NACCO Industries (NC)
Market Price (10/31/2026): $0 | Market Cap: $-Sector: Energy | Industry: Coal & Consumable Fuels
NACCO Industries (NC)
Market Price (10/31/2026): $0Market Cap: $-Sector: EnergyIndustry: Coal & Consumable Fuels
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.3% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and US Energy Independence. Themes include Solar Energy Generation, Wind Energy Development, Show more. | Weak multi-year price returns3Y Excs Rtn is -75% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.5% Key risksNC key risks include [1] the long-term decline of its core lignite coal business due to the global transition to cleaner energy, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and US Energy Independence. Themes include Solar Energy Generation, Wind Energy Development, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -75% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.5% |
| Key risksNC key risks include [1] the long-term decline of its core lignite coal business due to the global transition to cleaner energy, Show more. |
Qualitative Assessment
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NACCO Industries (NC) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. NACCO Industries reported a net loss for fiscal Q2 2026, significantly impacted by non-recurring charges and a moderated outlook for key segments.
The company announced a net loss of $1.0 million, or $0.13 per diluted share, for the three months ended June 30, 2026, compared to a net income of $3.3 million, or $0.44 per diluted share, in the prior-year fiscal Q2 2025. This loss was primarily driven by $12.0 million in solar-related asset impairment charges at Rugby Resources. Following this announcement on August 5, 2026, the stock experienced a decline of 9.36% on August 6, 2026. Management also indicated an expectation for operating performance to moderate in the second half of fiscal year 2026, with anticipated declines in operating profit and EBITDA from the Minerals and Royalties segment due to projected production declines and moderated domestic development activity. An updated investor presentation on August 31, 2026, removed solar development from return expectations and deferred mitigation credit sales due to permitting delays, further dampening the outlook.
2. Negative analyst sentiment and a "Sell" consensus rating likely contributed to investor apprehension.
As of October 13, 2026, NACCO Industries held a consensus rating of "Sell" from analysts, with only one research report covering the company in the preceding 90 days and an average rating score of 1.00. Furthermore, as of October 14, 2026, StockInvest.us rated the stock as a "Sell Candidate" with a technical score of -4.17, citing sell signals from both short and long-term Moving Averages and forecasting a potential further decline of 27.39% over the next three months. Ticker Nerd's model, as of October 10, 2026, ranked NACCO Industries 49 out of 100 among U.S. stocks, noting that analysts have generally been cutting their forecasts for the company.
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NACCO Industries (NC) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. NACCO Industries reported a net loss for fiscal Q2 2026, significantly impacted by non-recurring charges and a moderated outlook for key segments.
The company announced a net loss of $1.0 million, or $0.13 per diluted share, for the three months ended June 30, 2026, compared to a net income of $3.3 million, or $0.44 per diluted share, in the prior-year fiscal Q2 2025. This loss was primarily driven by $12.0 million in solar-related asset impairment charges at Rugby Resources. Following this announcement on August 5, 2026, the stock experienced a decline of 9.36% on August 6, 2026. Management also indicated an expectation for operating performance to moderate in the second half of fiscal year 2026, with anticipated declines in operating profit and EBITDA from the Minerals and Royalties segment due to projected production declines and moderated domestic development activity. An updated investor presentation on August 31, 2026, removed solar development from return expectations and deferred mitigation credit sales due to permitting delays, further dampening the outlook.
2. Negative analyst sentiment and a "Sell" consensus rating likely contributed to investor apprehension.
As of October 13, 2026, NACCO Industries held a consensus rating of "Sell" from analysts, with only one research report covering the company in the preceding 90 days and an average rating score of 1.00. Furthermore, as of October 14, 2026, StockInvest.us rated the stock as a "Sell Candidate" with a technical score of -4.17, citing sell signals from both short and long-term Moving Averages and forecasting a potential further decline of 27.39% over the next three months. Ticker Nerd's model, as of October 10, 2026, ranked NACCO Industries 49 out of 100 among U.S. stocks, noting that analysts have generally been cutting their forecasts for the company.
