Tearsheet

CNX Resources (CNX)


Market Price (12/23/2025): $37.195 | Market Cap: $5.2 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

CNX Resources (CNX)


Market Price (12/23/2025): $37.195
Market Cap: $5.2 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

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


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 11%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 43%
Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 18.23, 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 21%
3 Low stock price volatility
Vol 12M is 34%
Key risks
CNX key risks include [1] its history of environmental non-compliance, Show more.
4 Megatrend and thematic drivers
Megatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more.
 
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 11%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 43%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
3 Low stock price volatility
Vol 12M is 34%
4 Megatrend and thematic drivers
Megatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US LNG, Show more.
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54%
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%
7 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 18.23, 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 21%
8 Key risks
CNX key risks include [1] its history of environmental non-compliance, Show more.

Valuation, Metrics & Events

CNX Stock


Why The Stock Moved


Qualitative Assessment

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1. CNX Resources reported a significant beat on its Q3 2025 earnings. The company's actual earnings per share (EPS) of $1.21 substantially surpassed the forecasted $0.40, marking a surprise of 202.5%. Additionally, revenue reached $583.8 million, exceeding the anticipated $438.29 million. This strong financial performance led to a 3.56% increase in CNX Resources' stock in pre-market trading following the announcement on October 30, 2025.

2. The company demonstrated robust free cash flow generation and executed significant share repurchases. CNX Resources generated $226 million in free cash flow (FCF) during Q3 2025, marking its 23rd consecutive quarter of FCF generation. This strong cash flow fueled aggressive share buybacks, with approximately 6.1 million shares repurchased for $182 million at an average price of $30.12 per share in Q3. An additional 1.1 million shares were bought back for $35 million after the quarter ended.

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Stock Movement Drivers

Fundamental Drivers

The 26.3% change in CNX stock from 9/22/2025 to 12/22/2025 was primarily driven by a 76.9% change in the company's Net Income Margin (%).
922202512222025Change
Stock Price ($)29.4537.2126.35%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1906.732023.626.13%
Net Income Margin (%)8.17%14.44%76.85%
P/E Multiple27.1317.73-34.65%
Shares Outstanding (Mil)143.43139.252.91%
Cumulative Contribution26.24%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025
ReturnCorrelation
CNX26.3% 
Market (SPY)2.7%24.3%
Sector (XLE)0.9%64.6%

Fundamental Drivers

The 8.8% change in CNX stock from 6/23/2025 to 12/22/2025 was primarily driven by a 21.0% change in the company's Total Revenues ($ Mil).
623202512222025Change
Stock Price ($)34.1937.218.83%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1672.782023.6220.97%
P/S Multiple3.022.56-15.23%
Shares Outstanding (Mil)147.78139.255.77%
Cumulative Contribution8.47%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025
ReturnCorrelation
CNX8.8% 
Market (SPY)14.4%20.8%
Sector (XLE)3.7%46.8%

Fundamental Drivers

The 2.6% change in CNX stock from 12/22/2024 to 12/22/2025 was primarily driven by a 84.8% change in the company's P/E Multiple.
1222202412222025Change
Stock Price ($)36.2537.212.65%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1412.182023.6243.30%
Net Income Margin (%)40.23%14.44%-64.10%
P/E Multiple9.5917.7384.80%
Shares Outstanding (Mil)150.34139.257.38%
Cumulative Contribution2.09%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025
ReturnCorrelation
CNX2.6% 
Market (SPY)16.9%23.7%
Sector (XLE)8.6%39.4%

Fundamental Drivers

The 117.9% change in CNX stock from 12/23/2022 to 12/22/2025 was primarily driven by a 218.0% change in the company's P/S Multiple.
1223202212222025Change
Stock Price ($)17.0837.21117.86%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)3976.982023.62-49.12%
P/S Multiple0.812.56217.96%
Shares Outstanding (Mil)187.51139.2525.74%
Cumulative Contribution103.43%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025
ReturnCorrelation
CNX81.7% 
Market (SPY)47.7%26.7%
Sector (XLE)10.2%47.1%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
CNX Return22%27%22%19%83%3%326%
Peers Return9%10493%44%20%27%5%26712%
S&P 500 Return16%27%-19%24%23%17%113%

