Forensic Analysis · Coal Mining · as of Nov 9, 2026
Ramaco Resources, Inc. (METCB)
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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.3
Distress distance
Clean
Earnings quality
5
Forensic signals
-12.2%
ROE
-19.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ramaco Resources, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+43.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +43.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by inventory up +101% against -15% in cost of sales and payables paid down 15% against -15% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 13% of net operating assets, against an accruals ratio of 43.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
53d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 28 to 53 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.
-8.0%
FY2025
Return on invested capital.Return on invested capital is -8.0% in the latest fiscal year and slipping across FY2023–FY2025 from 14.7%. After-tax operating profit was $75M in FY2023 and ($44M) in FY2025, with operating income at 13.7% of revenue in FY2023, 2.5% in FY2024 and -10.4% in FY2025. The capital base behind it went from $510M in FY2023 to $555M in FY2025 (+9%), while the revenue it carried went from $694M to $537M.
FCF ($61M)
FY2025
Shareholder returns.Returned $4M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($61M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $2M — 220% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
-82%
FY2024→FY2025
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. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2024, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.
Key fundamentals
Latest Revenue$536.6M
Revenue Growth YoY-19.5%
Revenue CAGR (2yr)-12.0%
Net Margin-9.6%
Free Cash Flow-$60.8M
Return on Equity-12.2%
Debt / Equity0.97x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ramaco Resources, Inc.'s actual 10-K/10-Q/8-K filings?