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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
Ramaco Resources, Inc. is the larger business by last-quarter revenue ($121.0M vs $114.8M, roughly 1.1× HA Sustainable Infrastructure Capital, Inc.). Ramaco Resources, Inc. runs the higher net margin — -11.0% vs -46.8%, a 35.8% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -27.7%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% CAGR vs -22.7%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
HASI vs METC — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $121.0M |
| Net Profit | $-53.8M | $-13.3M |
| Gross Margin | — | 15.8% |
| Operating Margin | -57.4% | -12.0% |
| Net Margin | -46.8% | -11.0% |
| Revenue YoY | 13.3% | -27.7% |
| Net Profit YoY | -176.7% | -5468.2% |
| EPS (diluted) | $-0.38 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $114.8M | — | ||
| Q3 25 | $103.1M | $121.0M | ||
| Q2 25 | $85.7M | $153.0M | ||
| Q1 25 | $96.9M | $134.7M | ||
| Q4 24 | $101.3M | $170.9M | ||
| Q3 24 | $82.0M | $167.4M | ||
| Q2 24 | $94.5M | $155.3M | ||
| Q1 24 | $105.8M | $172.7M |
| Q4 25 | $-53.8M | — | ||
| Q3 25 | $83.3M | $-13.3M | ||
| Q2 25 | $98.4M | $-14.0M | ||
| Q1 25 | $56.6M | $-9.5M | ||
| Q4 24 | $70.1M | $3.9M | ||
| Q3 24 | $-19.6M | $-239.0K | ||
| Q2 24 | $26.5M | $5.5M | ||
| Q1 24 | $123.0M | $2.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 15.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.1% |
| Q4 25 | -57.4% | — | ||
| Q3 25 | — | -12.0% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | 84.7% | -8.9% | ||
| Q4 24 | 90.9% | 3.7% | ||
| Q3 24 | -32.1% | 1.0% | ||
| Q2 24 | 39.5% | 3.5% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | -46.8% | — | ||
| Q3 25 | 80.8% | -11.0% | ||
| Q2 25 | 114.9% | -9.1% | ||
| Q1 25 | 58.4% | -7.0% | ||
| Q4 24 | 69.2% | 2.3% | ||
| Q3 24 | -23.9% | -0.1% | ||
| Q2 24 | 28.1% | 3.6% | ||
| Q1 24 | 116.3% | 1.2% |
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $0.61 | — | ||
| Q2 25 | $0.74 | — | ||
| Q1 25 | $0.44 | — | ||
| Q4 24 | $0.58 | $0.06 | ||
| Q3 24 | $-0.17 | $-0.03 | ||
| Q2 24 | $0.23 | $0.08 | ||
| Q1 24 | $0.98 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $110.2M | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | $2.7B | $526.9M |
| Total Assets | $8.2B | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | — | ||
| Q3 25 | $301.8M | $193.8M | ||
| Q2 25 | $86.5M | $28.1M | ||
| Q1 25 | $67.4M | $43.5M | ||
| Q4 24 | $129.8M | $33.0M | ||
| Q3 24 | $44.1M | $22.9M | ||
| Q2 24 | $145.7M | $27.6M | ||
| Q1 24 | $61.4M | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | $526.9M | ||
| Q2 25 | $2.6B | $347.4M | ||
| Q1 25 | $2.5B | $355.2M | ||
| Q4 24 | $2.4B | $362.8M | ||
| Q3 24 | $2.3B | $361.8M | ||
| Q2 24 | $2.3B | $366.1M | ||
| Q1 24 | $2.3B | $372.3M |
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.2B | $849.7M | ||
| Q2 25 | $7.6B | $674.6M | ||
| Q1 25 | $7.5B | $685.7M | ||
| Q4 24 | $7.1B | $674.7M | ||
| Q3 24 | $6.7B | $645.4M | ||
| Q2 24 | $6.7B | $659.2M | ||
| Q1 24 | $6.7B | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $167.3M | $-1.4M |
| Free Cash FlowOCF − Capex | — | $-17.5M |
| FCF MarginFCF / Revenue | — | -14.5% |
| Capex IntensityCapex / Revenue | — | 13.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | — | ||
| Q3 25 | $-121.8M | $-1.4M | ||
| Q2 25 | $79.6M | $-4.3M | ||
| Q1 25 | $-37.1M | $26.0M | ||
| Q4 24 | $5.9M | $15.7M | ||
| Q3 24 | $21.9M | $37.4M | ||
| Q2 24 | $-24.8M | $34.4M | ||
| Q1 24 | $20.9M | $25.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-17.5M | ||
| Q2 25 | — | $-19.8M | ||
| Q1 25 | — | $7.6M | ||
| Q4 24 | — | $5.1M | ||
| Q3 24 | — | $25.6M | ||
| Q2 24 | — | $20.3M | ||
| Q1 24 | — | $6.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | -14.5% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 15.3% | ||
| Q2 24 | — | 13.1% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | — | 10.2% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 10.8% |
| Q4 25 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | 4.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | 6.21× | ||
| Q1 24 | 0.17× | 12.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
