Ramaco Resources Inc. 8.250% Senior Notes due 2030 (METCI)

FairStock Score: 35/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a lender first and an owner second, I see Ramaco as a cyclical metallurgical coal producer with no wide moat. Coal is a commodity; the company is a price taker. The filed record shows the turn: fiscal 2023 revenue was $693.5 million and net income $82.3 million; fiscal 2024 revenue was $666.3 million and net income $11.2 million; fiscal 2025 revenue fell to $536.6 million and net income swung to a loss of $51.4 million, or EPS -$0.99. Recent quarters remain weak: fiscal Q1 2026 revenue $121.6 million and net loss $18.3 million; fiscal Q2 2026 revenue $144.8 million and net loss $15.4 million. At the 2026-10-13 close, FairStock calculates ROE of -17.07%, ROCE of -5.34%, D/E of 1.25, P/B of 4.24, and a 35/100 score, and classifies it as a turnaround—a loss in the latest year after earlier profits. The 8.250% senior notes due 2030 trade at $25.07 at that close, within a 52-week range of $24.71-$25.99. Near par, the market is not pricing imminent collapse, but an 8.25% coupon signals real credit risk. For margin of safety, I want earnings to cover interest and debt to be manageable. Here, revenue is falling and losses persist, so the notes depend on a coal-price recovery or cost improvements. I would want to see sustained positive cash generation before trusting the coupon and 2030 maturity.

In plain English: Ramaco Resources mines metallurgical coal, a type of coal used in steelmaking. The business looks weak right now: it lost money in its latest year, and revenue has fallen from earlier levels. The 8.250% notes due 2030 trade at $25.07, near the middle of their 52-week range, so the price looks neither clearly cheap nor clearly expensive based on the numbers given.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K/A (period ended 2025-12-31) · FY2024 10-K/A (period ended 2024-12-31) · FY2023 10-K/A (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer