Core Natural Resources, Inc.
CNR Energy Thermal Coal
In the quarter to June 2026, revenue grew 3.51%, EPS grew 458.6%, free cash flow grew 13.4% and total debt rose 14.4%, each against the same quarter a year earlier.
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Core Natural Resources, Inc. (CNR) Altman Z-score
Core Natural Resources, Inc.'s Altman Z-score for fiscal 2025 is 1.98, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.98 | (1.30) |
| FY2024 | 3.28 | (0.71) |
| FY2023 | 3.99 | 1.15 |
| FY2022 | 2.84 | 1.85 |
| FY2021 | 0.99 | 0.38 |
| FY2020 | 0.60 | (0.38) |
| FY2019 | 0.98 | (0.22) |
| FY2018 | 1.21 | 0.20 |
| FY2017 | 1.01 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.10 | |
| Retained earnings / total assets | 0.13 | — | 0.19 | |
| EBIT / total assets | (0.03) | — | −0.10 | |
| Market value of equity / total liabilities | 1.86 | — | 1.11 | |
| Sales / total assets | 0.68 | — | 0.68 | |
| Altman Z-score | Grey zone | 1.98 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.35 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NC NACCO Industries, Inc. compare | 2.5× |
| BTU Peabody Energy Corporation compare | 2.1× |
| CNR Core Natural Resources, Inc. | 2.0× |
| ARLP Alliance Resource Partners, L.P. compare | — |
| NRP Natural Resource Partners LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets