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Core Natural Resources vs Ramaco Resources: revenue, profit, margins and growth compared

Core Natural Resources brought in $4.2B of revenue in fiscal 2025, Ramaco Resources $536.6M in fiscal 2025. Revenue changed by +86.2% at Core Natural Resources and -19.5% at Ramaco Resources on the year before, so Core Natural Resources grew faster. Core Natural Resources kept -3.7% of its revenue as net profit, Ramaco Resources -9.6%. Free cash flow was $21.2M at Core Natural Resources and -$60.8M at Ramaco Resources.

Side by side, latest fiscal year

CNRMETC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.2B$536.6M
Revenue growth+86.2%-19.5%
Net income-$153.2M-$51.4M
Net margin-3.7%-9.6%
Free cash flow$21.2M-$60.8M
Free cash flow margin0.5%-11.3%
Earnings per share (diluted)-$2.98-$0.99
Cash$432.2M$440.3M
Debt$394.8M$467.6M
Price to earningsn/an/a
Market value$4.4B$571.8M
Dividend yield0.45%n/a
Rank by revenue in sector#33 of 129 · Energy#91 of 129 · Energy

Over the years

Revenue
CNR FY2018: $1.5BCNR FY2019: $1.4BCNR FY2020: $1BCNR FY2021: $1.3BCNR FY2022: $2.3BCNR FY2023: $2.6BCNR FY2024: $2.2BCNR FY2025: $4.2BMETC FY2018: $227.6MMETC FY2019: $168.9MMETC FY2020: $168.9MMETC FY2021: $283.4MMETC FY2022: $565.7MMETC FY2023: $693.5MMETC FY2024: $666.3MMETC FY2025: $536.6MFY18FY19FY20FY21FY22FY23FY24FY25
CNR $4.2BMETC $536.6M
Net income
CNR FY2018: $153MCNR FY2019: $76MCNR FY2020: -$9.8MCNR FY2021: $34.1MCNR FY2022: $467MCNR FY2023: $655.9MCNR FY2024: $286.4MCNR FY2025: -$153.2MMETC FY2018: $25.1MMETC FY2019: $24.9MMETC FY2020: -$4.9MMETC FY2021: $39.8MMETC FY2022: $116MMETC FY2023: $82.3MMETC FY2024: $11.2MMETC FY2025: -$51.4MFY18FY19FY20FY21FY22FY23FY24FY25
CNR -$153.2MMETC -$51.4M
Net margin
CNR FY2018: 10.0%CNR FY2019: 5.3%CNR FY2020: -1.0%CNR FY2021: 2.7%CNR FY2022: 20.5%CNR FY2023: 25.5%CNR FY2024: 12.8%CNR FY2025: -3.7%METC FY2018: 11.0%METC FY2019: 14.8%METC FY2020: -2.9%METC FY2021: 14.0%METC FY2022: 20.5%METC FY2023: 11.9%METC FY2024: 1.7%METC FY2025: -9.6%FY18FY19FY20FY21FY22FY23FY24FY25
CNR -3.7%METC -9.6%
Revenue growth
CNR FY2019: -6.6%CNR FY2020: -28.6%CNR FY2021: +23.4%CNR FY2022: +80.8%CNR FY2023: +12.7%CNR FY2024: -12.9%CNR FY2025: +86.2%METC FY2019: -25.8%METC FY2020: 0.0%METC FY2021: +67.8%METC FY2022: +99.6%METC FY2023: +22.6%METC FY2024: -3.9%METC FY2025: -19.5%FY19FY20FY21FY22FY23FY24FY25
CNR +86.2%METC -19.5%
Free cash flow
CNR FY2018: $267.8MCNR FY2019: $74.8MCNR FY2020: $43.3MCNR FY2021: $172.8MCNR FY2022: $479.5MCNR FY2023: $690.2MCNR FY2024: $298.4MCNR FY2025: $21.2MMETC FY2018: -$12MMETC FY2019: -$3.3MMETC FY2020: -$11.4MMETC FY2021: $23.9MMETC FY2022: $64.9MMETC FY2023: $78.1MMETC FY2024: $57.4MMETC FY2025: -$60.8MFY18FY19FY20FY21FY22FY23FY24FY25
CNR $21.2MMETC -$60.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Core Natural Resources and Ramaco Resources

Which is bigger by revenue, Core Natural Resources or Ramaco Resources?

Core Natural Resources is bigger by revenue: $4.2B in fiscal 2025, against $536.6M for Ramaco Resources in fiscal 2025.

Which keeps more of its revenue as profit, Core Natural Resources or Ramaco Resources?

Core Natural Resources had a net margin of -3.7% in fiscal 2025; Ramaco Resources had -9.6% in fiscal 2025.

Which grew revenue faster, Core Natural Resources or Ramaco Resources?

In their latest fiscal years revenue changed by +86.2% at Core Natural Resources and -19.5% at Ramaco Resources.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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