Value Investor
Start free

Ramaco Resources

METC on Nasdaq. Ramaco Resources sells metallurgical coal to steel mills and coke plants. Market value $425m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Energy stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
-11.6%low

For every $100 of what the whole company costs, it produced $-11.62 of spare cash last year. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
12.9%five-year median

Each dollar kept in the business earns 13 cents a year. Above 10 is good.

Quality score: 91 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$8.22 a share, 4% above its 1-year low

Over the past year the price has ranged from $7.87 to $57.80.

Dividend: 0.8% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
0.1
0.1
0.1
-0.1
20212022202320242025
Revenue
$283m$566m$694m$666m$537m
Operating margin
13.9%26.6%13.7%2.5%-10.4%
Debt to equity
0.250.450.280.291.00
Shares outstanding
0.04bn0.04bnn/an/an/a

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)3 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt1.00× equity
  • Revenue growth, five yearsStrong, 26.0% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $145 million last quarter, down 5% on a year ago.
  • A loss of $15 million, compared with a loss of $14 million a year ago.
  • It loses 14 cents on each $1 of sales, compared with 3 cents a year earlier.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$167m
December 2024$171m
March 2025$135m
June 2025$153m
September 2025$121m
December 2025Not reported
March 2026$122m
June 2026$145m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$239,000
December 2024$4m
March 2025-$9m
June 2025-$14m
September 2025-$13m
December 2025-$15m
March 2026-$18m
June 2026-$15m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 201 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

  • Yorktown Energy Partners XI, L.P.
    Passive investor
    at least 11.2%+5.9 pts
    (filed with 8 related holders)
    Since 30 March 2026
    What they said

    Item 4(a) is supplemented by adding the following: The Reporting Persons, received Class B Common Stock as payment-in-kind dividends with respect to its Class B Common Stock as follows: Yorktown IX: December 2024 - 92,735, March 2025 - 61,746, June 2025 - 33,629, September 2025…

    Read the filing
  • Discovery Capital Management, LLC
    Passive investor
    at least 9.9%+3.7 pts
    (filed with 2 related holders)
    Since 30 September 2025
  • Dayah Capital LLC
    Passive investor
    at least 9.7%+1.3 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    5.6%+1.3 pts
    Since 31 December 2025
  • 5.3%−1.5 pts
    Since 27 March 2026
  • 5.1%
    Since 31 March 2026
  • STATE STREET CORPORATION
    Passive investor
    5.1%
    Since 31 March 2026
  • at least 4.5%
    (filed with 1 related holder)
    Since 8 August 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On August 5, 2025, Yorktown Energy Partners X, L.P., as a selling stockholder, the Issuer, and the other selling stockholders identified therein, entered into an underwriting agreement (the "Underwriting…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 2 sold $57m.

  • LEIDEL PETER A
    Director
    Sold
    Date
    30 March 2026
    Shares
    6,081
    Price
    $10.34
    Value
    $62,878
  • Lawrence Bryan H.
    Director
    Sold
    Date
    30 March 2026
    Shares
    6,081
    Price
    $10.34
    Value
    $62,878
  • LEIDEL PETER A
    Director
    Sold
    Date
    27 March 2026
    Shares
    179,885
    Price
    $15.31
    Value
    $3m
  • LEIDEL PETER A
    Director
    Sold
    Date
    27 March 2026
    Shares
    21,625
    Price
    $10.93
    Value
    $236,361
  • Lawrence Bryan H.
    Director
    Sold
    Date
    27 March 2026
    Shares
    201,510
    Price
    $14.84
    Value
    $3m
  • LEIDEL PETER A
    Director
    Sold
    Date
    26 March 2026
    Shares
    6,343
    Price
    $10.78
    Value
    $68,378
  • LEIDEL PETER A
    Director
    Sold
    Date
    26 March 2026
    Shares
    200,000
    Price
    $13.67
    Value
    $3m
  • Lawrence Bryan H.
    Director
    Sold
    Date
    26 March 2026
    Shares
    206,343
    Price
    $13.58
    Value
    $3m
  • LEIDEL PETER A
    Director
    Sold
    Date
    25 March 2026
    Shares
    10,258
    Price
    $11.24
    Value
    $115,300
  • LEIDEL PETER A
    Director
    Sold
    Date
    25 March 2026
    Shares
    200,000
    Price
    $14.06
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 16 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.