METC SOTP EV/EBITDA valuation

Ramaco Resources Inc. (METC)
By@hypertonx
Assumptions as of 2026-08-06
USD
Updated Aug 6, 2026 · Revised 1 time
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METC SOTP EV/EBITDA valuation

Conservative post-Q2 2026 sum-of-the-parts valuation for Ramaco Resources. The coal platform is valued on normalized metallurgical coal EBITDA using revised 2026 sales guidance and sub-$100 cash cost performance, while the Brook Mine critical-minerals project is included as a separate risked pre-revenue option value after the Hatch conceptual study.

as of 2026-08-06

Fair value
$14.56
Upside/downside
16.2%
Normalized EBITDA
$118.63
Coal cash margin per ton
$47.50
Equity value
$922.85

Balance sheet

170.28$M
63.39million shares

Costs

2.50$M
76.00$M

Market

12.53$ / share
Latest METC quote · updated Sep 8, 2026 2:00 PM MDT

Operations

97.50$ / ton
145.00$ / ton
4.15million tons

Valuation

500.00$M
5.00x

Sources

  1. METC price was updated from the Modeledge price service on August 6, 2026. — finance.yahoo.com (accessed 2026-08-06)
  2. Ramaco's Q2 2026 release reported a $15.4M quarterly net loss, $5.7M adjusted EBITDA, $400.1M liquidity, $99/t non-GAAP cash mine cost, 2026 sales guidance of 4.0M-4.3M tons, 2026 cash cost guidance of $96-$99/t, and capex guidance of $92M-$97M. — prnewswire.com (accessed 2026-08-06)
  3. Q2 2026 10-Q reported June 30 2026 cash and cash equivalents of $282.535M, long-term debt net of $452.810M, Q2 FOB revenue per ton of $116, Q2 cash cost per ton of $99, and August 4 2026 outstanding shares of 51.875261M Class A plus 11.512978M Class B. — sec.gov (accessed 2026-08-06)
  4. Hatch conceptual work and Ramaco internal modeling increased Brook Mine potential economics, but the estimates are preliminary, based on inferred resources, and include materially higher refinery capital and longer timing risk. — sec.gov (accessed 2026-08-06)
  5. Q2 2026 call commentary indicated the Brook pilot building remains on schedule for fall 2026 completion, full-scale pilot operations are expected in 2027, and Maben low-vol expansion should add 0.6M tons at full capacity by the end of 2027. — finance.yahoo.com (accessed 2026-08-06)

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