3. Surging long-term interest rates and Federal Reserve rate hikes created a challenging macroeconomic environment.
Fiscal Q3 2026 was marked by a significant surge in long-term interest rates to decades-long highs, influenced by rising fuel prices and renewed Federal Reserve rate hikes. The Federal Reserve raised its key interest rate in September 2026 to a range of 3.75% to 4.00%, the first increase in three years. These higher interest rates can increase borrowing costs for companies, including those in capital-intensive sectors like mining that NACCO operates in, and can negatively impact stock valuations by reducing the present value of future earnings. The 10-year Treasury yield climbed to 5.29%, a two-decade high, putting pressure on bond portfolios.
4. Elevated fuel and diesel prices likely increased operational costs for NACCO's mining and natural resources segments.
Fuel and diesel prices surged significantly during fiscal Q3 2026, primarily due to ongoing geopolitical conflicts. The national average diesel price rose 32% in Q3 2026 alone, reaching an 80% increase year-to-date. Brent crude oil ended the quarter at $103 per barrel, and West Texas Intermediate (WTI) finished at $90 per barrel. As a natural resources company involved in coal mining, contract mining, and minerals and royalties, NACCO's operations are heavily reliant on fuel for heavy machinery and transportation, making it susceptible to increased operating expenses during periods of high energy costs.
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Stock Movement Drivers
Fundamental Drivers
The -29.6% change in NC stock from 6/30/2026 to 10/30/2026 was primarily driven by a -20.8% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.74 | 35.04 | -29.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 274 | 278 | 1.5% |
| Net Income Margin (%) | 7.8% | 6.2% | -20.8% |
| P/E Multiple | 17.3 | 15.3 | -11.7% |
| Shares Outstanding (Mil) | 7 | 8 | -0.8% |
| Cumulative Contribution | -29.6% |
Market Drivers
6/30/2026 to 10/30/2026| Return | Correlation | |
|---|---|---|
| NC | -29.6% | |
| Market (SPY) | 1.2% | 7.5% |
| Sector (XLE) | 31.8% | -10.7% |
Fundamental Drivers
The -31.8% change in NC stock from 3/31/2026 to 10/30/2026 was primarily driven by a -29.8% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 51.39 | 35.04 | -31.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 277 | 278 | 0.5% |
| Net Income Margin (%) | 6.3% | 6.2% | -2.1% |
| P/E Multiple | 21.8 | 15.3 | -29.8% |
| Shares Outstanding (Mil) | 7 | 8 | -1.3% |
| Cumulative Contribution | -31.8% |
Market Drivers
3/31/2026 to 10/30/2026| Return | Correlation | |
|---|---|---|
| NC | -31.8% | |
| Market (SPY) | 16.5% | 3.8% |
| Sector (XLE) | 15.1% | -13.1% |
Fundamental Drivers
The -15.1% change in NC stock from 9/30/2025 to 10/30/2026 was primarily driven by a -47.4% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.28 | 35.04 | -15.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 266 | 278 | 4.7% |
| Net Income Margin (%) | 11.8% | 6.2% | -47.4% |
| P/E Multiple | 9.8 | 15.3 | 56.0% |
| Shares Outstanding (Mil) | 7 | 8 | -1.3% |
| Cumulative Contribution | -15.1% |
Market Drivers
9/30/2025 to 10/30/2026| Return | Correlation | |
|---|---|---|
| NC | -15.1% | |
| Market (SPY) | 14.4% | 11.6% |
| Sector (XLE) | 60.3% | 2.5% |
Fundamental Drivers
The 7.9% change in NC stock from 9/30/2023 to 10/30/2026 was primarily driven by a 104.3% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.48 | 35.04 | 7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 237 | 278 | 17.6% |
| Net Income Margin (%) | 13.8% | 6.2% | -54.9% |
| P/E Multiple | 7.5 | 15.3 | 104.3% |
| Shares Outstanding (Mil) | 8 | 8 | -0.4% |
| Cumulative Contribution | 7.9% |
Market Drivers
9/30/2023 to 10/30/2026| Return | Correlation | |
|---|---|---|
| NC | 7.9% | |
| Market (SPY) | 82.9% | 25.1% |
| Sector (XLE) | 69.3% | 20.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NC Return | 42% | 7% | -2% | -16% | 69% | -27% | 54% |
| Peers Return | 216% | 109% | 40% | 5% | 97% | -28% | 1295% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| NC Win Rate | 67% | 67% | 58% | 42% | 92% | 30% | |
| Peers Win Rate | 64% | 50% | 58% | 44% | 61% | 37% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NC Max Drawdown | -28% | -41% | -24% | -30% | -19% | -44% | |
| Peers Max Drawdown | -47% | -44% | -35% | -33% | -49% | -50% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CNR, BTU, LEU.
[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 10/30/2026 (YTD)
How Low Can It Go
| Event | NC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.1% | -9.5% |
| % Gain to Breakeven | 20.7% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.9% | -6.7% |
| % Gain to Breakeven | 31.4% | 7.1% |
| Time to Breakeven | 681 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.2% | -24.5% |
| % Gain to Breakeven | 31.9% | 32.4% |
| Time to Breakeven | 25 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.3% | -33.7% |
| % Gain to Breakeven | 109.6% | 50.9% |
| Time to Breakeven | 752 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.8% | -19.2% |
| % Gain to Breakeven | 16.0% | 23.8% |
| Time to Breakeven | 7 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.9% | -12.2% |
| % Gain to Breakeven | 34.9% | 13.9% |
| Time to Breakeven | 98 days | 62 days |
In The Past
NACCO Industries's stock fell -2.7% during the 2025 US Tariff Shock. Such a loss loss requires a 2.7% gain to breakeven.
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| Event | NC | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.9% | -6.7% |
| % Gain to Breakeven | 31.4% | 7.1% |
| Time to Breakeven | 681 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.2% | -24.5% |
| % Gain to Breakeven | 31.9% | 32.4% |
| Time to Breakeven | 25 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.3% | -33.7% |
| % Gain to Breakeven | 109.6% | 50.9% |
| Time to Breakeven | 752 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.9% | -12.2% |
| % Gain to Breakeven | 34.9% | 13.9% |
| Time to Breakeven | 98 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.2% | -6.8% |
| % Gain to Breakeven | 25.3% | 7.3% |
| Time to Breakeven | 77 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -38.1% | -17.9% |
| % Gain to Breakeven | 61.6% | 21.8% |
| Time to Breakeven | 100 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -86.3% | -53.4% |
| % Gain to Breakeven | 631.9% | 114.4% |
| Time to Breakeven | 428 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -38.0% | -8.6% |
| % Gain to Breakeven | 61.4% | 9.5% |
| Time to Breakeven | 3336 days | 47 days |
In The Past
NACCO Industries's stock fell -2.7% during the 2025 US Tariff Shock. Such a loss loss requires a 2.7% 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 NACCO Industries (NC)
NACCO Industries (NC) is a natural resources company primarily focused on mining operations and mineral asset management across North America. Established in 1913, the company manages its diverse activities through three core segments: Coal Mining, North American Mining, and Minerals Management, serving various industrial clients and leveraging its mineral interests.
The company's Coal Mining segment specializes in operating surface coal mines under long-term contracts, with its primary customers being power generation companies and an activated carbon producer located across multiple U.S. states and the Navajo Nation. Beyond coal, the North American Mining segment provides contract mining and value-added services for a broader range of minerals, including aggregates and lithium. This segment primarily serves other mineral producers and independently owned mines and quarries in states like Florida, Texas, Arkansas, and Indiana.
NACCO's Minerals Management segment distinguishes itself by leasing its owned royalty and mineral interests to third-party exploration and production companies, as well as other mining firms. These leases grant the rights to explore, develop, mine, produce, market, and sell natural resources such as gas, oil, and coal, allowing NACCO to generate revenue from these assets without directly engaging in extraction.
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NACCO Industries is like Schlumberger or Halliburton for companies mining coal, lithium, and other industrial minerals.
NACCO Industries combines the mineral rights management of a Texas Pacific Land Corp with contract mining services for various solid minerals.
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NACCO Industries (NC) provides the following major services:
- Contract Coal Mining: The company operates surface coal mines under long-term contracts for power generation companies and activated carbon producers.
- Contract Mining (Other Minerals): It provides value-added contract mining and other services for producers of aggregates, lithium, and other various minerals.
- Minerals and Royalty Interest Leasing: The company leases its royalty and mineral interests to third-party exploration, production, and other mining companies.
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Major Customers of NACCO Industries (NC)
NACCO Industries primarily sells its services and interests to other companies. Based on the provided description, its major customers fall into the following categories:
- Power generation companies: For whom NACCO's Coal Mining segment operates surface coal mines under long-term contracts.
- Activated carbon producers: A specific type of industrial company for whom the Coal Mining segment also operates mines.
- Producers of aggregates, lithium, and other minerals: For whom the North American Mining segment provides value-added contract mining and other services.
- Independently owned mines and quarries: Also serviced by the North American Mining segment for contract mining.
- Third-party exploration and production companies: To whom the Minerals Management segment leases its royalty and mineral interests for gas, oil, and coal exploration and production.
- Other mining companies: Also recipients of leases from the Minerals Management segment for various mining rights.
The provided information does not name specific customer companies, only categories of companies that NACCO Industries serves.
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J.C. Butler, Jr. President and Chief Executive Officer
J.C. Butler, Jr. has served as President and Chief Executive Officer of NACCO Industries, Inc. since October 2017, and of its operating companies since July 2015. He began his career with NACCO in 1995 and has held various financial, business development, and administrative roles. Prior to joining NACCO, Mr. Butler was an investment banker specializing in mergers and acquisitions with McFarland Dewey & Co. and Drexel Burnham Lambert from 1989 to 1995. He also worked as an investment analyst at the Prudential Agricultural Realty Group. Mr. Butler serves as a director for NACCO Industries, Hyster-Yale Materials Handling, Inc., and Hamilton Beach Brands Holding Company.
J.P. Sullivan Jr. Senior Vice President and Chief Financial Officer
J.P. "Pat" Sullivan, Jr. joined NACCO's operating companies in 2013 as Vice President and Chief Financial Officer. Prior to joining NACCO, he served as Controller of the Luminant Generation Mining, Construction & Development subsidiaries for Energy Future Holdings. He also held senior financial roles in pipeline and refinery companies. Mr. Sullivan previously served as Senior Vice President of Administration and Chief Financial Officer for a Krispy Kreme franchise in Chicago and St. Louis.
Elizabeth I. Loveman Senior Vice President and Controller
Elizabeth I. Loveman was named Senior Vice President and Controller of NACCO Industries, Inc. in June 2023, having previously served as Vice President and Controller since March 2014. She is responsible for the company's financial reporting, internal control, and taxes. Ms. Loveman first joined NACCO from 1999 to 2005 as a senior financial reporting analyst. Before rejoining NACCO in 2012 as Director of Financial Reporting, she worked at OM Group, Inc. as Manager of Financial Reporting from 2005 to 2012. Earlier in her career, she was an auditor at Deloitte and Touche LLP from 1995 to 1999. Ms. Loveman is a Certified Public Accountant.
Carroll L. Dewing Senior Vice President and Chief Operating Officer
Carroll L. Dewing serves as Senior Vice President and Chief Operating Officer for NACCO Industries. He has held various leadership positions within the company, including Vice President of Operations, and Vice President of Northern Operations, Government and Human Relations. Mr. Dewing also served as President of The Coteau Properties Company from 2011 to 2016 and President of The Falkirk Mining Company from 2010 to 2011, both NACCO subsidiaries. He began his career with The Falkirk Mine in 1979, holding roles in engineering, environmental departments, and as a frontline supervisor in production and maintenance. Mr. Dewing is a registered professional engineer in North Dakota.
John D. Neumann Senior Vice President, General Counsel and Secretary
John D. Neumann was appointed Senior Vice President, General Counsel and Secretary of NACCO Industries in June 2023. He joined NACCO subsidiary North American Coal in March 2009 as Assistant General Counsel and Assistant Secretary, becoming Vice President, General Counsel and Secretary of North American Coal in January 2011. In September 2012, Mr. Neumann was named Vice President, General Counsel and Secretary of NACCO, overseeing legal services for the company and its subsidiaries. Prior to joining NACCO, he was a mergers and acquisitions attorney with the law firms of Jones Day in Cleveland, Ohio, and Hunton & Williams in Richmond, Virginia.
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Here are the key risks to NACCO Industries (NC):
- Declining Demand for Coal and Energy Transition: NACCO Industries' core Coal Mining segment operates surface coal mines primarily for power generation companies, an industry facing a secular decline due to the global shift towards renewable energy sources and away from fossil fuels. This ongoing energy transition poses a significant long-term threat to a substantial portion of the company's business model, including its Minerals Management segment which also deals with coal, oil, and gas royalties. NACCO is actively attempting to mitigate this by diversifying into other minerals like lithium and exploring ReGen power development, indicating a strategic response to this major risk.
