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Side-by-side financial comparison of Ramaco Resources, Inc. (METC) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($140.6M vs $121.0M, roughly 1.2× Ramaco Resources, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — -0.2% vs -11.0%, a 10.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (74.9% vs -27.7%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (19.0% CAGR vs -22.7%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
METC vs SHLS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $121.0M | $140.6M |
| Net Profit | $-13.3M | $-297.0K |
| Gross Margin | 15.8% | 29.2% |
| Operating Margin | -12.0% | 5.5% |
| Net Margin | -11.0% | -0.2% |
| Revenue YoY | -27.7% | 74.9% |
| Net Profit YoY | -5468.2% | -5.3% |
| EPS (diluted) | — | $0.00 |
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.
| Q1 26 | — | $140.6M | ||
| Q4 25 | — | $148.3M | ||
| Q3 25 | $121.0M | $135.8M | ||
| Q2 25 | $153.0M | $110.8M | ||
| Q1 25 | $134.7M | $80.4M | ||
| Q4 24 | $170.9M | $107.0M | ||
| Q3 24 | $167.4M | $102.2M | ||
| Q2 24 | $155.3M | $99.2M |
| Q1 26 | — | $-297.0K | ||
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-13.3M | $11.9M | ||
| Q2 25 | $-14.0M | $13.9M | ||
| Q1 25 | $-9.5M | $-282.0K | ||
| Q4 24 | $3.9M | $7.8M | ||
| Q3 24 | $-239.0K | $-267.0K | ||
| Q2 24 | $5.5M | $11.8M |
| Q1 26 | — | 29.2% | ||
| Q4 25 | — | 31.6% | ||
| Q3 25 | 15.8% | 37.0% | ||
| Q2 25 | 12.3% | 37.2% | ||
| Q1 25 | 15.2% | 35.0% | ||
| Q4 24 | 20.4% | 37.6% | ||
| Q3 24 | 19.5% | 24.8% | ||
| Q2 24 | 21.0% | 40.3% |
| Q1 26 | — | 5.5% | ||
| Q4 25 | — | 11.7% | ||
| Q3 25 | -12.0% | 13.7% | ||
| Q2 25 | -9.1% | 14.4% | ||
| Q1 25 | -8.9% | 5.4% | ||
| Q4 24 | 3.7% | 15.4% | ||
| Q3 24 | 1.0% | 4.4% | ||
| Q2 24 | 3.5% | 18.7% |
| Q1 26 | — | -0.2% | ||
| Q4 25 | — | 5.5% | ||
| Q3 25 | -11.0% | 8.7% | ||
| Q2 25 | -9.1% | 12.5% | ||
| Q1 25 | -7.0% | -0.4% | ||
| Q4 24 | 2.3% | 7.3% | ||
| Q3 24 | -0.1% | -0.3% | ||
| Q2 24 | 3.6% | 11.9% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | — | $0.05 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | — | $0.08 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | $0.06 | $0.04 | ||
| Q3 24 | $-0.03 | $0.00 | ||
| Q2 24 | $0.08 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $193.8M | $1.9M |
| Total DebtLower is stronger | $116.3M | — |
| Stockholders' EquityBook value | $526.9M | $601.6M |
| Total Assets | $849.7M | $1.0B |
| Debt / EquityLower = less leverage | 0.22× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.9M | ||
| Q4 25 | — | $7.3M | ||
| Q3 25 | $193.8M | $8.6M | ||
| Q2 25 | $28.1M | $4.7M | ||
| Q1 25 | $43.5M | $35.6M | ||
| Q4 24 | $33.0M | $23.5M | ||
| Q3 24 | $22.9M | $11.1M | ||
| Q2 24 | $27.6M | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $116.3M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $88.2M | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | — | $601.6M | ||
| Q4 25 | — | $600.0M | ||
| Q3 25 | $526.9M | $589.6M | ||
| Q2 25 | $347.4M | $575.4M | ||
| Q1 25 | $355.2M | $558.9M | ||
| Q4 24 | $362.8M | $556.8M | ||
| Q3 24 | $361.8M | $545.2M | ||
| Q2 24 | $366.1M | $544.6M |
| Q1 26 | — | $1.0B | ||
| Q4 25 | — | $904.1M | ||
| Q3 25 | $849.7M | $851.8M | ||
| Q2 25 | $674.6M | $795.0M | ||
| Q1 25 | $685.7M | $788.4M | ||
| Q4 24 | $674.7M | $793.1M | ||
| Q3 24 | $645.4M | $801.3M | ||
| Q2 24 | $659.2M | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.22× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 0.24× | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× |
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 | $-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.
| Q1 26 | — | — | ||
| Q4 25 | — | $-4.1M | ||
| Q3 25 | $-1.4M | $19.4M | ||
| Q2 25 | $-4.3M | $-13.8M | ||
| Q1 25 | $26.0M | $15.6M | ||
| Q4 24 | $15.7M | $14.0M | ||
| Q3 24 | $37.4M | $15.7M | ||
| Q2 24 | $34.4M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-11.3M | ||
| Q3 25 | $-17.5M | $9.0M | ||
| Q2 25 | $-19.8M | $-26.0M | ||
| Q1 25 | $7.6M | $12.3M | ||
| Q4 24 | $5.1M | $12.5M | ||
| Q3 24 | $25.6M | $13.3M | ||
| Q2 24 | $20.3M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | -7.6% | ||
| Q3 25 | -14.5% | 6.6% | ||
| Q2 25 | -13.0% | -23.5% | ||
| Q1 25 | 5.6% | 15.4% | ||
| Q4 24 | 3.0% | 11.6% | ||
| Q3 24 | 15.3% | 13.0% | ||
| Q2 24 | 13.1% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | 13.3% | 7.7% | ||
| Q2 25 | 10.2% | 11.0% | ||
| Q1 25 | 13.7% | 4.0% | ||
| Q4 24 | 6.2% | 1.4% | ||
| Q3 24 | 7.0% | 2.3% | ||
| Q2 24 | 9.1% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.06× | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.21× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
SHLS
Segment breakdown not available.
