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METCB, Ramaco Resources Inc.

Coal & Consumable Fuels capital-intensive Distress / turnaroundCyclical

We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming.

Contiguous to the Brook Mine, the Company operates a carbon research facility related to the production of advanced carbon products and materials from coal.

We maintained four additional mines in idle status across our portfolio of mining complexes that can be reactivated when market conditions warrant.

Latest annual: FY2025 10-K

METCB · Ramaco Resources Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$537M

−19.5% YoY · 26% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $524M 5-yr avg $549M

Gross margin 14% 5-yr avg 27%

Operating margin −13.0% 5-yr avg 9.3%

ROIC −10% 5-yr avg 13%

Owner-earnings margin −23% 5-yr avg 9%

Free cash flow margin −23% 5-yr avg 6%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Export Revenues (63%) and Domestic Coal Revenues (37%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 22% and operating margin about 2.5% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −144% and 27% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 15% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 14%, above 15% in 4 of 9 years). Owner earnings agree: roughly 9% of revenue reaches owners as cash, though it swings. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Export Revenues is 63% of revenue, with Domestic Coal Revenues the other meaningful line at 37%.

Revenue by product line, FY2025

Export Revenues63%$340M
Domestic Coal Revenues37%$197M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$5M	$61M	$228M	$169M	$169M	$283M	$566M	$694M	$666M	$537M	$524M	RevenueRevenue
—	1%	22%	—	14%	31%	41%	29%	20%	16%	14%	Gross marginGross mgn
143%	21%	6%	11%	12%	8%	7%	7%	7%	13%	14%	SG&A / revenueSG&A/rev
($8M)	($16M)	$24M	$30M	($19M)	$40M	$150M	$95M	$17M	($56M)	($68M)	Operating incomeOp. inc.
−144.4%	−26.0%	10.6%	17.5%	−11.3%	13.9%	26.6%	13.7%	2.5%	−10.4%	−13.0%	Operating marginOp. mgn
($8M)	($15M)	$25M	$25M	($5M)	$40M	$116M	$82M	$11M	($51M)	($60M)	Net incomeNet inc.
—	—	0%	17%	—	10%	21%	21%	25%	—	—	Effective tax rateTax rate
											Cash flow & returns
($4M)	($8M)	$36M	$42M	$13M	$53M	$188M	$161M	$113M	$2M	($59M)	Operating cash flowOp. cash
$252K	$3M	$12M	$20M	$21M	$26M	$41M	$54M	$66M	$68M	$67M	DepreciationDeprec.
$3M	$974K	($4M)	($6M)	($7M)	($18M)	$22M	$12M	$18M	($32M)	($85M)	Working capital & otherWC & other
$17M	$75M	$48M	$46M	$25M	$29M	$123M	$83M	$55M	$63M	$60M	CapexCapex
320.6%	122.9%	21.2%	27.1%	14.7%	10.4%	21.7%	12.0%	8.3%	11.7%	11.5%	Capex / revenueCapex/rev
($4M)	($12M)	$24M	$23M	($11M)	$24M	$147M	$107M	$57M	($61M)	($119M)	Owner earningsOwner earn.
−78.9%	−19.0%	10.4%	13.5%	−6.8%	8.4%	25.9%	15.4%	8.6%	−11.3%	−22.7%	Owner earnings marginOE mgn
($21M)	($84M)	($12M)	($3M)	($11M)	$24M	$65M	$78M	$57M	($61M)	($119M)	Free cash flowFCF
−394.6%	−136.8%	−5.3%	−2.0%	−6.8%	8.4%	11.5%	11.3%	8.6%	−11.3%	−22.7%	Free cash flow marginFCF mgn
—	—	—	—	—	$20M	$20M	$26M	$25M	$4M	$4M	Dividends paidDiv. paid
—	-12%	17%	14%	-8%	16%	36%	19%	3%	-9%	-10%	ROICROIC
—	-14%	18%	15%	-3%	19%	38%	22%	3%	-11%	-14%	Return on equityROE
—	—	—	—	—	9%	31%	15%	−4%	−12%	−15%	Retained to equityRetained/eq
											Balance sheet
$60M	$11M	$7M	$6M	$5M	$22M	$36M	$42M	$33M	$440M	$360M	Cash & investmentsCash+inv
$915K	$7M	$11M	$19M	$20M	$44M	$41M	$97M	$74M	$54M	$66M	ReceivablesReceiv.
$2M	$10M	$14M	$15M	$12M	$16M	$45M	$37M	$43M	$87M	$106M	InventoryInvent.
$9M	$20M	$16M	$11M	$12M	$15M	$35M	$52M	$49M	$42M	$57M	Accounts payablePayables
($7M)	($2M)	$9M	$24M	$21M	$45M	$51M	$82M	$68M	$100M	$115M	Operating working capitalOper. WC
$63M	$29M	$35M	$44M	$42M	$87M	$147M	$190M	$168M	$598M	$543M	Current assetsCur. assets
$15M	$22M	$30M	$26M	$29M	$47M	$163M	$170M	$122M	$110M	$111M	Current liabilitiesCur. liab.
4.1×	1.3×	1.2×	1.7×	1.5×	1.9×	0.9×	1.1×	1.4×	5.5×	4.9×	Current ratioCurr. ratio
$119M	$148M	$188M	$227M	$229M	$329M	$596M	$666M	$675M	$1.1B	$1.1B	Total assetsAssets
—	—	$9M	$13M	$17M	$32M	$54M	$57M	$88M	$468M	$468M	Total debtDebt
—	—	$3M	$7M	$12M	$10M	$19M	$15M	$55M	$27M	$107M	Net debt / (cash)Net debt
-60.7×	-691.0×	16.9×	24.8×	-15.6×	15.5×	—	—	—	—	—	Interest coverageInt. cov.
($5M)	$113M	$141M	$170M	$169M	$211M	$309M	$370M	$363M	$484M	$437M	Shareholders’ equityEquity
5.7%	4.6%	1.2%	2.4%	2.5%	1.9%	1.5%	1.9%	2.6%	3.3%	3.7%	Stock comp / revenueSBC/rev
											Per share
0K	37.6M	40.3M	40.8M	42.5M	44.3M	44.7M	—	—	—	44.8M	Shares out (diluted)Shares
—	$1.62	$5.65	$4.14	$3.98	$6.40	$12.65	—	—	—	$11.70	Revenue / shareRev/sh
—	$-0.41	$0.62	$0.61	$-0.12	$0.90	$2.60	—	—	—	$-1.35	EPS (diluted)EPS
—	$-0.31	$0.59	$0.56	$-0.27	$0.54	$3.28	—	—	—	$-2.65	Owner earnings / shareOE/sh
—	$-2.22	$-0.30	$-0.08	$-0.27	$0.54	$1.45	—	—	—	$-2.65	Free cash flow / shareFCF/sh
—	—	—	—	—	$0.45	$0.45	—	—	—	$0.10	Dividends / shareDiv/sh
—	$2.00	$1.20	$1.12	$0.58	$0.67	$2.75	—	—	—	$1.34	Cap. spending / shareCapex/sh
—	$3.02	$3.50	$4.16	$3.98	$4.77	$6.92	—	—	—	$9.77	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+50.8%/yr (5-yr)	+50.8%/yr
Dividends / share	−1.0%/yr (1-yr)	−1.0%/yr (1-yr)
Capital spending / share	+6.6%/yr (5-yr)	+6.6%/yr
Book value / share	+18.0%/yr (5-yr)	+18.0%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

