Alpha Metallurgical Resources (AMR)


Market Price (9/15/2026): $199.51 | Market Cap: $2.5 BilSector: Materials | Industry: Steel

Alpha Metallurgical Resources (AMR)


Market Price (9/15/2026): $199.51
Market Cap: $2.5 Bil
Sector: Materials
Industry: Steel

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%

Megatrend and thematic drivers
Megatrends include Industrial & Infrastructure Development. Themes include Steel Industry Raw Materials, Heavy Industrial Materials, and Global Infrastructure Build-out.

Weak multi-year price returns
2Y Excs Rtn is -37%, 3Y Excs Rtn is -81%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -45 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.2%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -10%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.0%

Key risks
AMR key risks include [1] acute earnings vulnerability to volatile metallurgical coal pricing, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
1 Megatrend and thematic drivers
Megatrends include Industrial & Infrastructure Development. Themes include Steel Industry Raw Materials, Heavy Industrial Materials, and Global Infrastructure Build-out.
2 Weak multi-year price returns
2Y Excs Rtn is -37%, 3Y Excs Rtn is -81%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -45 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.2%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -10%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.0%
7 Key risks
AMR key risks include [1] acute earnings vulnerability to volatile metallurgical coal pricing, Show more.

AMR in ETFs

Weight = AMR's share of each fund

VTI0.00%
ITOT0.00%
IWM0.08%
IJR0.10%
VB0.02%
SLYV0.26%
IJS0.19%
VIOV0.16%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 9/14/2026

Alpha Metallurgical Resources (AMR) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. Negative Fiscal Q2 2026 Financial Results and Operational Disruptions: Alpha Metallurgical Resources reported a net loss of $12.3 million for fiscal Q2 2026 (ended June 30, 2026), with a diluted loss per share of $0.96, significantly missing analyst expectations for earnings. Revenue also fell 10.4% year-over-year to approximately $493 million, and Adjusted EBITDA contracted to $25.6 million. This underperformance was largely attributed to a significant mechanical disruption at the Dominion Terminal Associates (DTA) export facility on June 14, 2026, caused by an 80-mph windstorm. This event delayed vessel loadings and led to a downward adjustment in the company's annual shipment guidance midpoint to 14.8 million tons.

2. Substantial Insider Buying Signaled Confidence: Despite the challenging fiscal Q2 results, a director, Kenneth S. Courtis, demonstrated strong confidence in the company through significant open-market stock purchases. Between August 21 and September 8, 2026, Courtis acquired 35,000 shares of Alpha Metallurgical Resources for over $7.2 million. This substantial insider accumulation, well exceeding the $5 million threshold, likely provided a floor for the stock price and counteracted some of the negative sentiment from the operational setbacks and earnings miss.

Show more
Updated on 9/14/2026

Alpha Metallurgical Resources (AMR) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. Negative Fiscal Q2 2026 Financial Results and Operational Disruptions: Alpha Metallurgical Resources reported a net loss of $12.3 million for fiscal Q2 2026 (ended June 30, 2026), with a diluted loss per share of $0.96, significantly missing analyst expectations for earnings. Revenue also fell 10.4% year-over-year to approximately $493 million, and Adjusted EBITDA contracted to $25.6 million. This underperformance was largely attributed to a significant mechanical disruption at the Dominion Terminal Associates (DTA) export facility on June 14, 2026, caused by an 80-mph windstorm. This event delayed vessel loadings and led to a downward adjustment in the company's annual shipment guidance midpoint to 14.8 million tons.

2. Substantial Insider Buying Signaled Confidence: Despite the challenging fiscal Q2 results, a director, Kenneth S. Courtis, demonstrated strong confidence in the company through significant open-market stock purchases. Between August 21 and September 8, 2026, Courtis acquired 35,000 shares of Alpha Metallurgical Resources for over $7.2 million. This substantial insider accumulation, well exceeding the $5 million threshold, likely provided a floor for the stock price and counteracted some of the negative sentiment from the operational setbacks and earnings miss.

3. Mixed Metallurgical Coal Market Conditions: The broader metallurgical coal market presented a mixed environment during the period. While metallurgical coal prices, particularly the hard coking coal FOB Australia index, strengthened in the first half of fiscal 2026, reaching USD 245/t in July (approximately 30% above 2025 levels), the market also faced underlying uncertainties. Global demand for coking coal was expected to remain broadly stable in fiscal 2026, driven by growth in India, but tempered by an increasing industry focus on high-quality coking coal and research into green steel technologies. This combination of near-term price strength and long-term evolutionary pressures contributed to an equilibrium in the stock's valuation.

4. Commencement of Production at Kingston Wildcat Mine: Alpha Metallurgical Resources initiated production at its new Kingston Wildcat Low-Vol mine during this period. This new operational asset is anticipated to contribute approximately 500,000 tons in late 2026, with plans to ramp up to a steady annual run rate of about one million tons of high-grade, low-volatility metallurgical coal. This positive long-term company-specific development offered a forward-looking growth catalyst that helped to mitigate short-term concerns and provided underlying support for the stock price.

