Warrior Met Coal (HCC)
Market Price (9/23/2026): $92.5 | Market Cap: $4.9 BilSector: Materials | Industry: Steel
Warrior Met Coal (HCC)
Market Price (9/23/2026): $92.5Market Cap: $4.9 BilSector: MaterialsIndustry: Steel
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18% Megatrend and thematic driversMegatrends include Global Industrial Base Materials. Themes include Metallurgical Coal Production. | Key risksHCC key risks include [1] operational challenges with its significant Blue Creek expansion project and [2] labor relations. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Megatrend and thematic driversMegatrends include Global Industrial Base Materials. Themes include Metallurgical Coal Production. |
| Key risksHCC key risks include [1] operational challenges with its significant Blue Creek expansion project and [2] labor relations. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/15/2026
Warrior Met Coal (HCC) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Overvaluation concerns contributed to a downward pressure on the stock.
On September 15, 2026, Warrior Met Coal (HCC) was deemed "significantly overvalued," trading at a 33.4% premium to its estimated fair value of $68.66. The company's current price-to-earnings (P/E) ratio of 22.0x was considerably higher than its 5-year median P/E of 8.0x, suggesting that the stock was trading at elevated valuation levels compared to historical averages and implying a potential market correction.
2. Significant insider selling activity likely impacted investor sentiment.
Insiders at Warrior Met Coal sold $26.4 million worth of stock in the 12 months leading up to September 15, 2026. During fiscal Q2 2026, insiders collectively sold approximately $11.25 million in shares. Notably, CEO Walter J. Scheller's sale of $16.7 million worth of stock within the past 24 months signaled a lack of confidence or substantial profit-taking by key executives.
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Warrior Met Coal (HCC) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Overvaluation concerns contributed to a downward pressure on the stock.
On September 15, 2026, Warrior Met Coal (HCC) was deemed "significantly overvalued," trading at a 33.4% premium to its estimated fair value of $68.66. The company's current price-to-earnings (P/E) ratio of 22.0x was considerably higher than its 5-year median P/E of 8.0x, suggesting that the stock was trading at elevated valuation levels compared to historical averages and implying a potential market correction.
2. Significant insider selling activity likely impacted investor sentiment.
Insiders at Warrior Met Coal sold $26.4 million worth of stock in the 12 months leading up to September 15, 2026. During fiscal Q2 2026, insiders collectively sold approximately $11.25 million in shares. Notably, CEO Walter J. Scheller's sale of $16.7 million worth of stock within the past 24 months signaled a lack of confidence or substantial profit-taking by key executives.
Show more
Updated on 9/15/2026
Warrior Met Coal (HCC) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Overvaluation concerns contributed to a downward pressure on the stock.
On September 15, 2026, Warrior Met Coal (HCC) was deemed "significantly overvalued," trading at a 33.4% premium to its estimated fair value of $68.66. The company's current price-to-earnings (P/E) ratio of 22.0x was considerably higher than its 5-year median P/E of 8.0x, suggesting that the stock was trading at elevated valuation levels compared to historical averages and implying a potential market correction.
2. Significant insider selling activity likely impacted investor sentiment.
Insiders at Warrior Met Coal sold $26.4 million worth of stock in the 12 months leading up to September 15, 2026. During fiscal Q2 2026, insiders collectively sold approximately $11.25 million in shares. Notably, CEO Walter J. Scheller's sale of $16.7 million worth of stock within the past 24 months signaled a lack of confidence or substantial profit-taking by key executives.
3. A post-earnings rally was followed by a sharp stock price pullback.
Despite Warrior Met Coal reporting strong fiscal Q2 2026 results on August 5, 2026, with diluted earnings per share (EPS) of $1.65 (beating analyst estimates of $1.40 by $0.25) and revenue increasing 71.3% year-over-year to $509.7 million, the stock experienced a significant decline after an initial surge. Although the stock climbed approximately 13.6% from early August to early September, it subsequently decreased by 13.2% in the week prior to September 15, 2026, which contributed to the overall loss observed during the specified period.
Show less
Warrior Met Coal (HCC) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Overvaluation concerns contributed to a downward pressure on the stock.
On September 15, 2026, Warrior Met Coal (HCC) was deemed "significantly overvalued," trading at a 33.4% premium to its estimated fair value of $68.66. The company's current price-to-earnings (P/E) ratio of 22.0x was considerably higher than its 5-year median P/E of 8.0x, suggesting that the stock was trading at elevated valuation levels compared to historical averages and implying a potential market correction.
2. Significant insider selling activity likely impacted investor sentiment.
Insiders at Warrior Met Coal sold $26.4 million worth of stock in the 12 months leading up to September 15, 2026. During fiscal Q2 2026, insiders collectively sold approximately $11.25 million in shares. Notably, CEO Walter J. Scheller's sale of $16.7 million worth of stock within the past 24 months signaled a lack of confidence or substantial profit-taking by key executives.
