Warrior Met Coal
HCC Basic Materials Coking Coal
Warrior Met Coal’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, down 14.1% from fiscal 2024. In the quarter to June 2026, revenue grew 71.3%, EPS grew 1,400.0%, free cash flow grew 376.3% and total debt fell 2.93%, each against the same quarter a year earlier.
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Warrior Met Coal (HCC) Altman Z-score
Warrior Met Coal's Altman Z-score for fiscal 2025 is 6.05, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.05 | 0.40 |
| FY2024 | 5.64 | (1.21) |
| FY2023 | 6.86 | 1.39 |
| FY2022 | 5.46 | 1.80 |
| FY2021 | 3.66 | 1.40 |
| FY2020 | 2.26 | (1.63) |
| FY2019 | 3.89 | (0.23) |
| FY2018 | 4.12 | (0.15) |
| FY2017 | 4.27 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.20 | — | 0.24 | |
| Retained earnings / total assets | 0.68 | — | 0.95 | |
| EBIT / total assets | 0.02 | — | 0.05 | |
| Market value of equity / total liabilities | 7.21 | — | 4.33 | |
| Sales / total assets | 0.47 | — | 0.47 | |
| Altman Z-score | Safe zone | 6.05 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.15 | ||
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 |
|---|---|
| HCC Warrior Met Coal | 6.0× |
| AMR Alpha Metallurgical Resources, Inc. compare | 4.6× |
| METC Ramaco Resources, Inc. compare | 1.8× |
| SXC SunCoke Energy, Inc. compare | 1.5× |
| METCB Ramaco Resources, Inc. compare | 1.4× |
| AREC American Resources Corporation compare | −1.7× |
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