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Stock Movement Drivers

Fundamental Drivers

The -0.6% change in AMR stock from 5/31/2026 to 9/14/2026 was primarily driven by a -2.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120269142026Change
Stock Price ($)198.97197.85-0.6%
Change Contribution By: 
Total Revenues ($ Mil)2,1232,065-2.7%
P/S Multiple1.21.21.5%
Shares Outstanding (Mil)13130.7%
Cumulative Contribution-0.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/14/2026
ReturnCorrelation
AMR-0.6% 
Market (SPY)0.6%12.2%
Sector (XLB)-1.3%26.9%

Fundamental Drivers

The 21.6% change in AMR stock from 2/28/2026 to 9/14/2026 was primarily driven by a 24.0% change in the company's P/S Multiple.
(LTM values as of)22820269142026Change
Stock Price ($)162.65197.8521.6%
Change Contribution By: 
Total Revenues ($ Mil)2,1292,065-3.0%
P/S Multiple1.01.224.0%
Shares Outstanding (Mil)13131.2%
Cumulative Contribution21.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/14/2026
ReturnCorrelation
AMR21.6% 
Market (SPY)11.2%2.4%
Sector (XLB)-5.0%19.9%

Fundamental Drivers

The 32.6% change in AMR stock from 8/31/2025 to 9/14/2026 was primarily driven by a 48.3% change in the company's P/S Multiple.
(LTM values as of)83120259142026Change
Stock Price ($)149.19197.8532.6%
Change Contribution By: 
Total Revenues ($ Mil)2,3712,065-12.9%
P/S Multiple0.81.248.3%
Shares Outstanding (Mil)13132.7%
Cumulative Contribution32.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/14/2026
ReturnCorrelation
AMR32.6% 
Market (SPY)19.0%13.3%
Sector (XLB)11.0%20.9%

Fundamental Drivers

The -2.1% change in AMR stock from 8/31/2023 to 9/14/2026 was primarily driven by a -40.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239142026Change
Stock Price ($)202.03197.85-2.1%
Change Contribution By: 
Total Revenues ($ Mil)3,4632,065-40.4%
P/S Multiple0.81.245.4%
Shares Outstanding (Mil)141313.0%
Cumulative Contribution-2.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/14/2026
ReturnCorrelation
AMR-2.1% 
Market (SPY)74.9%21.5%
Sector (XLB)28.6%28.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AMR Return437%150%134%-41%-0%5%1840%
Peers Return194%52%24%5%31%2%685%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
AMR Win Rate67%75%67%25%50%44% 
Peers Win Rate60%48%50%50%55%53% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
AMR Max Drawdown-32%-40%-26%-57%-51%-45% 
Peers Max Drawdown-35%-31%-34%-34%-44%-40% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HCC, BTU, CNX, METC, SXC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/14/2026 (YTD)

How Low Can It Go

EventAMRS&P 500
2025 US Tariff Shock
  % Loss-33.7%-18.8%
  % Gain to Breakeven50.9%23.1%
  Time to Breakeven68 days79 days
2023 SVB Regional Banking Crisis
  % Loss-14.4%-6.7%
  % Gain to Breakeven16.8%7.1%
  Time to Breakeven15 days31 days
2020 COVID-19 Crash
  % Loss-68.4%-33.7%
  % Gain to Breakeven216.2%50.9%
  Time to Breakeven178 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-30.9%-19.2%
  % Gain to Breakeven44.8%23.8%
  Time to Breakeven11 days105 days

Compare to HCC, BTU, CNX, METC, SXC

In The Past

Alpha Metallurgical Resources's stock fell -33.7% during the 2025 US Tariff Shock. Such a loss loss requires a 50.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAMRS&P 500
2025 US Tariff Shock
  % Loss-33.7%-18.8%
  % Gain to Breakeven50.9%23.1%
  Time to Breakeven68 days79 days
2020 COVID-19 Crash
  % Loss-68.4%-33.7%
  % Gain to Breakeven216.2%50.9%
  Time to Breakeven178 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-30.9%-19.2%
  % Gain to Breakeven44.8%23.8%
  Time to Breakeven11 days105 days

Compare to HCC, BTU, CNX, METC, SXC

In The Past

Alpha Metallurgical Resources's stock fell -33.7% during the 2025 US Tariff Shock. Such a loss loss requires a 50.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Alpha Metallurgical Resources (AMR)

Alpha Metallurgical Resources (AMR) is a U.S.-based mining company primarily engaged in the production, processing, and sale of coal. Operating mainly in Virginia and West Virginia, the company extracts coal from its active mines and prepares it for distribution using its dedicated facilities.

The company's core products include metallurgical coal, commonly known as "met coal," and thermal coal. Metallurgical coal is a crucial raw material for the steel industry, specifically used in blast furnaces to produce steel. Thermal coal serves a different primary purpose, being widely used as a fuel source for electricity generation.

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Here are 1-2 brief analogies for Alpha Metallurgical Resources (AMR):

  • Like Peabody Energy (BTU), but focused on both metallurgical and thermal coal extraction primarily in the Appalachian region.
  • Think of them as the ExxonMobil (XOM) or Chevron (CVX) of coal, extracting and selling this foundational resource for steelmaking and power generation.
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  • Met Coal (Metallurgical Coal): This type of coal is primarily used in the steelmaking process.
  • Thermal Coal: This type of coal is primarily used as a fuel for electricity generation.

