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CNX Resources

CNX NYSE Oil & Gas Exploration & Production Financials FY2016–FY2025

CNX Resources' revenue rose 76.8% to $2.2 billion in fiscal 2025. Its net margin was 28.3%, up from −7.1% a year earlier. Free cash flow was $534 million, up 93.9%. It paid out $524 million in dividends and buybacks, 98% of free cash flow. The diluted share count rose 6.0%.

Last close · Oct 23, 2026

$36.54

2.3%
Value it Compare
Revenue Total sales reported in the income statement.
$2.2B
76.8% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$633M
Free cash flow Cash from operations minus capital spending.
$534M
93.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.8%
11.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
6.0x
On $6.12 EPS (TTM)

What CNX Resources does

No business description yet.

Legal name
CNX Resources Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001070412-26-000038
0001070412

Revenue and margins

CNX Resources had $2.2B of revenue in fiscal 2025, up 76.8% 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 $534M in fiscal 2025, 23.9% 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

CNX Resources returned $524M to shareholders in fiscal 2025, 98% of free cash flow. The diluted share count rose 6.0%.

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

Value CNX 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 −$2.5B and divides by 160.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 6.0x · peers 14.9x · sector 17.4x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.6M$21.3M$0.4M$17.2M$0.8M
Debt incl. finance leases $2.2B$2.2B$2.2B$2.2B$2.5B
Net debt / EBITDA 74.3x5.8x0.8x4.2x1.6x
Debt / equity 0.6x0.8x0.5x0.5x0.6x
Interest coverage −3.2x−0.7x16.5x0.2x5.7x
Current ratio 0.5x0.4x0.5x0.3x0.4x
Quick ratio 0.5x0.4x0.5x0.3x0.4x
Total assets $8.1B$8.5B$8.6B$8.5B$9.1B
Total liabilities $4.4B$5.6B$4.3B$4.4B$4.8B
Shareholders' equity $3.7B$3.0B$4.4B$4.1B$4.3B
Net debt (− = net cash) $2.2B$2.2B$2.2B$2.2B$2.5B

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

$3.9M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 4, 2026 William N Thorndike JrDirector Sold 28,800 $38.25 $1.1M Form 4
Mar 23, 2026 Maureen Lally-GreenDirector Sold 23,631 $39.51 $0.9M Form 4
Feb 19, 2026 Bernard Lanigan JrDirector Sold 46,119 $40.60 $1.9M 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 6 / 84 / 86 / 8
Accruals ratio 10.6%−10.6%−4.5%
Altman Z'' 3.361.091.93

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
CNX Resources CNX $5.6B 76.8% — 23.9% 11.8% 6.0x 6
Comstock Resources CRK $4.1B 77.0% 29.1% −20.3% 9.7% 7.9x 7 Compare →
Northern Oil and Gas NOG $3.1B 11.2% 9.9% 60.8% 3.3% — 7 Compare →
Murphy Oil MUR $6.5B −10.2% 11.1% 8.4% 3.7% 22.0x 5 Compare →
Talos Energy TALO $3.1B −9.8% −31.5% — −12.4% — 5 Compare →

