Ramaco Resources, Inc. (METC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-82.1%

$1.18

vs $6.59 price

Levered DCF

$14.28

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.96

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-17.48×	48.86×	9.93×	3.34×	15.11×	-24×	5.87×	7.86×
P/B	1.85×	1.26×	2.08×	1.26×	2.83×	0.72×	0.86×	1.4×
P/S	1.67×	0.69×	1.11×	0.69×	2.11×	0.72×	0.64×	0.87×
EV / EBITDA	59.7×	6×	4.89×	2.52×	8.5×	9.4×	3×	5.07×
Gross margin	2.5%	9.9%	20.8%	33.7%	21.6%	1.1%	20.7%	16.7%
Operating margin	-10.4%	2.5%	13.7%	26.6%	13.9%	-11.3%	12.8%	10.6%
Net margin	-9.6%	1.7%	11.9%	20.5%	14.0%	-2.9%	10.8%	11.0%
Current ratio	5.46×	1.37×	1.12×	0.91×	1.86×	1.46×	1.68×	1.17×
Debt / equity	0.97×	0.29×	0.27×	0.45×	0.24×	0.1×	0.08×	0.07×
Interest coverage	-7.17×	2.72×	10.7×	22.02×	15.47×	-15.6×	24.75×	16.47×
Dividend yield	0.5%	5.4%	3.4%	5.2%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-8.4%	219.8%	31.4%	17.3%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.6%	3.1%	22.3%	37.5%	18.8%	-2.9%	14.7%	17.8%
Return on invested capital	-4.5%	2.2%	13.4%	23.2%	12.1%	-5.5%	12.0%	14.7%
Return on assets	-4.5%	1.7%	12.4%	19.5%	12.1%	-2.1%	11.0%	13.3%
Free cash flow yield	-6.8%	9.6%	10.2%	16.7%	-1.0%	-9.4%	-2.3%	-6.1%
Earnings yield	-5.7%	2.4%	10.7%	29.9%	6.6%	-4.0%	17.1%	12.7%
Enterprise value	$924.5M	$528.4M	$828M	$491.4M	$627.5M	$134.5M	$153.8M	$200.7M
Net debt / EBITDA	1.84×	0.8×	0.35×	0.53×	0.4×	0.86×	0.15×	0.06×
Cash conversion cycle (days)	69	37	41	36	58	44	40	13