3. A post-earnings rally was followed by a sharp stock price pullback.
Despite Warrior Met Coal reporting strong fiscal Q2 2026 results on August 5, 2026, with diluted earnings per share (EPS) of $1.65 (beating analyst estimates of $1.40 by $0.25) and revenue increasing 71.3% year-over-year to $509.7 million, the stock experienced a significant decline after an initial surge. Although the stock climbed approximately 13.6% from early August to early September, it subsequently decreased by 13.2% in the week prior to September 15, 2026, which contributed to the overall loss observed during the specified period.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -2.5% change in HCC stock from 5/31/2026 to 9/22/2026 was primarily driven by a -38.7% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 94.46 | 92.10 | -2.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,469 | 1,681 | 14.4% |
| Net Income Margin (%) | 9.4% | 13.0% | 39.4% |
| P/E Multiple | 36.2 | 22.2 | -38.7% |
| Shares Outstanding (Mil) | 53 | 53 | -0.2% |
| Cumulative Contribution | -2.5% |
Market Drivers
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| HCC | -2.5% | |
| Market (SPY) | 2.5% | 16.7% |
| Sector (XLB) | -0.8% | 31.5% |
Fundamental Drivers
The 10.8% change in HCC stock from 2/28/2026 to 9/22/2026 was primarily driven by a 199.9% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 83.09 | 92.10 | 10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,310 | 1,681 | 28.3% |
| Net Income Margin (%) | 4.4% | 13.0% | 199.9% |
| P/E Multiple | 76.7 | 22.2 | -71.1% |
| Shares Outstanding (Mil) | 53 | 53 | -0.5% |
| Cumulative Contribution | 10.8% |
Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| HCC | 10.8% | |
| Market (SPY) | 13.3% | 4.0% |
| Sector (XLB) | -4.6% | 20.8% |
Fundamental Drivers
The 51.2% change in HCC stock from 8/31/2025 to 9/22/2026 was primarily driven by a 295.5% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.91 | 92.10 | 51.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,223 | 1,681 | 37.5% |
| Net Income Margin (%) | 3.3% | 13.0% | 295.5% |
| P/E Multiple | 79.4 | 22.2 | -72.1% |
| Shares Outstanding (Mil) | 53 | 53 | -0.5% |
| Cumulative Contribution | 51.2% |
Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| HCC | 51.2% | |
| Market (SPY) | 21.2% | 9.6% |
| Sector (XLB) | 11.5% | 21.0% |
Fundamental Drivers
The 138.4% change in HCC stock from 8/31/2023 to 9/22/2026 was primarily driven by a 410.6% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.63 | 92.10 | 138.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,624 | 1,681 | 3.5% |
| Net Income Margin (%) | 28.5% | 13.0% | -54.2% |
| P/E Multiple | 4.3 | 22.2 | 410.6% |
| Shares Outstanding (Mil) | 52 | 53 | -1.6% |
| Cumulative Contribution | 138.4% |
Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| HCC | 138.4% | |
| Market (SPY) | 78.3% | 20.9% |
| Sector (XLB) | 29.2% | 30.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HCC Return | 22% | 41% | 82% | -10% | 63% | 1% | 363% |
| Peers Return | 339% | 87% | 38% | -22% | 23% | -9% | 889% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| HCC Win Rate | 58% | 58% | 58% | 58% | 67% | 44% | |
| Peers Win Rate | 62% | 48% | 54% | 35% | 50% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| HCC Max Drawdown | -38% | -36% | -23% | -29% | -29% | -30% | |
| Peers Max Drawdown | -34% | -31% | -39% | -45% | -53% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMR, BTU, 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 9/22/2026 (YTD)
How Low Can It Go
| Event | HCC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.4% | -18.8% |
| % Gain to Breakeven | 22.5% | 23.1% |
| Time to Breakeven | 20 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.7% | -7.8% |
| % Gain to Breakeven | 17.2% | 8.5% |
| Time to Breakeven | 83 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.7% | -6.7% |
| % Gain to Breakeven | 14.5% | 7.1% |
| Time to Breakeven | 20 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.4% | -33.7% |
| % Gain to Breakeven | 101.6% | 50.9% |
| Time to Breakeven | 174 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.2% | -19.2% |
| % Gain to Breakeven | 30.2% | 23.8% |
| Time to Breakeven | 65 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.7% | -3.7% |
| % Gain to Breakeven | 15.9% | 3.9% |
| Time to Breakeven | 20 days | 6 days |
In The Past
Warrior Met Coal's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | HCC | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -50.4% | -33.7% |
| % Gain to Breakeven | 101.6% | 50.9% |
| Time to Breakeven | 174 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.2% | -19.2% |
| % Gain to Breakeven | 30.2% | 23.8% |
| Time to Breakeven | 65 days | 105 days |
In The Past
Warrior Met Coal's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% 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 Warrior Met Coal (HCC)
Warrior Met Coal, Inc. (HCC) is a U.S.-based company specializing in the production and export of non-thermal metallurgical coal. Operating two underground mines located in Alabama, the company primarily extracts this specific type of coal, which is essential for the steel manufacturing process.
The metallurgical coal produced by Warrior Met Coal is sold to blast furnace steel producers, with its primary customer base situated in international markets such as Europe, South America, and Asia. Beyond its core coal operations, the company also generates revenue from selling natural gas, which is a byproduct of its coal extraction activities.