- Increasing Environmental Regulations and Policy Scrutiny: As a natural resources company heavily involved in mining, particularly coal, NACCO Industries is highly susceptible to evolving environmental regulations, compliance costs, and policy changes. Stricter federal, state, and local regulations related to mining practices, emissions, environmental reclamation, and land use can increase operational expenses, limit expansion opportunities, or delay projects. The broader focus on Environmental, Social, and Governance (ESG) factors by investors and stakeholders also increases scrutiny and pressure on companies with significant environmental impacts.
- Concentration Risk in Long-Term Contracts: NACCO Industries generates stable, recurring cash flows through its reliance on long-term contracts with a limited number of customers across its Coal Mining and North American Mining segments. For example, one Utility Coal Mining customer accounted for 31% of consolidated revenue in both 2025 and 2024, and two Contract Mining customers contributed 25% and 10% respectively. While these contracts provide stability, this high customer concentration means that changes in demand, renegotiation challenges, or early termination of significant contracts could materially and adversely impact the company's revenue, operational results, and overall financial performance.
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The accelerating global and domestic transition from fossil fuels (particularly coal, oil, and natural gas) to renewable energy sources poses a significant emerging threat to NACCO Industries. This shift directly impacts the demand for coal from power generation companies, which are key clients for NACCO's Coal Mining segment. Furthermore, the decreasing long-term demand for fossil fuels threatens the value and leasing potential of NACCO's royalty and mineral interests in its Minerals Management segment, as exploration and production companies may reduce their activities and investments in these traditional energy sources.
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NACCO Industries (symbol: NC) operates in several natural resource sectors, with its main products and services revolving around contract mining and minerals management. The addressable markets for its key offerings in North America are as follows:
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Contract Mining Services (encompassing Coal Mining and North American Mining segments): The overall U.S. market for contract mining services was valued at over USD 3.3 billion in 2024. This market is projected to grow, with the global contract mining services market, of which North America is a significant part, expected to reach approximately USD 33.3 billion by 2034. North America is anticipated to hold around 20.6% share of the contract mining services market by the end of 2035.
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Aggregates (within North American Mining segment): The U.S. aggregates market, which includes crushed stone, sand, and gravel, was valued at USD 164.65 billion in 2024. This market is projected to reach USD 222.24 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 3.41% from 2025 to 2033. The U.S. construction aggregates market size is valued to increase by USD 19.58 billion, at a CAGR of 8.8% from 2024 to 2029.
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Lithium (within North American Mining segment): The North America lithium extraction market generated a revenue of USD 144.1 million in 2025. It is expected to reach approximately USD 379.7 million by 2033, with a CAGR of 12.1% from 2026 to 2033. Specifically, the lithium mining market in the U.S. is projected to grow significantly, reaching an estimated value of USD 23.59 million by 2032.
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- Expansion of Contract Mining Services: The North American Mining segment is positioned as a core driver of future growth, with expectations of increasing operating profit and EBITDA from new and extended contracts. The company has secured new multi-year contracts for dragline services in large-scale infrastructure projects, such as an embankment dam construction in Florida starting in Q2 2026, and four long-term contract mining agreements for limestone and sand in Florida and Texas. This expansion leverages contract-mining capabilities in high-growth Southeastern and Southwestern U.S. infrastructure markets.
- Development and Commercialization of Lithium Mining Projects: NACCO Industries is strategically transforming by expanding into mining services for lithium projects. The company has secured the Thacker Pass contract, tying its growth to electric vehicle (EV) supply chains and decarbonization efforts. Pre-production services at Thacker Pass began in 2025, and this project is forecast to materially lift North American Mining's EBITDA in 2026–2027 by capturing long-term, predictable revenue from the largest known U.S. lithium resource.
- Increased Profitability and Price Adjustments in the Coal Mining Segment: The Coal Mining segment is anticipated to contribute to higher net income, with improved results expected from operations such as Mississippi Lignite Mining Company, Falkirk, and Coteau. Notably, improvements at Mississippi Lignite Mining Company in 2026 are expected due to an increase in the contractually determined per ton sales price. This segment also quadrupled its adjusted EBITDA in 2024 and expects solid customer demand in 2025, supported by long-term customer contracts.
- Growth in Minerals Management and Royalties: This segment is projected to grow through strategic investments and acquisitions. Royalty income in the Minerals Management segment increased significantly in fiscal year 2025, benefiting from increased natural gas production and contributions from Catapult acquisitions. The company is actively pursuing additional investment opportunities and has made strategic acquisitions of non-participating royalty interests in basins like the Permian and Appalachian to diversify income via oil and gas production.
- Expansion and Increasing Profitability of Mitigation Resources: Mitigation Resources of North America is expected to achieve increasing profitability over time from the sale of mitigation credits as its reclamation and restoration services expand. The business is anticipated to generate a profit in the second half of 2026 and move towards more consistent results as it grows, having expanded to 18 active restoration sites across six states by the end of 2025.
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Share Repurchases
- NACCO Industries authorized a new stock repurchase program on November 18, 2025, allowing for the buyback of up to $20 million of its Class A Common Stock through December 31, 2027.
- The previous share repurchase program, which expired on December 31, 2025, saw over $12 million in share repurchases completed.
- As of June 30, 2025, approximately $7.8 million remained under the prior $20 million share repurchase program.
Outbound Investments
- In July 2025, the Minerals and Royalties segment, Catapult, acquired mineral interests in the Permian Basin (also referred to as Midland Basin) for $4.2 million, including producing wells and future development opportunities.
Capital Expenditures
- For 2026, NACCO Industries anticipates total capital expenditures of up to $89 million, predominantly for business development opportunities.
- In 2025, capital spending was forecasted to be up to $86 million, with a primary focus on new business development.
- The anticipated capital investments in 2026 are expected to lead to a greater use of cash before financing compared to 2025.
Peer Outperformance in Coal & Consumable Fuels
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 95.5% | 132.3% | 353.5% | MPC 654% · VLO 503% · PBF 500% |
| Integrated Oil & Gas | 7 | 57.0% | 88.4% | 211.1% | IMO 361% · SU 275% · XOM 246% |
| Oil & Gas Storage & Transportation | 18 | 48.0% | 125.0% | 199.7% | INSW 975% · LPG 874% · TRGP 542% |
| Oil & Gas Drilling | 7 | 77.5% | 22.8% | 96.6% | VAL 199% · NE 130% · RIG 97% |
| Oil & Gas Equipment & Services | 33 | 28.1% | 32.2% | 81.4% | SEI 1004% · FTI 853% · TDW 620% |
| Oil & Gas Exploration & Production | 51 | 51.0% | 14.5% | 60.0% | BTE 1005% · PR 320% · CNQ 238% |
| Coal & Consumable Fuels ← | 14 | -31.6% | 3.7% | 40.4% | CNR 249% · CCJ 221% · UEC 107% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| NACCO Industries Earnings Notes | 12/16/2025 | |
| Can NACCO Industries Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 61.02 |
| Mkt Cap | 2.4 |
| Rev LTM | 2,242 |
| Op Inc LTM | -11 |
| FCF LTM | -84 |
| FCF 3Y Avg | -2 |
| CFO LTM | 147 |
| CFO 3Y Avg | 232 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.6% |
| Rev Chg 3Y Avg | 10.1% |
| Rev Chg Q | 9.3% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | -80.5% |
| Op Inc Chg 3Y Avg | -48.4% |
| Op Mgn LTM | -1.5% |
| Op Mgn 3Y Avg | 6.9% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 9.3% |
| CFO/Rev 3Y Avg | 13.2% |
| FCF/Rev LTM | -3.0% |
| FCF/Rev 3Y Avg | -1.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Contract Mining | 140 | 120 | 91 | 86 | 79 |
| Utility Coal Mining | 88 | 69 | 85 | 95 | 83 |
| Minerals and Royalties | 38 | 35 | 33 | 60 | 31 |
| Unallocated Items | 15 | 18 | 8 | 3 | 5 |
| Eliminations | -4 | -3 | -3 | -2 | -6 |
