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Ramaco Resources (METC)

Market Price (3/15/2026): $14.61 | Market Cap: $958.6 Mil
Sector: Materials | Industry: Steel

Ramaco Resources (METC)

Market Price (3/15/2026): $14.61
Market Cap: $958.6 Mil
Sector: Materials
Industry: Steel

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%		 Weak multi-year price returns
2Y Excs Rtn is -58%, 3Y Excs Rtn is -85%		 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10%
1 Megatrend and thematic drivers
Megatrends include Industrial Foundation. Themes include Metallurgical Coal Production, Steel Industry Raw Materials, and Infrastructure & Construction Materials Supply. 		Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%		 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 487x
2   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -19%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3%, Rev Chg QQuarterly Revenue Change % is -25%
3   Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%
4   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.9%
5   High stock price volatility
Vol 12M is 102%
0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%
1 Megatrend and thematic drivers
Megatrends include Industrial Foundation. Themes include Metallurgical Coal Production, Steel Industry Raw Materials, and Infrastructure & Construction Materials Supply.
2 Weak multi-year price returns
2Y Excs Rtn is -58%, 3Y Excs Rtn is -85%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10%
5 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 487x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -19%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3%, Rev Chg QQuarterly Revenue Change % is -25%
7 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.9%
9 High stock price volatility
Vol 12M is 102%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Ramaco Resources (METC) stock has lost about 5% since 11/30/2025 because of the following key factors:

1. Underwhelming Q4 2025 Financial Performance: Ramaco Resources reported a significant year-over-year revenue decline of 25.1%, reaching $128.0 million for the fourth quarter of 2025, which missed analyst estimates of $146.6 million. The company also posted a diluted loss per share of $0.26, slightly below the consensus estimate of a $0.24 loss per share, and recorded a net loss of $14.7 million for the quarter.

2. Weakness in the Metallurgical Coal Market: The broader market for metallurgical coal experienced a downturn, with U.S. high-vol metallurgical coal indices falling 17% during Q4 2025. This decline was attributed to weak global demand for steel, particularly subdued activity from China, and India's gradual diversification of import flows throughout 2025.

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Stock Movement Drivers

Fundamental Drivers

The -6.9% change in METC stock from 11/30/2025 to 3/14/2026 was primarily driven by a -7.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020253142026Change
Stock Price ($)15.6914.60-6.9%
Change Contribution By: 
Total Revenues ($ Mil)580537-7.4%
P/S Multiple1.71.87.9%
Shares Outstanding (Mil)6166-6.9%
Cumulative Contribution-6.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026
ReturnCorrelation
METC-6.9% 
Market (SPY)-3.1%23.4%
Sector (XLB)10.0%25.6%

Fundamental Drivers

The -43.7% change in METC stock from 8/31/2025 to 3/14/2026 was primarily driven by a -19.5% change in the company's P/S Multiple.
(LTM values as of)83120253142026Change
Stock Price ($)25.9314.60-43.7%
Change Contribution By: 
Total Revenues ($ Mil)626537-14.3%
P/S Multiple2.21.8-19.5%
Shares Outstanding (Mil)5466-18.4%
Cumulative Contribution-43.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026
ReturnCorrelation
METC-43.7% 
Market (SPY)3.0%13.4%
Sector (XLB)7.1%12.5%

Fundamental Drivers

The 63.3% change in METC stock from 2/28/2025 to 3/14/2026 was primarily driven by a 167.8% change in the company's P/S Multiple.
(LTM values as of)22820253142026Change
Stock Price ($)8.9414.6063.3%
Change Contribution By: 
Total Revenues ($ Mil)698537-23.1%
P/S Multiple0.71.8167.8%
Shares Outstanding (Mil)5266-20.7%
Cumulative Contribution63.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026
ReturnCorrelation
METC63.3% 
Market (SPY)12.4%13.6%
Sector (XLB)12.5%14.5%