AI Analysis | Feedback
Here are 1-3 brief analogies for Warrior Met Coal (HCC):
- Warrior Met Coal is like BHP Group or Rio Tinto, but exclusively mines the metallurgical (coking) coal essential for steel production globally.
- Warrior Met Coal is like Peabody Energy, but focuses entirely on digging up the high-grade metallurgical coal used in steel mills, not the thermal coal for power plants.
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- Non-thermal Metallurgical Coal: This is the primary product, used by blast furnace steel producers for steel manufacturing.
- Natural Gas: A byproduct extracted during the coal production process, which the company also sells.
AI Analysis | Feedback
Warrior Met Coal (HCC) sells its metallurgical coal to a diversified customer base of blast furnace steel producers. The company does not disclose specific customer names, as no single customer accounts for 10% or more of its total consolidated revenues.
Its customers can be categorized as:
- Blast furnace steel producers in Europe
- Blast furnace steel producers in South America
- Blast furnace steel producers in Asia
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- CSX Transportation, Inc. (CSX)
- McDuffie Coal Terminal
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Walter J. Scheller III, Chief Executive Officer and Director
Mr. Scheller was appointed Chief Executive Officer of Warrior Met Coal in March 2016. Prior to this, he served as CEO of Walter Energy, Inc. from September 2011 to March 2016, during which certain mining assets of Walter Energy were acquired by Warrior Met Coal, LLC, the company's predecessor. He also held the role of President and Chief Operating Officer of Jim Walter Resources, Inc., a primary subsidiary of Walter Energy, from June 2010 to September 2011. His career spans over 40 years, including senior management and operational positions at Peabody Energy Corporation (Senior Vice President – Strategic Operations), CNX Gas Corporation (Vice President), and CONSOL Energy Inc. (various executive and operational roles, including Vice President – Operations).
Dale W. Boyles, Chief Financial Officer
Mr. Boyles has served as Chief Financial Officer of Warrior Met Coal since January 2017. From November to December 2016, he provided consulting services to Warrior Met Coal, LLC. Previously, he was the Chief Financial Officer of Noranda Aluminum Holding Corporation from November 2013 to November 2016, where he oversaw its voluntary reorganization under Chapter 11 of the Bankruptcy Code in 2016. From 2006 to June 2012, Mr. Boyles held several positions at Hanesbrands, Inc., including Operating Chief Financial Officer, Interim Chief Financial Officer, and Vice President, Controller, and Chief Accounting Officer. He also has experience as an Audit Partner at KPMG LLP and as Corporate Division Controller for Collins & Aikman Corporation.
Jack K. Richardson, Chief Operating Officer
Mr. Richardson serves as the Chief Operating Officer of Warrior Met Coal.
Kelli K. Gant, Chief Administrative Officer and Corporate Secretary
Ms. Gant holds the titles of Chief Administrative Officer and Corporate Secretary for Warrior Met Coal.
Charles Lussier, Chief Commercial Officer
Mr. Lussier is the Chief Commercial Officer at Warrior Met Coal.
AI Analysis | Feedback
The key risks to Warrior Met Coal's business are:
-
Dependence on the Steelmaking Coal Market and Price Volatility
Warrior Met Coal is a pure-play producer of metallurgical coal, making its revenue and profitability highly susceptible to fluctuations in global steel demand and met coal prices. Downturns in the steel industry, changes in global economic conditions, or oversupply in the market could adversely impact demand and pricing for its product. -
Structural Decarbonization and Environmental/Regulatory Risks
The long-term global push towards decarbonization and increasingly stringent environmental regulations on fossil fuels pose a fundamental threat to the coal industry, including metallurgical coal. This could lead to reduced demand for coal in steelmaking over time, increased compliance costs, and potential disruptions to operations. -
Trade and Geopolitical Risks
As a company that exports its metallurgical coal primarily to Europe, South America, and Asia, Warrior Met Coal is exposed to global trade policies, tariffs, and geopolitical instabilities. For instance, trade tensions, such as those between the US and China, can significantly impact the competitiveness and volume of its exports. Fluctuations in currency exchange rates also affect the cost-effectiveness of its products for international buyers.
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The clear emerging threat for Warrior Met Coal is the global steel industry's accelerating transition towards "green steel" production methods, particularly hydrogen-based direct reduction of iron (H-DRI). This technology aims to produce steel without using coking coal in the ironmaking process, fundamentally disrupting the primary demand driver for metallurgical coal. Significant investments and pilot projects are underway globally to scale these technologies, posing a long-term existential threat to companies reliant on traditional blast furnace steel production.
AI Analysis | Feedback
Warrior Met Coal, Inc. (HCC) primarily produces and exports non-thermal metallurgical coal for the steel industry. The company sells its metallurgical coal to customers mainly located in Europe, South America, and Asia. It also sells natural gas, which is extracted as a byproduct from coal production.
