 690.7%.

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This page (NASDAQ:METC) was last updated on 7/13/2025 by MarketBeat.com Staff

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Ramaco Resources (METC) Financials

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Ramaco Resources (METC) Financials

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