Monthly Win Rates [3]
CNX Win Rate50%58%67%42%75%58% 
Peers Win Rate38%55%63%55%50%52% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
CNX Max Drawdown-43%-2%0%-14%-4%-25% 
Peers Max Drawdown-62%-2%-6%-16%-11%-10% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: EQT, RRC, AR, CTRA, GPOR.
[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] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique KeyEventCNXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-38.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven61.9%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven329 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-44.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven78.9%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven12 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-65.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven190.5%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven952 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-84.0%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven523.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 days

Compare to SR, BTU, CVI, BSM, COP

In The Past

CNX Resources's stock fell -38.2% during the 2022 Inflation Shock from a high on 6/7/2022. A -38.2% loss requires a 61.9% gain to breakeven.

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Asset Allocation

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About CNX Resources (CNX)

CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane. It produces and sells pipeline quality natural gas primarily for gas wholesalers. The company owns rights to extract natural gas in Pennsylvania, West Virginia, and Ohio from approximately 526,000 net Marcellus Shale acres; and approximately 610,000 net acres of Utica Shale, as well as rights to extract natural gas from other shale and shallow oil and gas positions from approximately 1,006,000 net acres in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia. It also owns rights to extract coalbed methane (CBM) in Virginia from approximately 282,000 net CBM acres in Central Appalachia, as well as 1,733,000 net CBM acres in West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico. In addition, the company designs, builds, and operates natural gas gathering systems to move gas from the wellhead to interstate pipelines or other local sales points; owns and operates approximately 2,600 miles of natural gas gathering pipelines, as well as various natural gas processing facilities. It also offers turn-key solutions for water sourcing, delivery, and disposal for its natural gas operations and for third parties. The company was formerly known as CONSOL Energy Inc. and changed its name to CNX Resources Corporation in November 2017. CNX Resources Corporation was founded in 1860 and is headquartered in Canonsburg, Pennsylvania.

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  • Like a more specialized ExxonMobil or Chevron, focused entirely on drilling for and producing natural gas.
  • Similar to a large mining company like BHP Group, but focused on extracting natural gas rather than metals or coal.

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  • Natural Gas: The primary commodity produced and sold from their extensive operations in the Appalachian Basin.
  • Natural Gas Liquids (NGLs): Byproducts such as ethane, propane, and butane extracted and sold from their natural gas production streams.
  • Condensate/Crude Oil: Liquid hydrocarbons produced and sold as a commodity, often alongside natural gas.

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CNX Resources (symbol: CNX) primarily sells its natural gas production to other companies, including local distribution companies, industrial end-users, power generators, and energy marketing and trading companies.

Based on their 2023 10-K filing, CNX's major customers, representing 10% or more of total operating revenues, are:

  • Consolidated Edison Company of New York, Inc. (Public Symbol: ED) - Approximately 25% of total operating revenues
  • EPR, Inc. (No readily available public symbol) - Approximately 12% of total operating revenues
  • South Jersey Industries, Inc. (Public Symbol: SJI) - Approximately 11% of total operating revenues
  • National Fuel Gas Company (Public Symbol: NFG) - Approximately 10% of total operating revenues

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  • Equitrans Midstream Corporation (ETRN)
  • Energy Transfer LP (ET)
  • DT Midstream (DTM)
  • Williams Companies (WMB)

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Nicholas J. DeIuliis, Chief Executive Officer and Director

Nicholas J. DeIuliis has served as Chief Executive Officer and a Director of CNX Resources Corporation since May 2014, and is slated to retire from his role as CEO at the end of 2025. He possesses over 30 years of experience with CNX and in the broader energy industry. Mr. DeIuliis is a registered chemical engineer in Pennsylvania and a member of the Pennsylvania Bar. His career includes serving as CEO or Chairman of the Board for five public energy companies. He began his career with CONSOL Energy, the predecessor to CNX, where he was President and Chief Executive Officer from 2014 to 2017 before the corporate spin-off in 2017. He was also President, Chief Executive Officer & Director of CNX Gas PA LLC from 2005 to 2009.

Alan K. Shepard, President and Chief Financial Officer (to become President and Chief Executive Officer effective January 1, 2026)

Alan K. Shepard has served as Chief Financial Officer of CNX Resources Corporation since June 1, 2022, and President since June 12, 2025. He is appointed to assume the roles of President and Chief Executive Officer, effective January 1, 2026. Mr. Shepard has over 20 years of experience in the energy sector, rejoining CNX in 2020. Prior to his current roles, he served as the company’s Vice President – Accounting and Chief Accounting Officer since February 2020. Before joining CNX, Mr. Shepard was the Chief Financial Officer of EdgeMarc Energy, a private equity-funded oil and gas exploration and production company. He is a licensed Certified Public Accountant in Pennsylvania and holds a bachelor's degree in Accounting and Business Administration from Thiel College and an MBA from Carnegie Mellon University’s Tepper School of Business.

Everett Good, Vice President of Finance and Treasury (to become Chief Financial Officer effective January 1, 2026)

Everett Good is currently the Vice President of Finance and Treasury for CNX Resources Corporation and will assume the role of Chief Financial Officer, effective January 1, 2026, succeeding Alan Shepard. Mr. Good has been with CNX for 13 years, serving as Vice President of Finance and Treasury since 2021, where he oversees capital markets, strategic planning, and treasury management functions. His previous roles at the company include Director of Finance and Investor Relations at CNX Midstream Partners LP, and various other finance and planning positions. He holds a Bachelor of Science in Accounting and a Master of Science in Accounting from Virginia Tech and is a Certified Public Accountant.

Navneet Behl, Chief Operating Officer

Navneet Behl has served as the Chief Operating Officer of CNX Resources Corporation since November 17, 2022. In this position, he is responsible for the daily management of the company's asset base and the safe, compliant, and effective execution of its operational plan. Before this role, Mr. Behl was the Vice President of Engineering at CNX. Prior to joining CNX, he was the CEO and co-founder of OilRox Resources since 2019. From 2014 to 2019, he served as Vice President of Operations for Apache Corp and held various engineering and business management roles at EOG Resources and Schlumberger earlier in his career. He holds a Bachelor of Technology in Petroleum Engineering, a Master of Science in Engineering, and an Executive MBA.

Timothy S. Bedard, Executive Vice President, General Counsel, and Corporate Secretary

Timothy S. Bedard has served as the Executive Vice President, General Counsel, and Corporate Secretary of CNX Resources Corporation since December 22, 2023. Before joining CNX, Mr. Bedard held various positions in other organizations.

AI Analysis | Feedback

The key risks to CNX Resources' business are primarily driven by the inherent volatility of the natural gas market, evolving regulatory and environmental pressures, and operational dependencies on third-party infrastructure.

  1. Natural Gas Price Volatility: CNX Resources' profitability and free cash flow are highly susceptible to fluctuations in natural gas prices. While the company employs hedging strategies to mitigate some of this market risk, significant price declines could still negatively impact revenue and earnings. Hedging also carries its own risks, such as the potential for counterparty failure and capping upside potential when gas prices rise above exercise prices.

  2. Regulatory and Environmental Risks: As a natural gas producer, CNX Resources faces increasing scrutiny and potential challenges from evolving environmental regulations and policies. These include concerns about climate change, greenhouse gas emissions, air and water quality, and the broader global transition towards cleaner energy sources. Such regulations can lead to increased operating costs, new compliance requirements, and potential litigation, impacting the company's operations and financial performance. The company has also faced past criminal charges and fines related to environmental non-compliance and is involved in ongoing discussions and lawsuits regarding the health impacts of fracking.

  3. Dependence on Third-Party Infrastructure and Market Competition: CNX Resources relies on third-party facilities for the gathering, processing, and transportation of a significant portion of its natural gas to market. This dependence, particularly on a limited number of pipeline systems, exposes the company to risks of capacity constraints, disruptions, unscheduled downtime, and increased costs, which could adversely affect its financial results. The natural gas industry is also intensely competitive, with some competitors possessing greater resources, which could make it challenging for CNX to secure development support and maintain its market position.

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The accelerated, cost-competitive deployment of utility-scale renewable energy (primarily solar and wind) paired with rapidly advancing battery storage technology, which increasingly displaces natural gas in the power generation sector, thereby reducing long-term demand for CNX's core product.

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CNX Resources primarily operates within the Appalachian Basin, focusing on natural gas production, including shale gas and coalbed methane, as well as providing midstream services.

  • Natural Gas Production (Shale Gas - Marcellus and Utica): The Appalachian Basin is a key natural gas-producing region and accounts for a substantial portion of U.S. natural gas production. While a specific dollar figure for the addressable market size of Appalachian natural gas production for CNX Resources is not readily available in the provided search results, the company is described as one of the largest producers of natural gas in the United States, with significant operations in the Marcellus and Utica Shales across Pennsylvania, Ohio, and West Virginia. CNX Resources reported 8.54 trillion cubic feet equivalent of proved natural gas reserves as of December 31, 2024. The company emphasizes utilizing Appalachian natural gas to displace regional energy imports and to spur domestic manufacturing. They also noted that innovative technology for producing pad-level compressed natural gas (CNG) and liquefied natural gas (LNG) from Appalachian natural gas has the potential to displace all petroleum products imported from the Middle East in the U.S. and 56% of transatlantic and transpacific petroleum imports, reducing global emissions.

  • Coalbed Methane (CBM) Production: CNX Resources operates and develops Coalbed Methane properties in Virginia. The company also has the right to capture Coal Mine Methane from active and abandoned mines in the Appalachian region. A specific addressable market size in dollar terms for CBM production for CNX Resources in the Appalachian region is not provided in the search results.

  • Midstream Services: CNX Resources provides natural gas gathering, processing, and transportation services. They own or operate approximately 2,700 miles of natural gas gathering pipelines and a number of natural gas processing facilities. The company focuses its midstream operations within the Appalachian Basin. A specific addressable market size in dollar terms for midstream services for CNX Resources in the Appalachian region is not provided in the search results.

  • Other Products and Services: CNX Resources is involved in new technologies and initiatives, including methane capture and abatement programs, and developing alternative fuels like compressed natural gas (CNG) and liquefied natural gas (LNG), and hydrogen-based aviation fuel. For example, a partnership with Pittsburgh International Airport aims to produce alternative fuels and electricity from natural gas wells. The addressable market for the technology developed by CNX for producing pad-level CNG and LNG in the U.S. has the potential to displace all petroleum products imported from the Middle East. While this indicates a significant potential, a specific quantifiable market size in dollar terms is not available in the provided information.

Based on the available information, quantifiable addressable market sizes in dollar figures for CNX Resources' main products and services in their operating regions are not explicitly stated. Therefore, for precise market sizing in dollar terms, the answer is null.

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CNX Resources (symbol: CNX) anticipates several key drivers for future revenue growth over the next 2-3 years:

  1. Increased Natural Gas Production Volumes: The company expects growth from enhanced production efficiency and strong performance from new wells in its Utica and Marcellus operations within the Appalachian Basin. CNX has slightly increased its production volume guidance for 2025, driven by ongoing optimization of its drilling and completion activities.
  2. Emerging Demand from AI and Data Center Markets: CNX is actively exploring new opportunities in the artificial intelligence (AI) and data center sectors, which are anticipated to drive new demand for natural gas.
  3. 45Z Tax Credit Eligibility: The company is optimistic about receiving potential financial benefits from the 45Z tax credit, with eligibility commencing in 2025. This credit could contribute an additional $30 million annually to CNX's financial results, with the first opportunity to claim these credits expected in 2026.
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Share Repurchases

  • From the third quarter of 2020 through October 20, 2025, CNX Resources repurchased approximately 95.7 million shares for $1.8 billion at an average price of $18.86 per share, reducing total outstanding shares by approximately 43%.
  • In the third quarter of 2025, the company repurchased 6.1 million shares for $182 million at an average price of $30.12 per share.
  • In 2024, CNX repurchased 7.4 million shares of its common stock for $181 million at an average price of $24.56 per share.

Share Issuance

  • Since the fourth quarter of 2020 and through October 20, 2025, approximately 6.0 million shares were issued related to equity compensation.

Outbound Investments

  • On January 27, 2025, CNX completed the strategic acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC for a total cash consideration of $505 million to $517.6 million.

Capital Expenditures

  • CNX plans capital expenditures of $450 million-$500 million in 2025, with $300 million-$325 million specifically allocated to drilling and completions.
  • In 2024, the company spent approximately $540 million in capital expenditures.
  • The primary focus of capital investments is on high-return projects within their Appalachian asset base, including Utica CPA development, and potential coal mine methane (CMM) and hydrogen production projects, pending regulatory clarity.