Addressable Market Sizes for Metallurgical Coal:
The global metallurgical coal market is a significant addressable market for Warrior Met Coal. In 2025, the global metallurgical coal market size was valued at approximately between USD 81 billion and USD 126.35 billion, with projections indicating growth to USD 166.34 billion by 2034 at a CAGR of 3.06% during 2026-2034. As of 2024, global metallurgical coal production stands at approximately 1.2 billion metric tons annually, with consumption closely matching this figure. Global consumption of metallurgical coal is projected to reach approximately 1,114 million tonnes in 2025.
- Asia (Asia-Pacific): The Asia-Pacific region represents the largest addressable market for metallurgical coal. The market in this region was valued at an estimated USD 41.70 billion in 2025. Asia-Pacific is estimated to contribute 60.3% to the growth of the global market. The region consumes over 700 million metric tons of metallurgical coal annually. China, a major consumer within Asia-Pacific, consumed over 676 million tonnes of coking coal in 2023.
- Europe: The European metallurgical coal market is a key addressable region, with a valuation of approximately USD 24.06 billion in 2025. Europe has a stable annual metallurgical coal consumption of around 55 million metric tons, importing more than 30 million metric tons each year to meet its steel industry demands. In 2023, coke ovens in 13 EU countries consumed 37 million tonnes of coking coal.
- South America (Latin America): The Latin America metallurgical coal market was valued at an estimated USD 13.70 billion in 2025.
Addressable Market Size for Natural Gas (byproduct):
The provided information does not readily quantify a specific addressable market size for natural gas extracted as a byproduct from Warrior Met Coal's operations. The market data predominantly focuses on metallurgical coal for steel production, and the natural gas byproduct is mentioned as a secondary product without specific market sizing details in the context of Warrior Met Coal's overall business.
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Here are the expected drivers of future revenue growth for Warrior Met Coal (HCC) over the next 2-3 years:
- Ramp-up and Full Production of the Blue Creek Mine: The commissioning of the Blue Creek mine's longwall operations, which began ahead of schedule in October 2025, is expected to be completed in early 2026. This transformational mine is anticipated to increase Warrior Met Coal's total production capacity by approximately 75%, contributing significantly to sales volumes. The company expects 2026 sales volumes to increase by more than 30% and production volumes by more than 20% compared to 2025, largely due to Blue Creek's full-year contribution.
- Increased Sales and Production Volumes: Driven by the Blue Creek mine and continued strong performance from existing operations, Warrior Met Coal has already achieved record sales and production volumes. Total sales volume for 2025 reached 9.6 million short tons, a 21% increase over the prior year, while production volume hit a record 10.2 million short tons, up 24% from 2024. The company forecasts total sales and production volumes to be "significantly higher" in 2026, aiming for 12.5-13.5 million short tons in sales and 12.0-13.0 million short tons in production.
- Favorable Metallurgical Coal Market Conditions and Pricing: Although global steelmaking coal markets have faced challenges, Warrior Met Coal's expanded capacity and lower cost structure position it to capitalize on any market improvements. While the company anticipates markets to remain consistent with 2025 levels, any strengthening in metallurgical coal prices would directly enhance revenue due to the company's increased sales volumes.
- Enhanced Cost Efficiency from Blue Creek: The Blue Creek mine is expected to contribute to a structurally lower cost base for Warrior Met Coal, improving its global cost curve positioning and generating incremental profit and cash flows. This improved cost efficiency allows the company to maintain strong margins even in volatile markets and ensures profitability as volumes increase, indirectly driving revenue growth by strengthening the company's competitive position.
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Share Repurchases
- Warrior Met Coal reported significant share repurchases, with the largest being $919.66 million as of March 31, 2023.
- The company executed quarterly buybacks of $12.00 million on March 31, 2024, and $9.38 million on March 31, 2025.
- As of December 31, 2025, quarterly stock buybacks amounted to $48.77 million.
Outbound Investments
- Warrior Met Coal secured 58 million short tons of high-quality steelmaking coal reserves through a federal coal lease sale, expanding its reserve base and extending the life of its core mining operations.
Capital Expenditures
- In 2024, capital expenditures and mine development for the Blue Creek growth project amounted to $488.3 million.
- For 2025, the company projected sustaining capital expenditures of approximately $90-$100 million and discretionary capital spending of $225-$250 million for Blue Creek development.
- Total Blue Creek project capital expenditures are estimated to be between $995 million and $1.075 billion, with the majority of the remaining investment expected by the end of the first quarter of 2026.
Peer Outperformance in Steel
HCC has outperformed 100% of its 12 Steel peers over 5Y. Steel ranks 4th of 15 industries in Materials by median 5Y return.
