Alpha Metallurgical Resources vs Warrior Met Coal
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The short version
- Alpha Metallurgical Resources is the larger business, with $2.1B of revenue in fiscal 2025 against $1.3B for Warrior Met Coal, about 1.6 times as much.
- Warrior Met Coal grew revenue faster (−14.1%, against −28.0%).
- Warrior Met Coal kept more of each dollar of sales as operating profit (3.5% operating margin, against −2.9%).
- Alpha Metallurgical Resources turned more of its sales into free cash flow (0.8% FCF margin, against −7.0%).
- Warrior Met Coal earned a higher return on the capital invested in it (2.4%, against −4.2%).
| Latest fiscal year | AMR · FY25 | HCC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $4.5B |
| Revenue | $2.1B | $1.3B |
| Free cash flow | $17.8M | −$91.0M |
| Net income | −$61.7M | $57.0M |
| Growth | ||
| Revenue growth | −28.0% | −14.1% |
| 5-year growth | 8.5% | 10.9% |
| Share count change | −1.1% | 0.5% |
| Profitability | ||
| Gross margin | — | 25.0% |
| Operating margin | −2.9% | 3.5% |
| Net margin | −2.9% | 4.4% |
| FCF margin | 0.8% | −7.0% |
| Return on capital | −4.2% | 2.4% |
| Return on equity | −3.9% | 2.7% |
| Balance sheet | ||
| Net debt | −$402M | −$61.6M |
| Net debt / EBITDA | −3.6x | −0.3x |
| Dividends and buybacks | $0.4M | $17.8M |
| Valuation & quality | ||
| P/E | — | 20.7x |
| Piotroski F-score | 4 | 4 |
FY17
AMR $1.7B
HCC $1.2B
FY18
AMR $2.0B
HCC $1.4B
FY19
AMR $2.0B
HCC $1.3B
FY20
AMR $1.4B
HCC $783M
FY21
AMR $2.3B
HCC $1.1B
FY22
AMR $4.1B
HCC $1.7B
FY23
AMR $3.5B
HCC $1.7B
FY24
AMR $3.0B
HCC $1.5B
FY25
AMR $2.1B
HCC $1.3B
AMR
HCC
FY17
AMR 11.1%
HCC 36.2%
FY18
AMR 9.5%
HCC 36.9%
FY19
AMR −8.5%
HCC 30.2%
FY20
AMR −12.1%
HCC −3.5%
FY21
AMR 15.9%
HCC 23.0%
FY22
AMR 38.5%
HCC 46.1%
FY23
AMR 24.9%
HCC 32.3%
FY24
AMR 7.7%
HCC 16.7%
FY25
AMR −2.9%
HCC 3.5%
AMR
HCC
FY17
AMR $242M
HCC $342M
FY18
AMR $76.5M
HCC $458M
FY19
AMR −$28.6M
HCC $426M
FY20
AMR $9.7M
HCC $25.1M
FY21
AMR $91.6M
HCC $294M
FY22
AMR $1.3B
HCC $637M
FY23
AMR $606M
HCC $209M
FY24
AMR $381M
HCC −$89.8M
FY25
AMR $17.8M
HCC −$91.0M
AMR
HCC
FY17
AMR —
HCC —
FY18
AMR 21.6%
HCC 59.8%
FY19
AMR −10.3%
HCC 32.8%
FY20
AMR −15.2%
HCC −2.3%
FY21
AMR 44.7%
HCC 20.4%
FY22
AMR 146.1%
HCC 72.1%
FY23
AMR 61.2%
HCC 41.5%
FY24
AMR 16.3%
HCC 14.6%
FY25
AMR −4.2%
HCC 2.4%
AMR
HCC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.