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Core Natural Resources

CNR NYSE Coal & Consumable Fuels Financials FY2016–FY2025

Core Natural Resources' revenue rose 86.2% to $4.2 billion in fiscal 2025. Its operating margin was −4.4%, down from 15.7% a year earlier. Free cash flow was $21 million, down 92.9%. It paid out $251 million in dividends and buybacks, 1183% of free cash flow. The diluted share count rose 72.4%.

Last close · Oct 23, 2026

$92.10

4.2%
Value it Compare
Revenue Total sales reported in the income statement.
$4.2B
86.2% vs prior year
Operating margin Operating income as a share of revenue.
−4.4%
20.1 pts
Net income Profit after all expenses, interest and tax.
−$153M
153.5%
Free cash flow Cash from operations minus capital spending.
$21.2M
92.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−5.7%
29.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
46.3x
On $1.99 EPS (TTM)

What Core Natural Resources does

No business description yet.

Legal name
Core Natural Resources, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001710366-26-000007
0001710366

Revenue and margins

Core Natural Resources had $4.2B of revenue in fiscal 2025, up 86.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $21.2M in fiscal 2025, 0.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Core Natural Resources returned $251M to shareholders in fiscal 2025, 1,183% of free cash flow. The diluted share count rose 72.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Core Natural Resources yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$20.3M and divides by 51.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 46.3x · peers 56.3x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Core Natural Resources can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $150M$273M$281M$460M$432M
Debt incl. finance leases $652M$384M$197M$208M$453M
Net debt / EBITDA 1.6x0.1x−0.1x−0.4x0.1x
Debt / equity 1.0x0.3x0.2x0.1x0.1x
Interest coverage 1.6x11.8x27.4x15.8x−4.5x
Current ratio 0.9x1.3x1.4x1.5x1.6x
Quick ratio 0.7x1.2x1.2x1.3x1.2x
Total assets $2.6B$2.7B$2.7B$2.9B$6.1B
Total liabilities $1.9B$1.5B$1.3B$1.3B$2.5B
Shareholders' equity $673M$1.2B$1.3B$1.6B$3.7B
Net debt (− = net cash) $502M$111M−$84.1M−$253M$20.3M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$6.7M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 19, 2026 Rosemary L KleinSVP, CLO & Corp. Sec. Sold 15,000 $106.87 $1.6M Form 4
Mar 18, 2026 James A BrockExecutive Chair and CEO, Director Sold 40,760 $101.15 $4.1M Form 4
Mar 17, 2026 John RothkaChief Accounting Officer Sold 1,000 $97.66 $0.1M Form 4
Mar 10, 2026 John RothkaChief Accounting Officer Sold 3,800 $91.62 $0.3M Form 4
Mar 10, 2026 Richard A NavarreDirector Sold 6,000 $91.70 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 86 / 84 / 8
Accruals ratio −7.5%−6.8%−10.2%
Altman Z'' 4.614.002.35

