SunCoke Energy (SXC)
Market Price (8/23/2026): $9.695 | Market Cap: $830.9 MilSector: Materials | Industry: Steel
SunCoke Energy (SXC)
Market Price (8/23/2026): $9.695Market Cap: $830.9 MilSector: MaterialsIndustry: Steel
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 5.0% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Industrial Raw Materials. Themes include Metallurgical Coke Production, Coal Mining for Industrial Use, and Steel Industry Supply Chain. | Trading close to highsDist 52W High is 0.0% Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -47% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 74% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.5% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.0% Key risksSXC key risks include [1] its high dependency on a limited number of major customers, Show more. |
| Attractive yieldDividend Yield is 5.0% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Industrial Raw Materials. Themes include Metallurgical Coke Production, Coal Mining for Industrial Use, and Steel Industry Supply Chain. |
| Trading close to highsDist 52W High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -47% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 74% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.5% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.0% |
| Key risksSXC key risks include [1] its high dependency on a limited number of major customers, Show more. |
Qualitative Assessment
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SunCoke Energy (SXC) stock has gained about 45% since 4/30/2026 because of the following key factors:
1. SunCoke Energy reported robust financial performance in fiscal Q2 2026 (ended June 30, 2026), significantly exceeding analyst expectations and subsequently raising its full-year guidance. The company's diluted EPS of $0.15 for fiscal Q2 2026 was an 87.5% beat over the consensus estimate of $0.08, while revenue reached $475.3 million, surpassing estimates by 6.4%. Consolidated Adjusted EBITDA surged by 59.6% year-over-year to $69.6 million. Following these strong results, SunCoke Energy increased its full-year 2026 Consolidated Adjusted EBITDA guidance to a range of $250 million to $265 million, up from the previous range of $230 million to $250 million.
2. The successful integration and strong performance of the Phoenix Global acquisition significantly bolstered the Industrial Services segment. The Industrial Services segment achieved its best quarter for Adjusted EBITDA since the acquisition of Phoenix Global, reporting $34.4 million in fiscal Q2 2026, a substantial increase from $7.7 million in the prior year period. This growth was primarily driven by the inclusion of Phoenix Global's results and higher terminal handling volumes, highlighting a successful strategic acquisition and its positive impact on the company's financial outlook.
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SunCoke Energy (SXC) stock has gained about 45% since 4/30/2026 because of the following key factors:
1. SunCoke Energy reported robust financial performance in fiscal Q2 2026 (ended June 30, 2026), significantly exceeding analyst expectations and subsequently raising its full-year guidance. The company's diluted EPS of $0.15 for fiscal Q2 2026 was an 87.5% beat over the consensus estimate of $0.08, while revenue reached $475.3 million, surpassing estimates by 6.4%. Consolidated Adjusted EBITDA surged by 59.6% year-over-year to $69.6 million. Following these strong results, SunCoke Energy increased its full-year 2026 Consolidated Adjusted EBITDA guidance to a range of $250 million to $265 million, up from the previous range of $230 million to $250 million.
2. The successful integration and strong performance of the Phoenix Global acquisition significantly bolstered the Industrial Services segment. The Industrial Services segment achieved its best quarter for Adjusted EBITDA since the acquisition of Phoenix Global, reporting $34.4 million in fiscal Q2 2026, a substantial increase from $7.7 million in the prior year period. This growth was primarily driven by the inclusion of Phoenix Global's results and higher terminal handling volumes, highlighting a successful strategic acquisition and its positive impact on the company's financial outlook.
3. Operational improvements and high capacity utilization within the Domestic Coke segment contributed to enhanced profitability. The Domestic Coke segment benefited from favorable coal-to-coke yields and improved operating conditions, resulting in an Adjusted EBITDA of $42.5 million in fiscal Q2 2026, up from $40.5 million in the prior year period. Additionally, the Middletown turbine resumed operations and power generation in May 2026, earlier than anticipated, further improving operational efficiency. The company reported achieving 100% coke capacity utilization and being sold out for the full year 2026 across its domestic facilities.
