Ramaco Resources, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ramaco Resources, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5.22	61	228	169	169	283	566	694	666	537
Cost of revenue	1.8	60.5	177	162	146	195	333	494	533	453
Gross profit	3.42	0.52	51	6.45	23.4	88	233	200	133	83.2
Selling, general and administrative	7.45	12.6	14	18.2	21	21.6	40	48.8	49.3	69.4
Operating income	-7.53	-15.9	24.1	29.5	-19.1	39.5	150	95.2	16.6	-56
Interest expense	0.12	0.02	1.43	1.19	1.22	2.56		-8.9	-6.12	-7.8
Other non-operating income		0.2	2.52	1.76	11.9	7.43	2.64	-3.98	-1.73	-5.56
Pre-tax income	-7.52	-15.4	25.2	30.1	-8.39	44.4	146	105	14.9	-62.1
Income tax	0	0	0.11	5.16	-3.48	4.65	30.2	22.4	3.73	-10.7
Net income	-7.52	-15.4	25.1	24.9	-4.91	39.8	116	82.3	11.2	-51.4
EBITDA	-7.28	-12.7	36.5	49.1	1.82	65.7	192	149	82.3	12.2
EPS, basic		-0.41	0.63	0.61	-0.12	0.90	2.63	1.77	0.11	-0.99
EPS, diluted		-0.41	0.62	0.61	-0.12	0.90	2.60	1.73	0.11	-0.99
Shares, basic (weighted)		37.6	40	40.8	42.5	44	44.2
Shares, diluted (weighted)		37.6	40.3	40.8	42.5	44.3	44.7
Dividend per share						0.06

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.2	5.93	6.95	5.53	5.3	21.9	35.6	42	33	440
Short-term investments	55.2	5.2
Receivables	0.91	7.17	10.7	19.3	20.3	44.5	41.2	96.9	73.6	54.4
Inventory	1.52	10.1	14.2	15.3	11.9	15.8	45	37.2	43.4	87.2
Other current assets	0.39	1.1	3.15	4.27	4.95	4.63	25.7	13.7	17.7	15.8
Total current assets	63.3	29.5	35	44.3	42.5	86.8	147	190	168	598
Property, plant and equipment	46.4	115	149	178	181	227	430	459	482	512
Lease right-of-use assets				0.2	0.11	0.03	0.69	0.54	1.32	1.12
Long-term investments	5.2
Other non-current assets	0.02	0.32	0.98	1.02	0.81	0.49	2.83	3.76	7.89	9.44
Total assets	119	148	188	227	229	329	596	666	675	1,141
Accounts payable	8.96	19.5	16.4	10.7	11.7	15.3	34.8	51.6	48.9	41.6
Accrued liabilities	1.17	2.82	8.09	11.7	11.6	19.4	41.8	52.2	61.7	54.7
Short-term debt			5	3.33	4.87	7.67	35.6	56.5	0.36	0.06
Total current liabilities	15.4	22.4	29.8	26.4	29.1	46.7	163	170	122	110
Long-term debt			4.47	9.61	12.6	3.34	18.8	0.35	0.06
Lease liabilities					0.03		0.59	0.45	1.09	0.79
Other non-current liabilities				0.85	0.97	2.53	3.3	4.48	7.66	8.53
Total liabilities	35.4	34.7	47.1	56.7	59.5	118	287	296	312	657
Total debt			9.47	12.9	17.5	45.5	129	91.4	88.2	468
Paid-in capital		148	151	155	159	164	169	277	293	483
Retained earnings	-18.3	-35.3	-10.2	14.7	9.81	47.1	140	91.9	69.5	-0.31
Shareholders' equity	-4.99	113	141	170	169	211	309	370	363	484
Total equity	-4.99	113	141	170	169	211	309	370	363	484
Total liabilities and equity	119	148	188	227	229	329	596	666	675	1,141
Shares outstanding	0	39.6	40.1	41	42.7	44.1	44.2

