METC SOTP EV/EBITDA valuation

Ramaco Resources Inc. (METC)
As of 2026-06-14
USD
Updated Jun 20, 2026
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METC SOTP EV/EBITDA valuation

Mid-cycle sum-of-the-parts valuation for Ramaco Resources. The coal platform is valued on normalized metallurgical coal EBITDA using guided 2026 sales tons and cash costs, while Brook Mine and critical minerals are included as a separate pre-revenue option value.

as of 2026-06-14

Fair value
$16.51
Upside/downside
8.2%
Normalized EBITDA
$196.25
Coal cash margin per ton
$62.50
Equity value
$1084.39

Balance sheet

96.86$M
65.68million shares

Costs

2.50$M
70.00$M

Market

15.26$ / share

Operations

97.50$ / ton
160.00$ / ton
4.30million tons

Valuation

200.00$M
5.00x

Sources

  1. Modeledge Hawk row and price service show METC last price of $15.26 and market cap near $821.1M. (accessed 2026-06-14)
  2. Q1 2026 tables show revenue per ton of $114, cash cost per ton of $98, 892k tons sold, and segment adjusted EBITDA of $8.734M. (accessed 2026-06-14)
  3. 2026 guidance calls for 4.1M-4.5M tons sold, $95-$100/t cash costs, $85M-$90M capex, $67M-$72M SG&A, and $2M-$3M idle costs. (accessed 2026-06-14)
  4. March 31 2026 balance sheet shows $452.069M total debt and $355.205M cash and cash equivalents. (accessed 2026-06-14)
  5. AGM transcript reports 65.677144M combined Class A and Class B common shares outstanding at the April 20 2026 record date. (accessed 2026-06-14)
  6. Brook Mine/critical-minerals value remains pre-revenue; management expects a Hatch conceptual report on processing economics. (accessed 2026-06-14)

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