NACCO Industries, Inc.

NC Energy Thermal Coal

NACCO Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $277.2 million, up 16.6% from fiscal 2024. In the quarter to June 2026, revenue grew 5.97%, EPS fell 129.6%, free cash flow grew 98.2% and total debt rose 25.8%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.

34.28 0.66 +1.96%
Market cap
$253.7M
P/E
14.8×
Fwd P/E
3.8×
Dividend yield
3.00%
F-score
6/9
Altman Z
2.54
Beneish M
−2.64
Dividend safety
52/100

Insider Decisions trades per month

Total sells 0.61
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 — — — 3 — — — — — — —
Insider Ownership 49.48%

Capital & Financial Ratios $m

Market Cap 253.72
Revenue 278.48
Net Income 17.57
Free Cash Flow (1.46)
Net Debt 74.60
Current Ratio 3.30 (at or above 1.5: strong)
Debt/Equity 0.28 (at or below 0.5: strong)
P/E ratio 14.84
Fwd P/E 3.78
P/S ratio 0.93
P/B ratio 0.59
Past 5Y EPS Growth 2.28%
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth 26.14% (at or above 10%: strong)
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 91.75%
10-year low 10-year high
P/S against its own 10 years 15.63%
10-year low 10-year high
P/B against its own 10 years 33.65%
10-year low 10-year high
EV/Sales against its own 10 years 59.64%
10-year low 10-year high

Dividends

Payout Ratio 0.45
Annual Dividend Rate 1.03
Annual Dividend Yield 3.00%
total individual payouts
2026 0.78
0.25
0.26
0.26
2025 0.99
0.23
0.25
0.25
0.25
2024 0.90
0.22
0.23
0.23
0.23
2023 0.86
0.21
0.22
0.22
0.22
2022 0.82
0.20
0.21
0.21
0.21
2021 0.79
0.19
0.20
0.20
0.20
2020 0.77
0.19
0.19
0.19
0.19
2019 0.74
0.17
0.19
0.19
0.19
2018 0.66
0.17
0.17
0.17
0.17
2017 0.35
0.06
0.06
0.06
0.17
2016 0.24
0.06
0.06
0.06
0.06
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 85 73 50 46
Receivables 45 55 50 54
Inventory 77 95 64 61
Other 25 40 35 40
232 265 215 209
2023 2024 2025 Q'26
Payables 18 20 17 22
ST’ Debt 4 4 9 9
Other 21 18 24 19
70 65 70 63

Compound Annual Growth %

10y 5y 3y
Sales 6.48% 16.63% 4.67%
Cash Flow (7.25%) 0.00% (9.08%)
Earnings (2.21%) 3.51% (38.12%)
Book Value 7.88% 7.38% 0.18%

Revenue $m

Mar Jun Sep Dec Year
’26 63 72 — — —
’25 66 68 77 67 277
’24 53 52 62 70 238
’23 50 61 47 57 215
’22 55 61 62 64 242
’21 45 46 52 49 192
’20 38 35 32 23 128
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 12 8 — — —
’25 5 (8) 42 11 51
’24 (10) 4 3 25 22
’23 6 17 40 (9) 54
’22 (1) 42 14 13 68
’21 (1) 30 38 7 75
’20 (31) 19 15 (5) (2)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (21) 0 — — —
’25 (4) (11) 20 0 5
’24 (24) (4) (5) 2 (32)
’23 (1) 11 16 (16) 10
’22 (6) 24 (3) 12 28
’21 (6) 19 20 3 36
’20 (36) 12 8 (16) (32)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 1.17 (0.13) — — —
’25 0.66 0.44 1.78 (0.52) 2.35
’24 0.61 0.81 2.14 1.02 4.55
’23 0.76 0.34 (0.51) (5.88) (5.29)
’22 1.72 5.07 1.45 1.84 10.06
’21 1.25 0.91 3.47 1.07 6.69
’20 0.88 0.86 1.14 (0.77) 2.10
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 9.31 14.20 28.77 31.92 17.95 20.05 28.42 29.37 25.19 29.54