4. A supportive metallurgical coke market environment, driven by supply constraints and consistent demand, provided a favorable backdrop for SunCoke Energy's operations. Global metallurgical coke prices remained mostly stable in fiscal Q2 2026, as supply-side constraints, including mine disruptions, offset weak steel demand in some regions. North American metallurgical coke markets specifically experienced a stable-to-firm trend, supported by reduced supply availability and increased steel production, which aligns with SunCoke Energy's primary business. The broader metallurgical coke market is also anticipated to experience strong growth, propelled by the expanding steel industry.
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Stock Movement Drivers
Fundamental Drivers
The 46.1% change in SXC stock from 4/30/2026 to 8/22/2026 was primarily driven by a 43.1% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.63 | 9.69 | 46.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,856 | 1,898 | 2.2% |
| P/S Multiple | 0.3 | 0.4 | 43.1% |
| Shares Outstanding (Mil) | 86 | 86 | -0.1% |
| Cumulative Contribution | 46.1% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| SXC | 46.1% | |
| Market (SPY) | 6.5% | 10.5% |
| Sector (XLB) | 4.0% | 28.2% |
Fundamental Drivers
The 28.7% change in SXC stock from 1/31/2026 to 8/22/2026 was primarily driven by a 25.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.53 | 9.69 | 28.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,843 | 1,898 | 3.0% |
| P/S Multiple | 0.3 | 0.4 | 25.2% |
| Shares Outstanding (Mil) | 86 | 86 | -0.1% |
| Cumulative Contribution | 28.7% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| SXC | 28.7% | |
| Market (SPY) | 11.0% | 10.2% |
| Sector (XLB) | 9.2% | 28.3% |
Fundamental Drivers
The 41.6% change in SXC stock from 7/31/2025 to 8/22/2026 was primarily driven by a 38.1% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.84 | 9.69 | 41.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,846 | 1,898 | 2.8% |
| P/S Multiple | 0.3 | 0.4 | 38.1% |
| Shares Outstanding (Mil) | 86 | 86 | -0.2% |
| Cumulative Contribution | 41.6% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| SXC | 41.6% | |
| Market (SPY) | 22.2% | 20.4% |
| Sector (XLB) | 23.8% | 33.5% |
Fundamental Drivers
The 29.0% change in SXC stock from 7/31/2023 to 8/22/2026 was primarily driven by a 39.3% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.51 | 9.69 | 29.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,020 | 1,898 | -6.1% |
| P/S Multiple | 0.3 | 0.4 | 39.3% |
| Shares Outstanding (Mil) | 84 | 86 | -1.4% |
| Cumulative Contribution | 29.0% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| SXC | 29.0% | |
| Market (SPY) | 73.2% | 28.5% |
| Sector (XLB) | 31.8% | 38.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SXC Return | 57% | 36% | 30% | 4% | -29% | 36% | 180% |
| Peers Return | 263% | 41% | 59% | -36% | 46% | -11% | 585% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| SXC Win Rate | 58% | 58% | 58% | 50% | 42% | 75% | |
| Peers Win Rate | 60% | 44% | 56% | 35% | 62% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SXC Max Drawdown | -23% | -40% | -33% | -33% | -38% | -32% | |
| Peers Max Drawdown | -31% | -35% | -37% | -51% | -51% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CLF, HCC, AMR, METC.
[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 8/21/2026 (YTD)
How Low Can It Go
| Event | SXC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.1% | -18.8% |
| % Gain to Breakeven | 13.7% | 23.1% |
| Time to Breakeven | 355 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.0% | -7.8% |
| % Gain to Breakeven | 13.7% | 8.5% |
| Time to Breakeven | 78 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.4% | -6.7% |
| % Gain to Breakeven | 37.8% | 7.1% |
| Time to Breakeven | 62 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.1% | -24.5% |
| % Gain to Breakeven | 15.0% | 32.4% |
| Time to Breakeven | 25 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.8% | -33.7% |
| % Gain to Breakeven | 131.4% | 50.9% |
| Time to Breakeven | 260 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.1% | -19.2% |
| % Gain to Breakeven | 51.7% | 23.8% |
| Time to Breakeven | 1530 days | 105 days |
In The Past
SunCoke Energy's stock fell -12.1% during the 2025 US Tariff Shock. Such a loss loss requires a 13.7% gain to breakeven.
