Core Natural Resources (CNR)
Market Price (10/7/2026): $89.71 | Market Cap: $4.5 BilSector: Energy | Industry: Coal & Consumable Fuels
Core Natural Resources (CNR)
Market Price (10/7/2026): $89.71Market Cap: $4.5 BilSector: EnergyIndustry: Coal & Consumable Fuels
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldFCF Yield is 5.7% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Battery Technology & Metals, and Sustainable Resource Management. Themes include Rare Earth Elements, and Resource Efficiency Solutions. | Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -95% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 59x 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 -2.6% Key risksCNR key risks include [1] the failure to realize anticipated post-merger synergies and [2] production shortfalls from operational challenges such as mine delays, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldFCF Yield is 5.7% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, and Sustainable Resource Management. Themes include Rare Earth Elements, and Resource Efficiency Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -95% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 59x |
| 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 -2.6% |
| Key risksCNR key risks include [1] the failure to realize anticipated post-merger synergies and [2] production shortfalls from operational challenges such as mine delays, Show more. |
Qualitative Assessment
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Updated on 10/1/2026
Core Natural Resources (CNR) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Core Natural Resources reported exceptional financial results for fiscal Q2 2026, which ended in June 2026. The company announced an Earnings Per Share (EPS) of $2.51, significantly exceeding analysts' consensus estimates of $0.61 by $1.91. Quarterly revenue also topped expectations at $1.14 billion against a consensus of $1.11 billion. These strong results included a full-limit insurance settlement of $125.4 million related to the Leer South mine, contributing to a substantial rise in net income.
2. Analysts reacted positively to the strong performance and future outlook, leading to upgrades and increased price targets. Following the Q2 2026 earnings report, Zacks Research upgraded Core Natural Resources from a "hold" to a "strong-buy" rating on August 11th, and Weiss Ratings raised the stock from a "sell (d+)" to a "hold (c-)" rating on the same day. Although UBS Group downgraded the stock to "neutral," they still increased their price target from $101.00 to $105.00 on August 18th. The average 12-month price target from analysts currently stands at $115.00, suggesting a significant upside from its recent trading price. The company's earnings are also expected to grow by 97.30% next year, from $2.96 to $5.84 per share.
Show more
Core Natural Resources (CNR) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Core Natural Resources reported exceptional financial results for fiscal Q2 2026, which ended in June 2026. The company announced an Earnings Per Share (EPS) of $2.51, significantly exceeding analysts' consensus estimates of $0.61 by $1.91. Quarterly revenue also topped expectations at $1.14 billion against a consensus of $1.11 billion. These strong results included a full-limit insurance settlement of $125.4 million related to the Leer South mine, contributing to a substantial rise in net income.
2. Analysts reacted positively to the strong performance and future outlook, leading to upgrades and increased price targets. Following the Q2 2026 earnings report, Zacks Research upgraded Core Natural Resources from a "hold" to a "strong-buy" rating on August 11th, and Weiss Ratings raised the stock from a "sell (d+)" to a "hold (c-)" rating on the same day. Although UBS Group downgraded the stock to "neutral," they still increased their price target from $101.00 to $105.00 on August 18th. The average 12-month price target from analysts currently stands at $115.00, suggesting a significant upside from its recent trading price. The company's earnings are also expected to grow by 97.30% next year, from $2.96 to $5.84 per share.
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Updated on 10/1/2026
Core Natural Resources (CNR) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Core Natural Resources reported exceptional financial results for fiscal Q2 2026, which ended in June 2026. The company announced an Earnings Per Share (EPS) of $2.51, significantly exceeding analysts' consensus estimates of $0.61 by $1.91. Quarterly revenue also topped expectations at $1.14 billion against a consensus of $1.11 billion. These strong results included a full-limit insurance settlement of $125.4 million related to the Leer South mine, contributing to a substantial rise in net income.
2. Analysts reacted positively to the strong performance and future outlook, leading to upgrades and increased price targets. Following the Q2 2026 earnings report, Zacks Research upgraded Core Natural Resources from a "hold" to a "strong-buy" rating on August 11th, and Weiss Ratings raised the stock from a "sell (d+)" to a "hold (c-)" rating on the same day. Although UBS Group downgraded the stock to "neutral," they still increased their price target from $101.00 to $105.00 on August 18th. The average 12-month price target from analysts currently stands at $115.00, suggesting a significant upside from its recent trading price. The company's earnings are also expected to grow by 97.30% next year, from $2.96 to $5.84 per share.
3. Broader macroeconomic conditions in the natural resources sector provided a favorable environment. During fiscal Q3 2026, oil and gas production in key U.S. states increased, and U.S. crude futures averaged around $86 a barrel, peaking at $107 in mid-September due to the ongoing Iran war. This geopolitical conflict continued to disrupt global supplies, contributing to higher commodity prices. Furthermore, there has been a renewed interest from institutional investors in natural resources, with allocations increasing by approximately 100% from 2021 to 2025, driven by factors such as energy security, supply chain resilience, and resource scarcity.
