Alpha Metallurgical Resources vs Warrior Met Coal

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KIRA’s take AI analyst

I put Alpha Metallurgical Resources and Warrior Met Coal side by side, using each one’s latest annual report. Here is what stands out:

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%).

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Alpha Metallurgical Resources

AMR

3/10

FCF marginNet debt / EBITDAShare count change

Warrior Met Coal

HCC

6/10

Revenue growth5-year growthOperating marginNet marginReturn on capitalReturn on equity

Side by side

Best in the row

Latest fiscal year	AMR FY25	HCC FY25
Size
Market cap	$2.0B	$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

Ten years

Revenue

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

Operating margin

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

Free cash flow

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

Return on capital

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.