| Total | 277 | 238 | 215 | 242 | 192 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Minerals and Royalties | 29 | 29 | 19 | 52 | 26 |
| Utility Coal Mining | 17 | 24 | -71 | 38 | 46 |
| Contract Mining | 6 | 6 | 3 | 2 | 3 |
| Eliminations | -0 | 0 | -0 | 0 | -0 |
| Unallocated Items | -30 | -23 | -21 | -23 | -20 |
| Total | 22 | 36 | -70 | 70 | 55 |
| $ Mil | 2016 |
|---|---|
| HBB | 27 |
| NACoal | 8 |
| Eliminations | -0 |
| KC | -0 |
| NACCO and Other | -5 |
| Total | 30 |
| $ Mil | 2025 | 2024 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Contract Mining | 214 | 205 | |||
| Unallocated Items | 206 | 202 | |||
| Utility Coal Mining | 126 | 125 | |||
| Minerals and Royalties | 116 | 100 | |||
| Eliminations | -19 | -23 | -39 | ||
| NACCO and Other | 121 | 135 | 109 | ||
| NACoal | 275 | 278 | 287 | ||
| HBB | 257 | ||||
| KC | 54 | ||||
| Total | 661 | 632 | 377 | 390 | 668 |
Price Behavior
| Market Price | $35.04 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 06/17/1977 | |
| Distance from 52W High | -39.8% | |
| 50 Days | 200 Days | |
| DMA Price | $37.49 | $46.44 |
| DMA Trend | down | down |
| Distance from DMA | -6.5% | -24.6% |
| 3M | 1YR | |
| Volatility | 33.4% | 39.3% |
| Downside Capture | 130.36 | 96.85 |
| Upside Capture | -58.14 | 63.18 |
| Correlation (S&P 500) | -1.0% | 12.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.00 | 0.38 | 0.41 | 0.15 | 0.39 | 0.66 |
| Up Beta | 0.14 | -1.10 | -0.97 | -0.50 | -0.13 | 0.93 |
| Down Beta | 1.72 | -0.55 | -1.02 | -0.84 | -0.27 | 0.22 |
| Up Capture | -93% | 9% | 38% | 15% | 57% | 34% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 4 | 11 | 20 | 49 | 111 | 354 |
| Down Capture | 159% | 249% | 212% | 132% | 100% | 92% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 18 | 31 | 44 | 76 | 139 | 388 |
[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 NC | |
|---|---|---|---|---|
| NC | -15.3% | 39.3% | -0.34 | - |
| Sector ETF (XLE) | 63.0% | 22.3% | 2.10 | 1.7% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 11.9% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | -3.9% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -17.5% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 21.7% |
| Bitcoin (BTCUSD) | -30.3% | 43.5% | -0.71 | -1.2% |
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 NC | |
|---|---|---|---|---|
| NC | 4.1% | 45.6% | 0.23 | - |
| Sector ETF (XLE) | 23.4% | 25.5% | 0.80 | 34.1% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 29.8% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 5.1% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 16.2% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 24.8% |
| Bitcoin (BTCUSD) | 4.8% | 51.6% | 0.28 | 18.1% |
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 NC | |
|---|---|---|---|---|
| NC | -0.1% | 47.9% | 0.18 | - |
| Sector ETF (XLE) | 11.5% | 29.6% | 0.42 | 35.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 32.2% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 3.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 17.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 27.2% |
| Bitcoin (BTCUSD) | 61.7% | 66.2% | 1.01 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -9.2% | -11.0% | -12.9% |
| 5/5/2026 | 3.3% | 0.4% | 6.5% |
| 3/4/2026 | -12.9% | -11.9% | -12.4% |
| 11/5/2025 | 0.9% | 15.9% | 7.9% |
| 8/6/2025 | -3.7% | -1.6% | 0.0% |
| 4/30/2025 | -4.1% | -4.1% | 3.5% |
| 3/5/2025 | 4.1% | 1.5% | 0.0% |
| 10/30/2024 | 6.4% | 15.2% | 9.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 14 |
| # Negative | 14 | 11 | 10 |
| Median Positive | 5.0% | 4.8% | 8.7% |
| Median Negative | -5.2% | -9.2% | -8.7% |
| Max Positive | 15.0% | 15.9% | 33.9% |
| Max Negative | -12.9% | -19.3% | -16.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -9.2% | -11.0% | -12.9% |
| 5/5/2026 | 3.3% | 0.4% | 6.5% |
