Core Natural Resources
CNR · Coal & Consumable Fuels
$92.10
4.2%Liberty Energy
LBRT · Oil & Gas Equipment & Services
$15.59
1.4%The short version
- Core Natural Resources is the larger business, with $4.2B of revenue in fiscal 2025 against $4.0B for Liberty Energy.
- Core Natural Resources grew revenue faster (86.2%, against −7.2%).
- Liberty Energy kept more of each dollar of sales as operating profit (1.8% operating margin, against −4.4% operating margin).
- Liberty Energy earned a higher return on the capital invested in it (2.2%, against −5.7%).
- Investors pay more for each dollar of Liberty Energy’s earnings: a P/E of 65.0x against 46.3x for Core Natural Resources.
| Latest fiscal year | CNR · FY25 | LBRT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.7B | $2.5B |
| Revenue | $4.2B | $4.0B |
| Free cash flow | $21.2M | $14.1M |
| Net income | −$153M | $148M |
| Growth | ||
| Revenue growth | 86.2% | −7.2% |
| 5-year growth | 32.5% | 32.9% |
| Share count change | 72.4% | −2.4% |
| Profitability | ||
| Gross margin | — | 20.9% |
| Operating margin | −4.4% | 1.8% |
| Net margin | −3.7% | 3.7% |
| FCF margin | 0.5% | 0.4% |
| Return on capital | −5.7% | 2.2% |
| Return on equity | −5.8% | 7.3% |
| Balance sheet | ||
| Net debt | $20.3M | $527M |
| Net debt / EBITDA | 0.1x | 0.9x |
| Dividends and buybacks | $251M | $79.4M |
| Valuation & quality | ||
| P/E | 46.3x | 65.0x |
| Piotroski F-score | 4 | 4 |
FY16
CNR $1.2B
LBRT $375M
FY17
CNR $1.4B
LBRT $1.5B
FY18
CNR $1.5B
LBRT $2.2B
FY19
CNR $1.4B
LBRT $2.0B
FY20
CNR $1.0B
LBRT $966M
FY21
CNR $1.3B
LBRT $2.5B
FY22
CNR $2.1B
LBRT $4.1B
FY23
CNR $2.6B
LBRT $4.7B
FY24
CNR $2.2B
LBRT $4.3B
FY25
CNR $4.2B
LBRT $4.0B
CNR
LBRT
FY16
CNR —
LBRT −14.5%
FY17
CNR —
LBRT 12.2%
FY18
CNR —
LBRT 14.2%
FY19
CNR —
LBRT 5.2%
FY20
CNR —
LBRT −18.3%
FY21
CNR —
LBRT −7.3%
FY22
CNR —
LBRT 12.0%
FY23
CNR 31.3%
LBRT 16.0%
FY24
CNR 15.7%
LBRT 9.0%
FY25
CNR −4.4%
LBRT 1.8%
CNR
LBRT
FY16
CNR $276M
LBRT −$143M
FY17
CNR $167M
LBRT −$117M
FY18
CNR $268M
LBRT $92.4M
FY19
CNR $74.8M
LBRT $65.9M
FY20
CNR $43.3M
LBRT −$18.2M
FY21
CNR $173M
LBRT −$63.3M
FY22
CNR $479M
LBRT $78.5M
FY23
CNR $690M
LBRT $411M
FY24
CNR $298M
LBRT $178M
FY25
CNR $21.2M
LBRT $14.1M
CNR
LBRT
FY16
CNR —
LBRT —
FY17
CNR 8.4%
LBRT —
FY18
CNR 23.4%
LBRT 35.3%
FY19
CNR 13.4%
LBRT 11.1%
FY20
CNR 3.5%
LBRT −12.7%
FY21
CNR 8.2%
LBRT −10.5%
FY22
CNR 41.6%
LBRT 32.5%
FY23
CNR 53.4%
LBRT 30.1%
FY24
CNR 23.6%
LBRT 13.5%
FY25
CNR −5.7%
LBRT 2.2%
CNR
LBRT
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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.