Fundamental Drivers

The -15.1% change in METC stock from 2/28/2023 to 3/14/2026 was primarily driven by a -32.8% change in the company's Shares Outstanding (Mil).
(LTM values as of)22820233142026Change
Stock Price ($)17.2014.60-15.1%
Change Contribution By: 
Total Revenues ($ Mil)5185373.6%
P/S Multiple1.51.822.0%
Shares Outstanding (Mil)4466-32.8%
Cumulative Contribution-15.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026
ReturnCorrelation
METC-15.1% 
Market (SPY)73.4%13.7%
Sector (XLB)26.8%15.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
METC Return545%0%-5%-38%78%-13%491%
Peers Return208%97%60%-15%20%-2%869%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
METC Win Rate58%0%42%25%50%67% 
Peers Win Rate62%63%58%44%54%67% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
METC Max Drawdown0%0%-58%-45%-34%-22% 
Peers Max Drawdown-8%-4%-16%-25%-41%-13% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMR, HCC, BTU, SXC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventMETCS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-58.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven139.9%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven131 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-47.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven91.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven275 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-77.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven337.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven654 days120 days

Compare to AMR, HCC, BTU, SXC

In The Past

Ramaco Resources's stock fell -58.3% during the 2022 Inflation Shock from a high on 10/29/2021. A -58.3% loss requires a 139.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ramaco Resources (METC)

Ramaco Resources, Inc. produces and sells metallurgical coal. The company's development portfolio includes the Elk Creek project consisting of approximately 20,200 acres of controlled mineral and 16 seams located in southern West Virginia; the Berwind property comprising approximately 41,300 acres of controlled mineral and an area of Squire Jim seam coal deposits, which is situated on the border of West Virginia and Virginia; the Knox Creek property consisting of approximately 62,100 acres of controlled mineral that is located in Virginia; and the RAM Mine property comprising approximately 1,570 acres of controlled mineral, which is situated in southwestern Pennsylvania. The company serves blast furnace steel mills and coke plants in the United States, as well as international metallurgical coal consumers. The company was founded in 2015 and is headquartered in Lexington, Kentucky.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Ramaco Resources (METC):

  • ExxonMobil for metallurgical coal.

  • Weyerhaeuser for coal mining.

AI Analysis | Feedback

  • Metallurgical Coal: A type of coal primarily used in blast furnace steel production and coke plants.

AI Analysis | Feedback

Ramaco Resources (METC) sells metallurgical coal primarily to other companies, specifically:

  • Blast furnace steel mills in the United States
  • Coke plants in the United States
  • International metallurgical coal consumers (which would also be steel mills or coke plants in other countries)

Due to the nature of their business and competitive considerations, Ramaco Resources does not publicly disclose the names of its specific customer companies. Therefore, it is not possible to list specific customer company names or their associated public symbols.

AI Analysis | Feedback

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The accelerating development and adoption of "green steel" production technologies, particularly those utilizing direct reduced iron (DRI) processes powered by green hydrogen, which significantly reduce or eliminate the need for metallurgical coal in primary steelmaking.

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Better Bets vs. Ramaco Resources (METC)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Ramaco Resources Stock Down 20% in One Day, Now Is Not The Time To Buy The Stock01/27/2026
2Ramaco Stock (+8.7%): Jefferies Upgrade Ignites Institutional Chase01/24/2026
3Ramaco Resources Earnings Notes12/16/2025
4Would You Still Hold Ramaco Resources Stock If It Fell Another 30%?11/20/2025
5Day 6 of Loss Streak for Ramaco Resources Stock with -41% Return (vs. 179% YTD) [10/28/2025]10/29/2025
6Day 12 of Gains Streak for Ramaco Resources Stock with 74% Return (vs. 440% YTD) [10/14/2025]10/15/2025
7Day 11 of Gains Streak for Ramaco Resources Stock with 67% Return (vs. 418% YTD) [10/13/2025]10/14/2025
8Day 10 of Gains Streak for Ramaco Resources Stock with 50% Return (vs. 367% YTD) [10/10/2025]10/11/2025
9Day 9 of Gains Streak for Ramaco Resources Stock with 47% Return (vs. 358% YTD) [10/9/2025]10/10/2025
Title
0ARTICLES