| 3/4/2026 | -12.9% | -11.9% | -12.4% |
| 11/5/2025 | 0.9% | 15.9% | 7.9% |
| 8/6/2025 | -3.7% | -1.6% | 0.0% |
| 4/30/2025 | -4.1% | -4.1% | 3.5% |
| 3/5/2025 | 4.1% | 1.5% | 0.0% |
| 10/30/2024 | 6.4% | 15.2% | 9.4% |
| 7/31/2024 | -4.6% | -9.7% | -7.2% |
| 5/1/2024 | 15.0% | 15.8% | 21.7% |
| 3/6/2024 | -6.8% | -9.2% | -11.2% |
| 11/1/2023 | -0.6% | 0.3% | 1.5% |
| 8/2/2023 | -5.9% | -4.8% | -9.0% |
| 5/3/2023 | -5.8% | -5.3% | -7.6% |
| 3/15/2023 | 11.2% | 15.5% | 14.2% |
| 11/2/2022 | -6.4% | -18.6% | -16.4% |
| 8/3/2022 | -2.8% | 8.5% | 5.8% |
| 5/4/2022 | -1.9% | 3.0% | 17.0% |
| 3/2/2022 | 2.4% | -6.2% | 23.3% |
| 11/3/2021 | -1.7% | 0.2% | -3.2% |
| 8/4/2021 | 5.3% | 4.8% | -4.7% |
| 5/5/2021 | 4.7% | 4.3% | 12.1% |
| 3/3/2021 | -7.3% | -19.3% | -8.5% |
| 11/2/2020 | 9.0% | 8.6% | 33.9% |
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 14 |
| # Negative | 14 | 11 | 10 |
| Median Positive | 5.0% | 4.8% | 8.7% |
| Median Negative | -5.2% | -9.2% | -8.7% |
| Max Positive | 15.0% | 15.9% | 33.9% |
| Max Negative | -12.9% | -19.3% | -16.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 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 | 03/05/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 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 | 03/15/2023 | 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 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 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 | 03/05/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 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 | 03/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/02/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/03/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/04/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 10/26/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | Reported | 35.00 Mil | -38.6% | Lowered | Guidance: 57.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | Reported | 57.00 Mil | -36.0% | Lowered | Guidance: 89.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | Reported | 89.00 Mil | 27.1% | Raised | Guidance: 70.00 Mil for 2026 | |||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Capital Expenditures | Reported | 44.00 Mil | -48.8% | Lowered | Guidance: 86.00 Mil for 2025 | |||
| 2026 Capital Expenditures | Reported | 70.00 Mil | ||||||
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Loveman, Elizabeth | SVP and Controller | Direct | Sell | 3162026 | 51.44 | 1,662 | 85,493 | 771,549 | Form |
| 2 | Loveman, Elizabeth | SVP and Controller | Direct | Sell | 3162026 | 52.04 | 4,053 | 210,936 | 867,110 | Form |
| 3 | Maxwell, Thomas A | SVP Finance and Treasurer | Direct | Sell | 3092026 | 48.55 | 1,785 | 86,662 | 288,581 | Form |
| 4 | Loveman, Elizabeth | SVP and Controller | Direct | Sell | 11132025 | 49.94 | 1,897 | 94,745 | 907,593 | Form |
| 5 | Loveman, Elizabeth | SVP and Controller | Direct | Sell | 11122025 | 45.22 | 2,997 | 135,526 | 907,530 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Loveman, Elizabeth | SVP and Controller | Direct | Sell | 3162026 | 51.44 | 1,662 | 85,493 | 771,549 | Form |
| 2 | Loveman, Elizabeth | SVP and Controller | Direct | Sell | 3162026 | 52.04 | 4,053 | 210,936 | 867,110 | Form |
| 3 | Maxwell, Thomas A | SVP Finance and Treasurer | Direct | Sell | 3092026 | 48.55 | 1,785 | 86,662 | 288,581 | Form |
| 4 | Loveman, Elizabeth | SVP and Controller | Direct | Sell | 11132025 | 49.94 | 1,897 | 94,745 | 907,593 | Form |
| 5 | Loveman, Elizabeth | SVP and Controller | Direct | Sell | 11122025 | 45.22 | 2,997 | 135,526 | 907,530 | Form |
| 6 | Loveman, Elizabeth | SVP and Controller | Direct | Sell | 9052025 | 39.18 | 3,208 | 125,695 | 903,763 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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