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Asset Allocation
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| Event | SXC | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.4% | -6.7% |
| % Gain to Breakeven | 37.8% | 7.1% |
| Time to Breakeven | 62 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.8% | -33.7% |
| % Gain to Breakeven | 131.4% | 50.9% |
| Time to Breakeven | 260 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.1% | -19.2% |
| % Gain to Breakeven | 51.7% | 23.8% |
| Time to Breakeven | 1530 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -79.4% | -12.2% |
| % Gain to Breakeven | 385.2% | 13.9% |
| Time to Breakeven | 283 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -44.1% | -17.9% |
| % Gain to Breakeven | 78.8% | 21.8% |
| Time to Breakeven | 348 days | 123 days |
In The Past
SunCoke Energy's stock fell -12.1% during the 2025 US Tariff Shock. Such a loss loss requires a 13.7% 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 SunCoke Energy (SXC)
SunCoke Energy, Inc. (SXC) operates as a vital independent producer of high-quality coke, a critical ingredient in industrial processes. The company primarily specializes in producing metallurgical coke, which is essential for steel production, and also supplies thermal coal. Its operational footprint spans across the Americas, including five cokemaking facilities in the United States and one in Brazil, making it a significant player in the industrial materials sector.
Beyond its core coke production, SunCoke Energy also provides comprehensive logistics services. These services include the handling and/or mixing of metallurgical and thermal coal, catering to the specific needs of various industrial clients. This dual focus on both material production and supply chain support allows the company to offer integrated solutions to its market.
The primary customers and markets served by SunCoke Energy are diverse, reflecting the broad utility of its products and services. Its clientele includes major players in the steel industry, other coke producers, electric utility companies, coal producing operations, and a variety of other manufacturing-based businesses that rely on metallurgical and thermal coal for their operations.
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The **Nucor** of industrial coke.
**Albemarle** for coke.
A **Valero Energy** that refines coal into industrial coke.
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- Coke (Metallurgical and Thermal): SunCoke Energy is an independent producer of coke, a fuel and reducing agent used primarily in blast furnaces for steelmaking.
- Coal (Metallurgical and Thermal): The company offers both metallurgical and thermal coal to its customers.
- Logistics Services: SunCoke Energy provides handling and/or mixing services to various industrial customers, including steel, coke, electric utility, and coal producing companies.
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SunCoke Energy (SXC) primarily sells its products and services to other companies.
Its major customers include:
- U. S. Steel Corporation (NYSE: X)
- Cleveland-Cliffs Inc. (NYSE: CLF)
The major customer for its Brazil Coke segment is not publicly disclosed. Its Logistics segment serves a diversified customer base, including steel, coke, electric utility, coal producing, and other manufacturing-based customers, without specific major individual customers being publicly identified.
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- United States Steel Corporation (X)
- ArcelorMittal S.A. (MT)
- Cleveland-Cliffs Inc. (CLF)
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Katherine Gates, President and Chief Executive Officer
Katherine Gates became the Chief Executive Officer of SunCoke Energy, Inc. in May 2024, after being appointed as President and a director on SunCoke's Board of Directors in January 2023. Prior to this, she served as SunCoke's Senior Vice President, Chief Legal Officer, and Chief Human Resources Officer from November 2019 until her promotion to President in January 2023. Ms. Gates joined SunCoke in February 2013 as Senior Health, Environment and Safety Counsel and has held leadership positions of increasing responsibility, including General Counsel and Chief Compliance Officer from October 2015 to November 2019. She provides expertise in operations, commercial, legal, regulatory matters, environmental, health, safety, and strategic planning.
Shantanu Agrawal, Senior Vice President and Chief Financial Officer
Shantanu Agrawal was appointed Senior Vice President and Chief Financial Officer, effective March 13, 2026. Mr. Agrawal has over a decade of finance and accounting experience, beginning his career with SunCoke in 2014 as an FP&A Analyst. He has served as Vice President, Finance and Treasurer since 2021, overseeing functions such as budgeting, forecasting, cash management, investor relations, and procurement. He possesses a deep understanding of SunCoke's business and organization.
P. Michael “Mike” Hardesty, Senior Vice President, Commercial Operations, Business Development, Terminals and International Coke
Mike Hardesty joined SunCoke Energy, Inc. in 2011 as Senior Vice President, Sales and Commercial Operations. He has over 30 years of experience in the mining industry. Before joining SunCoke, Mr. Hardesty was Senior Vice President for International Coal Group, Inc. (ICG), where he was responsible for leading the sales and marketing functions and was a key member of the executive management team.
