Alliance Resource Partners, L.P. (ARLP) vs Core Natural Resources, Inc. (CNR)

Alliance Resource Partners, L.P. and Core Natural Resources, Inc. are both Thermal Coal companies. Core Natural Resources, Inc. is the larger, with a market value of $4.4B against $3.2B — 1.4× the size. Alliance Resource Partners, L.P. trades at the lower P/E: 12.6× against 45.4×. Core Natural Resources, Inc. grew revenue faster over the last twelve months: 31.5% against −5.11%. Alliance Resource Partners, L.P. has the higher net margin (12.1% vs 2.34%) and the higher return on invested capital (8.86% vs 1.35%). Only Alliance Resource Partners, L.P. pays a dividend (9.32%). Across the 22 metrics below, Alliance Resource Partners, L.P. leads on 13 and Core Natural Resources, Inc. on 9.

Valuation

Metric ARLP CNR Thermal Coal median
P/E 12.56 45.40 —
P/S 1.52 1.07 1.07
P/B 1.85 1.23 1.23
Price to free cash flow 10.21 16.86 —
EV/EBITDA 11.83 6.27 11.83
EV/Sales 1.74 1.06 1.20
Earnings yield 7.96% 2.20% 6.74%
Free cash flow yield 9.80% 5.93% 5.93%

Profitability

Metric ARLP CNR Thermal Coal median
Gross margin 35.31% 17.33% 18.49%
Operating margin 14.70% 1.86% 8.29%
Net margin 12.12% 2.34% 6.21%
Free cash flow margin 16.52% 6.33% 6.33%
Return on equity 14.65% 2.67% 4.07%
Return on assets 9.07% 1.62% 2.64%
Return on invested capital 8.86% 1.35% 2.83%

Growth

Metric ARLP CNR Thermal Coal median
Revenue growth (TTM) (5.11%) 31.52% (0.68%)
EPS growth (last fiscal year) (13.36%) (131.01%) (48.35%)
Revenue growth, 5-year CAGR 10.57% 32.45% 10.57%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ARLP CNR Thermal Coal median
Debt to equity 0.32 0.12 0.12
Current ratio 1.75 1.83 2.01
Net debt to EBITDA 0.55 0.05 0.05

Dividend

Metric ARLP CNR Thermal Coal median
Dividend yield 9.32% 0.00% 2.67%
Payout ratio 1.17 0.00 —

Size

Metric ARLP CNR Thermal Coal median
Market cap 3.24b 4.42b 2.93b

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