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Core Natural Resources, Inc.

CNR Energy Thermal Coal

Core Natural Resources, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.2 billion, up 92.4% from fiscal 2024.

Revenue
+14.2%
EPS
−70.5%
Free cash flow
+106.4%
Total debt
+8.92%

Quarter to September 2026, against a year earlier

74.20 6.02 −7.50%
Market cap
$3.7B
P/E
47.6×
Fwd P/E
18.2×
Dividend yield
0.00%
F-score
4/9
Altman Z
1.98
Beneish M
−1.01
Dividend safety
20/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 6.72
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 5 — — — — — — — —
Insider Ownership 2.35%

Capital & Financial Ratios $m

Size
Market Cap 3,730.00
Revenue ttm 4,412.84
Net income ttm 77.53
Free cash flow ttm 311.59
Net debt Q 455.62
Valuation
P/E 47.56 (above 35: high)
Forward P/E 18.20
Price / sales 0.83
Forward P/S Powerpack
Price / FCF 11.82
Price / book 1.01
Financial health
Current ratio Q 1.71 (at or above 1.5: strong)
Debt / equity Q 0.13 (at or below 0.5: strong)
Interest coverage Q 0.65
Growth
Revenue growth Q +14.22% (above 0%: growing)
Operating income growth Q +156.58% (above 0%: growing)
EPS, this year +256.18% (at or above 15%: strong)
EPS, next year A +27.00% (at or above 15%: strong)
Revenue, next year A +8.39%
EPS, past 5 yrs —
EPS, next 5 yrs A −3.54% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 1.1×; over the ten years it ranged from 0.5× in 2017 to 1.8× in 2022.
P/E against its own 10 years 90.22%
10-year low 10-year high
P/S against its own 10 years 46.65%
10-year low 10-year high
P/B against its own 10 years 25.61%
10-year low 10-year high
EV/Sales against its own 10 years 20.25%
10-year low 10-year high
EV/FCF against its own 10 years 74.54%
10-year low 10-year high

Dividends

Yield
0.00%
Annual rate
0.00
Payout ratio
0.00%
Growth, 2022–25
−100.0%/yr
  1. 2.10 ’22
  2. 2.20 ’23 +5
  3. 0.00 ’24 −100
  4. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 281 460 432 —
Receivables 160 163 403 465
Inventory 88 96 375 370
Other 71 67 130 96
601 786 1,340 1,359
2023 2024 2025 Q'26
Payables 137 144 336 321
ST’ Debt 11 113 98 52
Other — — — —
444 519 838 795

Compound Annual Growth %

10y 5y 3y
Sales 11.35% 32.45% 25.60%
Cash Flow 0.47% 18.78% (22.27%)
Earnings 0.00% 0.00% 0.00%
Book Value 13.23% 46.05% 46.67%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.37 Actual 0.55

