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Side-by-side financial comparison of WARRIOR MET COAL, INC. (HCC) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
WARRIOR MET COAL, INC. is the larger business by last-quarter revenue ($384.0M vs $121.0M, roughly 3.2× Ramaco Resources, Inc.). WARRIOR MET COAL, INC. runs the higher net margin — 6.0% vs -11.0%, a 17.0% gap on every dollar of revenue. On growth, WARRIOR MET COAL, INC. posted the faster year-over-year revenue change (29.1% vs -27.7%). Over the past eight quarters, WARRIOR MET COAL, INC.'s revenue compounded faster (-12.7% CAGR vs -22.7%).
Warrior Met Coal, Inc. (ticker HCC) is a U.S.-headquartered mining enterprise that produces and distributes high-grade metallurgical coal, a key raw material for steel production. It serves steel manufacturers and industrial clients across core markets including North America, Europe, and Asia.
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.
HCC vs METC — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $384.0M | $121.0M |
| Net Profit | $23.0M | $-13.3M |
| Gross Margin | 29.5% | 15.8% |
| Operating Margin | 9.0% | -12.0% |
| Net Margin | 6.0% | -11.0% |
| Revenue YoY | 29.1% | -27.7% |
| Net Profit YoY | 1919.5% | -5468.2% |
| EPS (diluted) | $0.43 | — |
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 | $384.0M | — | ||
| Q3 25 | $328.6M | $121.0M | ||
| Q2 25 | $297.5M | $153.0M | ||
| Q1 25 | $299.9M | $134.7M | ||
| Q4 24 | $297.5M | $170.9M | ||
| Q3 24 | $327.7M | $167.4M | ||
| Q2 24 | $396.5M | $155.3M | ||
| Q1 24 | $503.5M | $172.7M |
| Q4 25 | $23.0M | — | ||
| Q3 25 | $36.6M | $-13.3M | ||
| Q2 25 | $5.6M | $-14.0M | ||
| Q1 25 | $-8.2M | $-9.5M | ||
| Q4 24 | $1.1M | $3.9M | ||
| Q3 24 | $41.8M | $-239.0K | ||
| Q2 24 | $70.7M | $5.5M | ||
| Q1 24 | $137.0M | $2.0M |
| Q4 25 | 29.5% | — | ||
| Q3 25 | 27.1% | 15.8% | ||
| Q2 25 | 23.9% | 12.3% | ||
| Q1 25 | 18.1% | 15.2% | ||
| Q4 24 | 23.1% | 20.4% | ||
| Q3 24 | 29.3% | 19.5% | ||
| Q2 24 | 34.1% | 21.0% | ||
| Q1 24 | 43.3% | 19.1% |
| Q4 25 | 9.0% | — | ||
| Q3 25 | 6.3% | -12.0% | ||
| Q2 25 | 2.6% | -9.1% | ||
| Q1 25 | -5.8% | -8.9% | ||
| Q4 24 | -1.4% | 3.7% | ||
| Q3 24 | 11.9% | 1.0% | ||
| Q2 24 | 17.9% | 3.5% | ||
| Q1 24 | 29.6% | 1.9% |
| Q4 25 | 6.0% | — | ||
| Q3 25 | 11.1% | -11.0% | ||
| Q2 25 | 1.9% | -9.1% | ||
| Q1 25 | -2.7% | -7.0% | ||
| Q4 24 | 0.4% | 2.3% | ||
| Q3 24 | 12.7% | -0.1% | ||
| Q2 24 | 17.8% | 3.6% | ||
| Q1 24 | 27.2% | 1.2% |
| Q4 25 | $0.43 | — | ||
| Q3 25 | $0.70 | — | ||
| Q2 25 | $0.11 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $0.02 | $0.06 | ||
| Q3 24 | $0.80 | $-0.03 | ||
| Q2 24 | $1.35 | $0.08 | ||
| Q1 24 | $2.62 | $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 | $300.0M | $193.8M |
| Total DebtLower is stronger | $154.3M | $116.3M |
| Stockholders' EquityBook value | $2.1B | $526.9M |
| Total Assets | $2.8B | $849.7M |
| Debt / EquityLower = less leverage | 0.07× | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $300.0M | — | ||
| Q3 25 | $336.3M | $193.8M | ||
| Q2 25 | $383.3M | $28.1M | ||
| Q1 25 | $454.9M | $43.5M | ||
| Q4 24 | $491.5M | $33.0M | ||
| Q3 24 | $583.2M | $22.9M | ||
| Q2 24 | $709.0M | $27.6M | ||
| Q1 24 | $693.9M | $30.5M |
| Q4 25 | $154.3M | — | ||
| Q3 25 | $154.1M | $116.3M | ||
| Q2 25 | $153.9M | — | ||
| Q1 25 | $153.8M | — | ||
| Q4 24 | $153.6M | $88.2M | ||
| Q3 24 | $153.5M | — | ||
| Q2 24 | $153.3M | — | ||
| Q1 24 | $153.2M | — |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $526.9M | ||
| Q2 25 | $2.1B | $347.4M | ||
| Q1 25 | $2.1B | $355.2M | ||
| Q4 24 | $2.1B | $362.8M | ||
| Q3 24 | $2.1B | $361.8M | ||
| Q2 24 | $2.0B | $366.1M | ||
| Q1 24 | $2.0B | $372.3M |
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.7B | $849.7M | ||
| Q2 25 | $2.6B | $674.6M | ||
| Q1 25 | $2.6B | $685.7M | ||
| Q4 24 | $2.6B | $674.7M | ||
| Q3 24 | $2.6B | $645.4M | ||
| Q2 24 | $2.6B | $659.2M | ||
| Q1 24 | $2.5B | $674.0M |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | 0.22× | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | 0.07× | — | ||
| Q4 24 | 0.07× | 0.24× | ||
| Q3 24 | 0.07× | — | ||
| Q2 24 | 0.07× | — | ||
| Q1 24 | 0.08× | — |
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 | $76.1M | $-1.4M |
| Free Cash FlowOCF − Capex | — | $-17.5M |
| FCF MarginFCF / Revenue | — | -14.5% |
| Capex IntensityCapex / Revenue | — | 13.3% |
| Cash ConversionOCF / Net Profit | 3.31× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.1M | — | ||
| Q3 25 | $104.7M | $-1.4M | ||
| Q2 25 | $37.5M | $-4.3M | ||
| Q1 25 | $10.9M | $26.0M | ||
| Q4 24 | $54.2M | $15.7M | ||
| Q3 24 | $62.2M | $37.4M | ||
| Q2 24 | $147.0M | $34.4M | ||
| Q1 24 | $104.1M | $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 | 3.31× | — | ||
| Q3 25 | 2.86× | — | ||
| Q2 25 | 6.70× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 47.68× | 4.06× | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 2.08× | 6.21× | ||
| Q1 24 | 0.76× | 12.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCC
| Mining Segment | $373.6M | 97% |
| Other | $10.4M | 3% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