Better Bets than CNX Resources (CNX)

Trade Ideas

Select ideas related to CNX. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy11212025WHDCactusDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
12.1%12.1%0.0%
OVV_10172025_Dip_Buyer_FCFYield10172025OVVOvintivDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
6.1%6.1%0.0%
COP_10102025_Dip_Buyer_FCFYield10102025COPConocoPhillipsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
7.5%7.5%-2.3%
HAL_10102025_Dip_Buyer_FCFYield10102025HALHalliburtonDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
29.1%29.1%-0.7%
OXY_10102025_Dip_Buyer_FCFYield10102025OXYOccidental PetroleumDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-3.9%-3.9%-7.1%
CNX_9302022_Dip_Buyer_FCFYield09302022CNXCNX ResourcesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
3.2%45.4%-6.2%

Recent Active Movers

More From Trefis

Peer Comparisons for CNX Resources

Peers to compare with:

Financials

CNXEQTRRCARCTRAGPORMedian
NameCNX Reso.EQT Range Re.Antero R.Coterra .Gulfport. 
Mkt Price37.2153.5034.8333.6225.52201.7536.02
Mkt Cap5.233.48.310.419.53.79.3
Rev LTM2,0247,8882,8784,8807,0811,2533,879
Op Inc LTM6932,9227817332,202438757
FCF LTM5752,4904971,1801,448307877
FCF 3Y Avg3641,5905409811,607225761
CFO LTM1,0014,7571,1321,5383,6777671,335
CFO 3Y Avg9353,6901,1501,1933,6637261,171

Growth & Margins

CNXEQTRRCARCTRAGPORMedian
NameCNX Reso.EQT Range Re.Antero R.Coterra .Gulfport. 
Rev Chg LTM43.3%64.8%24.7%19.7%25.1%38.2%31.6%
Rev Chg 3Y Avg-11.8%-2.8%-14.5%-13.0%-5.3%--11.8%
Rev Chg Q34.9%49.8%16.1%15.2%33.7%44.9%34.3%
QoQ Delta Rev Chg LTM6.1%8.3%3.3%3.2%6.9%8.4%6.5%
Op Mgn LTM34.2%37.0%27.2%15.0%31.1%35.0%32.7%
Op Mgn 3Y Avg27.9%20.2%25.1%12.2%34.2%27.8%26.4%
QoQ Delta Op Mgn LTM3.1%7.8%1.7%2.4%0.1%4.4%2.7%
CFO/Rev LTM49.5%60.3%39.3%31.5%51.9%61.2%50.7%
CFO/Rev 3Y Avg51.7%58.1%41.6%25.5%56.7%63.4%54.2%
FCF/Rev LTM28.4%31.6%17.3%24.2%20.4%24.5%24.3%
FCF/Rev 3Y Avg19.3%23.5%19.1%21.0%24.8%19.3%20.2%

Valuation

CNXEQTRRCARCTRAGPORMedian
NameCNX Reso.EQT Range Re.Antero R.Coterra .Gulfport. 
Mkt Cap5.233.48.310.419.53.79.3
P/S2.64.22.92.12.72.92.8
P/EBIT9.410.710.813.68.738.710.7
P/E17.718.814.417.611.8165.017.7
P/CFO5.27.07.36.75.34.86.0
Total Yield5.6%6.5%7.7%5.7%11.9%0.6%6.1%
Dividend Yield0.0%1.1%0.8%0.0%3.4%0.0%0.4%
FCF Yield 3Y Avg8.6%7.1%6.7%11.0%8.5%8.2%8.3%
D/E0.50.20.20.30.20.20.2
Net D/E0.50.20.20.30.20.20.2

Returns

CNXEQTRRCARCTRAGPORMedian
NameCNX Reso.EQT Range Re.Antero R.Coterra .Gulfport. 
1M Rtn0.7%-6.2%-8.3%0.2%-0.9%-1.4%-1.2%
3M Rtn26.3%7.4%-0.0%3.2%11.4%19.4%9.4%
6M Rtn8.8%-9.3%-15.4%-20.6%-2.8%-0.0%-6.1%
12M Rtn2.6%25.9%6.0%8.7%11.6%21.9%10.1%
3Y Rtn117.9%54.8%36.1%-0.9%13.3%173.7%45.4%
1M Excs Rtn-4.0%-10.3%-13.8%-4.3%-4.7%-6.0%-5.4%
3M Excs Rtn19.4%2.0%-5.6%-2.5%6.3%14.6%4.2%
6M Excs Rtn-6.1%-23.7%-29.4%-33.5%-16.0%-14.7%-19.9%
12M Excs Rtn-11.4%10.1%-10.3%-7.1%-5.9%3.5%-6.5%
3Y Excs Rtn46.9%-30.0%-42.7%-78.9%-63.8%100.8%-36.4%

