Forensic Analysis · Materials / Mining & Chemicals · as of Sep 25, 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
3.0
Distress distance
Clean
Earnings quality
6
Forensic signals
-7.8
P / E (ttm)
-10.6%
ROE
$301M
Market cap
2.92%
Dividend yield
-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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 3.0, placing it in the Safe zone. 6 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.
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.
-7.5%
FY2025
Return on invested capital.Return on invested capital is -7.5% 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 grew +16% across FY2023–FY2025, from $510M to $591M, while the return fell 22.2 points, so the dollars added over that window earned less than the 14.7% the older base was already earning.
FCF ($61M)
FY2025
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-10.6%
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?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
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.
n/m (stock split)
FY2023–FY2024
Share count (stock split).Diluted share count changed +114% over the last 1 year to FY2024, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +113.8%/yr figure isn't a real buyback/dilution read here.
-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.
Ramaco Resources, Inc. (METCB) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy