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Ramaco Resources, Inc.

METCdata completeness 88%11 fiscal years on file
The thesis, from the filings

Ramaco Resources, Inc. earns about 12% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$283.4M1$565.7M2$693.5M3$666.3M3$536.6M3
Net income$39.8M4$116M5$82.3M6$11.2M6−$51.4M6
Operating cash flow$53.3M7$187.9M8$161M9$112.7M9$1.97M9
Capital expenditure$29.5M10$123M10$82.9M10$55.2M11$62.8M11
Free cash flow (derived)$23.9M7,10$64.9M8,10$78.1M9,10$57.4M9,11−$60.8M9,11
Total debt$45.5M12$128.9M13$91.4M14$92.4M15$467.6M16
Cash & equivalents$21.9M17$35.6M18$42M19$33M20$440.3M20
Diluted shares44.3M44.7M———

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 18%FY22 29%FY23 20%FY24 3%FY25 -10%

It earned an average 12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 927% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-03-14 · period ending 2021-12-31 · accession 0001558370-24-003256 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2025-03-17 · period ending 2022-12-31 · accession 0001558370-25-003144 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K/A filed 2026-07-24 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-086668 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K filed 2024-03-14 · period ending 2021-12-31 · accession 0001558370-24-003256 (NetIncomeLoss)
  5. 10-K filed 2025-03-17 · period ending 2022-12-31 · accession 0001558370-25-003144 (NetIncomeLoss)
  6. 10-K/A filed 2026-07-24 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-086668 (NetIncomeLoss)
  7. 10-K filed 2024-03-14 · period ending 2021-12-31 · accession 0001558370-24-003256 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-03-17 · period ending 2022-12-31 · accession 0001558370-25-003144 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A filed 2026-07-24 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-086668 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-03-14 · periods ending 2021-12-31, 2022-12-31, 2023-12-31 · accession 0001558370-24-003256 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A filed 2026-07-24 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-086668 (PaymentsForCapitalImprovements)
  12. 10-K/A filed 2023-01-10 · period ending 2021-12-31 · accession 0001104659-23-002700 (LongTermDebt)
  13. 10-K filed 2023-03-14 · period ending 2022-12-31 · accession 0001558370-23-003736 (LongTermDebt)
  14. 10-K filed 2024-03-14 · period ending 2023-12-31 · accession 0001558370-24-003256 (LongTermDebt)
  15. 10-K filed 2025-03-17 · period ending 2024-12-31 · accession 0001558370-25-003144 (LongTermDebt)
  16. 10-K/A filed 2026-07-24 · period ending 2025-12-31 · accession 0001104659-26-086668 (LongTermDebt)
  17. 10-K filed 2023-03-14 · period ending 2021-12-31 · accession 0001558370-23-003736 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2024-03-14 · period ending 2022-12-31 · accession 0001558370-24-003256 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K filed 2025-03-17 · period ending 2023-12-31 · accession 0001558370-25-003144 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A filed 2026-07-24 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-086668 (CashAndCashEquivalentsAtCarryingValue)