Analyst estimates 2026–2028

Powerpack
High 22.74 48.85 45.90 66.40 49.03 44.00 63.19 40.28 37.70 53.88
People
People Employees 2,000 2,300 2,400 2,400 2,000 1,600 1,600 1,700 1,700 1,700
Revenue/emp, $m 0.06 0.05 0.06 0.06 0.06 0.12 0.15 0.13 0.14 0.16
Income, $m
Income, $m Revenue 111 105 135 141 128 192 242 215 238 277
Gross margin, % 10.88 16.15 22.14 22.08 13.21 22.65 28.07 6.79 12.52 13.88
EBT (7) 29 42 43 14 57 88 (64) 34 13
EBT margin, % (6.03) 27.77 31.15 30.78 11.10 29.63 36.29 (29.87) 14.15 4.74
Net income 30 30 35 40 15 48 74 (40) 34 18
Depreciation 13 13 15 17 18 23 27 30 25 26
Per share, $
Per share, $ Revenue 16.29 15.34 19.55 20.22 18.28 26.85 33.06 28.72 32.28 37.34
Earnings 4.34 4.44 5.02 5.68 2.11 6.73 10.14 (5.29) 4.58 2.37
Cash flow 13.78 6.05 7.89 7.57 (0.35) 10.48 9.26 7.29 3.03 6.86
Capex (0.32) (1.72) (2.81) (2.88) (4.22) (5.49) (5.43) (6.00) (7.32) (6.17)
Free cash flow 13.46 4.33 5.08 4.69 (4.57) 4.99 3.84 1.29 (4.29) 0.68
Book value 32.31 32.13 36.21 41.50 42.79 49.27 58.39 51.13 55.00 57.83
Shares, m 7 7 7 7 7 7 7 7 7 7
Valuation, ×
Valuation, × P/E 4.65 8.80 6.74 8.24 12.46 5.39 3.57 0.00 6.48 20.69
P/S 0.33 2.55 1.73 2.32 1.44 1.35 1.09 1.28 0.92 1.31
P/B 0.62 1.22 0.94 1.13 0.61 0.74 0.62 0.72 0.54 0.85
EV/Sales 0.40 1.99 1.16 1.57 0.96 1.01 0.72 1.00 1.04 1.50
EV/FCF 1.78 7.06 4.45 6.78 (3.83) 5.44 6.17 22.30 (7.79) 81.69
Cash, $m
Cash, $m Operating cash flow 94 41 55 53 (2) 75 68 54 22 51
Capex (2) (12) (19) (20) (30) (39) (40) (45) (54) (46)
Free cash flow 92 30 35 33 (32) 36 28 10 (32) 5
Balance, $m
Balance, $m Working capital 160 123 122 139 136 157 216 162 200 145
Total debt 96 43 7 18 26 21 20 26 100 101
Net debt 27 (58) (78) (105) (62) (65) (91) (59) 27 51
Shareholders’ equity 220 219 251 289 301 352 427 382 405 429
Returns, %
Returns, % ROA 4.47 5.74 9.08 9.65 3.21 9.79 13.79 (7.15) 5.76 2.72
ROIC (0.42) 12.74 15.81 13.15 3.52 12.07 13.02 (13.56) 5.17 2.86
ROE 14.05 13.80 14.80 14.68 5.01 14.75 19.04 (9.78) 8.57 4.21
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

NACCO Industries, 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. $4.4B 45.4× 24.8× +3.51% (above 0%: growing) n/m +13.36% (above 0%: growing) 22.09% 13.65% Compare
ARLP Alliance Resource Partners, L.P. $3.2B 12.6× 11.7× +0.75% (above 0%: growing) +32.61% (above 0%: growing) +21.12% (above 0%: growing) 36.75% 17.33% Compare
BTU Peabody Energy Corporation $2.9B — (loss-making) 33.0× +12.71% (above 0%: growing) n/m +11.29% (above 0%: growing) 4.91% (10.51%) Compare
NRP Natural Resource Partners LP $1.5B 14.2× — −3.97% (below 0%: shrinking) −27.06% (below 0%: shrinking) −11.47% (below 0%: shrinking) 100.00% 54.52% Compare
NC NACCO Industries, Inc. $253.7M 14.8× 3.8× +5.97% (above 0%: growing) n/m +98.20% (above 0%: growing) 21.02% (3.14%)
Median of peers $3.1B 14.2× 24.8× +2.13% — +12.33% 29.42% 15.49%

All 5 Thermal Coal stocks →

NACCO Industries, Inc. (NC) key facts

  • Strength: NACCO Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $277.2 million, up 16.6% from fiscal 2024.
  • NACCO Industries, Inc. (NC) is a Thermal Coal company in the Energy sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, NC traded at $34.28, a market capitalization of $253.7 million.
  • NACCO Industries, Inc. pays an annual dividend of $1.03 per share, a yield of 3.00%, with a payout ratio of 44.8%.
  • Return on equity was 4.21% and debt-to-equity 0.28.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.54 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

NACCO Industries, Inc. (NC) Latest News

8 Aug

Impact 3 · transcript

14 May

7 May

Impact 4 · transcript

5 Feb

stockrow.com/NC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com