Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Ramaco Resources, Inc. (METC)
A forensic read on Ramaco Resources, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
3.3
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-13.4%
ROE
$835M
Market cap
2.92%
Dividend yield
Ramaco Resources, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 3.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+43.0%Accruals ratio.Net operating assets grew +43.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -13% of net operating assets.
70dInventory days.Days inventory outstanding moved from 30 to 70 FY2024→FY2025 (against cost of goods sold; inventory +101% vs -15% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-7%Return on invested capital.Return on invested capital is -7% and slipping from 28% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.2%/yrShare-count dilution.Diluted share count changed +9% over the last 3 years to FY2022 (+3.2%/yr). The count is GROWING — existing holders are being diluted. That's ~3.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2019 has been diluted ~9%.
-82%Dividend — cut.The payout was CUT ~82% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-9.6%
Debt / Equity0.97x
Free Cash Flow$-60.8M
Latest Revenue$536.6M
Return on Equity-10.6%
Revenue Growth YoY-19.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Ramaco Resources, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about METC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown