Warrior Met Coal vs Metallus
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The short version
- Warrior Met Coal is the larger business, with $1.3B of revenue in fiscal 2025 against $1.2B for Metallus.
- Metallus grew revenue faster (6.9%, against −14.1%).
- Warrior Met Coal turned more of its sales into free cash flow (−7.0% FCF margin, against −8.0%).
- Warrior Met Coal earned a higher return on the capital invested in it (2.4%, against 0.3%).
- Investors pay more for each dollar of Metallus’s earnings: a P/E of 102.1x against 20.7x for Warrior Met Coal.
| Latest fiscal year | HCC · FY25 | MTUS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.5B | $880M |
| Revenue | $1.3B | $1.2B |
| Free cash flow | −$91.0M | −$93.0M |
| Net income | $57.0M | −$1.2M |
| Growth | ||
| Revenue growth | −14.1% | 6.9% |
| 5-year growth | 10.9% | 6.9% |
| Share count change | 0.5% | −5.4% |
| Profitability | ||
| Gross margin | 25.0% | 8.2% |
| Operating margin | 3.5% | — |
| Net margin | 4.4% | −0.1% |
| FCF margin | −7.0% | −8.0% |
| Return on capital | 2.4% | 0.3% |
| Return on equity | 2.7% | −0.2% |
| Balance sheet | ||
| Net debt | −$61.6M | −$153M |
| Net debt / EBITDA | −0.3x | −2.6x |
| Dividends and buybacks | $17.8M | $13.1M |
| Valuation & quality | ||
| P/E | 20.7x | 102.1x |
| Piotroski F-score | 4 | 5 |
Revenue
FY16
HCC —
MTUS $870M
FY17
HCC $1.2B
MTUS $1.3B
FY18
HCC $1.4B
MTUS $1.6B
FY19
HCC $1.3B
MTUS $1.2B
FY20
HCC $783M
MTUS $831M
FY21
HCC $1.1B
MTUS $1.3B
FY22
HCC $1.7B
MTUS $1.3B
FY23
HCC $1.7B
MTUS $1.4B
FY24
HCC $1.5B
MTUS $1.1B
FY25
HCC $1.3B
MTUS $1.2B
HCC
MTUS
Operating margin
FY16
HCC —
MTUS −7.2%
FY17
HCC 36.2%
MTUS −1.8%
FY18
HCC 36.9%
MTUS 0.4%
FY19
HCC 30.2%
MTUS —
FY20
HCC −3.5%
MTUS —
FY21
HCC 23.0%
MTUS —
FY22
HCC 46.1%
MTUS —
FY23
HCC 32.3%
MTUS —
FY24
HCC 16.7%
MTUS —
FY25
HCC 3.5%
MTUS —
HCC
MTUS
Free cash flow
FY16
HCC —
MTUS $31.7M
FY17
HCC $342M
MTUS −$24.9M
FY18
HCC $458M
MTUS −$21.5M
FY19
HCC $426M
MTUS $32.3M
FY20
HCC $25.1M
MTUS $157M
FY21
HCC $294M
MTUS $185M
FY22
HCC $637M
MTUS $107M
FY23
HCC $209M
MTUS $73.7M
FY24
HCC −$89.8M
MTUS −$24.0M
FY25
HCC −$91.0M
MTUS −$93.0M
HCC
MTUS
Return on capital
FY16
HCC —
MTUS −6.7%
FY17
HCC —
MTUS −2.8%
FY18
HCC 59.8%
MTUS 0.7%
FY19
HCC 32.8%
MTUS −12.7%
FY20
HCC −2.3%
MTUS −6.4%
FY21
HCC 20.4%
MTUS 38.0%
FY22
HCC 72.1%
MTUS 15.1%
FY23
HCC 41.5%
MTUS 15.6%
FY24
HCC 14.6%
MTUS 0.7%
FY25
HCC 2.4%
MTUS 0.3%
HCC
MTUS
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.