Ramaco Resources, Inc. (METCI) intrinsic value & 10-year financials
Ramaco Resources, Inc. (METCI) has a Graham intrinsic value of $3.65 per share. Over the last 10 fiscal years revenue grew 67.3% a year to $536.6M, with an average return on invested capital of 34.4%.
- Graham intrinsic value
- $3.65
- Revenue (FY2025)
- $536.6M
- Revenue growth (10-yr CAGR)
- 67.3%
- ROIC (10-yr avg)
- 34.4%
- Free cash flow (FY2025)
- —
METCI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $536.6M | -$51.4M | -$0.99 | — | -10.4% | -10.8% |
| FY2024 | $666.3M | $11.2M | $0.11 | — | 2.5% | 3.4% |
| FY2023 | $693.5M | $82.3M | $1.73 | $78.1M | 13.7% | 20.7% |
| FY2022 | $565.7M | $116.0M | $2.60 | $64.9M | 26.6% | 44.4% |
| FY2021 | $283.4M | $39.8M | $0.90 | $23.9M | 13.9% | 18.3% |
| FY2020 | $168.9M | -$4.9M | -$0.12 | -$11.4M | -11.3% | -6.2% |
| FY2019 | $230.2M | $24.9M | $0.61 | -$3.3M | 12.8% | 15.2% |
| FY2018 | $227.6M | $25.1M | $0.62 | -$12.1M | 10.6% | 16.7% |
| FY2017 | $61.0M | -$15.4M | -$0.41 | -$83.8M | -26.0% | 164.1% |
| FY2016 | $5.2M | -$7.5M | — | -$20.6M | -144.4% | 77.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ramaco Resources, Inc. is a consistent compounder, expanding top-line revenue at 67.3% annually over the past decade.
Ramaco Resources, Inc. has earned high returns on invested capital, averaging 18.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Ramaco Resources, Inc. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ramaco Resources, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.65 per share.