45Mpeak FY2022

ROIC

−9%low FY2017

Gross margin

16%low FY2017

Net debt ÷ owner earnings

1.0×peak FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($61M)owner earningsvs.($51M)net incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2018FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported a $51M loss but ($61M) of owner earnings: $9M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($51M)	$11M	$82M	$116M	$40M
Depreciation & amortizationnon-cash charge added back	+$68M	+$66M	+$54M	+$41M	+$26M
Stock-based compensationreal costnon-cash, but a real cost	+$18M	+$17M	+$13M	+$8M	+$5M
Working capital & othertiming of cash in and out, other non-cash items	−$32M	+$18M	+$12M	+$22M	−$18M
Cash from operations	$2M	$113M	$161M	$188M	$53M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$63M	−$55M	−$54M	−$41M	−$29M
Owner earnings	($61M)	$57M	$107M	$147M	$24M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$29M	−$82M	—
Free cash flow	($61M)	$57M	$78M	$65M	$24M
Owner-earnings marginowner earnings ÷ revenue	-11%	9%	15%	26%	8%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $18M), owner earnings is nearer ($78M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Material weakness in financial controls

“As of December 31, 2025, we concluded that the controls are adequately designed, implemented, and have operated effectively for a sufficient period of time to remediate this previously reported material weakness.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $22M

Net debt against an operating loss

Cash $440M + ST investments $5M − debt $468M

What this means
Netting $446M of cash and short-term investments against $468M of debt leaves $22M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 74d