Sarah Albert, Senior Vice President, Chief Legal and Administrative Officer
Sarah Albert joined SunCoke in January 2020 and was appointed Senior Vice President, Chief Legal and Administrative Officer in June 2025. She has 20 years of legal experience and directly oversees SunCoke's Legal, Human Resources, Environmental, Health, and Safety Departments, as well as the company's compliance and government relations work. Prior to her current position, Ms. Albert served as SunCoke's Vice President, Assistant General Counsel, and Chief Compliance Officer since April 2022. Before joining SunCoke, she was a Partner at Beveridge & Diamond law firm, focusing on litigation.
John Quanci, Vice President, Engineering & Technology and Chief Technology Officer
Dr. John Quanci has managed several major engineering and technology organizations both internal and external to the petroleum industry, including those of Mobil Research, Mobil Oil, BP/Mobil, Exxon/Mobil, Rodel, and Rohm and Haas Electronic Materials (now DuPont Electronic Materials). He holds a Ph.D. in Chemical Engineering from Princeton University and is a registered Professional Engineer with over one hundred U.S. and international patents and patent applications.
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Dependence on the Cyclical Steel Industry and Market Challenges: SunCoke Energy's business is highly susceptible to the cyclical nature of the steel industry, which directly influences the demand and pricing for metallurgical coke, a key product for the company. Persistent weak steel demand, subdued coke sales, and challenging market conditions can lead to declines in revenue and profitability.
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Contractual Risks and Customer Relationships: The company faces significant risks related to its customer contracts, including breaches and unfavorable terms. Recent examples include a breach of contract by Algoma, which is projected to have a notable unfavorable effect on free cash flow, and challenging economics from the Granite City contract extension, which has adversely affected financial results. Additionally, major customers increasing their internal coke production poses a risk to market dynamics and future contract renewals.
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Financial Health and Leverage: SunCoke Energy exhibits warning signs in its financial health, including an Altman Z-Score that suggests potential financial instability. The company also faces financial risks associated with significant debt maturities and potential inflationary pressures that could increase costs. Low trading volume and financial leverage also pose risks to the company.
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The emergence and increasing adoption of green steel production technologies, particularly those utilizing hydrogen-based direct reduced iron (H2-DRI), which aim to significantly reduce or eliminate the need for metallurgical coke in primary steelmaking.
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SunCoke Energy, Inc. operates in several key addressable markets:
Metallurgical Coke Market
- The global metallurgical coke market was valued at approximately USD 394.09 billion in 2025 and is projected to grow to USD 710.84 billion by 2034.
- In North America, the metallurgical coke market was valued at USD 12 billion in 2024 and is projected to reach USD 16 billion by 2035.
- While a specific market size for Brazil's metallurgical coke was not readily available, the Central & South America metallurgical coke market is expected to grow in the coming years. Brazil was also a major importer of coke in 2023, with a value of USD 1.54 billion.
Thermal Coal Market
- The global thermal coal market was valued at approximately USD 655.89 billion in 2025 and is projected to reach USD 799.11 billion by 2034.
- The United States coal market, which includes thermal coal, was valued at USD 70.35 billion in 2024 and is expected to reach USD 76.94 billion by 2034.
Coal Logistics Market
- The global coal logistics market was valued at US$42.9 billion in 2024 and is projected to reach US$49.3 billion by 2030.
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Here are 3-5 expected drivers of future revenue growth for SunCoke Energy (SXC) over the next 2-3 years:
- Full-Year Contribution and Synergies from Phoenix Global Acquisition: The acquisition of Phoenix Global, completed in 2025, is a significant driver. SunCoke Energy's 2026 guidance includes the full-year impact of Phoenix Global, which is expected to contribute approximately $60 million in annual Adjusted EBITDA, with initial synergy realization of $5 million to $10 million in 2026 and continuing into 2027. This acquisition also diversifies the company into new industrial services and targets the electric arc furnace (EAF) sector, expanding its market reach.
- Improvement in Industrial Services Segment and Terminals Handling Volumes: The Industrial Services segment is projected to show substantial growth, with adjusted EBITDA expected to rise significantly in 2026. This improvement is primarily driven by the full-year contribution from Phoenix Global and an anticipated recovery in market conditions for the company's terminals, with guidance contemplating 24 million tons in terminal handling volume for 2026.