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $760M $1.5B $1.7B $1.9B $1.3B $757M $1.3B $3.4B $1.3B $2.2B
Interest expense $182M $161M $146M $151M $171M $151M $128M $143M $151M $171M
Pretax income −$883M $204M $1.0B −$53.0M −$658M −$637M −$212M $2.2B −$120M $803M
Income tax −$34.4M −$177M $216M $27.7M −$174M −$138M −$69.9M $502M −$29.9M $170M
Net income −$848M $381M $797M −$80.7M −$484M −$499M −$142M $1.7B −$90.5M $633M
Diluted EPS −$3.70 $1.65 $3.71 −$0.42 −$2.43 −$2.31 −$0.75 $8.99 −$0.60 $3.98
Diluted shares 0.23B 0.23B 0.21B 0.19B 0.20B 0.22B 0.19B 0.19B 0.15B 0.16B
Cash flow
Cash from operations $464M $649M $886M $981M $795M $926M $1.2B $815M $816M $1.0B
Capital expenditure $173M $633M $1.1B $1.2B $487M $466M $566M $679M $540M $495M
Free cash flow $292M $15.8M −$231M −$212M $308M $461M $669M $135M $275M $534M
Depreciation and amortization $420M $412M $493M $509M $502M $515M $461M $434M $486M $574M
Stock-based compensation $19.3M $17.0M $21.3M $38.4M $14.4M $16.6M $16.4M $20.2M $20.1M $23.7M
Acquisitions $0.0M $0.0M $299M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $518M
Share buybacks $0.0M $103M $382M $118M $37.2M $245M $565M $320M $184M $524M
Dividends paid $2.3M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $2.3M $103M $382M $117M $37.3M $245M $565M $320M $184M $524M
Balance sheet
Cash and short-term investments $46.3M $509M $17.2M $16.3M $15.6M $3.6M $21.3M $0.4M $17.2M $0.8M
Total debt $2.4B $2.2B $2.4B $2.8B $2.4B $2.2B $2.2B $2.2B $2.2B $2.4B
Finance lease liabilities $0.0M $0.0M $0.0M $14.9M $7.9M $1.8M $2.9M $7.4M $25.3M $30.1M
Current assets $626M $853M $502M $498M $273M $460M $574M $422M $371M $490M
Current liabilities $940M $442M $523M $529M $441M $955M $1.3B $823M $1.1B $1.1B
Inventory $15.3M $10.7M $9.7M $7.0M $9.7M $6.1M $27.2M $19.8M $14.6M $26.2M
Property and equipment, net $8.1B $5.8B $6.9B $7.1B $7.0B $7.0B $7.1B $7.3B $7.4B $7.9B
Total assets $9.2B $6.9B $8.6B $9.1B $8.0B $8.1B $8.5B $8.6B $8.5B $9.1B
Total liabilities $5.2B $3.0B $3.5B $4.1B $3.6B $4.4B $5.6B $4.3B $4.4B $4.8B
Shareholders' equity $3.8B $3.9B $4.3B $4.2B $4.4B $3.7B $3.0B $4.4B $4.1B $4.3B
Margins
EBITDA margin −36.9% 53.5% 95.4% 31.6% 1.2% 3.9% 29.9% 81.5% 40.7% 69.1%
Net margin −111.6% 26.2% 46.0% −4.2% −38.5% −65.9% −11.3% 50.1% −7.1% 28.3%
FCF margin 38.4% 1.1% −13.3% −11.0% 24.5% 60.9% 53.1% 3.9% 21.7% 23.9%
Returns
Return on capital −8.0% 6.2% 14.0% 1.0% −5.3% −6.0% −1.2% 31.3% 0.4% 11.8%
Return on capital employed −8.0% 5.0% 15.9% 1.2% −6.0% −6.6% −1.2% 31.5% 0.4% 12.7%
Return on equity −20.0% 9.9% 19.4% −1.9% −11.3% −12.3% −4.3% 47.1% −2.1% 15.0%
Return on assets −8.4% 4.7% 10.3% −0.9% −5.7% −6.2% −1.7% 20.1% −1.1% 7.2%
Growth
Revenue growth −36.6% 91.5% 18.9% 11.1% −34.6% −39.8% 66.7% 172.4% −63.1% 76.8%
Net income growth — — 109.2% −110.1% — — — — −105.3% —
EPS growth — — 124.9% −111.3% — — — — −106.7% —
FCF growth — −94.6% −1,555.6% — — 49.6% 45.3% −79.8% 103.8% 93.9%
Share count change 0.1% 0.7% −7.1% −11.1% 4.5% 8.4% −12.3% 1.3% −21.2% 6.0%
Financial health
Net debt / EBITDA — 2.2x 1.4x 4.5x 163.7x 74.3x 5.8x 0.8x 4.2x 1.6x
Debt / equity 0.6x 0.6x 0.6x 0.7x 0.6x 0.6x 0.8x 0.5x 0.5x 0.6x
Interest coverage −3.8x 2.3x 7.9x 0.7x −2.9x −3.2x −0.7x 16.5x 0.2x 5.7x
Current ratio 0.7x 1.9x 1.0x 0.9x 0.6x 0.5x 0.4x 0.5x 0.3x 0.4x
Quick ratio 0.7x 1.9x 0.9x 0.9x 0.6x 0.5x 0.4x 0.5x 0.3x 0.4x
Capital allocation
Capex / revenue 22.7% 43.5% 64.5% 62.0% 38.7% 61.6% 44.9% 19.8% 42.7% 22.1%
Stock comp / revenue 2.5% 1.2% 1.2% 2.0% 1.1% 2.2% 1.3% 0.6% 1.6% 1.1%
Payouts / FCF 0.8% 651.5% — — 12.1% 53.3% 84.4% 236.6% 66.9% 98.1%
Quality scores
Piotroski F-score 3.0 6.0 6.0 3.0 3.0 3.0 6.0 6.0 4.0 6.0
Altman Z'' 0.7 2.8 3.2 2.0 1.3 0.4 0.1 3.4 1.1 1.9
Accruals ratio −13.1% −3.3% −1.2% −12.0% −15.0% −17.7% −16.6% 10.6% −10.6% −4.5%

Source: SEC EDGAR XBRL filings (CIK 0001070412). Data updated October 9, 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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