4. Strategic initiatives and consistent shareholder returns further bolstered investor confidence. In July 2026, the U.S. Department of Energy announced the selection of Core Natural Resources' Innovations Group to pursue critical mineral and material extraction from coal, highlighting potential future growth avenues. Concurrently, the company continued its robust capital return program, returning $68 million to stockholders in fiscal Q2 2026, and declared a quarterly dividend of $0.10 per share payable on September 18, 2026.
Show less
Core Natural Resources (CNR) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Core Natural Resources reported exceptional financial results for fiscal Q2 2026, which ended in June 2026. The company announced an Earnings Per Share (EPS) of $2.51, significantly exceeding analysts' consensus estimates of $0.61 by $1.91. Quarterly revenue also topped expectations at $1.14 billion against a consensus of $1.11 billion. These strong results included a full-limit insurance settlement of $125.4 million related to the Leer South mine, contributing to a substantial rise in net income.
2. Analysts reacted positively to the strong performance and future outlook, leading to upgrades and increased price targets. Following the Q2 2026 earnings report, Zacks Research upgraded Core Natural Resources from a "hold" to a "strong-buy" rating on August 11th, and Weiss Ratings raised the stock from a "sell (d+)" to a "hold (c-)" rating on the same day. Although UBS Group downgraded the stock to "neutral," they still increased their price target from $101.00 to $105.00 on August 18th. The average 12-month price target from analysts currently stands at $115.00, suggesting a significant upside from its recent trading price. The company's earnings are also expected to grow by 97.30% next year, from $2.96 to $5.84 per share.
3. Broader macroeconomic conditions in the natural resources sector provided a favorable environment. During fiscal Q3 2026, oil and gas production in key U.S. states increased, and U.S. crude futures averaged around $86 a barrel, peaking at $107 in mid-September due to the ongoing Iran war. This geopolitical conflict continued to disrupt global supplies, contributing to higher commodity prices. Furthermore, there has been a renewed interest from institutional investors in natural resources, with allocations increasing by approximately 100% from 2021 to 2025, driven by factors such as energy security, supply chain resilience, and resource scarcity.
4. Strategic initiatives and consistent shareholder returns further bolstered investor confidence. In July 2026, the U.S. Department of Energy announced the selection of Core Natural Resources' Innovations Group to pursue critical mineral and material extraction from coal, highlighting potential future growth avenues. Concurrently, the company continued its robust capital return program, returning $68 million to stockholders in fiscal Q2 2026, and declared a quarterly dividend of $0.10 per share payable on September 18, 2026.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 12.8% change in CNR stock from 6/30/2026 to 10/6/2026 was primarily driven by a 10.6% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.94 | 90.21 | 12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,232 | 4,270 | 0.9% |
| P/S Multiple | 1.0 | 1.1 | 10.6% |
| Shares Outstanding (Mil) | 51 | 50 | 1.1% |
| Cumulative Contribution | 12.8% |
Market Drivers
6/30/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| CNR | 12.8% | |
| Market (SPY) | 4.3% | 17.2% |
| Sector (XLE) | 20.0% | 15.8% |
Fundamental Drivers
The -13.7% change in CNR stock from 3/31/2026 to 10/6/2026 was primarily driven by a -17.0% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 104.51 | 90.21 | -13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,165 | 4,270 | 2.5% |
| P/S Multiple | 1.3 | 1.1 | -17.0% |
| Shares Outstanding (Mil) | 51 | 50 | 1.5% |
| Cumulative Contribution | -13.7% |
Market Drivers
3/31/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| CNR | -13.7% | |
| Market (SPY) | 20.1% | -5.0% |
| Sector (XLE) | 4.8% | 32.3% |
Fundamental Drivers
The 8.6% change in CNR stock from 9/30/2025 to 10/6/2026 was primarily driven by a 269.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 83.10 | 90.21 | 8.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,247 | 4,270 | 31.5% |
| Net Income Margin (%) | 0.6% | 2.3% | 269.2% |
| P/E Multiple | 211.1 | 45.4 | -78.5% |
| Shares Outstanding (Mil) | 52 | 50 | 3.9% |
| Cumulative Contribution | 8.6% |
Market Drivers
9/30/2025 to 10/6/2026| Return | Correlation | |
|---|---|---|
| CNR | 8.6% | |
| Market (SPY) | 17.9% | 2.9% |
| Sector (XLE) | 45.9% | 31.0% |
Fundamental Drivers
The -12.9% change in CNR stock from 9/30/2023 to 10/6/2026 was primarily driven by a -92.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 103.54 | 90.21 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,471 | 4,270 | 72.8% |
| Net Income Margin (%) | 30.1% | 2.3% | -92.2% |
| P/E Multiple | 4.7 | 45.4 | 871.9% |
| Shares Outstanding (Mil) | 34 | 50 | -33.5% |
| Cumulative Contribution | -12.9% |
Market Drivers
9/30/2023 to 10/6/2026| Return | Correlation | |
|---|---|---|
| CNR | -12.9% | |
| Market (SPY) | 88.5% | 19.6% |
| Sector (XLE) | 54.1% | 34.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CNR Return | 215% | 201% | 61% | 7% | -17% | 3% | 1296% |