- Extended Contracts and Optimized Domestic Coke Fleet Utilization: SunCoke Energy has secured key contract extensions, including the Granite City coke making contract through December 2026 and the Haverhill II contract through December 2028. The domestic coke fleet is expected to operate at full utilization in 2026, with approximately 3 million tons secured under long-term take-or-pay agreements. The optimization of the coke fleet, following the closure of Haverhill I operations (due to the Algoma contract breach), is also expected to result in a modest increase in domestic coke adjusted EBITDA per ton in 2026 by removing lower-margin tons.
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Capital Allocation Decisions (2021-2025 and 2026 Outlook)
Share Issuance
- Between December 31, 2024, and September 30, 2025, SunCoke Energy issued 313,571 shares of common stock, increasing outstanding shares from 99,756,420 to 100,069,991.
Outbound Investments
- In 2025, SunCoke Energy acquired Phoenix Global.
- The net consideration for the Phoenix Global acquisition was $295.8 million.
- SunCoke invested $325 million in the acquisition, utilizing existing cash reserves and a credit line. This acquisition expanded the company's industrial services segment, adding electric arc furnace production and international markets.
Capital Expenditures
- Capital expenditures in 2025 were $66.8 million.
- For 2024, capital expenditures amounted to $72.9 million.
- Capital expenditures in 2023 were approximately $95 million, which included a foundry coke expansion project.
- Expected capital expenditures for 2026 are projected to be between $90 million and $100 million, partly driven by a full year of Phoenix Global's capital expenditure requirements.
Peer Outperformance in Steel
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| SXC | SunCoke Energy | -2.5% | -15.2x | 36.1% | 24.7% | 78.8% | — |
| STLD | Steel Dynamics | 1.0% | 20.5x | 74.4% | 131.8% | 257.5% | +179pp |
| RS | Reliance | 0.8% | 22.2x | 33.7% | 48.0% | 178.0% | +99pp |
| NUE | Nucor | -0.4% | 19.3x | 66.9% | 52.3% | 119.0% | +40pp |
| CMC | Commercial Metals | -2.6% | 14.6x | 13.9% | 26.1% | 114.8% | +36pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 116.9% | 94.0% | 324.7% | COPR 1013% · TGB 454% · HBM 420% |
| Silver | 6 | 168.6% | 297.8% | 168.9% | HL 263% · SVM 211% · AYA 193% |
| Gold | 32 | 59.9% | 217.2% | 166.1% | IAG 796% · CNL 546% · KGC 502% |
| Steel ← | 13 | 25.8% | 50.1% | 119.0% | AMR 508% · HCC 498% · NWPX 317% |
| Aluminum | 3 | 97.7% | 133.2% | 52.2% | CENX 284% · KALU 52% · AA 33% |
| Diversified Metals & Mining | 24 | 12.3% | -0.4% | 50.3% | ATLX 237043% · USAR 64531% · FMST 1216% |
| Construction Materials | 7 | -13.9% | 34.2% | 46.4% | USLM 316% · CRH 95% · VMC 55% |
| Metal, Glass & Plastic Containers | 11 | 3.2% | 13.6% | 8.3% | KRT 169% · MYE 72% · GEF 69% |
| Precious Metals & Minerals | 9 | 46.4% | 157.6% | -0.7% | ASM 655% · PPTA 388% · ELE 120% |
| Paper & Plastic Packaging Products & Materials | 7 | 15.6% | 22.1% | -2.1% | PKG 99% · CCK 16% · SON 12% |
| Specialty Chemicals | 40 | 12.0% | 3.0% | -6.2% | LWLG 867% · ODC 480% · NEU 202% |
| Commodity Chemicals | 13 | 27.6% | 18.8% | -18.5% | HWKN 238% · MEOH 101% · LXU 69% |
| Diversified Chemicals | 4 | 5.7% | -26.4% | -23.7% | CBT 78% · ASH -5% · CC -42% |
| Fertilizers & Agricultural Chemicals | 10 | -4.4% | 3.4% | -32.4% | CF 221% · CTVA 106% · NTR 49% |
