The company is experiencing a severe cash burn, with free cash flow deteriorating to -$67.1M in Q2 2026, driven by persistent negative operating cash flow and heavy capital expenditures, despite an apparent current ratio of 4.23.
Ramaco Resources, Inc. (METC) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Cash from Operations | -78.11M | 1.97M | 112.67M | 161.04M | 187.87M | 53.34M | 13.31M | 42.38M | 36.04M | -8.75M | -3.86M | -1.92M | -1.7M |
| Operating CF Margin % | - | 0.37% | 16.91% | 23.22% | 33.21% | 18.82% | 7.88% | 18.41% | 15.84% | -14.34% | -74.03% | - | - |
| Operating CF Growth % | -984.18% | -98.25% | -30.04% | -14.28% | 252.21% | 300.69% | -68.59% | 17.6% | 511.72% | -126.68% | -101.5% | -12.58% | - |
| Net Income | -61.75M | -51.45M | 11.19M | 82.31M | 116.04M | 39.76M | -4.91M | 24.93M | 25.07M | -15.39M | -7.52M | -2.34M | -1.77M |
| Depreciation & Amortization | 80.85M | 68.16M | 67.08M | 55.66M | 42.31M | 26.82M | 21.48M | 20.03M | 12.92M | 3.56M | 480.99K | 74.52K | 68.21K |
| Stock-Based Compensation | 14.61M | 17.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -21.22M | -11.72M | 1.68M | 18.71M | 29.23M | 4.64M | -3.5M | 5.16M | 109K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 17.41M | 4.42M | 18.38M | 3.49M | 7.36M | 67K | -4.25M | 4.12M | 3.21M | 2.8M | 3.39M | 0 | 0 |
| Working Capital Changes | -89.69M | -25.01M | 14.34M | 865K | -7.07M | -17.95M | 4.49M | -11.86M | -5.27M | 284.13K | -215.13K | 345K | -4.26K |
| Change in Receivables | -16.79M | 19.23M | 23.28M | -55.69M | 3.28M | -24.15M | -1.04M | -8.53M | -3.56M | -6.25M | -914.74K | 0 | 0 |
| Change in Inventory | -59.45M | -43.8M | -6.2M | 7.81M | -29.18M | -3.84M | 3.31M | -1.08M | -4.13M | -8.54M | -1.52M | 0 | 0 |
| Change in Payables | -945K | -10.04M | -4.83M | 24.55M | 12.73M | -1.82M | 2.75M | -7.31M | -1.52M | 15.54M | 1.86M | 92K | 0 |
| Cash from Investing | -107.44M | -83.67M | -70.83M | -72.21M | -145.71M | -59.61M | -24.75M | -45.72M | -42.94M | -19.8M | -77.46M | -3.46M | -4.18M |
| Capital Expenditures | -97.3M | -62.78M | -68.84M | -82.9M | -123.01M | -59.61M | -24.75M | -45.72M | -48.14M | -75.04M | -16.72M | -4.85M | -4.18M |
| CapEx % of Revenue | 18.88% | 11.7% | 10.33% | 11.95% | 21.75% | 21.04% | 14.65% | 19.86% | 21.15% | 122.94% | 320.63% | - | - |
| Acquisitions | 0 | 0 | 260K | 574K | -21.64M | 0 | 0 | 0 | 0 | 0 | -302.57K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -10.14M | -20.88M | -2.25M | 10.12M | -1.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 354.82M | 489.04M | -50.79M | -82.52M | -28.5M | 22.37M | 11.29M | 2.83M | 7.92M | 29.29M | 85.53M | 6.37M | 5.89M |
| Debt Issued (Net) | 320.03M | 358.4M | -10.6M | -44.17M | -4.09M | 23.77M | 12.89M | 3.42M | 8.9M | -11.13M | 3.95M | -369.87K | 4.51M |
| Equity Issued (Net) | 111.03M | 802K | 534K | 0 | 107K | 0 | 0 | 0 | 0 | 45.95M | 83.7M | 0 | 0 |
| Dividends Paid | 0 | -4.34M | -24.6M | -25.82M | -20.04M | 0 | 0 | 0 | 0 | -5.41M | 0 | 0 | 0 |
| Share Repurchases | -77.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -76.24M | 134.18M | -16.12M | -12.52M | -4.47M | -1.4M | -1.6M | -590K | -989K | -127.05K | -2.12M | 6.74M | 1.38M |
| Net Change in Cash | 169.27M | 407.35M | -8.95M | 6.25M | 13.72M | 16.09M | 1.17M | -1.42M | 1.02M | 737.13K | 4.2M | 993.63K | 0 |
| Free Cash Flow | -188.09M | -60.81M | 43.82M | 78.13M | 64.86M | -6.27M | -11.44M | -3.34M | -12.1M | -83.79M | -20.58M | -6.77M | -5.89M |
| FCF Margin % | -36.49% | -11.33% | 6.58% | 11.27% | 11.47% | -2.21% | -6.77% | -1.45% | -5.32% | -137.28% | -394.67% | - | - |
| FCF Growth % | -1862.09% | -238.77% | -43.91% | 20.47% | 1133.92% | 45.17% | -242.54% | 72.39% | 85.56% | -307.06% | -204.28% | -14.92% | - |
| FCF per Share | -3.17 | -1.22 | 0.98 | 1.75 | 1.45 | -0.14 | -0.27 | -0.08 | -0.30 | -2.23 | -0.53 | -0.17 | -0.15 |
| FCF Conversion (FCF/Net Income) | 3.05x | -0.04x | 10.07x | 1.96x | 1.62x | 1.34x | -2.71x | 1.70x | 1.44x | 0.57x | 0.51x | 0.82x | 0.96x |
| Interest Paid | 6.1M | 0 | 4.76M | 8.11M | 6M | 1.6M | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.23M | 771K | 15.5M | 9K | 19K | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying METC stock.
