MeritValue

Ramaco Resources, Inc.

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

Ramaco Resources, Inc. earns about 11% 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$64.9M8$78.1M9$57.4M9−$60.8M9
Total debt$56.5M12$183.3M13$148.3M14$92.8M14$467.6M15
Cash & equivalents$21.9M16$35.6M17$42M18$33M19$440.3M19
Diluted shares44.3M44.7M———

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 17%FY22 25%FY23 17%FY24 3%FY25 -10%

It earned an average 11% 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 727% 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 v0.1.0
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 →

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