Share of Steel constituents that HCC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
73%
of 15 industry peers · 49.5% return
3Y
77%
of 13 industry peers · 106.2% return
5Y
100%
of 12 industry peers · 359.5% return
No Steel peer with a comparable growth profile has beaten HCC by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Steel is HCC's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 84.0% | 109.5% | 344.8% | COPR 937% · TGB 426% · HBM 377% |
| Silver | 6 | 86.1% | 352.8% | 183.7% | AYA 363% · HL 259% · SVM 221% |
| Gold | 38 | 23.6% | 214.8% | 172.2% | AUGO 1099% · IAG 854% · AU 660% |
| Steel ← | 13 | 16.3% | 40.3% | 166.2% | HCC 360% · NWPX 341% · STLD 326% |
| Aluminum | 4 | 55.0% | 97.7% | 47.4% | CENX 180% · KALU 66% · CSTM 29% |
| Construction Materials | 9 | -19.3% | 20.5% | 44.6% | USLM 373% · CRH 86% · TGLS 77% |
| Diversified Metals & Mining | 24 | -17.1% | -11.7% | 24.1% | ATLX 218471% · USAR 56913% · TII 769% |
| Paper & Plastic Packaging Products & Materials | 7 | 11.3% | 12.6% | -6.1% | PKG 93% · CCK 9% · SON 1% |
| Metal, Glass & Plastic Containers | 12 | -4.0% | 16.2% | -12.2% | KRT 205% · MYE 83% · GEF 56% |
| Specialty Chemicals | 42 | 9.4% | 3.3% | -13.3% | ODC 486% · NEU 193% · CMT 103% |
| Precious Metals & Minerals | 8 | 32.7% | 185.1% | -23.0% | ASM 665% · PPTA 379% · MTA 49% |
| Diversified Chemicals | 4 | -1.7% | -27.3% | -26.1% | CBT 76% · ASH -17% · CC -35% |
| Commodity Chemicals | 12 | 16.1% | -14.1% | -27.5% | HWKN 277% · KOP 55% · MEOH 40% |
| Fertilizers & Agricultural Chemicals | 10 | -10.7% | -3.2% | -38.0% | CF 150% · CTVA 100% · NTR 39% |
| Paper Products | 4 | -20.8% | -49.4% | -67.4% | SLVM 67% · CLW -39% · ITP -96% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 26.79 |
| Mkt Cap | 2.4 |
| Rev LTM | 1,898 |
| Op Inc LTM | -45 |
| FCF LTM | -1 |
| FCF 3Y Avg | 13 |
| CFO LTM | 138 |
| CFO 3Y Avg | 367 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.7% |
| Rev Chg 3Y Avg | -2.5% |
| Rev Chg Q | 9.5% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | -101.5% |
| Op Inc Chg 3Y Avg | -83.7% |
| Op Mgn LTM | -2.2% |
| Op Mgn 3Y Avg | 4.5% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 5.9% |
| CFO/Rev 3Y Avg | 10.2% |
| FCF/Rev LTM | -0.1% |
| FCF/Rev 3Y Avg | 0.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.4 |
| P/S | 1.2 |
| P/Op Inc | -8.6 |
| P/EBIT | -16.5 |
| P/E | -15.4 |
| P/CFO | 14.9 |
| Total Yield | -1.9% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 2.1% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Price Behavior
Price Behavior
| Market Price | $92.10 | |
| Market Cap ($ Bil) | 4.9 | |
| First Trading Date | 04/13/2017 | |
| Distance from 52W High | -16.4% | |
| 50 Days | 200 Days | |
| DMA Price | $93.18 | $89.95 |
| DMA Trend | up | up |
| Distance from DMA | -1.2% | 2.4% |
| 3M | 1YR | |
| Volatility | 41.7% | 51.9% |
| Downside Capture | 14.55 | 27.14 |
| Upside Capture | 44.08 | 68.77 |
| Correlation (SPY) | 16.3% | 10.6% |
HCC Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.29 | 0.65 | 0.78 | 0.19 | 0.46 | 0.68 |
| Up Beta | -0.27 | 0.54 | -1.10 | -0.77 | -0.24 | 0.49 |
| Down Beta | 7.68 | 3.65 | 2.04 | 1.73 | 1.20 | 0.90 |
| Up Capture | 222% | 122% | 128% | 29% | 68% | 60% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 26 | 34 | 66 | 136 | 388 |
| Down Capture | -522% | -196% | 67% | -34% | 16% | 80% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 16 | 30 | 61 | 115 | 361 |
[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 HCC | |
|---|---|---|---|---|
| HCC | 47.2% | 51.9% | 0.91 | - |
| Sector ETF (XLB) | 13.3% | 17.9% | 0.54 | 21.5% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | 10.4% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | 16.2% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | 21.2% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | -7.6% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | 9.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HCC | |
|---|---|---|---|---|