| Peers Return | 276% | 78% | 47% | -19% | 31% | -7% | 868% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| CNR Win Rate | 75% | 58% | 58% | 42% | 58% | 40% | |
| Peers Win Rate | 62% | 50% | 55% | 40% | 53% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CNR Max Drawdown | -43% | -25% | -20% | -27% | -41% | -31% | |
| Peers Max Drawdown | -35% | -32% | -36% | -42% | -48% | -45% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BTU, AMR, HCC, 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 10/6/2026 (YTD)
How Low Can It Go
| Event | CNR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.8% | -18.8% |
| % Gain to Breakeven | 21.7% | 23.1% |
| Time to Breakeven | 109 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.4% | -7.8% |
| % Gain to Breakeven | 11.6% | 8.5% |
| Time to Breakeven | 21 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.7% | -24.5% |
| % Gain to Breakeven | 14.5% | 32.4% |
| Time to Breakeven | 11 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.1% | -33.7% |
| % Gain to Breakeven | 72.6% | 50.9% |
| Time to Breakeven | 30 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.6% | -19.2% |
| % Gain to Breakeven | 34.3% | 23.8% |
| Time to Breakeven | 1187 days | 105 days |
In The Past
Core Natural Resources's stock fell -17.8% during the 2025 US Tariff Shock. Such a loss loss requires a 21.7% gain to breakeven.
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Asset Allocation
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| Event | CNR | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -42.1% | -33.7% |
| % Gain to Breakeven | 72.6% | 50.9% |
| Time to Breakeven | 30 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.6% | -19.2% |
| % Gain to Breakeven | 34.3% | 23.8% |
| Time to Breakeven | 1187 days | 105 days |
In The Past
Core Natural Resources's stock fell -17.8% during the 2025 US Tariff Shock. Such a loss loss requires a 21.7% 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 Core Natural Resources (CNR)
Core Natural Resources, Inc. (CNR), a company with roots dating back to 1864, primarily operates in the production and sale of bituminous coal. Formerly known as CONSOL Energy Inc. until January 2025, CNR is a significant player in the energy sector, involved in the end-to-end process of mining, preparing, and marketing coal to both domestic and international markets.
The company's operations are structured around two main segments. Its Pennsylvania Mining Complex (PAMC) is responsible for the mining, preparation, and marketing of bituminous coal from mines such as Bailey, Enlow Fork, and Harvey. This coal is supplied to a broad customer base, including power generators, industrial end-users, and metallurgical end-users. Additionally, CNR's CONSOL Marine Terminal segment provides essential coal export terminal services through the Port of Baltimore, facilitating the international distribution of coal. The company also strategically develops new mining complexes and holds significant greenfield coal reserves across various basins in the United States, positioning itself for future growth in the coal industry.
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1. Like **Vale**, but specializing in **coal** mining and export.
2. An **energy producer** similar to **ExxonMobil**, but focused entirely on **coal** instead of oil and gas.
3. A **mining company** similar to **BHP Billiton**, but specializing in **coal** production and logistics.
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- Bituminous Coal: Core Natural Resources produces, prepares, markets, and sells bituminous coal to power generators, industrial, and metallurgical end-users.
- Coal Export Terminal Services: The company provides coal export terminal services through its CONSOL Marine Terminal at the Port of Baltimore.
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Core Natural Resources (CNR) sells its products primarily to other companies. Based on the company's description, its major customer categories are:
- Power Generators: These are utility companies and other energy producers that use bituminous coal to generate electricity.
- Industrial End-Users: A broad category of companies that utilize coal in various industrial processes, such as cement production, chemical manufacturing, and other industrial heating applications.
- Metallurgical End-Users: Companies, primarily in the steel industry, that use metallurgical coal (a type of bituminous coal) as a key raw material in the steelmaking process (e.g., blast furnaces).
The provided company description does not list specific names of customer companies or their public symbols.
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Jimmy A. Brock
Chief Executive Officer
Mr. Brock was appointed Chief Executive Officer of Core Natural Resources in October 2025. He previously served as Chairman and Chief Executive Officer of CONSOL Energy Inc., one of Core's predecessor companies. Mr. Brock was elected CEO and a board member of CONSOL Energy in 2017 and became chairman in 2024. With over 40 years in the industry, he started at Consol in 1979 and has held various positions including chief operating officer, superintendent, longwall coordinator, and mine foreman. He also serves as board chair of America's Power and the Pennsylvania Coal Alliance, and is an executive committee member (and past board chair) of the National Mining Association, as well as a past board chair of the West Virginia Coal Association.