Long (60+ days)

DSO 37 + DIO 70 − DPO 33 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 14%

Solid through the cycle

9-yr median, range -12%–36%; -9% latest = NOPAT ($44M) ÷ invested capital $511M

Industry peers: median 15%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran -9% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid through the cycle

10-yr median margin, range -79%–26%; latest ($61M) = operating cash $2M − maintenance capex $63M

Industry peers: median 21%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -11% of revenue this year, a 8% median across 10 years. Treating stock comp as the real expense it is (less $18M of SBC) leaves ($78M).
Are earnings backed by cash? $2M

Loss, but cash-generative

Net income ($51M) · cash from operations $2M

In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.92×

Maintaining

Capex $63M ÷ depreciation $68M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $537M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 5.46×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $468M vs $488M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 5 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +1864%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.22/share (latest year $-0.79), the averaged base the calculator's gate runs on, and book value is $7.42/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 10

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 4 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −53% → 2% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −53% early to 2% lately, median 2% — pricing power intact or improving.
Reinvestment, incremental ROIC 5%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Worst year 2016 · −144.4% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.
Dividend record paid

What this means
Paid a dividend in 5 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$543M

Cash & short-term investments$360M
Receivables$66M
Inventory$106M
Other current assets$10M

Current liabilities$111M

Debt due within a year$6K
Accounts payable$57M
Other current liabilities$54M

Current ratio4.88×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.93×stricter: inventory excluded

Cash ratio3.24×strictest: cash alone against what's due

Working capital$431Mthe cushion left after near-term bills

Debt due this year vs. cash$6K due · $360M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Cash runway3.0 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago−9.7%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 4.9×

Deeper floors

Tangible book value$437Mequity stripped of goodwill & intangibles

Net current asset value($112M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$469M$1M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $596M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$564M · 95%
Dividends$95M · 16%

Returned to owners$95M
32% of the owner earnings the business produced over the span, $95M as dividends and $0 as buybacks.
Source of funding−$62M
Reinvestment and shareholder returns ran $62M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Net change in share count19.1%
The diluted count rose from 38M to 45M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.45/sh
Paid in 5 of the years on record, the per-share dividend shrinking about 1% a year. It was never cut over the span.
Return on what it retained25%
Of the earnings it kept rather than paid out ($125M over the span), annual owner earnings (first three years vs last three) grew $32M, so each retained $1 added about 0.25 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Atkins	$4.4M	$16.3M	$24M
2022	Mr. Atkins	$5.9M	−$895k	$147M
2023	Mr. Atkins	$7.5M	$20.1M	$107M
2024	Mr. Atkins	$7.8M	−$3.1M	$57M
2025	Mr. Atkins	$9.2M	$16.2M	($61M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership47.4%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio78:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$18M
The slice of the business handed to employees in shares this year, 3% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Ramaco Resources Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?19.1%
Diluted shares grew 19.1% over 2016–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$178M · 34% of revenue on the largest customers (TTM)
“During 2025, sales to three customers accounted for approximately 34% of total revenue.”verify →
Which reported numbers are a judgment call?
Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Coal & Consumable Fuels

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CNRCore Natural Resources Inc.	$4.2B	—	4.6%	4%	14%
BTUPeabody Energy Corporation Common Stock	$3.9B	—	5.9%	17%	6%
ARLPAlliance Resource Partners L.P. Common	$2.2B	—	18.0%	—	21%
AMRAlpha Metallurgical Resources Inc.	$2.1B	—	9.6%	15%	4%
HCCWarrior Met Coal Inc.	$1.3B	46%	30.2%	35%	29%
METCBRamaco Resources Inc.	$537M	21%	6.5%	14%	9%
NCNACCO Industries Inc.	$277M	13%	21.3%	12%	21%
NRPNatural Resource Partners LP	$232M	—	82.8%	—	87%
Group median	—	21%	13.8%	15%	17%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Ramaco Resources Inc. has delivered.

Ramaco Resources Inc.’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Ramaco Resources Inc. earns about $46M on its 8.5% median owner-earnings margin. This year’s −11.3% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($46M) Net of stock comp (−$19M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($119M) on 65M shares outstanding (a weighted cover-text, the only count this filer tags); net debt $107M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh METCB against another business →

Cite: Owner Scorecard, "Ramaco Resources Inc. (METCB), the owner's record," https://ownerscorecard.com/c/METCB, data as of 2026-07-09.

Manual order: ← METC its page in the Manual MG →

Industry order: ← METC the Coal & Consumable Fuels chapter NC →