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Alpha Metallurgical Resources (AMR) sells its metallurgical and thermal coal primarily to other companies, operating in business-to-business (B2B) markets.

While AMR's public filings state that a significant portion of its revenues comes from a limited number of major customers (for example, in 2023, two customers each accounted for approximately 10% or more of total revenues), the specific names of these individual customer companies are not publicly disclosed in their SEC filings or other readily available public information.

Therefore, a list of specific customer company names cannot be provided. However, based on the nature of the coal products sold, AMR's major customers operate within the following industrial sectors:

  • Global Steel Industry: Customers in this sector utilize metallurgical coal for steel production.
  • Industrial Sector: Various industrial companies use thermal coal for energy and process heat.
  • Electrical Power Generation Industry: Utilities and power producers use thermal coal as fuel for electricity generation.

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Andy Eidson, Chief Executive Officer

Andy Eidson has served as Chief Executive Officer and Director since January 2023. He previously held the roles of President (from August 2022) and President and Chief Financial Officer (since December 2020). Prior to that, he was Executive Vice President and Chief Financial Officer from July 2016 and also served as interim co-Chief Executive Officer for Contura Energy from May 2019 through July 2019. His involvement with the company and its predecessor began earlier, as he was Executive Vice President and Chief Financial Officer of Alpha Natural Resources, Inc. from March 2016, and held previous roles there including Senior Vice President of Strategy and Business Development, and Vice President of Mergers and Acquisitions. Before joining Alpha in July 2010, Mr. Eidson worked in various financial positions at PricewaterhouseCoopers LLP, Eastman Chemical Company, and Penn Virginia Resource Partners, where he managed mergers and acquisitions projects for the coal segment. He was involved with the company during its formation as Contura Energy, which arose from the assets of Alpha Natural Resources after its 2015 bankruptcy and was acquired by a consortium of lenders.

J. Todd Munsey, Executive Vice President and Chief Financial Officer

J. Todd Munsey has served as Executive Vice President and Chief Financial Officer since August 2022. He previously served as Senior Vice President and Controller from July 2016. Mr. Munsey's history with the company's lineage includes serving as Senior Vice President of Tax and Financial Reporting at Alpha Natural Resources from April 2015, and prior to that, various roles on the tax team. Before joining Alpha in July 2007, he was a Senior Tax Analyst at PricewaterhouseCoopers LLP. He was involved with the company during its transformation from Alpha Natural Resources' bankruptcy into Contura Energy (later Alpha Metallurgical Resources).

Jason E. Whitehead, President and Chief Operating Officer

Jason E. Whitehead has been the President and Chief Operating Officer of Alpha Metallurgical Resources Inc since April 2016. He also serves as President at Peerless Eagle Coal Co. LLC and Vice President-Human Resources at Maxxim Shared Services LLC. His previous roles include Chief Operating Officer & Senior Vice President of Operations at Alpha Natural Resources Holdings, Inc. from 2016 to 2018, Vice President of Underground Operations at Alpha Appalachia Holdings, Inc., and Vice President of Operations at Alpha Natural Resources, Inc.

Daniel E. Horn, Executive Vice President and Chief Commercial Officer

Daniel E. Horn has served as Executive Vice President and Chief Commercial Officer since January 2022. Before this, he was Executive Vice President of Sales for the company and President of Contura Coal Sales, LLC. Mr. Horn has over four decades of experience in the mining industry and previously held senior leadership roles within the sales departments of Contura Energy and Alpha Natural Resources, where he was responsible for domestic and seaborne metallurgical sales. Prior to joining Alpha, he led the coal and coke procurement team at Bethlehem Steel Corporation, following earlier roles in engineering and operations at Bethlehem's underground coal mines.

Mark M. Manno, Executive Vice President, General Counsel and Secretary

Mark M. Manno serves as Executive Vice President, General Counsel and Secretary. He was appointed to this role in June 2024 and is responsible for overseeing the legal, land, and safety departments of the company.

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Key Risks to Alpha Metallurgical Resources (AMR)

  1. Market Volatility and Price Sensitivity: Alpha Metallurgical Resources' financial performance is highly susceptible to fluctuations in metallurgical coal prices and global steel demand. The company experienced a net loss and declining revenue in the third quarter of 2025 due to a significant drop in pricing and volume, leading to lowered shipment guidance for metallurgical coal.
  2. Operational Risks and Production Disruptions: The inherent dangers of the coal mining industry pose significant operational risks to Alpha Metallurgical Resources. These include the potential for fatal incidents, such as the water influx at the Rolling Thunder Mine in November 2025, which can lead to increased regulatory scrutiny and operational disruption. Furthermore, the company has faced reduced full-year shipment guidance, underscoring challenges in stabilizing output. Broader mining hazards like explosions, fires, respiratory issues, equipment accidents, and structural failures also contribute to this risk.
  3. Environmental and Regulatory Challenges: The coal industry, including Alpha Metallurgical Resources, operates under constant pressure from evolving domestic and international environmental laws and regulations. This includes emissions regulations, climate change policies, and a broader societal push to reduce carbon emissions, which can negatively impact demand for coal and increase compliance costs.

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  • The accelerated global transition towards decarbonization of steel production, specifically through the development and increasing adoption of hydrogen-based direct reduced iron (H-DRI) technologies, which aims to produce "green steel" with significantly reduced or zero carbon emissions. This fundamentally reduces or eliminates the need for metallurgical coal, a primary product of Alpha Metallurgical Resources, for traditional steelmaking processes.
  • The rapid and accelerating global shift away from fossil fuels for electricity generation, driven by the expanding adoption of renewable energy sources (such as solar and wind power) and advancements in energy storage technologies. This trend directly and increasingly displaces thermal coal, another key product for Alpha Metallurgical Resources, as a primary fuel source for power plants.

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Alpha Metallurgical Resources, a company specializing in met and thermal coal, operates within addressable markets of significant scale.

Metallurgical Coal

  • The global metallurgical coal market size was estimated at approximately 72.63 billion USD in 2024. This market is projected to grow to 74.77 billion USD in 2025 and further to 100.02 billion USD by 2035.
  • In North America, the metallurgical coal market was valued at 23.72 billion USD in 2024 and is expected to reach 27.27 billion USD by 2030. The United States holds a substantial share, approximately 60%, of the North American metallurgical coal market.

Thermal Coal

  • The global thermal coal market size was valued at approximately 655.89 billion USD in 2025 and is projected to reach 799.11 billion USD by 2034.
  • For the United States, the overall coal market, which includes both thermal and metallurgical coal, was valued at 70.35 billion USD in 2024. This market is anticipated to grow to 76.94 billion USD by 2034. Thermal coal is expected to lead growth within the U.S. coal market, reflecting its essential role in power generation.

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For Alpha Metallurgical Resources (AMR), the following are expected drivers of future revenue growth over the next 2-3 years:

  1. Increased Production from the Kingston Wildcat Low-Vol Mine: The company is developing its Kingston Wildcat Low-Vol Mine, which is projected to contribute approximately 500,000 tons of production in 2026 and eventually ramp up to a full annual capacity of nearly 1 million tons. This new mine is strategically important for diversifying Alpha's product portfolio and enhancing its low-volatility coal production.
  2. Recovery in Metallurgical Coal Pricing: Despite recent periods of oversupply and weak pricing in the metallurgical coal market, a long-term thesis suggests potential price elevation due to global underinvestment and persistent supply constraints in mining. A sustained improvement in metallurgical coal prices would directly enhance AMR's revenue per ton.
  3. Growth in Global Steel Demand: As metallurgical coal is a critical component in steel production, a rebound in global steel demand is a key catalyst for increased sales volumes for Alpha Metallurgical Resources. Specifically, growth in key export markets such as India, a significant destination for AMR's coal cargoes, is anticipated to contribute to higher demand.
  4. Strategic Domestic and International Sales Commitments: Securing committed sales volumes in both domestic and international markets provides a stable revenue base for the company. For example, Alpha has already secured 4.1 million tons in domestic coal sales commitments for 2026 at an average price of $136.30 per ton, which helps in cash flow planning and mitigating market volatility.

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Share Repurchases

  • Alpha Metallurgical Resources has an authorized share repurchase program of up to $1.5 billion.
  • Since the program's inception on March 7, 2022, the company has repurchased approximately 6.9 million shares for roughly $1.1 billion, significantly reducing its share count by around 31%.
  • As of April 2024, approximately $400 million of the authorized share repurchase program remained. The company planned to restart repurchases on an opportunistic basis as of August 2025 after strengthening its liquidity.

Share Issuance

  • The number of outstanding shares has generally decreased from 18.48 million in 2021 to 13.01 million in 2025 due to share buybacks.

Capital Expenditures

  • Capital expenditures for Alpha Metallurgical Resources amounted to approximately $140.9 million for the fiscal year ending September 30, 2025.
  • Expected capital expenditures for 2026 are between $148 million and $168 million, in addition to $35 million to $45 million in capital contributions to equity affiliates.
  • A key focus of these expenditures is the ongoing development of the Kingston Wildcat mine, aiming for 500,000 tons of production in 2026 and eventually ramping up to 1 million tons per year.

Better Bets vs. Alpha Metallurgical Resources (AMR)

Peer Outperformance in Steel

AMR has outperformed 75% of its 12 Steel peers over 5Y. Steel ranks 2nd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Steel constituents that AMR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
67%
of 15 industry peers · 38.5% return
3Y
8%
of 13 industry peers · -19.6% return
5Y
75%
of 12 industry peers · 272.1% return
No Steel peer with a comparable growth profile has beaten AMR by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Steel is AMR's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Copper 7 70.3%78.5%272.5% COPR 1070% · HBM 312% · TGB 292%
Steel ← 13 22.5%36.2%150.2% HCC 328% · NWPX 299% · STLD 289%
Gold 34 28.2%199.4%146.2% IAG 714% · CNL 453% · KGC 423%
Silver 6 98.0%299.8%139.6% AYA 258% · HL 212% · SVM 171%
Construction Materials 7 -20.8%20.8%49.0% USLM 341% · CRH 86% · SMID 51%
Aluminum 3 59.2%114.6%49.0% CENX 206% · KALU 49% · AA -4%
Diversified Metals & Mining 23 -13.7%-4.3%12.8% ATLX 214186% · USAR 52618% · TII 679%
Metal, Glass & Plastic Containers 11 -7.8%3.1%3.3% KRT 177% · MYE 61% · GEF 45%
Paper & Plastic Packaging Products & Materials 7 5.5%6.5%-12.5% PKG 84% · CCK 9% · SON -6%
Specialty Chemicals 41 7.1%-6.0%-14.7% ODC 454% · NEU 196% · CMT 86%
Commodity Chemicals 12 17.8%-16.2%-25.4% HWKN 261% · MEOH 66% · LXU 62%
Diversified Chemicals 4 -3.2%-29.6%-31.2% CBT 76% · ASH -17% · CC -45%
Precious Metals & Minerals 8 32.4%163.3%-34.2% ASM 589% · PPTA 354% · MTA 29%
Fertilizers & Agricultural Chemicals 10 -7.0%-6.5%-34.4% CF 201% · CTVA 103% · NTR 44%
Paper Products 3 -21.2%-50.8%-96.1% CLW -38% · ITP -96% · MERC -96%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AMRHCCBTUCNXMETCSXCMedian
NameAlpha Me.Warrior .Peabody .CNX Reso.Ramaco R.SunCoke . 
Mkt Price197.8595.4627.3535.4210.299.5431.39
Mkt Cap2.55.03.35.20.70.82.9
Rev LTM2,0651,6814,0112,2155151,8981,981
Op Inc LTM-45229-154881-7339-3
FCF LTM-16-178526-136292
FCF 3Y Avg207-2713369-118147
CFO LTM1383012191,088-42111179
CFO 3Y Avg38336742292368158375

Growth & Margins

AMRHCCBTUCNXMETCSXCMedian
NameAlpha Me.Warrior .Peabody .CNX Reso.Ramaco R.SunCoke . 
Rev Chg LTM-12.9%37.5%-0.7%16.2%-17.7%2.8%1.1%
Rev Chg 3Y Avg-15.1%4.6%-10.0%0.9%-1.9%-2.5%-2.2%
Rev Chg Q-10.4%71.3%12.7%-18.3%-5.3%9.5%2.1%
QoQ Delta Rev Chg LTM-2.7%14.4%2.9%-4.3%-1.6%2.2%0.3%
Op Inc Chg LTM-101.5%789.7%-193.0%50.6%-305.3%-68.0%-84.7%
Op Inc Chg 3Y Avg-83.7%225.5%-109.6%76.4%-156.7%-26.8%-55.3%
Op Mgn LTM-2.2%13.6%-3.8%39.8%-14.1%2.1%-0.0%
Op Mgn 3Y Avg4.3%14.4%4.5%27.3%-2.8%5.0%4.7%
QoQ Delta Op Mgn LTM-0.7%3.9%-1.6%-1.9%-1.1%1.0%-0.9%
CFO/Rev LTM6.7%17.9%5.5%49.1%-8.2%5.9%6.3%
CFO/Rev 3Y Avg13.6%23.0%10.2%50.7%9.2%8.3%11.9%
FCF/Rev LTM-0.1%0.4%-4.4%23.7%-26.3%1.5%0.1%
FCF/Rev 3Y Avg6.9%-3.3%0.3%18.8%-3.9%4.3%2.3%

Valuation

AMRHCCBTUCNXMETCSXCMedian
NameAlpha Me.Warrior .Peabody .CNX Reso.Ramaco R.SunCoke . 
Mkt Cap2.55.03.35.20.70.82.9
P/S1.23.00.82.41.30.41.3
P/Op Inc-56.222.0-21.76.0-9.120.8-1.6
P/EBIT-37.120.8-19.24.0-9.4-16.0-12.7
P/E-54.623.0-18.35.5-10.8-14.9-12.9
P/CFO18.216.715.24.8-15.77.311.3
Total Yield-1.8%4.7%-4.4%18.1%-9.3%-1.7%-1.7%
Dividend Yield0.0%0.3%1.1%0.0%0.0%5.0%0.2%
FCF Yield 3Y Avg8.0%-1.7%2.1%7.7%0.1%10.8%4.9%
D/E0.00.10.10.50.70.80.3
Net D/E-0.1-0.0-0.00.50.30.80.1

Returns

AMRHCCBTUCNXMETCSXCMedian
NameAlpha Me.Warrior .Peabody .CNX Reso.Ramaco R.SunCoke . 
1M Rtn19.2%-2.8%7.3%-0.8%-16.0%3.2%1.2%
3M Rtn4.0%-0.4%5.4%7.5%-29.9%4.9%4.5%
6M Rtn5.7%12.9%-21.5%-15.6%-28.4%68.6%-5.0%
12M Rtn38.5%65.6%50.2%17.9%-57.6%31.2%34.8%
3Y Rtn-19.6%106.9%18.7%63.2%21.7%16.3%20.2%
1M Excs Rtn29.4%3.4%15.8%2.4%0.0%6.3%4.9%
3M Excs Rtn-4.0%-5.2%-2.4%4.3%-35.1%-1.8%-3.2%
6M Excs Rtn-9.6%-2.5%-35.4%-30.8%-44.4%48.1%-20.2%
12M Excs Rtn23.5%46.1%33.5%2.7%-73.1%14.9%19.2%
3Y Excs Rtn-80.7%63.5%-40.0%-12.6%-31.3%-47.8%-35.7%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Met2,1292,9573,4214,0272,176
All other  507483
Total2,1292,9573,4714,1022,259


Net Income by Segment
$ Mil20252024202320222021
Met-621887401,453440
All other  -19-4-151
Total-621887221,449289


Price Behavior

Price Behavior
Market Price$197.85 
Market Cap ($ Bil)2.5 
First Trading Date04/28/2017 
Distance from 52W High-20.7% 
   50 Days200 Days
DMA Price$172.79$189.12
DMA Trendupup
Distance from DMA14.5%4.6%
 3M1YR
Volatility57.8%56.1%
Downside Capture76.4188.31
Upside Capture94.11110.47
Correlation (SPY)3.7%14.1%
AMR Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.160.840.760.160.660.81
Up Beta-3.06-1.33-2.59-1.71-1.100.31
Down Beta4.244.122.171.411.491.00
Up Capture595%254%187%78%125%83%
Bmk +ve Days10213268138427
Stock +ve Days15212963125366
Down Capture-643%-117%99%8%84%103%
Bmk -ve Days11213259113324
Stock -ve Days6213564126382

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AMR
AMR39.4%56.5%0.79-
Sector ETF (XLB)10.7%17.8%0.4120.6%
Equity (SPY)16.8%12.8%0.9314.3%
Gold (GLD)17.4%29.3%0.5513.7%
Commodities (DBC)49.5%20.6%1.8517.5%
Real Estate (VNQ)5.1%13.5%0.12-6.2%
Bitcoin (BTCUSD)-33.3%43.9%-0.8021.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AMR
AMR37.4%59.1%0.77-
Sector ETF (XLB)5.4%19.1%0.1733.1%
Equity (SPY)12.4%17.2%0.5524.1%
Gold (GLD)18.1%18.8%0.7811.5%
Commodities (DBC)11.4%19.5%0.4631.0%
Real Estate (VNQ)0.6%18.9%-0.0716.3%
Bitcoin (BTCUSD)9.1%52.6%0.3616.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AMR
AMR36.5%747.4%0.43-
Sector ETF (XLB)9.7%20.7%0.411.2%
Equity (SPY)15.2%17.9%0.721.1%
Gold (GLD)12.1%16.4%0.61-2.3%
Commodities (DBC)8.8%18.1%0.400.8%
Real Estate (VNQ)4.7%20.7%0.193.0%
Bitcoin (BTCUSD)63.3%66.2%1.030.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity1.3 Mil
Short Interest: % Change Since 8152026-21.1%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest3.1 days
Basic Shares Quantity12.7 Mil
Short % of Basic Shares10.4%

Earnings Returns History

Updated 9/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/7/2026-0.1%2.3%48.2%
5/8/2026-4.8%-5.9%4.5%
2/27/2026-3.2%0.6%32.9%
11/6/2025-1.6%-2.3%0.2%
8/8/202515.8%23.4%8.8%
5/9/2025-8.5%-2.0%-9.5%
2/28/2025-7.4%-9.8%-14.9%
11/1/2024-2.7%14.7%16.4%
...
SUMMARY STATS   
# Positive121215
# Negative12129
Median Positive6.1%10.1%19.1%
Median Negative-3.6%-4.8%-11.3%
Max Positive15.8%23.4%53.7%
Max Negative-14.9%-18.9%-20.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/7/2026-0.1%2.3%48.2%
5/8/2026-4.8%-5.9%4.5%
2/27/2026-3.2%0.6%32.9%
11/6/2025-1.6%-2.3%0.2%
8/8/202515.8%23.4%8.8%
5/9/2025-8.5%-2.0%-9.5%
2/28/2025-7.4%-9.8%-14.9%
11/1/2024-2.7%14.7%16.4%
8/5/2024-3.9%-0.7%-16.4%
5/6/2024-10.9%-13.7%-10.2%
2/26/202413.4%-1.0%-20.5%
11/2/2023-2.4%-0.4%31.6%
8/4/20236.1%9.8%28.1%
5/8/20238.0%3.9%0.8%
2/23/2023-2.2%6.5%-11.3%
11/7/20220.5%-13.1%-8.2%
8/8/20229.3%17.9%19.1%
5/5/20223.4%-3.6%4.9%
3/7/20220.4%14.3%4.5%
11/5/20212.2%-10.3%-20.4%
8/6/20213.7%21.5%53.7%
5/10/202113.6%4.2%52.1%
3/15/2021-14.9%-18.9%-8.3%
11/9/20206.0%10.4%40.1%
SUMMARY STATS   
# Positive121215
# Negative12129
Median Positive6.1%10.1%19.1%
Median Negative-3.6%-4.8%-11.3%
Max Positive15.8%23.4%53.7%
Max Negative-14.9%-18.9%-20.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/06/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/01/202410-Q
06/30/202408/05/202410-Q
03/31/202405/06/202410-Q
12/31/202302/26/202410-K
09/30/202311/02/202310-Q
06/30/202308/04/202310-Q
03/31/202305/08/202310-Q
12/31/202202/23/202310-K
09/30/202211/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/06/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/01/202410-Q
06/30/202408/05/202410-Q
03/31/202405/06/202410-Q
12/31/202302/26/202410-K
09/30/202311/02/202310-Q
06/30/202308/04/202310-Q
03/31/202305/08/202310-Q
12/31/202202/23/202310-K
09/30/202211/07/202210-Q
06/30/202208/08/202210-Q
03/31/202205/05/202210-Q
12/31/202103/07/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/10/202110-Q
12/31/202003/15/202110-K
09/30/202011/09/202010-Q
06/30/202008/07/202010-Q
03/31/202005/11/202010-Q
12/31/201903/18/202010-K
09/30/201911/14/201910-Q