Nathan J. Tucker
Senior Vice President, Chief Financial Officer
Mr. Tucker was appointed Senior Vice President and Chief Financial Officer of Core Natural Resources on August 19, 2026. Prior to this role, he served as Core's Vice President of Finance since the company's formation in January 2025. Before the merger that formed Core Natural Resources, Mr. Tucker held the position of Director of Finance and Investor Relations for CONSOL Energy Inc. from 2020 until January 2025, having originally joined CONSOL in 2010.
Mitesh B. Thakkar
President
Mr. Thakkar serves as President of Core Natural Resources. Effective August 19, 2026, he assumed an expanded role with day-to-day responsibility for the company's primary operating functions, including operations, marketing, logistics, and long-term strategy. He previously held the combined role of President and Chief Financial Officer since Core's formation in January 2025. Before Core, Mr. Thakkar was Senior Vice President and Chief Financial Officer of CONSOL Energy Inc. from 2020. He joined CONSOL in 2015 after starting his career as an equity analyst with FBR Capital Markets.
Robert J. Braithwaite
Senior Vice President, Chief Commercial Officer
Mr. Braithwaite was promoted to Senior Vice President and Chief Commercial Officer of Core Natural Resources, effective May 13, 2026. In this role, he oversees the company's commercial strategy, including coal sales and marketing, transportation and logistics, and market development initiatives. He previously served as Senior Vice President of Marketing and Sales at Core since its formation in January 2025. Prior to that, he was Vice President of Marketing and Sales at CONSOL Energy, where he held various leadership roles in sales and marketing since joining the company in 2005.
Rosemary L. Klein
Senior Vice President, Chief Legal Officer & Corporate Secretary
Ms. Klein serves as Senior Vice President, Chief Legal Officer & Corporate Secretary for Core Natural Resources.
Chief Executive Officer
Mr. Brock was appointed Chief Executive Officer of Core Natural Resources in October 2025. He previously served as Chairman and Chief Executive Officer of CONSOL Energy Inc., one of Core's predecessor companies. Mr. Brock was elected CEO and a board member of CONSOL Energy in 2017 and became chairman in 2024. With over 40 years in the industry, he started at Consol in 1979 and has held various positions including chief operating officer, superintendent, longwall coordinator, and mine foreman. He also serves as board chair of America's Power and the Pennsylvania Coal Alliance, and is an executive committee member (and past board chair) of the National Mining Association, as well as a past board chair of the West Virginia Coal Association.
Nathan J. Tucker
Senior Vice President, Chief Financial Officer
Mr. Tucker was appointed Senior Vice President and Chief Financial Officer of Core Natural Resources on August 19, 2026. Prior to this role, he served as Core's Vice President of Finance since the company's formation in January 2025. Before the merger that formed Core Natural Resources, Mr. Tucker held the position of Director of Finance and Investor Relations for CONSOL Energy Inc. from 2020 until January 2025, having originally joined CONSOL in 2010.
Mitesh B. Thakkar
President
Mr. Thakkar serves as President of Core Natural Resources. Effective August 19, 2026, he assumed an expanded role with day-to-day responsibility for the company's primary operating functions, including operations, marketing, logistics, and long-term strategy. He previously held the combined role of President and Chief Financial Officer since Core's formation in January 2025. Before Core, Mr. Thakkar was Senior Vice President and Chief Financial Officer of CONSOL Energy Inc. from 2020. He joined CONSOL in 2015 after starting his career as an equity analyst with FBR Capital Markets.
Robert J. Braithwaite
Senior Vice President, Chief Commercial Officer
Mr. Braithwaite was promoted to Senior Vice President and Chief Commercial Officer of Core Natural Resources, effective May 13, 2026. In this role, he oversees the company's commercial strategy, including coal sales and marketing, transportation and logistics, and market development initiatives. He previously served as Senior Vice President of Marketing and Sales at Core since its formation in January 2025. Prior to that, he was Vice President of Marketing and Sales at CONSOL Energy, where he held various leadership roles in sales and marketing since joining the company in 2005.
Rosemary L. Klein
Senior Vice President, Chief Legal Officer & Corporate Secretary
Ms. Klein serves as Senior Vice President, Chief Legal Officer & Corporate Secretary for Core Natural Resources.
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Here are the key risks to the business of Core Natural Resources:
- Energy Transition and Declining Demand for Coal: Core Natural Resources primarily produces and sells bituminous coal, a fossil fuel facing significant headwinds due to the global energy transition. There is a continuous shift away from coal towards cleaner and often cheaper energy alternatives such as natural gas, wind, and solar, driven by environmental concerns and climate change initiatives. This trend directly threatens the long-term demand for the company's core product, potentially leading to reduced sales volumes, lower prices, and a decreased valuation of the company as the market views it as a "legacy coal company" in an "inevitable slowdown."