| HCC | 33.2% | 48.8% | 0.75 | - |
| Sector ETF (XLB) | 6.1% | 19.1% | 0.21 | 34.0% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 23.3% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 15.8% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 28.0% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 17.6% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 13.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HCC | |
|---|---|---|---|---|
| HCC | 30.2% | 52.2% | 0.74 | - |
| Sector ETF (XLB) | 9.9% | 20.7% | 0.42 | 40.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 31.7% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 10.5% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 30.3% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 22.8% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 12.9% |
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Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 6.3% | 14.8% | 22.6% |
| 4/30/2026 | -4.0% | -2.1% | 18.4% |
| 2/12/2026 | 0.2% | -1.3% | -1.5% |
| 11/5/2025 | 23.1% | 27.4% | 19.8% |
| 8/6/2025 | 8.8% | 16.6% | 10.8% |
| 4/30/2025 | -5.0% | -4.0% | -4.8% |
| 2/13/2025 | -8.4% | -14.6% | -10.5% |
| 10/30/2024 | 2.2% | 19.8% | 14.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 8 | 15 |
| # Negative | 14 | 16 | 9 |
| Median Positive | 3.4% | 15.7% | 14.0% |
| Median Negative | -5.0% | -6.0% | -10.5% |
| Max Positive | 23.1% | 27.4% | 34.5% |
| Max Negative | -22.6% | -20.6% | -36.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 6.3% | 14.8% | 22.6% |
| 4/30/2026 | -4.0% | -2.1% | 18.4% |
| 2/12/2026 | 0.2% | -1.3% | -1.5% |
| 11/5/2025 | 23.1% | 27.4% | 19.8% |
| 8/6/2025 | 8.8% | 16.6% | 10.8% |
| 4/30/2025 | -5.0% | -4.0% | -4.8% |
| 2/13/2025 | -8.4% | -14.6% | -10.5% |
| 10/30/2024 | 2.2% | 19.8% | 14.0% |
| 8/1/2024 | -4.3% | -6.1% | -5.4% |
| 5/1/2024 | -3.5% | -4.4% | 0.9% |
| 2/14/2024 | -3.3% | -5.1% | -10.6% |
| 11/1/2023 | -1.9% | -8.1% | 17.6% |
| 8/2/2023 | -11.7% | -6.5% | -8.5% |
| 5/3/2023 | 6.5% | 17.1% | 4.5% |
| 2/15/2023 | -1.0% | -6.2% | -15.9% |
| 11/2/2022 | 3.6% | -2.8% | 6.9% |
| 8/3/2022 | -9.6% | -1.3% | 4.1% |
| 5/5/2022 | -5.2% | -6.0% | 10.2% |
| 2/22/2022 | 0.1% | 6.6% | 23.5% |
| 11/2/2021 | -5.5% | -12.0% | -11.8% |
| 8/4/2021 | 3.3% | 2.5% | 34.5% |
| 5/5/2021 | -5.0% | -7.2% | 11.6% |
| 2/24/2021 | -22.6% | -20.6% | -36.6% |
| 10/28/2020 | 0.8% | 9.6% | 29.9% |
| SUMMARY STATS | |||
| # Positive | 10 | 8 | 15 |
| # Negative | 14 | 16 | 9 |
| Median Positive | 3.4% | 15.7% | 14.0% |
| Median Negative | -5.0% | -6.0% | -10.5% |
| Max Positive | 23.1% | 27.4% | 34.5% |
| Max Negative | -22.6% | -20.6% | -36.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Coal production | Reported | 12.50 Mil | 13.00 Mil | 13.50 Mil | 4.0% | Raised | Guidance: 12.50 Mil for 2026 | |
| 2026 Depreciation and depletion | Reported | 225.00 Mil | 237.50 Mil | 250.00 Mil | 0 | Affirmed | Guidance: 237.50 Mil for 2026 | |
| 2026 Coal sales | Reported | 13.00 Mil | 13.50 Mil | 14.00 Mil | 3.8% | Raised | Guidance: 13.00 Mil for 2026 | |
| 2026 Cash cost of sales (free-on-board port) | Reported | 95 | 100 | 105 | -2.4% | Lowered | Guidance: 102 for 2026 | |
| 2026 Selling, general and administrative expenses | Reported | 75.00 Mil | 80.00 Mil | 85.00 Mil | 0 | Affirmed | Guidance: 80.00 Mil for 2026 | |
| 2026 Interest expense | Reported | 20.00 Mil | 22.50 Mil | 25.00 Mil | 0 | Affirmed | Guidance: 22.50 Mil for 2026 | |
| 2026 Interest income | Reported | 3.00 Mil | 5.50 Mil | 8.00 Mil | 0 | Affirmed | Guidance: 5.50 Mil for 2026 | |
| 2026 Capital expenditures for sustaining existing mines | Reported | 105.00 Mil | 110.00 Mil | 115.00 Mil | 0 | Affirmed | Guidance: 110.00 Mil for 2026 | |
| 2026 Capital expenditures for Blue Creek project | Reported | 50.00 Mil | 62.50 Mil | 75.00 Mil | 0 | Affirmed | Guidance: 62.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Coal production | Reported | 12.00 Mil | 12.50 Mil | 13.00 Mil | 0 | Affirmed | Guidance: 12.50 Mil for 2026 | |