Recent Forward Guidance

Updated 8/8/2026

Latest: Q2 2026 Earnings Reported 8/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Metallurgical Coal ShipmentsReported13.20 Mil13.60 Mil14.00 Mil0 AffirmedGuidance: 13.60 Mil for 2026
2026 Thermal Coal ShipmentsReported1.00 Mil1.20 Mil1.40 Mil0 AffirmedGuidance: 1.20 Mil for 2026
2026 Met segment - total shipmentsReported14.20 Mil14.80 Mil15.40 Mil0 AffirmedGuidance: 14.80 Mil for 2026
2026 Idle operations expenseReported24.00 Mil28.00 Mil32.00 Mil   
2026 DD&AReported160.00 Mil167.00 Mil174.00 Mil   
2026 Capital contributions to equity affiliatesReported35.00 Mil40.00 Mil45.00 Mil   
2026 Met segment cost of coal sales per tonReported1031051070 AffirmedGuidance: 105 for 2026
2026 SG&AReported53.00 Mil56.00 Mil59.00 Mil   
2026 Net cash interest incomeReported2.00 Mil4.00 Mil6.00 Mil   
2026 Cash tax rateReported0.0%2.5%5.0%   
2026 Capital expendituresReported148.00 Mil158.00 Mil168.00 Mil   


Prior: Q1 2026 Earnings Reported 5/8/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Metallurgical Coal ShipmentsReported14.40 Mil14.90 Mil15.40 Mil  AffirmedGuidance: 14.90 Mil for 2026
2026 Thermal Coal ShipmentsReported0.70 Mil0.90 Mil1.10 Mil  AffirmedGuidance: 0.90 Mil for 2026
2026 Met segment - total shipmentsReported15.10 Mil15.80 Mil16.50 Mil  AffirmedGuidance: 15.80 Mil for 2026
2026 Idle operations expenseReported24.00 Mil28.00 Mil32.00 Mil  AffirmedGuidance: 28.00 Mil for 2026
2026 DD&AReported160.00 Mil167.00 Mil174.00 Mil  AffirmedGuidance: 167.00 Mil for 2026
2026 Capital contributions to equity affiliatesReported35.00 Mil40.00 Mil45.00 Mil  AffirmedGuidance: 40.00 Mil for 2026
2026 Cost of Coal Sales per tonReported9598101  AffirmedGuidance: 98 for 2026
2026 SG&AReported53.00 Mil56.00 Mil59.00 Mil  AffirmedGuidance: 56.00 Mil for 2026
2026 Net cash interest incomeReported2.00 Mil4.00 Mil6.00 Mil  AffirmedGuidance: 4.00 Mil for 2026
2026 Cash tax rateReported0.0%2.5%5.0% 0.0%AffirmedGuidance: 2.5% for 2026
2026 Capital ExpendituresReported148.00 Mil158.00 Mil168.00 Mil  AffirmedGuidance: 158.00 Mil for 2026

Q4 2025 Earnings Reported 2/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Metallurgical Coal ShipmentsReported14.40 Mil14.90 Mil15.40 Mil4.2% Higher NewActual: 14.30 Mil for 2025
2026 Thermal Coal ShipmentsReported0.70 Mil0.90 Mil1.10 Mil-10.0% Lower NewActual: 1.00 Mil for 2025
2026 Total Met Segment ShipmentsReported15.10 Mil15.80 Mil16.50 Mil3.3% Higher NewActual: 15.30 Mil for 2025
2026 Idle Operations ExpenseReported24.00 Mil28.00 Mil32.00 Mil12.0% Higher NewActual: 25.00 Mil for 2025
2026 DD&AReported160.00 Mil167.00 Mil174.00 Mil-4.6% Lower NewActual: 175.00 Mil for 2025
2026 Capital Contributions to Equity AffiliatesReported35.00 Mil40.00 Mil45.00 Mil5.3% Higher NewActual: 38.00 Mil for 2025
2026 Cost of Coal Sales per TonReported9598101-5.8% Lower NewActual: 104 for 2025
2026 SG&AReported53.00 Mil56.00 Mil59.00 Mil9.8% Higher NewActual: 51.00 Mil for 2025
2026 Net Cash Interest IncomeReported2.00 Mil4.00 Mil6.00 Mil-55.6% Lower NewActual: 9.00 Mil for 2025
2026 Cash Tax RateReported0.0%2.5%5.0%   
2026 Capital ExpendituresReported148.00 Mil158.00 Mil168.00 Mil12.9% Higher NewActual: 140.00 Mil for 2025