- Environmental Regulations and Litigation: The coal industry is heavily scrutinized and subjected to evolving and stringent environmental regulations concerning air and water pollution, land reclamation, and greenhouse gas emissions. These regulations can lead to increased operational costs, necessitate substantial investments in compliance technologies, and limit mining activities. Furthermore, the company faces the risk of lawsuits and penalties related to environmental non-compliance or incidents, which can result in significant financial liabilities and reputational damage. Historically, the predecessor company, CONSOL Energy Inc., has faced litigation related to environmental and safety matters.
- Operational Risks and Workplace Safety Incidents: Coal mining is an inherently hazardous occupation, exposing Core Natural Resources to significant operational risks, including mine collapses, toxic gas exposures, and equipment failures. These risks can lead to production disruptions, property damage, and, most critically, serious injuries or fatalities among its workforce. Recent incidents and associated lawsuits against the company (formerly CONSOL Energy) regarding fatal accidents at its mines, citing concerns over understaffing and unsafe conditions, underscore the ongoing challenge of maintaining stringent safety standards and avoiding legal repercussions.
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The rapidly accelerating adoption and decreasing costs of renewable energy sources, such as solar and wind power, pose a significant emerging threat. These alternatives are becoming increasingly competitive and preferred by power generators globally, directly displacing demand for coal in its primary market.
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The addressable markets for Core Natural Resources' main products and services are as follows:
Bituminous Coal Production and Sales
- Global Market: The global bituminous coal market was valued at $329.6 billion in 2025 and is projected to increase to $440.7 billion by 2034, growing at a compound annual growth rate (CAGR) of 3.2%.
- U.S. Market: The United States coal market reached $68.8 billion in 2025 and is expected to reach $74.2 billion by 2034. In 2025, the U.S. represented an $91.2 billion market in the region, accounting for approximately 8.5% of global market sales.
CONSOL Marine Terminal (Coal Export Terminal Services through the Port of Baltimore)
The Port of Baltimore is a significant hub for U.S. coal exports, ranking as the second-largest coal exporting hub in the U.S.- U.S. Coal Export Volume through Port of Baltimore: In 2023, coal exports from the Port of Baltimore totaled 28 million short tons. This represented approximately 28% of all U.S. coal exports in 2023.
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Expected Drivers of Future Revenue Growth for Core Natural Resources (CNR)
Core Natural Resources (NYSE: CNR) is poised for future revenue growth over the next 2-3 years, driven by a combination of increasing demand for its coal products, enhanced operational efficiencies, strategic sales commitments, growth in its marine terminal services, and diversification into critical minerals extraction.
1. Increasing Global and Domestic Demand for Thermal Coal
A significant driver of future revenue growth for Core Natural Resources is the anticipated increase in demand for its high calorific value thermal coal. U.S. grid operators are projecting substantial power demand growth through the end of the decade, fueled by reindustrialization and the expansion of AI-driven data centers. Furthermore, Core Natural Resources expects U.S. thermal coal demand to climb, especially with the U.S. coal fleet operating at an average capacity factor of less than 50% and supportive governmental policies. Internationally, the International Energy Agency forecasts global electricity demand to grow at 3.6% per year through 2030, further bolstering the demand for thermal coal.
2. Robust International Demand for Metallurgical Coal
The company also expects to benefit from strong international demand for its metallurgical coal, which is essential for steel production. The outlook for seaborne industrial coal demand is positive, with India's cement demand experiencing significant growth driven by infrastructure development. Core Natural Resources anticipates sustained investment in new blast furnace capacity across Southeast Asian economies, which will support a constructive, long-term market for high-quality coking coals. The company's metallurgical segment has already demonstrated increased sales margins, partly due to a higher percentage of sales linked to premium low-volatile pricing.
3. Operational Efficiencies and Increased Production Volumes
Operational improvements and efficiency gains from Core Natural Resources' mining complexes are expected to contribute to revenue growth. The company aims to showcase its "full, cash-generating potential" and "operational excellence" across its combined mining platform, including driving significant per-ton cost and operating margin improvements in its thermal and metallurgical segments. Key to this is the successful restart of longwall mining at Leer South and improved geological conditions at West Elk, enabling these world-class mines to operate at targeted production rates. In the second quarter of 2026, Core Natural Resources secured 16 million tons of new sales commitments for future periods, indicating a strong contracted position for future volumes at advantageous margins.
4. Growth in Terminal Services through CONSOL Marine Terminal
Revenue growth is also expected from Core Natural Resources' CONSOL Marine Terminal (CMT) segment. The CMT, located in the Port of Baltimore, provides crucial coal export terminal services. [cite: BACKGROUND] The terminal has shown consistent growth, with shipments increasing from 4.8 million tons in Q1 2026 to 5.2 million tons in Q2 2026, leading to an increase in adjusted EBITDA. Core Natural Resources' ownership interests in East Coast marine export terminals and its strategic logistical network provide reliable and efficient access to seaborne markets, with the potential to optimize this expanded export capacity.