| 2026 Depreciation and depletion | Reported | 225.00 Mil | 237.50 Mil | 250.00 Mil | 0 | Affirmed | Guidance: 237.50 Mil for 2026 | |
| 2026 Coal sales | Reported | 12.50 Mil | 13.00 Mil | 13.50 Mil | 0 | Affirmed | Guidance: 13.00 Mil for 2026 | |
| 2026 Cash cost of sales (free-on-board port) | Reported | 95 | 102 | 110 | 0 | Affirmed | Guidance: 102 for 2026 | |
| 2026 Selling, general and administrative expenses | Reported | 75.00 Mil | 80.00 Mil | 85.00 Mil | 0 | Affirmed | Guidance: 80.00 Mil for 2026 | |
| 2026 Interest expense | Reported | 20.00 Mil | 22.50 Mil | 25.00 Mil | 0 | Affirmed | Guidance: 22.50 Mil for 2026 | |
| 2026 Interest income | Reported | 3.00 Mil | 5.50 Mil | 8.00 Mil | 0 | Affirmed | Guidance: 5.50 Mil for 2026 | |
| 2026 Capital expenditures for sustaining existing mines | Reported | 105.00 Mil | 110.00 Mil | 115.00 Mil | 0 | Affirmed | Guidance: 110.00 Mil for 2026 | |
| 2026 Capital expenditures for Blue Creek project | Reported | 50.00 Mil | 62.50 Mil | 75.00 Mil | 0 | Affirmed | Guidance: 62.50 Mil for 2026 | |
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Coal production | Reported | 12.00 Mil | 12.50 Mil | 13.00 Mil | 30.2% | Higher New | Guidance: 9.60 Mil for 2025 | |
| 2026 Depreciation and depletion | Reported | 225.00 Mil | 237.50 Mil | 250.00 Mil | 20.3% | Higher New | Guidance: 197.50 Mil for 2025 | |
| 2026 Coal sales | Reported | 12.50 Mil | 13.00 Mil | 13.50 Mil | 38.3% | Higher New | Guidance: 9.40 Mil for 2025 | |
| 2026 Cash cost of sales (free-on-board port) | Reported | 95 | 102 | 110 | -4.7% | Lower New | Guidance: 108 for 2025 | |
| 2026 Selling, general and administrative expenses | Reported | 75.00 Mil | 80.00 Mil | 85.00 Mil | 14.3% | Higher New | Guidance: 70.00 Mil for 2025 | |
| 2026 Interest expense | Reported | 20.00 Mil | 22.50 Mil | 25.00 Mil | 80.0% | Higher New | Guidance: 12.50 Mil for 2025 | |
| 2026 Interest income | Reported | 3.00 Mil | 5.50 Mil | 8.00 Mil | -68.6% | Lower New | Guidance: 17.50 Mil for 2025 | |
| 2026 Capital expenditures for sustaining existing mines | Reported | 105.00 Mil | 110.00 Mil | 115.00 Mil | 15.8% | Higher New | Guidance: 95.00 Mil for 2025 | |
| 2026 Capital expenditures for Blue Creek project | Reported | 50.00 Mil | 62.50 Mil | 75.00 Mil | -73.7% | Lower New | Guidance: 237.50 Mil for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Coal production | Reported | 9.40 Mil | 9.60 Mil | 9.80 Mil | 10.3% | Raised | Guidance: 8.70 Mil for 2025 | |
| 2025 Mine development costs for Blue Creek project | Reported | 85.00 Mil | 92.50 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 92.50 Mil for 2025 | |
| 2025 Depreciation and depletion | Reported | 185.00 Mil | 197.50 Mil | 210.00 Mil | 0 | Affirmed | Guidance: 197.50 Mil for 2025 | |
| 2025 Coal sales | Reported | 9.20 Mil | 9.40 Mil | 9.60 Mil | 2.7% | Raised | Guidance: 9.15 Mil for 2025 | |
| 2025 Cash cost of sales (free-on-board port) | Reported | 105 | 108 | 110 | -6.5% | Lowered | Guidance: 115 for 2025 | |
| 2025 Selling, general and administrative expenses | Reported | 65.00 Mil | 70.00 Mil | 75.00 Mil | 0 | Affirmed | Guidance: 70.00 Mil for 2025 | |
| 2025 Interest expense | Reported | 10.00 Mil | 12.50 Mil | 15.00 Mil | 0 | Affirmed | Guidance: 12.50 Mil for 2025 | |
| 2025 Interest income | Reported | 15.00 Mil | 17.50 Mil | 20.00 Mil | 0 | Affirmed | Guidance: 17.50 Mil for 2025 | |
| 2025 Capital expenditures for sustaining existing mines | Reported | 90.00 Mil | 95.00 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 95.00 Mil for 2025 | |
| 2025 Capital expenditures for Blue Creek project | Reported | 225.00 Mil | 237.50 Mil | 250.00 Mil | 0 | Affirmed | Guidance: 237.50 Mil for 2025 | |
Insider Activity
Updated 8/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Scheller, Walter J | CHIEF EXECUTIVE OFFICER | Direct | Sell | 8262026 | 110.00 | 50,000 | 5,500,000 | 29,457,230 | Form |