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −1.40 0.61 Beat by 2.01
Q4 FY25 −0.78 −1.54 Miss by 0.76
Q1 FY26 −0.01 0.41 Beat by 0.42
Q2 FY26 0.37 0.55 Beat by 0.18
Q3 FY26 0.53 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.41 2.51 0.18 — —
’25 (1.38) (0.70) 0.61 (1.54) (2.98)
’24 3.39 1.96 3.22 1.04 9.61
’23 6.55 4.94 3.11 5.05 19.79
’22 (0.13) 3.54 4.25 5.39 13.07
’21 0.75 0.12 (3.30) 3.30 0.96
’20 0.09 (0.69) (0.28) 0.49 (0.37)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,084 1,141 1,145 — —
’25 1,017 1,102 1,003 1,042 4,165
’24 547 491 553 574 2,164
’23 689 661 570 587 2,507
’22 359 545 562 637 2,102
’21 342 287 149 481 1,259
’20 291 163 243 325 1,022
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 119 250 175 — —
’25 (110) 220 88 107 306
’24 77 116 161 121 476
’23 249 228 163 219 858
’22 148 198 153 151 651
’21 78 95 81 52 306
’20 51 (5) 16 67 129
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 56 149 80 — —
’25 (168) 131 39 27 29
’24 41 62 122 81 306
’23 221 185 121 167 694
’22 118 160 107 116 501
’21 73 54 35 25 186
’20 24 (23) 4 48 53
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,231 1,412 1,532 1,431 1,022 1,259 2,102 2,507 2,164 4,165 4,413 +14.5% 4,514 4,595 4,623 +3.5%
Gross margin, % 96.22 94.78 97.16 98.63 96.09 91.75 91.32 45.04 33.86 14.89 17.29 (81.3) pt
EBT 65 170 188 98 (9) 35 568 778 331 (234) 51 n/m
EBT margin, % 5.28 12.03 12.25 6.86 (0.90) 2.81 27.04 31.03 15.28 (5.61) 1.15 (10.9) pt
Net income 50 83 179 94 (13) 34 467 656 286 (153) 78 n/m
Per share, $
Per share, $ Revenue 44.01 50.48 54.86 53.12 39.19 36.59 60.38 76.09 72.92 81.05 88.94 +7.0%
Earnings 1.48 2.42 5.48 2.81 (0.37) 0.99 13.41 19.91 9.65 (2.98) 1.56 n/m
Cash flow 11.77 8.87 14.81 9.08 4.96 8.88 18.70 26.04 16.05 5.95 13.13 (7.3%)
Capex (1.64) (2.03) (5.14) (6.22) (2.92) (3.46) (4.31) (4.96) (5.75) (5.39) (6.85) +14.2%
Free cash flow 10.13 6.84 9.66 2.86 2.04 5.42 14.39 21.08 10.30 0.56 6.28 (27.5%)
Book value 28.61 12.29 19.75 21.25 21.23 19.56 33.49 40.78 52.83 71.58 73.37 +10.7%
Shares, m 28 28 28 27 26 34 35 33 30 51 51 +7.0%
Valuation, ×
Valuation, × P/E 8.00 13.76 5.80 5.20 0.00 22.94 4.35 5.08 11.08 0.00 47.56 7.6
P/S 0.24 0.76 0.58 0.27 0.18 0.62 0.97 1.33 1.46 1.09 0.83 0.8
P/B 0.42 3.13 1.61 0.68 0.34 1.16 1.74 2.48 2.02 1.24 1.01 1.5
EV/Sales 0.46 1.28 0.97 0.72 0.78 0.99 1.02 1.30 1.35 1.10 0.83 1.0
EV/FCF 2.18 9.46 5.52 13.29 14.92 6.71 4.27 4.68 9.53 159.27 11.76 23.0
Cash, $m
Cash, $m Operating cash flow 329 248 414 245 129 306 651 858 476 306 652 (0.8%)
Capex (46) (57) (144) (168) (76) (119) (150) (164) (171) (277) (340) +22.2%
Free cash flow 283 191 270 77 53 186 501 694 306 29 312 (22.5%)
Balance, $m
Balance, $m Working capital (179) (23) (18) (54) (76) (59) 150 157 267 502 564 n/m
Net debt 304 734 604 633 606 469 111 (84) (253) 20 456 (26.0%)
Shareholders’ equity 800 344 552 572 554 673 1,166 1,343 1,568 3,678 3,640 +18.5%
Returns, %
Returns, % ROA 1.49 2.51 5.60 2.79 (0.37) 1.34 17.70 24.39 10.31 (3.40) 1.27 (4.9) pt
ROIC 4.47 11.36 14.89 9.80 1.65 5.37 30.67 39.87 16.67 (3.08) 1.50 (7.5) pt
ROE 4.46 11.83 34.17 13.52 (1.73) 5.56 50.80 52.28 19.67 (5.84) 2.09 (10.3) pt
People
People Employees 1,661 1,692 1,772 1,792 1,494 1,575 1,860 2,020 2,076 4,850 — +12.6%
Revenue/emp, $m 0.74 0.83 0.86 0.80 0.68 0.80 1.13 1.24 1.04 0.86 — +1.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Core Natural Resources, Inc. vs peers in Thermal Coal (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CNR Core Natural Resources, Inc. $3.7B 47.6× 18.2× +14.22% (above 0%: growing) −70.49% (below 0%: shrinking) +106.40% (above 0%: growing) 17.28% 0.58%
ARLP Alliance Resource Partners, L.P. $3.2B 12.1× 10.5× +0.75% (above 0%: growing) +32.61% (above 0%: growing) +21.12% (above 0%: growing) 36.75% 17.33% Compare
BTU Peabody Energy Corporation $2.0B — (loss-making) — (loss-making) +8.32% (above 0%: growing) n/m −494.22% (below 0%: shrinking) 10.59% (3.87%) Compare
NRP Natural Resource Partners LP $1.6B 15.3× — −10.24% (below 0%: shrinking) −15.15% (below 0%: shrinking) +4.75% (above 0%: growing) 100.00% 60.45% Compare
NC NACCO Industries, Inc. $251.2M 16.8× 3.8× +5.06% (above 0%: growing) −19.10% (below 0%: shrinking) −58.04% (below 0%: shrinking) 14.64% 11.50% Compare
Median of peers $1.8B 15.3× — +2.91% −15.15% −26.64% 25.70% 14.42%

All 5 Thermal Coal stocks →

Pay and ownership Proxy statement filed 16 March 2026

Ownership

Directors and executive officers, together 2.49%
BlackRock, Inc.50 Hudson Yards, New York, NY 14.57%
FMR LLC245 Summer Street, Boston, MA 13.41%
The Vanguard Group100 Vanguard Boulevard, Malvern, PA 11.09%
State Street CorporationOne Congress Street, Suite 6.78%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Core Natural Resources, Inc. (CNR) Latest News

5 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · PR Newswire

29 Oct

Impact 3 · · Zacks

27 Oct

Impact 4 · · Insider Monkey

14 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Insider Monkey

8 Oct

Impact 3 · · Zacks

7 Oct

Impact 4 · · Insider Monkey

23 Sep

Impact 3 · · StockStory

29 Aug

Impact 3 ·
Impact 3 ·
Impact 3 ·

23 Aug

Impact 4 ·
Impact 3 ·

19 Aug

Impact 3 · · InvestorsHub

15 Aug

Impact 3 ·

14 Aug

Impact 3 ·

12 Aug

Impact 3 ·

11 Aug

Impact 4 ·

8 Aug

Impact 3 ·

6 Aug

Impact 3 ·
Impact 3 ·
Impact 3 ·

24 Jul

Impact 4 ·
Impact 3 ·

22 Jul

Impact 3 · · 24/7 Wall St.

10 Jul

Impact 3 ·

7 Jul

Impact 4 ·
Impact 3 ·

CNR metrics, ten years each

stockrow.com/CNR · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com