| Paper Products | 3 | -12.4% | -51.3% | -95.5% | CLW -30% · ITP -96% · MERC -96% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.90 |
| Mkt Cap | 2.7 |
| Rev LTM | 1,898 |
| Op Inc LTM | -45 |
| FCF LTM | -1 |
| FCF 3Y Avg | -11 |
| CFO LTM | 111 |
| CFO 3Y Avg | 322 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.8% |
| Rev Chg 3Y Avg | -2.5% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | -68.0% |
| Op Inc Chg 3Y Avg | -83.7% |
| Op Mgn LTM | -2.2% |
| Op Mgn 3Y Avg | 4.3% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 5.9% |
| CFO/Rev 3Y Avg | 9.2% |
| FCF/Rev LTM | -0.1% |
| FCF/Rev 3Y Avg | -1.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Domestic Coke | 1,614 | 1,817 | 1,954 | 1,857 | 1,354 |
| Industrial Services | 210 | 106 | 96 | ||
| Corporate and Other | 36 | 35 | 35 | ||
| Elimination of intersegment revenues | -22 | -23 | -22 | -29 | -27 |
| Brazil Coke | 38 | 37 | |||
| Logistics | 106 | 92 | |||
| Total | 1,837 | 1,935 | 2,063 | 1,972 | 1,456 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Domestic Coke | 64 | 130 | 118 | 263 | 124 |
| Industrial Services | 16 | 38 | 32 | ||
| Loss on derivative forward contracts | -1 | 0 | |||
| Corporate and Other | -2 | -1 | -1 | -30 | |
| Site closure costs | -4 | ||||
| Restructuring costs | -4 | ||||
| Other corporate expenses | -24 | -14 | -24 | -31 | |
| Long-lived asset impairment | -90 | ||||
| Brazil Coke | 14 | 17 | |||
| Depreciation and amortization expense | -142 | ||||
| Logistics | 50 | 30 | |||
| Total | -44 | 152 | 125 | 154 | 142 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Domestic Coke | 1,174 | 1,351 | 1,406 | 1,423 | 1,371 |
| Industrial Services | 544 | 158 | |||
| Corporate and Other | 71 | 159 | 85 | 23 | 24 |
| Brazil Coke | 12 | 16 | 18 | ||
| Logistics | 158 | 194 | 203 | ||
| Tax assets | 0 | ||||
| Total | 1,790 | 1,668 | 1,660 | 1,655 | 1,615 |
Price Behavior
| Market Price | $9.69 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 07/21/2011 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $8.67 | $7.35 |
| DMA Trend | up | up |
| Distance from DMA | 11.7% | 31.9% |
| 3M | 1YR | |
| Volatility | 44.4% | 44.3% |
| Downside Capture | 17.67 | 82.04 |
| Upside Capture | 87.49 | 100.74 |
| Correlation (SPY) | 3.5% | 20.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.61 | -0.20 | 0.23 | 0.29 | 0.69 | 0.74 |
| Up Beta | -5.04 | -3.00 | -2.46 | -0.92 | -0.39 | 0.65 |
| Down Beta | -1.73 | -0.07 | 0.48 | 0.81 | 1.17 | 0.72 |
| Up Capture | -19% | 35% | 148% | 55% | 85% | 46% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 22 | 37 | 70 | 136 | 389 |
| Down Capture | -108% | 74% | 48% | 53% | 91% | 96% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 20 | 23 | 53 | 111 | 350 |
[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 SXC | |
|---|---|---|---|---|
| SXC | 37.9% | 44.2% | 0.85 | - |
| Sector ETF (XLB) | 20.6% | 17.9% | 0.90 | 32.9% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 20.5% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 17.7% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | 18.9% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 6.7% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 24.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SXC | |
|---|---|---|---|---|
| SXC | 10.8% | 39.5% | 0.36 | - |