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Core Natural Resources CNR $4.7B 86.2% −4.4% 0.5% −5.7% 46.3x 4
Peabody Energy BTU $2.8B −8.9% −2.1% −2.0% −1.9% — 4 Compare →
Centrus Energy LEU $2.2B 1.5% 11.2% 7.0% — 47.7x 4 Compare →
Liberty Energy LBRT $2.5B −7.2% 1.8% 0.4% 2.2% 65.0x 4 Compare →
Transocean RIG $7.7B 12.5% −58.9% 15.8% −12.4% — 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.2B $1.4B $1.5B $1.4B $1.0B $1.3B $2.1B $2.6B $2.2B $4.2B
Operating income — — — — — — — $803M $351M −$182M
Interest expense $14.1M $26.1M $83.8M $66.5M $61.2M $63.3M $52.6M $29.3M $22.2M $40.1M
Pretax income $56.1M $155M $188M $98.1M −$9.2M $35.4M $568M $778M $331M −$234M
Income tax $14.6M $87.2M $8.8M $4.5M $4.0M $1.3M $102M $122M $44.2M −$80.5M
Net income $41.5M $67.6M $153M $76.0M −$9.8M $34.1M $467M $656M $286M −$153M
Diluted EPS $1.48 $2.40 $5.38 $2.81 −$0.37 $0.96 $13.07 $19.79 $9.61 −$2.98
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.04B 0.04B 0.03B 0.03B 0.05B
Cash flow
Cash from operations $329M $248M $414M $245M $129M $306M $651M $858M $476M $306M
Capital expenditure $53.6M $81.4M $146M $170M $86.0M $133M $172M $168M $178M $285M
Free cash flow $276M $167M $268M $74.8M $43.3M $173M $479M $690M $298M $21.2M
Depreciation and amortization $178M $172M $201M $207M $211M $225M $227M $241M $224M $621M
Stock-based compensation $12.9M $22.1M $10.2M $12.8M $11.6M $6.6M $7.9M $10.0M $11.3M $32.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $25.8M $32.7M $0.0M $0.0M $0.0M $399M $70.9M $224M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $71.5M $75.5M $15.9M $26.3M
Dividends and buybacks $0.0M $0.0M $25.8M $32.7M $0.0M $0.0M $71.5M $475M $86.7M $251M
Balance sheet
Cash and short-term investments $13.3M $154M $236M $80.3M $50.8M $150M $273M $281M $460M $432M
Total debt $302M $876M $827M $686M $601M $605M $347M $184M $184M $395M
Finance lease liabilities $0.0M $0.0M $0.0M $27.3M $56.3M $47.3M $37.3M $13.7M $24.2M $57.7M
Current assets $200M $399M $474M $338M $293M $386M $599M $601M $786M $1.3B
Current liabilities $379M $422M $492M $392M $369M $445M $449M $444M $519M $838M
Inventory $50.2M $53.4M $48.6M $54.1M $56.2M $62.9M $66.3M $88.2M $96.2M $375M
Property and equipment, net $2.2B $2.1B $2.1B $2.1B $2.0B $2.0B $2.0B $1.9B $1.9B $4.4B
Total assets $2.7B $2.7B $2.8B $2.7B $2.5B $2.6B $2.7B $2.7B $2.9B $6.1B
Total liabilities $1.9B $2.4B $2.2B $2.1B $2.0B $1.9B $1.5B $1.3B $1.3B $2.5B
Shareholders' equity $658M $204M $410M $435M $554M $673M $1.2B $1.3B $1.6B $3.7B
Margins
Operating margin — — — — — — — 31.3% 15.7% −4.4%
EBITDA margin 20.2% 25.0% 30.9% 26.0% 25.7% 25.7% 40.3% 40.7% 25.7% 10.5%
Net margin 3.4% 4.8% 10.0% 5.3% −1.0% 2.7% 22.2% 25.5% 12.8% −3.7%
FCF margin 22.4% 11.8% 17.5% 5.2% 4.2% 13.7% 22.8% 26.9% 13.3% 0.5%
Returns
Return on capital — 8.4% 23.4% 13.4% 3.5% 8.2% 41.6% 53.4% 23.6% −5.7%
Return on capital employed — 7.9% 11.9% 7.2% 2.3% 4.6% 28.3% 35.8% 15.3% −4.8%
Return on equity 4.8% 15.7% 49.8% 18.0% −2.0% 5.6% 50.8% 52.3% 19.7% −5.8%
Return on assets 1.5% 2.5% 5.6% 2.8% −0.4% 1.3% 17.7% 24.4% 10.3% −3.4%
Growth
Revenue growth −13.4% 14.7% 8.5% −6.6% −28.6% 23.2% 67.0% 22.2% −13.0% 86.2%
Net income growth −86.5% 63.0% 126.2% −50.3% −112.8% — 1,269.0% 40.5% −56.3% −153.5%
EPS growth −86.5% 62.2% 124.2% −47.8% −113.2% — 1,261.5% 51.4% −51.4% −131.0%
FCF growth 85.4% −39.5% 60.6% −72.1% −42.1% 298.9% 177.5% 43.9% −56.8% −92.9%
Share count change 0.0% 0.7% 0.9% −4.8% −3.7% 35.8% 0.9% −7.2% −10.1% 72.4%
Financial health
Net debt / EBITDA 1.2x 2.1x 1.3x 1.7x 2.3x 1.6x 0.1x −0.1x −0.4x 0.1x
Debt / equity 0.5x 4.3x 2.0x 1.6x 1.2x 1.0x 0.3x 0.2x 0.1x 0.1x
Interest coverage 5.0x 6.9x 3.2x 2.5x 0.9x 1.6x 11.8x 27.4x 15.8x −4.5x
Current ratio 0.5x 1.0x 1.0x 0.9x 0.8x 0.9x 1.3x 1.4x 1.5x 1.6x
Quick ratio 0.4x 0.8x 0.9x 0.7x 0.6x 0.7x 1.2x 1.2x 1.3x 1.2x
Capital allocation
Capex / revenue 4.4% 5.8% 9.5% 11.9% 8.4% 10.5% 8.2% 6.5% 8.0% 6.8%
Stock comp / revenue 1.1% 1.6% 0.7% 0.9% 1.1% 0.5% 0.4% 0.4% 0.5% 0.8%
Payouts / FCF 0.0% 0.0% 9.7% 43.7% 0.0% 0.0% 14.9% 68.8% 29.1% 1,183.4%
Quality scores
Piotroski F-score — 6.0 7.0 5.0 4.0 6.0 7.0 8.0 6.0 4.0
Altman Z'' 0.2 0.5 1.1 0.9 0.6 0.8 3.5 4.6 4.0 2.4
Accruals ratio −10.4% −6.7% −9.5% −6.2% −5.3% −10.7% −7.0% −7.5% −6.8% −10.2%

Source: SEC EDGAR XBRL filings (CIK 0001710366). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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