5. Diversification into Critical Minerals and Materials Extraction
Core Natural Resources is exploring new revenue streams through its CONSOL Innovations subsidiary, which has been selected for a multi-million-dollar grant from the U.S. Department of Energy. This funding will be used to develop a pilot-scale facility for extracting rare earth elements and other critical materials from coal waste tailings sourced from its Pennsylvania Mining Complex. This initiative represents a strategic diversification, leveraging coal resources for future-facing applications and potentially reducing reliance on imported materials for technologies like lithium-ion batteries.
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Share Repurchases
- Core Natural Resources initiated a $1.0 billion share repurchase program in February 2025, aiming to return approximately 75% of free cash flow to stockholders, primarily through repurchases.
- As of June 30, 2026, Core Natural Resources had repurchased 4.3 million shares for a total of $329.2 million since the program's inception.
- The company had $670.8 million of remaining authorization under its $1.0 billion share repurchase program as of June 30, 2026.
Share Issuance
- In January 2025, Core Natural Resources was formed through an all-stock merger between CONSOL Energy Inc. and Arch Resources, Inc. As part of this merger, Arch stockholders received 1.326 shares of Core for each outstanding Arch share.
Inbound Investments
- In conjunction with the merger closing in January 2025, Core Natural Resources amended and extended its revolving credit facility, increasing commitments to $600 million from $355 million with participation from 22 banks.
Capital Expenditures
- For the last 12 months (as of September 2026), capital expenditures were reported at $305.57 million.
- Core Natural Resources has committed to investing approximately $30 million in capital to support its ESG (Environmental, Social, and Governance) goals through 2026, with $4.1 million spent in 2023.
- Total capital expenditures for CONSOL Energy in fiscal year 2024 were guided to be between $165 million and $190 million.
Peer Outperformance in Coal & Consumable Fuels
CNR has outperformed 69% of its 13 Coal & Consumable Fuels peers over 5Y. Among the peers that beat it is CCJ. Coal & Consumable Fuels ranks 5th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Coal & Consumable Fuels constituents that CNR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
86%
of 14 industry peers · 2.5% return
3Y
23%
of 13 industry peers · -10.5% return
5Y
69%
of 13 industry peers · 194.4% return
Coal & Consumable Fuels peers with revenue growth within 4pp of CNR's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CNR | Core Natural Resources | 22.6% | 45.4x | 2.5% | -10.5% | 194.4% | — |
| CCJ | Cameco | 19.8% | 114.2x | 9.3% | 148.5% | 320.5% | +126pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Energy sector, ranked by 5Y. Coal & Consumable Fuels is CNR'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 |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 126.9% | 148.3% | 380.5% | MPC 661% · VLO 545% · PBF 545% |
| Integrated Oil & Gas | 7 | 38.5% | 69.4% | 223.1% | IMO 315% · SU 279% · CVE 226% |
| Oil & Gas Storage & Transportation | 18 | 26.4% | 127.3% | 180.7% | INSW 1016% · LPG 867% · TRGP 507% |
| Oil & Gas Equipment & Services | 34 | 34.4% | 24.6% | 86.5% | SEI 1041% · FTI 816% · TDW 544% |
| Coal & Consumable Fuels ← | 14 | -17.8% | 23.9% | 80.0% | EU 1043% · CCJ 321% · LEU 287% |
| Oil & Gas Drilling | 7 | 57.4% | 5.9% | 57.7% | VAL 131% · PDS 96% · NE 77% |
| Oil & Gas Exploration & Production | 51 | 19.0% | 10.0% | 47.7% | KGEI 9239% · OBE 6415% · EP 2683% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 57.59 |
| Mkt Cap | 2.7 |
| Rev LTM | 1,981 |
| Op Inc LTM | -5 |
| FCF LTM | 2 |
| FCF 3Y Avg | 47 |
| CFO LTM | 179 |
| CFO 3Y Avg | 375 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.1% |