| Sector ETF (XLB) | 6.4% | 19.1% | 0.22 | 47.3% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 35.4% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 16.0% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 31.9% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 26.8% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 20.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SXC | |
|---|---|---|---|---|
| SXC | 6.3% | 52.4% | 0.32 | - |
| Sector ETF (XLB) | 10.3% | 20.7% | 0.44 | 49.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 42.1% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 7.4% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 33.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 31.8% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 16.1% |
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Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -9.7% | 2.8% | |
| 4/30/2026 | 1.9% | 8.4% | 36.8% |
| 2/17/2026 | -12.6% | -25.3% | -25.2% |
| 11/4/2025 | -17.1% | -16.5% | -16.5% |
| 7/30/2025 | -8.0% | -8.9% | -8.1% |
| 4/30/2025 | -7.6% | -9.2% | -14.6% |
| 1/30/2025 | -3.2% | -1.6% | -7.8% |
| 10/31/2024 | 19.6% | 41.4% | 45.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 13 | 12 | 11 |
| Median Positive | 5.7% | 4.4% | 15.1% |
| Median Negative | -4.5% | -8.0% | -8.1% |
| Max Positive | 19.6% | 41.4% | 58.0% |
| Max Negative | -17.1% | -25.3% | -25.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -9.7% | 2.8% | |
| 4/30/2026 | 1.9% | 8.4% | 36.8% |
| 2/17/2026 | -12.6% | -25.3% | -25.2% |
| 11/4/2025 | -17.1% | -16.5% | -16.5% |
| 7/30/2025 | -8.0% | -8.9% | -8.1% |
| 4/30/2025 | -7.6% | -9.2% | -14.6% |
| 1/30/2025 | -3.2% | -1.6% | -7.8% |
| 10/31/2024 | 19.6% | 41.4% | 45.9% |
| 7/31/2024 | 7.6% | -17.8% | -17.5% |
| 5/1/2024 | -4.5% | -0.8% | 1.0% |
| 2/1/2024 | 4.5% | 7.6% | 6.3% |
| 11/1/2023 | -6.1% | -11.5% | -1.0% |
| 8/1/2023 | 11.5% | 4.4% | 5.8% |
| 5/4/2023 | -0.7% | 3.5% | -0.9% |
| 2/2/2023 | 0.3% | 2.3% | 15.1% |
| 10/31/2022 | 6.3% | 22.4% | 23.3% |
| 8/2/2022 | -1.5% | -7.0% | -8.1% |
| 5/2/2022 | -2.9% | -3.0% | -2.0% |
| 2/1/2022 | 1.0% | 9.9% | 29.2% |
| 11/1/2021 | -0.3% | -4.4% | -14.9% |
| 7/29/2021 | 16.1% | 2.1% | 0.1% |
| 4/28/2021 | 7.2% | 15.3% | 8.8% |
| 2/4/2021 | 1.1% | 2.4% | 20.7% |
| 11/6/2020 | -2.6% | 4.1% | 58.0% |
| 8/3/2020 | 5.0% | -1.3% | 14.2% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 13 | 12 | 11 |
| Median Positive | 5.7% | 4.4% | 15.1% |
| Median Negative | -4.5% | -8.0% | -8.1% |
| Max Positive | 19.6% | 41.4% | 58.0% |
| Max Negative | -17.1% | -25.3% | -25.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Domestic coke total sales | 3.40 Mil | 0 | Affirmed | Guidance: 3.40 Mil for 2026 | |||
| 2026 Consolidated Net Income | 23.00 Mil | 32.50 Mil | 42.00 Mil | 20.4% | Raised | Guidance: 27.00 Mil for 2026 | |
| 2026 Consolidated Adjusted EBITDA | 250.00 Mil | 257.50 Mil | 265.00 Mil | 7.3% | Raised | Guidance: 240.00 Mil for 2026 | |
| 2026 Capital expenditures | 90.00 Mil | 95.00 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 95.00 Mil for 2026 | |
| 2026 Operating cash flow | 240.00 Mil | 250.00 Mil | 260.00 Mil | 4.2% | Raised | Guidance: 240.00 Mil for 2026 | |
| 2026 Net cash tax receipts | 8.00 Mil | 10.00 Mil | 12.00 Mil | 0 | Affirmed | Guidance: 10.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Domestic coke total sales | 3.40 Mil | 0 | Affirmed | Guidance: 3.40 Mil for 2026 | |||
| 2026 Consolidated Net Income | 18.00 Mil | 27.00 Mil | 36.00 Mil | -20.6% | Lowered | Guidance: 34.00 Mil for 2026 | |