| 2 | Chopin, Brian M | CHIEF ACCOUNTING OFFICER | Direct | Sell | 8212026 | 104.02 | 3,232 | 336,193 | 2,195,862 | Form |
| 3 | Scheller, Walter J | CHIEF EXECUTIVE OFFICER | Direct | Sell | 8212026 | 105.00 | 50,000 | 5,250,000 | 33,368,265 | Form |
| 4 | Williams, Stephen D | Direct | Sell | 8212026 | 104.23 | 4,800 | 500,304 | 3,158,482 | Form | |
| 5 | Gant, Kelli K | See remarks | Direct | Sell | 6042026 | 110.00 | 20,000 | 2,200,000 | 7,455,250 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Scheller, Walter J | CHIEF EXECUTIVE OFFICER | Direct | Sell | 8262026 | 110.00 | 50,000 | 5,500,000 | 29,457,230 | Form |
| 2 | Chopin, Brian M | CHIEF ACCOUNTING OFFICER | Direct | Sell | 8212026 | 104.02 | 3,232 | 336,193 | 2,195,862 | Form |
| 3 | Scheller, Walter J | CHIEF EXECUTIVE OFFICER | Direct | Sell | 8212026 | 105.00 | 50,000 | 5,250,000 | 33,368,265 | Form |
| 4 | Williams, Stephen D | Direct | Sell | 8212026 | 104.23 | 4,800 | 500,304 | 3,158,482 | Form | |
| 5 | Gant, Kelli K | See remarks | Direct | Sell | 6042026 | 110.00 | 20,000 | 2,200,000 | 7,455,250 | Form |
| 6 | Scheller, Walter J | CHIEF EXECUTIVE OFFICER | Direct | Sell | 1132026 | 100.31 | 100,000 | 10,031,000 | 29,509,497 | Form |
| 7 | Gant, Kelli K | See remarks | Direct | Sell | 1132026 | 100.00 | 10,000 | 1,000,000 | 7,058,000 | Form |
| 8 | Chopin, Brian M | CHIEF ACCOUNTING OFFICER | Direct | Sell | 11142025 | 80.54 | 1,498 | 120,649 | 1,596,625 | Form |
| 9 | Chopin, Brian M | CHIEF ACCOUNTING OFFICER | Direct | Sell | 11142025 | 84.75 | 585 | 49,579 | 1,807,040 | Form |
| 10 | Scheller, Walter J | CHIEF EXECUTIVE OFFICER | Direct | Sell | 11072025 | 75.00 | 18,966 | 1,422,450 | 29,563,725 | Form |
Investor Activity (13F)
Updated Sep 23, 202613F 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 Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Dalal Street, LLC | $168.7 Mil | 39.9% | 3 | Hold | 13F |
| Ashoka WhiteOak Capital Pte Ltd | $12.4 Mil | 4.7% | 18 | ADD +207.2% | 13F |
| Summit Street Capital Management, LLC | $32.8 Mil | 4.6% | 31 | Hold | 13F |
| Mudita Advisors LLP | $16.2 Mil | 3.3% | 28 | TRIM -67.5% | 13F |
| Goehring & Rozencwajg Associates, LLC | $55.7 Mil | 3.0% | 43 | New | 13F |
| Hi-Line Capital Management, LLC | $7.4 Mil | 2.3% | 32 | Hold | 13F |
| High Ground Investment Management LLP | $10.9 Mil | 2.0% | 5 | TRIM -26.1% | 13F |
| Forest Avenue Capital Management LP | $26.6 Mil | 1.7% | 25 | TRIM -29.9% | 13F |
| Maple Rock Capital Partners Inc. | $13.3 Mil | 0.4% | 44 | TRIM -91.3% | 13F |
| Progeny 3, Inc. | $5.1 Mil | 0.3% | 32 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Encompass Capital Advisors LLC | $33.1 Mil | 1.6% | 48 | Exited | Dec 31, 2025 | 13F |
| Maple Rock Capital Partners Inc. | $13.3 Mil | 0.4% | 44 | TRIM -91.3% | Mar 31, 2026 | 13F |
| Mudita Advisors LLP | $16.2 Mil | 3.3% | 28 | TRIM -67.5% | Mar 31, 2026 | 13F |
| Forest Avenue Capital Management LP | $26.6 Mil | 1.7% | 25 | TRIM -29.9% | Mar 31, 2026 | 13F |
| High Ground Investment Management LLP | $10.9 Mil | 2.0% | 5 | TRIM -26.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Dalal Street, LLC | $168.7 Mil | 39.9% | 3 | Hold | 13F |
| Goehring & Rozencwajg Associates, LLC | $55.7 Mil | 3.0% | 43 | New | 13F |
| Summit Street Capital Management, LLC | $32.8 Mil | 4.6% | 31 | Hold | 13F |
| Forest Avenue Capital Management LP | $26.6 Mil | 1.7% | 25 | TRIM -29.9% | 13F |
| Mudita Advisors LLP | $16.2 Mil | 3.3% | 28 | TRIM -67.5% | 13F |
| Maple Rock Capital Partners Inc. | $13.3 Mil | 0.4% | 44 | TRIM -91.3% | 13F |
| Ashoka WhiteOak Capital Pte Ltd | $12.4 Mil | 4.7% | 18 | ADD +207.2% | 13F |
| High Ground Investment Management LLP | $10.9 Mil | 2.0% | 5 | TRIM -26.1% | 13F |
| Hi-Line Capital Management, LLC | $7.4 Mil | 2.3% | 32 | Hold | 13F |
| Progeny 3, Inc. | $5.1 Mil | 0.3% | 32 | Hold | 13F |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Steel Resources |
| SteelOrbis |
| World Steel Association |
| Kallanish Commodities |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/22/2026