Ramaco Resources Class A
Central Appalachian metallurgical coal producer building a Wyoming rare-earth project.
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Profile
Mines and sells metallurgical coal from four Central Appalachian complexes to steel and coke producers, while developing a pre-revenue Wyoming rare-earth and critical-minerals project under a dual-class share structure that separates mining from a linked royalty income stream.
Four active mining complexes across Central Appalachia produce high- and low-volatility metallurgical coal sold to blast-furnace steel mills and coke plants, both domestically and overseas.
A second platform has been under development since 2023: a Wyoming deposit of magnetic rare earths and critical minerals uncovered through a Department of Energy coal-core sampling program, still in the pilot and exploration stage. A dual-class share structure separates the mining business from a linked royalty and infrastructure income stream.
Founder-led since inception, with production volumes climbing for six consecutive years and a comparatively conservative balance sheet. Current revenue depends entirely on metallurgical-coal pricing and blast-furnace steel demand.
Commercial output from the Wyoming project is not targeted before the back half of the decade, leaving coal as the sole revenue source until then.
Company facts
Key statistics
Year to date −28.9% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Morgan Stanley | Reiterate | Equal Weight | $13 | $11 | |
| Aug 18, 2026 | Baird | Downgrade | Outperform | Neutral | ||
| Aug 6, 2026 | Robert W. Baird | Target | $25 | $13 | ||
| Aug 6, 2026 | Goldman Sachs | Reiterate | Neutral | $15 | $11 | |
| Jul 8, 2026 | Morgan Stanley | Reiterate | Equal Weight | $17.50 | $13 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$0.26 | −$0.26 | −0.2% | $133.1M | $144.8M | +8.8% | +3.79% |
| May 11, 2026Q1 FY26 | −$0.22 | −$0.30 | −36.4% | $129.7M | $121.6M | −6.2% | +8.83% |
| Feb 25, 2026Q4 FY25 | −$0.24 | −$0.26 | −8.3% | $143.0M | $128.0M | −10.5% | −15.46% |
| Oct 27, 2025Q3 FY25 | −$0.33 | −$0.25 | +24.2% | $143.5M | $121.0M | −15.7% | −16.93% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $134.7M | $153.0M | $121.0M | $128.0M | $121.6M | $144.8M | |
| Gross profit | $2.6M | $1.3M | $1.7M | $7.8M | −$4.0M | $16.6M | |
| Operating income | −$12.0M | −$13.8M | −$14.5M | −$13.1M | −$24.3M | −$18.2M | |
| Net income | −$9.5M | −$14.0M | −$13.3M | −$14.7M | −$18.3M | −$15.4M | |
| Diluted EPS | −$0.19 | −$0.29 | −$0.25 | −$0.30 | −$0.37 | −$0.26 | |
| Gross margin | 1.9% | 0.9% | 1.4% | 6.1% | -3.3% | 11.5% | |
| Operating margin | -8.9% | -9.1% | -12.0% | -10.2% | -20.0% | -12.6% |
Fiscal years (4-quarter sums)FY21 $283.4M · FY22 $565.7M · FY23 $693.5M · FY24 $666.3M · FY25 $536.6M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $282.5M · Total debt $468.4M · Total assets $1.02B · Shareholders' equity $376.1M
Dividends
Last cut to $0.0688 from $0.1375 in May 2025.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 30, 2025 | May 30 | Jun 13 | $0.0688 | cut from $0.1375 |
| Feb 28, 2025 | Feb 28 | Mar 14 | $0.1375 | |
| Dec 2, 2024 | Dec 2 | Dec 16 | $0.1394 | raised from $0.1366 |
| Aug 30, 2024 | Aug 30 | Sep 13 | $0.1366 | |
| May 31, 2024 | Jun 1 | Jun 15 | $0.1366 | |
| Feb 29, 2024 | Mar 1 | Mar 15 | $0.1366 | raised from $0.1238 |
| Nov 30, 2023 | Dec 1 | Dec 15 | $0.1238 | |
| Aug 31, 2023 | Sep 1 | Sep 15 | $0.1238 |
Ownership
Shares outstanding 53.80M · Float 42.02M
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % of company | Form | Filed |
|---|---|---|---|---|
| Yorktown XI Associates LLC · 10 percent owner | 5.66M | 10.53% | Form 4 | Mar 31, 2026 |
| Discovery Capital Management, LLC / CT · 10 percent owner | 4.94M | 9.18% | Form 4 | Aug 10, 2026 |
| BlackRock, Inc. | 4.43M | 8.23% | 13F | Aug 7, 2026 |
| Dayah Energy Partners, L.P. | 3.65M | 6.50% of class | 13G | Mar 6, 2026 |
| State Street Corp | 3.06M | 5.69% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Discovery Capital Management, LLC / CT | 10 percent owner | −500,000 | $9.57 |
| Mar 23, 2026 | Peter A. Leidel | director | −200,000 | $13.53 |
| Mar 26, 2026 | Peter A. Leidel | director | −206,343 | $13.58 |
| Mar 25, 2026 | Peter A. Leidel | director | −210,258 | $13.92 |
| Mar 24, 2026 | Peter A. Leidel | director | −208,103 | $13.91 |
Peers
- Alpha Metallurgical Resources
Largest US met coal producer, same Central Appalachian basin and end markets
- Warrior Met Coal
US pure-play premium hard coking coal exporter, all-export longwall operator
- Core Natural Resources
Diversified met + thermal coal producer formed by 2025 Arch / CONSOL merger
- Peabody Energy
Global thermal-first coal producer with a growing Australian met coal sleeve
- MP Materials
Only integrated US rare earth mine-to-magnet producer, direct DoD-backed peer
- USA Rare Earth
Integrated Round Top heavy REE and NdFeB magnet developer, similar HREE basket
- Energy Fuels
US uranium miller producing Tb and Dy heavy REE oxides at pilot scale today
- NioCorp Developments
Nebraska Elk Creek scandium / niobium / REE developer, direct scandium peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ramaco Resources Class A | $13.47 | +1.28% | $715.6M | — | — | 1.4 | −5.3% |
| Alpha Metallurgical Resources | $226.00 | −0.12% | $2.88B | — | 54.3 | 1.4 | −10.4% |
| Warrior Met Coal | $107.07 | +0.06% | $5.65B | 25.7 | 15.6 | 3.4 | +71.3% |
| Core Natural Resources | $100.96 | 0.00% | $5.09B | 50.7 | 23.1 | 1.2 | +3.5% |
| Peabody Energy | $28.98 | +0.20% | $3.52B | — | 14.4 | 0.9 | +12.7% |
| MP Materials | $56.28 | +0.23% | $9.99B | — | 173.8 | 32.7 | +89.0% |
| USA Rare Earth | $18.04 | +0.22% | $2.39B | — | — | 181.3 | — |
| Energy Fuels | $14.69 | +0.14% | $3.67B | — | — | 34.7 | +496.1% |
| NioCorp Developments | $4.22 | +2.29% | $601.3M | — | — | — | — |
| Median | 38.2 | 23.1 | 3.4 | +42.0% |