| 2026 Consolidated Adjusted EBITDA | 230.00 Mil | 240.00 Mil | 250.00 Mil | 0 | Affirmed | Guidance: 240.00 Mil for 2026 | |
| 2026 Capital expenditures | 90.00 Mil | 95.00 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 95.00 Mil for 2026 | |
| 2026 Operating cash flow | 230.00 Mil | 240.00 Mil | 250.00 Mil | 0 | Affirmed | Guidance: 240.00 Mil for 2026 | |
| 2026 Net cash tax receipts | 8.00 Mil | 10.00 Mil | 12.00 Mil | 0 | Affirmed | Guidance: 10.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Domestic coke total sales | 3.40 Mil | -12.8% | Lower New | Actual: 3.90 Mil for 2025 | |||
| 2026 Consolidated Net Income | 25.00 Mil | 34.00 Mil | 43.00 Mil | -35.8% | Lower New | Actual: 53.00 Mil for 2025 | |
| 2026 Consolidated Adjusted EBITDA | 230.00 Mil | 240.00 Mil | 250.00 Mil | 7.9% | Higher New | Actual: 222.50 Mil for 2025 | |
| 2026 Capital expenditures | 90.00 Mil | 95.00 Mil | 100.00 Mil | 35.7% | Higher New | Actual: 70.00 Mil for 2025 | |
| 2026 Operating cash flow | 230.00 Mil | 240.00 Mil | 250.00 Mil | 258.2% | Higher New | Actual: 67.00 Mil for 2025 | |
| 2026 Net cash tax receipts | 8.00 Mil | 10.00 Mil | 12.00 Mil | 81.8% | Higher New | Actual: 5.50 Mil for 2025 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Domestic Coke total production | 3.90 Mil | -2.5% | Lowered | Guidance: 4.00 Mil for 2025 | |||
| 2025 Consolidated Net Income | 48.00 Mil | 53.00 Mil | 58.00 Mil | 7.1% | Raised | Guidance: 49.50 Mil for 2025 | |
| 2025 Consolidated Adjusted EBITDA | 220.00 Mil | 222.50 Mil | 225.00 Mil | 2.3% | Raised | Guidance: 217.50 Mil for 2025 | |
| 2025 Capital Expenditures | 70.00 Mil | 16.7% | Raised | Guidance: 60.00 Mil for 2025 | |||
| 2025 Operating cash flow | 62.00 Mil | 67.00 Mil | 72.00 Mil | -61.2% | Lowered | Guidance: 172.50 Mil for 2025 | |
| 2025 Cash taxes | 4.00 Mil | 5.50 Mil | 7.00 Mil | -21.4% | Lowered | Guidance: 7.00 Mil for 2025 | |
Insider Activity
Updated 5/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mikhalevsky, Andrei Alexander | Direct | Buy | 3022026 | 5.53 | 5,000 | 27,650 | 38,710 | Form | |
| 2 | Hardesty, Phillip Michael | Senior Vice President | Direct | Buy | 2262026 | 5.83 | 12,500 | 72,872 | 1,741,217 | Form |
| 3 | Marinko, Mark W | SR VP, Chief Financial Officer | Direct | Buy | 2262026 | 5.84 | 10,000 | 58,396 | 419,272 | Form |
| 4 | Hardesty, Phillip Michael | Senior Vice President | Direct | Buy | 11102025 | 6.64 | 12,000 | 79,631 | 1,743,150 | Form |
| 5 | Della, Ratta Ralph M JR | Direct | Buy | 11062025 | 6.86 | 7,288 | 49,996 | 591,970 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mikhalevsky, Andrei Alexander | Direct | Buy | 3022026 | 5.53 | 5,000 | 27,650 | 38,710 | Form | |
| 2 | Hardesty, Phillip Michael | Senior Vice President | Direct | Buy | 2262026 | 5.83 | 12,500 | 72,872 | 1,741,217 | Form |
| 3 | Marinko, Mark W | SR VP, Chief Financial Officer | Direct | Buy | 2262026 | 5.84 | 10,000 | 58,396 | 419,272 | Form |
| 4 | Hardesty, Phillip Michael | Senior Vice President | Direct | Buy | 11102025 | 6.64 | 12,000 | 79,631 | 1,743,150 | Form |
| 5 | Della, Ratta Ralph M JR | Direct | Buy | 11062025 | 6.86 | 7,288 | 49,996 | 591,970 | Form |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Steel Resources |
| SteelOrbis |
| World Steel Association |
| Kallanish Commodities |
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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