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-7.52	-15.4	25.1	24.9	-4.91	39.8	116	82.3	11.2	-51.4
Depreciation and amortization	0.25	3.15	12.4	19.5	20.9	26.2	41.2	54.3	65.6	68.2
Stock-based compensation	0.3	2.82	2.64	4.06	4.14	5.26	8.22	12.9	17.5	17.6
Deferred income tax			0.11	5.16	-3.5	4.64	29.2	18.7	1.68	-11.7
Change in inventory	-1.52	-8.54	-4.13	-1.08	3.31	-3.84	-29.2	7.81	-6.2	-43.8
Change in payables	1.86	15.5	-1.52	-7.31	2.75	-1.82	12.7	24.5	-4.83	-10
Cash from operations	-3.86	-8.47	36.2	42.4	13.3	53.3	188	161	113	1.97
Capital expenditures	-16.7	-75	-48.1	-45.7	-24.8	-29.5	-123	-82.9	-55.2	-62.8
Acquisitions	-0.3
Cash from investing	-77.5	-19.8	-42.9	-45.7	-24.8	-59.6	-146	-72.2	-70.8	-83.7
Debt issued			28.4	73.8	50	54.4	42	130	142	52
Debt repaid		-10.6	-19	-70.3	-45.6	-26.3	-26	-128	-198	-52.4
Stock issued		47.7					0.11		0.53	0.8
Share buybacks		-1.76
Dividends paid						-20	-20	-25.8	-24.6	-4.34
Cash from financing	85.5	29.3	7.92	2.83	11.3	22.4	-28.5	-82.5	-50.8	489
Net change in cash	4.2	0.74	1.02	-0.52	-0.16	16.1	13.7	6.31	-8.96	407
Free cash flow	-20.6	-83.5	-12	-3.34	-11.4	23.9	64.9	78.1	57.4	-60.8
Interest paid	0.11	0.09	0.83	1	1.1	1.6	6	8.11	4.76	8.06
Income taxes paid					0.02	0.01	15.5	-10.6	1.17	1.89

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.5%	Gross profit / revenue.
Operating margin	-14.1%	Operating income / revenue.
EBITDA margin	-1.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-14.8%	Pre-tax income / revenue.
Net margin	-12.0%	Net income / revenue.
FCF margin	-22.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-8.2%	Cash from operations / revenue.
Return on equity (ROE)	-16.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.0%	Net income / average total assets.
Return on invested capital (ROIC)	-61.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	14.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	14.0%	Capital expenditures / revenue.
D&A / revenue	13.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-19.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-37.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-29.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	28.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-436.4%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-85.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-60.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	46.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-559.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-1,000.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-98.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-78.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-31.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-205.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	33.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	23.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	69.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	24.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	37.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.23x	Current assets / current liabilities.
Quick ratio	3.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.60x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	63.3%	Total liabilities / total assets.
Working capital	$351.8M	Current assets - current liabilities.
Tangible book value	$376.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	0.97x	Revenue / average property, plant and equipment.
Inventory turnover	4.44x	Cost of revenue / average inventory.
Days inventory	82 days	365 x average inventory / cost of revenue.
Receivables turnover	8.48x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	84 days	Days inventory + days sales outstanding - days payables.

Valuation

Metric	Value	How it is calculated
Market cap	$571.8M	Share price x shares outstanding.
Enterprise value	$289.2M	Market cap + total debt - cash - short-term investments.
P/S	1.11x	Market cap / revenue.
P/B	1.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.52x	Market cap / tangible book value, when positive.
EV/Sales	0.56x	Enterprise value / revenue.
FCF yield	-20.0%	Free cash flow / market cap.
Earnings yield	-10.8%	Net income / market cap (the inverse of P/E).

What was Ramaco Resources, Inc.'s revenue in fiscal 2025?

Ramaco Resources, Inc. reported revenue of $536.6M for fiscal 2025, 19.5% lower than the year before.

Was Ramaco Resources, Inc. profitable in fiscal 2025?

No. It reported a net loss of $51.4M.

How much free cash flow did Ramaco Resources, Inc. generate in fiscal 2025?

Cash from operations of $2.0M minus capital expenditures of $62.8M left free cash flow of -$60.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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