| Rev Chg 3Y Avg | -2.2% |
| Rev Chg Q | 6.5% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | -85.3% |
| Op Inc Chg 3Y Avg | -73.1% |
| Op Mgn LTM | -0.7% |
| Op Mgn 3Y Avg | 4.7% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 6.3% |
| CFO/Rev 3Y Avg | 11.9% |
| FCF/Rev LTM | 0.1% |
| FCF/Rev 3Y Avg | 2.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.7 |
| P/S | 1.0 |
| P/Op Inc | 7.0 |
| P/EBIT | -12.2 |
| P/E | -12.2 |
| P/CFO | 11.1 |
| Total Yield | -1.8% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| High CV Thermal | 2,209 | 2,005 | 2,360 | ||
| Metallurgical | 1,202 | 113 | 99 | ||
| Powder River Basin (PRB) | 719 | 0 | 0 | ||
| Core Marine Terminal | 88 | 88 | 106 | ||
| Other Revenues | 14 | 16 | |||
| Elimination of Intersegment Revenues | -66 | -57 | -58 | ||
| CONSOL Marine Terminal | 79 | 65 | |||
| Other, Corporate and Eliminations | 50 | 7 | |||
| Pennsylvania Mining Complex (PAMC) | 2,151 | 1,189 | |||
| Total | 4,165 | 2,164 | 2,507 | 2,280 | 1,261 |
| $ Mil | 2023 | 2022 | 2021 |
|---|---|---|---|
| Pennsylvania Mining Complex (PAMC) | 810 | 620 | 94 |
| CONSOL Marine Terminal | 69 | 41 | 32 |
| Other, Corporate and Eliminations | -224 | -194 | -92 |
| Total | 656 | 467 | 34 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| High CV Thermal | 2,108 | 1,740 | 1,582 | ||
| Metallurgical | 2,020 | 141 | 127 | ||
| Corporate and Other | 1,649 | 911 | 882 | ||
| Powder River Basin (PRB) | 261 | 0 | 0 | ||
| Core Marine Terminal | 92 | 88 | 83 | ||
| CONSOL Marine Terminal | 82 | 109 | |||
| Other, Corporate and Eliminations | 866 | 691 | |||
| Pennsylvania Mining Complex (PAMC) | 1,756 | 1,774 | |||
| Total | 6,130 | 2,880 | 2,675 | 2,704 | 2,574 |
Price Behavior
Price Behavior
| Market Price | $90.21 | |
| Market Cap ($ Bil) | 4.5 | |
| First Trading Date | 11/16/2017 | |
| Distance from 52W High | -20.2% | |
| 50 Days | 200 Days | |
| DMA Price | $92.37 | $90.89 |
| DMA Trend | up | up |
| Distance from DMA | -2.3% | -0.8% |
| 3M | 1YR | |
| Volatility | 36.7% | 45.8% |
| Downside Capture | -36.27 | 16.41 |
| Upside Capture | 38.37 | 16.16 |
| Correlation (SPY) | 17.0% | 2.9% |
CNR Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.31 | 0.13 | 0.54 | -0.19 | 0.09 | 0.59 |
| Up Beta | -2.03 | -1.12 | 0.53 | -1.39 | -1.01 | 0.38 |
| Down Beta | 0.67 | 4.43 | 2.74 | 1.91 | 1.05 | 0.93 |
| Up Capture | -97% | 28% | 23% | -35% | 7% | 16% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 20 | 31 | 61 | 126 | 371 |
| Down Capture | 159% | -41% | -18% | -14% | 15% | 85% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 16 | 22 | 33 | 65 | 126 | 379 |
[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 CNR | |
|---|---|---|---|---|
| CNR | 2.0% | 45.7% | 0.18 | - |
| Sector ETF (XLE) | 46.8% | 21.9% | 1.66 | 31.2% |
| Equity (SPY) | 17.5% | 13.0% | 0.96 | 2.8% |
| Gold (GLD) | 6.9% | 29.6% | 0.23 | 10.5% |
| Commodities (DBC) | 46.1% | 20.8% | 1.71 | 31.5% |
| Real Estate (VNQ) | 2.1% | 13.7% | -0.10 | -12.3% |
| Bitcoin (BTCUSD) | -29.8% | 44.3% | -0.67 | 13.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNR | |
|---|---|---|---|---|
| CNR | 31.0% | 53.4% | 0.70 | - |
| Sector ETF (XLE) | 23.4% | 25.5% | 0.80 | 43.4% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 23.1% |
| Gold (GLD) | 18.7% | 18.9% | 0.80 | 14.5% |
| Commodities (DBC) | 10.3% | 19.5% | 0.40 | 35.9% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 15.5% |
| Bitcoin (BTCUSD) | 16.0% | 52.2% | 0.47 | 15.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNR | |
|---|---|---|---|---|
| CNR | 15.3% | 66.2% | 0.52 | - |
| Sector ETF (XLE) | 10.9% | 29.6% | 0.40 | 43.6% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 30.9% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 7.7% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 31.5% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 25.5% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 7.5% | 13.5% | 16.5% |