Ramaco Resources, Inc. (METC) generated $2.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ramaco Resources, Inc. (METC) reported negative free cash flow of $60.8M in 2025, indicating capital requirements exceeded cash from operations.
Ramaco Resources, Inc. (METC) spent $62.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ramaco Resources, Inc. (METC) returned $4.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent negative free cash flow.
Metrics are mathematically derived from official filings.
Negative Earnings Mask Cash Conversion Strain
Ramaco's operating cash flow consistently exceeds net losses due to substantial non-cash depreciation, but the growing gap signals that core cash generation is deteriorating alongside profitability, as per recent SEC filings.
The OCF/NI ratio is highly volatile and often exceeds 1.0, but this is driven by net losses that are smaller than depreciation charges (e.g., $33.4M D&A vs. -$15.4M Net Income in 2026Q2). This pattern suggests the company's accounting losses are being buffered by non-cash items, yet the underlying operational cash generation is worsening, as evidenced by operating cash flow turning sharply negative in recent quarters. Investors should monitor whether the current cost structure can generate positive operating cash flow if the revenue decline continues.
FCF Trajectory Turns Deeply Negative
Based on reported figures, Ramaco's free cash flow has plunged from positive single-digit millions in early 2024 to a -$67.1M deficit in 2026Q2, with FCF margins deteriorating from 3.7% to -46.3% in just ten quarters.
The FCF margin compression is severe and accelerating, moving from a modestly positive position to a significant cash burn. This trajectory indicates that the combination of operating losses, weak cash conversion, and elevated capital expenditures is consuming cash at an unsustainable rate. The trend suggests the company is now in a phase of asset investment or maintenance that is not currently supported by its operating performance, placing pressure on its balance sheet and liquidity.
Persistent Working Capital Drains
As reported in financial statements, Ramaco's working capital changes have been a consistent source of cash outflow, totaling over -$100M cumulative outflow in the last six quarters, severely constraining liquidity.
Working capital has been a material cash outflow for six consecutive quarters, indicating persistent inefficiencies in managing receivables, inventory, or payables relative to the shrinking revenue base. This suggests the business may be offering extended credit to customers or holding excess inventory that is not being converted into cash quickly enough. The continued drag from working capital magnifies the core operating losses and limits the company's financial flexibility.
Aggressive Buybacks Amid Cash Burn
According to recent SEC filings, Ramaco initiated $77.8M in share repurchases over the last two quarters while simultaneously burning through cash from operations, a capital allocation choice that appears counterintuitive given the deteriorating fundamentals.
The company's decision to deploy significant capital for share buybacks ($65.9M in 2026Q2 and $11.9M in 2026Q1) while generating negative operating cash flow and FCF is a high-risk strategy. This deployment choice consumes liquidity that could otherwise fund operations or service potential obligations. It may indicate management's confidence in a future turnaround, but from a fundamental perspective, it exacerbates near-term cash flow pressure and warrants close scrutiny.
Cash Flow Statement Obscures True Capital Intensity
The cash flow statement may understate the company's true capital intensity, as the capital expenditure figures do not distinguish between maintenance and growth spending in an industry facing structural demand challenges.
The reported CapEx/Revenue ratio has ballooned from ~10-14% in early 2024 to 30.8% in 2026Q2, but the cash flow statement provides no breakdown of maintenance versus expansionary capital expenditures. Given the sector's headwinds, a significant portion of this CapEx may be for sustaining existing assets rather than growth, implying the business's maintenance burden is increasingly onerous. Without this clarity, the apparent capital intensity could be masking an underlying decline in asset productivity and cash generation capability.