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Shale1,2373,4042,0708461,199
Other139206126125183
Coalbed Methane131315194114164
Total1,5063,9252,3901,0851,546


Assets by Segment
$ Mil20242023202220212020
Shale6,6576,4526,0716,0696,527
Other1,0211,1059818771,312
Coalbed Methane9499591,0481,0961,222
Total8,6278,5168,1018,0429,061


Price Behavior

Price Behavior
Market Price$37.21 
Market Cap ($ Bil)5.2 
First Trading Date04/30/1999 
Distance from 52W High-9.2% 
   50 Days200 Days
DMA Price$36.09$32.40
DMA Trendupup
Distance from DMA3.1%14.8%
 3M1YR
Volatility31.1%34.0%
Downside Capture25.4329.42
Upside Capture135.9827.33
Correlation (SPY)23.6%24.2%
CNX Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta0.800.740.460.490.430.64
Up Beta0.740.781.201.070.450.53
Down Beta0.60-0.110.430.210.640.84
Up Capture236%179%102%52%13%40%
Bmk +ve Days12253873141426
Stock +ve Days10213670130406
Down Capture2%63%-41%26%40%78%
Bmk -ve Days7162452107323
Stock -ve Days9202652115335

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 Comparison of CNX With Other Asset Classes (Last 1Y)
 CNXSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return1.8%5.5%14.7%67.3%6.8%-0.5%-16.6%
Annualized Volatility34.0%24.6%19.7%19.3%15.2%17.6%35.4%
Sharpe Ratio0.100.170.572.540.23-0.18-0.25
Correlation With Other Assets 40.2%25.3%17.9%33.6%32.2%12.3%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 Comparison of CNX With Other Asset Classes (Last 5Y)
 CNXSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return28.3%22.0%15.0%18.9%11.8%5.1%35.8%
Annualized Volatility37.7%26.7%17.1%15.5%18.7%18.9%48.9%
Sharpe Ratio0.760.750.710.980.510.180.63
Correlation With Other Assets 56.7%32.1%15.0%39.2%30.2%15.2%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 Comparison of CNX With Other Asset Classes (Last 10Y)
 CNXSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return20.8%8.1%14.9%14.9%6.7%5.5%69.9%
Annualized Volatility52.0%29.8%18.0%14.8%17.6%20.8%55.8%
Sharpe Ratio0.570.320.710.840.300.230.90
Correlation With Other Assets 44.4%30.5%2.9%32.9%23.5%7.0%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity28,793,221
Short Interest: % Change Since 111520255.1%
Average Daily Volume1,579,427
Days-to-Cover Short Interest18.23
Basic Shares Quantity139,251,482
Short % of Basic Shares20.7%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/30/20252.5%7.1%23.8%
7/24/2025-2.7%-9.1%-13.5%
4/24/2025-5.0%-3.8%2.0%
1/30/2025-1.1%4.2%3.9%
10/24/20243.8%-2.1%13.4%
7/25/20240.5%6.3%8.5%
4/25/2024-1.1%-5.3%1.7%
1/25/20241.7%0.6%3.2%
...
SUMMARY STATS   
# Positive141114
# Negative101310
Median Positive2.1%7.1%6.3%
Median Negative-3.3%-5.3%-7.6%
Max Positive12.2%19.8%23.8%
Max Negative-10.1%-15.4%-20.3%

SEC Filings

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Report DateFiling DateFiling
93020251030202510-Q 9/30/2025
6302025724202510-Q 6/30/2025
3312025424202510-Q 3/31/2025
12312024211202510-K 12/31/2024
93020241024202410-Q 9/30/2024
6302024725202410-Q 6/30/2024
3312024425202410-Q 3/31/2024
12312023208202410-K 12/31/2023
93020231025202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023427202310-Q 3/31/2023
12312022209202310-K 12/31/2022
93020221027202210-Q 9/30/2022
6302022728202210-Q 6/30/2022
3312022428202210-Q 3/31/2022
12312021210202210-K 12/31/2021