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Capital Contributions to Equity AffiliatesReported35.00 Mil38.00 Mil41.00 Mil  LoweredGuidance: 49.00 Mil for 2025
2025 Metallurgical Coal ShipmentsReported13.80 Mil14.30 Mil14.80 Mil   
2025 Thermal Coal ShipmentsReported0.80 Mil1.00 Mil1.20 Mil   
2025 Met Segment - Total ShipmentsReported14.60 Mil15.30 Mil16.00 Mil   
2025 Met Segment Costs per tonReported1011041070.0% AffirmedGuidance: 104 for 2025
2025 Idle Operations ExpenseReported21.00 Mil25.00 Mil29.00 Mil0.0% AffirmedGuidance: 25.00 Mil for 2025
2025 DD&AReported165.00 Mil175.00 Mil185.00 Mil0.0% AffirmedGuidance: 175.00 Mil for 2025
2025 SG&AReported48.00 Mil51.00 Mil54.00 Mil0.0% AffirmedGuidance: 51.00 Mil for 2025
2025 Net Cash Interest IncomeReported6.00 Mil9.00 Mil12.00 Mil0.0% AffirmedGuidance: 9.00 Mil for 2025
2025 Capital ExpendituresReported130.00 Mil140.00 Mil150.00 Mil0.0% AffirmedGuidance: 140.00 Mil for 2025

Insider Activity

Updated 9/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Courtis, Kenneth S DirectBuy9082026225.8310,0002,258,289233,821,882Form
2Courtis, Kenneth S DirectBuy8312026228.995,0001,144,927234,800,233Form
3Courtis, Kenneth S DirectBuy8242026210.5115,0003,157,631213,749,282Form
4Courtis, Kenneth S DirectBuy8202026193.5015,0002,902,552193,579,676Form
5Courtis, Kenneth S DirectBuy6162026200.7310,0002,007,296197,797,712Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Courtis, Kenneth S DirectBuy9082026225.8310,0002,258,289233,821,882Form
2Courtis, Kenneth S DirectBuy8312026228.995,0001,144,927234,800,233Form
3Courtis, Kenneth S DirectBuy8242026210.5115,0003,157,631213,749,282Form
4Courtis, Kenneth S DirectBuy8202026193.5015,0002,902,552193,579,676Form
5Courtis, Kenneth S DirectBuy6162026200.7310,0002,007,296197,797,712Form
6Whitehead, Jason EPresident & COODirectSell6042026212.283,901828,0862,218,277Form
7Whitehead, Jason EPresident & COODirectBuy6042026214.949921,2792,224,844Form
8Manno, Mark MatthewEVP, GC & SecretaryDirectSell6022026214.6446098,734851,262Form
9Courtis, Kenneth S DirectBuy5152026189.2215,0002,838,325184,565,695Form
10Courtis, Kenneth S DirectBuy3202026191.078,0001,528,550167,096,639Form
11Courtis, Kenneth S DirectBuy3132026186.8710,0001,868,707161,930,384Form
12Courtis, Kenneth S DirectBuy3112026176.2325,0004,405,651148,300,725Form
13Horn, Daniel EChief Commercial OfficerDirectSell3092026170.05971165,1191,244,766Form
14Munsey, Joshua ToddChief Financial OfficerDirectSell3052026183.242,523462,315867,641Form
15Courtis, Kenneth S DirectBuy12172025188.169,0001,693,441153,639,712Form
16Gorzynski, MichaelContinental General Insurance CompanyBuy12172025188.5038,5767,271,494121,397,349Form
17Horn, Daniel EChief Commercial OfficerDirectSell12152025188.328,1251,530,118939,540Form
18Courtis, Kenneth S DirectBuy12122025181.8512,7602,320,467142,853,648Form
19Courtis, Kenneth S DirectBuy12122025178.302,240399,382137,782,620Form
20Courtis, Kenneth S DirectBuy12102025175.2636,0006,309,390135,044,954Form
21Courtis, Kenneth S DirectBuy9172025154.6853,0008,198,074113,618,661Form
22Courtis, Kenneth S DirectBuy9172025142.6455,0007,845,31897,215,898Form

Investor Activity (13F)

Updated Sep 15, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Dalal Street, LLC$119.0 Mil28.1%3ADD +6.8%13F
Continental General Insurance Co$132.2 Mil19.1%11Hold13F
Alta Fundamental Advisers LLC$14.2 Mil5.6%21Hold13F
Goehring & Rozencwajg Associates, LLC$49.7 Mil2.7%43ADD +206.8%13F
Contrarius Group Holdings Ltd$10.0 Mil0.6%47TRIM -16.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Goehring & Rozencwajg Associates, LLC$49.7 Mil2.7%43ADD +206.8%13F
Dalal Street, LLC$119.0 Mil28.1%3ADD +6.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Contrarius Group Holdings Ltd$10.0 Mil0.6%47TRIM -16.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Continental General Insurance Co$132.2 Mil19.1%11Hold13F
Dalal Street, LLC$119.0 Mil28.1%3ADD +6.8%13F
Goehring & Rozencwajg Associates, LLC$49.7 Mil2.7%43ADD +206.8%13F
Alta Fundamental Advisers LLC$14.2 Mil5.6%21Hold13F
Contrarius Group Holdings Ltd$10.0 Mil0.6%47TRIM -16.8%13F
Core Cache Last Updated: 9/14/2026