Trade Ideas

Select ideas related to METC.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IP_1312026_Insider_Buying_45D_2Buy_200K01312026IPInternational PaperInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		9.1%9.1%0.0%
B_1302026_Quality_Momentum_RoomToRun_10%01302026BBarrick MiningQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		11.7%11.7%-4.0%
AMR_12312025_Insider_Buying_45D_2Buy_200K12312025AMRAlpha Metallurgical ResourcesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		-18.6%-18.6%-18.6%
EMN_12262025_Dip_Buyer_ValueBuy12262025EMNEastman ChemicalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		18.9%18.9%0.0%
AMCR_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025AMCRAmcorInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		19.2%19.2%-0.5%

Recent Active Movers

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Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

METCAMRHCCBTUSXCMedian
NameRamaco R.Alpha Me.Warrior .Peabody .SunCoke . 
Mkt Price14.60187.8685.1234.646.0234.64
Mkt Cap1.02.44.54.20.52.4
Rev LTM5372,1291,3103,8621,8371,837
Op Inc LTM-56-6146-546-5
FCF LTM-8218-100-8842-82
FCF 3Y Avg1233562689393
CFO LTM2145229334109145
CFO 3Y Avg92525433659176433

Growth & Margins

METCAMRHCCBTUSXCMedian
NameRamaco R.Alpha Me.Warrior .Peabody .SunCoke . 
Rev Chg LTM-19.5%-28.0%-14.1%-8.9%-5.1%-14.1%
Rev Chg 3Y Avg-0.3%-19.4%-8.9%-8.0%-2.2%-8.0%
Rev Chg Q-25.1%-15.7%29.1%-9.0%-1.2%-9.0%
QoQ Delta Rev Chg LTM-7.4%-4.4%7.1%-2.5%-0.3%-2.5%
Op Mgn LTM-10.4%-2.9%3.5%-0.1%2.5%-0.1%
Op Mgn 3Y Avg1.9%9.9%17.7%9.7%5.5%9.7%
QoQ Delta Op Mgn LTM-4.6%-1.5%2.9%-0.5%-2.3%-1.5%
CFO/Rev LTM0.4%6.8%17.5%8.6%5.9%6.8%
CFO/Rev 3Y Avg13.5%17.0%27.8%14.6%8.9%14.6%
FCF/Rev LTM-15.3%0.8%-7.7%-2.3%2.3%-2.3%
FCF/Rev 3Y Avg0.7%10.4%-0.4%5.5%4.7%4.7%

Valuation

METCAMRHCCBTUSXCMedian
NameRamaco R.Alpha Me.Warrior .Peabody .SunCoke . 
Mkt Cap1.02.44.54.20.52.4
P/S1.81.13.41.10.31.1
P/EBIT-18.0-28.669.7881.2-11.6-11.6
P/E-18.6-39.278.5-80.0-11.6-18.6
P/CFO486.516.719.512.74.716.7
Total Yield-4.9%-2.6%1.7%-0.4%-0.5%-0.5%
Dividend Yield0.5%0.0%0.4%0.9%8.0%0.5%
FCF Yield 3Y Avg3.9%9.6%0.4%9.1%10.9%9.1%
D/E0.50.00.10.11.30.1
Net D/E0.0-0.2-0.0-0.01.2-0.0

Returns

METCAMRHCCBTUSXCMedian
NameRamaco R.Alpha Me.Warrior .Peabody .SunCoke . 
1M Rtn-10.5%0.0%-1.0%-1.2%-26.1%-1.2%
3M Rtn-6.4%1.5%2.1%19.1%-15.9%1.5%
6M Rtn-39.8%31.5%47.4%89.0%-19.5%31.5%
12M Rtn52.7%43.0%73.8%163.3%-31.6%52.7%
3Y Rtn-15.1%28.3%158.5%58.7%-17.8%28.3%
1M Excs Rtn-12.7%0.8%-3.6%-3.2%-25.5%-3.6%
3M Excs Rtn-7.7%6.6%7.7%24.7%-12.2%6.6%
6M Excs Rtn-42.5%29.3%41.1%85.0%-22.8%29.3%
12M Excs Rtn43.8%23.6%57.9%158.2%-50.5%43.8%
3Y Excs Rtn-84.8%-63.5%52.0%-31.0%-97.4%-63.5%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment694566283169230
Total694566283169230


