Free cash flow has deteriorated to a -43.1% margin in 2026Q1, exacerbated by a $32.9 million drag from working capital changes that highlights operational inefficiencies.
| Cash from Operations | -59.94M | 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 % | -670.03% | -98.25% | -30.04% | -14.28% | 252.21% | 300.69% | -68.59% | 17.6% | 511.72% | -126.68% | -101.5% | -12.58% | - |
| Net Income | -60.31M | -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 | 64.87M | 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 | 4.72M | 17.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -12.89M | -11.72M | 1.68M | 18.71M | 29.23M | 4.64M | -3.5M | 5.16M | 109K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 20.13M | 4.42M | 18.38M | 3.49M | 7.36M | 67K | -4.25M | 4.12M | 3.21M | 2.8M | 3.39M | 0 | 0 |
| Working Capital Changes | -76.46M | -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 | -14.21M | 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 | -49.42M | -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 | -6.96M | -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 | -77.16M | -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 | -67.81M | -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 | 12.95% | 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 | -9.35M | -20.88M | -2.25M | 10.12M | -1.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 448.85M | 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) | 334.05M | 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) | 176.96M | 802K | 534K | 0 | 107K | 0 | 0 | 0 | 0 | 45.95M | 83.7M | 0 | 0 |
| Dividends Paid | -1.86M | -4.34M | -24.6M | -25.82M | -20.04M | 0 | 0 | 0 | 0 | -5.41M | 0 | 0 | 0 |
| Share Repurchases | -11.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -60.3M | 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 | 311.75M | 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 | -140.43M | -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 % | -26.82% | -11.33% | 6.58% | 11.27% | 11.47% | -2.21% | -6.77% | -1.45% | -5.32% | -137.28% | -394.67% | - | - |
| FCF Growth % | -425.9% | -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 | -2.82 | -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) | 2.33x | -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 | 0 | 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 |
Operational cash flow depletion
According to recent quarterly filings, METC's operating cash flow has consistently trailed net income, with the 2026Q1 OCF/NI ratio of 1.91 highlighting a significant divergence between accounting losses and the actual cash burn required to sustain current mining operations during this period of market contraction.
The persistent gap between net income and operating cash flow suggests that non-cash charges and working capital requirements are masking the true severity of the company's operational cash drain. Investors should monitor whether this trend indicates an inability to convert production into liquid inflows, as the current negative cash flow profile appears increasingly detached from reported earnings.
As reported in financial statements, METC's free cash flow margin has deteriorated sharply to -43.1% in 2026Q1, reflecting a rapid transition from the positive cash generation seen in early 2024 to a state of sustained cash consumption that threatens the company's liquidity buffer over the long term.
The trajectory of free cash flow indicates that the company is currently unable to fund its capital requirements through internal operations alone. This trend warrants further investigation into whether the current level of capital expenditure is essential for maintenance or if it represents an aggressive, yet currently unrewarded, investment in future production capacity.
Based on METC's reported figures, capital expenditure as a percentage of revenue has climbed to 14.4% in 2026Q1, suggesting that the company is maintaining high levels of investment despite a 19.46% year-over-year revenue contraction, which may indicate a lack of flexibility in its fixed-cost mining infrastructure.
The high capital intensity relative to declining revenue suggests that the company is struggling to scale its infrastructure down in line with market demand. This mismatch may imply that the company is prioritizing long-term asset development over short-term cash preservation, a strategy that appears increasingly risky given the current negative operating margins.
Data from recent SEC filings shows that working capital changes have become a significant drag on cash flow, with a $32.9 million outflow in 2026Q1, indicating that the company is facing mounting difficulties in managing its inventory and receivables cycle during this period of market volatility.
The negative working capital trend suggests that cash is being trapped in inventory or that collection cycles are lengthening, both of which exacerbate the company's current cash burn. This dynamic appears to be a primary contributor to the recent deterioration in operating cash flow and warrants close scrutiny by analysts tracking the company's liquidity.
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.