Free cash flow has shifted to a negative $52.4 million in 2026Q1, exacerbated by capital expenditures consuming 14.4% of total revenue.
| 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 |
Capital intensive pivot risks
According to recent quarterly filings, the company's operating cash flow has decoupled from net income, with the 2026Q1 OCF/NI ratio reaching 1.91, suggesting that non-cash charges and working capital volatility are masking the underlying cash burn inherent in the current operational environment.
The persistent gap between net losses and operating cash flow suggests that the company is relying heavily on non-cash adjustments to bridge its financial reporting. Investors should monitor whether this divergence indicates an inability to generate organic cash from core coal operations as development costs for non-coal initiatives escalate.
As reported in financial statements, the free cash flow margin has deteriorated sharply from a positive 11.6% in 2023Q4 to a negative 43.1% in 2026Q1, reflecting a rapid transition from cash generation to significant capital consumption across the company's mining and development portfolio.
This trajectory suggests that the company's current business model is unable to self-fund its operational and development requirements under prevailing market conditions. The shift into negative territory warrants investigation into whether this is a temporary investment phase or a structural decline in the profitability of the core asset base.
Based on the company's reported figures, capital expenditures as a percentage of revenue have climbed to 14.4% in 2026Q1, indicating that the firm is aggressively deploying capital into infrastructure despite a contracting revenue environment that may limit the immediate return on these investments.
The elevated capital intensity appears to be driven by the development of the Brook Mine and other non-coal initiatives. Analysts should consider whether this level of spending is sustainable if coal prices remain depressed and the rare earth element pivot fails to reach commercial viability.
Data from recent quarterly reports indicates that working capital changes have become a significant drag on cash flow, with a $32.9 million outflow in 2026Q1, suggesting potential inefficiencies in inventory management or delays in collecting receivables from international export markets.
The erratic nature of these working capital swings may imply that the company is struggling to align its production cycles with volatile global demand. This volatility adds a layer of uncertainty to the company's liquidity profile, as cash is increasingly tied up in operational cycles rather than being converted to free cash flow.
As noted in recent financial disclosures, the company has shifted from modest dividend payments to share repurchases of $11.9 million in 2026Q1, a move that appears counterintuitive given the concurrent negative free cash flow and the ongoing capital requirements of the Brook Mine project.
This deployment strategy may suggest management's confidence in long-term asset value, yet it simultaneously reduces the cash buffer available to navigate the current downturn. Investors should monitor whether this capital allocation approach is sustainable if the core coal business continues to burn cash at current rates.
Quick answers to the most common questions about buying METCB stock.
Ramaco Resources, Inc. (METCB) generated $2.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ramaco Resources, Inc. (METCB) reported negative free cash flow of $60.8M in 2025, indicating capital requirements exceeded cash from operations.
Ramaco Resources, Inc. (METCB) 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. (METCB) returned $4.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.