Price Behavior

Price Behavior
Market Price$14.60 
Market Cap ($ Bil)0.9 
First Trading Date02/03/2017 
Distance from 52W High-73.2% 
   50 Days200 Days
DMA Price$18.56$21.59
DMA Trendupindeterminate
Distance from DMA-21.3%-32.4%
 3M1YR
Volatility98.7%102.2%
Downside Capture298.36135.40
Upside Capture315.26155.96
Correlation (SPY)23.0%17.3%
METC Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta2.240.871.861.040.710.66
Up Beta3.670.99-0.371.150.520.69
Down Beta1.18-2.00-1.020.730.790.92
Up Capture-28%149%455%18%107%13%
Bmk +ve Days9203170142431
Stock +ve Days9233466129334
Down Capture454%273%322%173%77%79%
Bmk -ve Days12213054109320
Stock -ve Days12182758119333

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with METC
METC56.2%102.2%0.91-
Sector ETF (XLB)17.6%20.6%0.6816.1%
Equity (SPY)19.6%18.9%0.8116.9%
Gold (GLD)71.9%26.3%2.0520.8%
Commodities (DBC)19.3%17.3%0.8914.3%
Real Estate (VNQ)6.2%16.3%0.197.7%
Bitcoin (BTCUSD)-15.3%44.2%-0.2521.4%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with METC
METC48.5%85.7%1.06-
Sector ETF (XLB)7.2%18.8%0.2819.3%
Equity (SPY)13.1%17.0%0.6114.9%
Gold (GLD)24.1%17.3%1.1414.1%
Commodities (DBC)11.2%19.0%0.4714.8%
Real Estate (VNQ)4.8%18.8%0.162.6%
Bitcoin (BTCUSD)6.3%56.7%0.3318.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with METC
METC9.8%76.4%0.50-
Sector ETF (XLB)10.7%20.6%0.4627.3%
Equity (SPY)14.5%17.9%0.7025.4%
Gold (GLD)14.4%15.6%0.776.1%
Commodities (DBC)8.6%17.6%0.4020.0%
Real Estate (VNQ)5.6%20.7%0.2316.6%
Bitcoin (BTCUSD)67.4%66.8%1.0714.5%

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Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity10.9 Mil
Short Interest: % Change Since 21520265.6%
Average Daily Volume2.2 Mil
Days-to-Cover Short Interest4.8 days
Basic Shares Quantity65.6 Mil
Short % of Basic Shares16.6%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/25/2026-15.5%-10.3% 
10/27/2025-16.9%-18.0%-52.6%
7/31/2025-6.8%6.5%27.4%
3/10/202538.3%10.1%-9.4%
11/4/20249.5%23.7%38.7%
8/7/202413.0%4.1%-17.4%
3/7/20248.4%-12.2%-16.9%
11/7/20232.5%58.8%50.9%
...
SUMMARY STATS   
# Positive151615
# Negative655
Median Positive8.0%8.3%6.5%
Median Negative-9.5%-12.2%-16.9%
Max Positive38.3%58.8%50.9%
Max Negative-16.9%-18.0%-52.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/26/202610-K
09/30/202510/28/202510-Q
06/30/202508/01/202510-Q
03/31/202505/12/202510-Q
12/31/202403/17/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/14/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/14/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
03/31/202205/13/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Lawrence, Bryan H See FootnoteSell811202518.751,600,00030,000,00046,929,938Form
2Leidel, Peter A See FootnoteSell811202518.751,600,00030,000,00046,929,938Form
3Leidel, Peter A See FootnoteSell32720258.67140,3121,216,51926,080,831Form
4Leidel, Peter A See FootnoteSell32720257.8028,377221,2335,368,175Form
5Leidel, Peter A See FootnoteSell32720258.24180,0001,483,34424,393,922Form

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