| 5/7/2026 | 0.9% | -6.1% | 6.6% |
| 2/12/2026 | -2.8% | -2.9% | 6.8% |
| 11/6/2025 | 11.5% | 13.4% | 5.5% |
| 8/5/2025 | 2.1% | -1.7% | -6.8% |
| 5/8/2025 | -9.9% | -6.0% | -10.7% |
| 2/20/2025 | 5.4% | -3.1% | -5.5% |
| 11/5/2024 | 5.1% | 20.1% | 15.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 19 |
| # Negative | 7 | 9 | 5 |
| Median Positive | 5.9% | 11.3% | 15.3% |
| Median Negative | -5.3% | -6.0% | -8.6% |
| Max Positive | 13.0% | 34.3% | 67.7% |
| Max Negative | -21.6% | -11.1% | -26.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 7.5% | 13.5% | 16.5% |
| 5/7/2026 | 0.9% | -6.1% | 6.6% |
| 2/12/2026 | -2.8% | -2.9% | 6.8% |
| 11/6/2025 | 11.5% | 13.4% | 5.5% |
| 8/5/2025 | 2.1% | -1.7% | -6.8% |
| 5/8/2025 | -9.9% | -6.0% | -10.7% |
| 2/20/2025 | 5.4% | -3.1% | -5.5% |
| 11/5/2024 | 5.1% | 20.1% | 15.3% |
| 8/8/2024 | 4.5% | 5.3% | 3.6% |
| 5/7/2024 | 3.6% | 4.2% | 17.5% |
| 2/6/2024 | -5.3% | -8.4% | 1.3% |
| 10/31/2023 | -10.1% | -5.8% | 1.0% |
| 8/8/2023 | 9.5% | 9.7% | 23.4% |
| 5/2/2023 | 6.3% | 4.0% | -8.6% |
| 2/7/2023 | 7.1% | -6.6% | 1.7% |
| 11/1/2022 | 0.6% | 11.3% | 27.3% |
| 8/4/2022 | 5.9% | 16.4% | 22.4% |
| 5/3/2022 | 5.6% | 3.6% | 16.1% |
| 2/8/2022 | 13.0% | 30.7% | 40.8% |
| 11/2/2021 | -21.6% | -11.1% | -26.2% |
| 8/3/2021 | -0.3% | 6.8% | 10.0% |
| 5/4/2021 | 7.3% | 34.3% | 67.7% |
| 2/9/2021 | -1.3% | 10.7% | 12.4% |
| 11/5/2020 | 9.3% | 24.2% | 52.4% |
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 19 |
| # Negative | 7 | 9 | 5 |
| Median Positive | 5.9% | 11.3% | 15.3% |
| Median Negative | -5.3% | -6.0% | -8.6% |
| Max Positive | 13.0% | 34.3% | 67.7% |
| Max Negative | -21.6% | -11.1% | -26.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Metallurgical Cash Cost of Coal Sold per Ton | Reported | 86 | 88.5 | 91 | -2.7% | Lowered | Guidance: 91 for 2026 | |
| 2026 High C.V. Thermal Cash Cost of Coal Sold per Ton | Reported | 39 | 39.75 | 40.5 | 2.6% | Raised | Guidance: 38.75 for 2026 | |
| 2026 Powder River Basin Cash Cost of Coal Sold per Ton | Reported | 13.25 | 13.5 | 13.75 | 1.9% | Raised | Guidance: 13.25 for 2026 | |
| 2026 Sales Volume - Coking | Reported | 8.80 Mil | 9.10 Mil | 9.40 Mil | 1.1% | Raised | Guidance: 9.00 Mil for 2026 | |
| 2026 Sales Volume - High C.V. Thermal | Reported | 31.50 Mil | 32.25 Mil | 33.00 Mil | 4.0% | Raised | Guidance: 31.00 Mil for 2026 | |
| 2026 Sales Volume - Powder River Basin | Reported | 47.00 Mil | 48.50 Mil | 50.00 Mil | 0.0% | Affirmed | Guidance: 48.50 Mil for 2026 | |
| 2026 Cash Tax Rate | Reported | 0.0% | 2.5% | 5.0% | 0.0% | Affirmed | Guidance: 2.5% for 2026 | |
| 2026 Capital Expenditures | Reported | 325.00 Mil | 350.00 Mil | 375.00 Mil | 0.0% | Affirmed | Guidance: 350.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Metallurgical Cash Cost of Coal Sold per Ton | Reported | 88 | 91 | 94 | 0 | Affirmed | Guidance: 91 for 2026 | |
| 2026 High C.V. Thermal Cash Cost of Coal Sold per Ton | Reported | 38 | 38.75 | 39.5 | 0 | Affirmed | Guidance: 38.75 for 2026 | |
| 2026 Powder River Basin Cash Cost of Coal Sold per Ton | Reported | 13 | 13.25 | 13.5 | 0 | Affirmed | Guidance: 13.25 for 2026 | |
| 2026 Coking Sales Volume | Reported | 8.60 Mil | 9.00 Mil | 9.40 Mil | 0 | Affirmed | Guidance: 9.00 Mil for 2026 | |
| 2026 High C.V. Thermal Sales Volume | Reported | 30.00 Mil | 31.00 Mil | 32.00 Mil | 0 | Affirmed | Guidance: 31.00 Mil for 2026 | |
| 2026 Powder River Basin Sales Volume | Reported | 47.00 Mil | 48.50 Mil | 50.00 Mil | 0 | Affirmed | Guidance: 48.50 Mil for 2026 | |
| 2026 Cash Tax Rate | Reported | 0.0% | 2.5% | 5.0% | 0 | Affirmed | Guidance: 2.5% for 2026 | |
| 2026 Capital Expenditures | Reported | 325.00 Mil | 350.00 Mil | 375.00 Mil | 0 | Affirmed | Guidance: 350.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Metallurgical Cash Cost of Coal Sold per Ton | Reported | 88 | 91 | 94 | -4.2% | Lower New | Actual: 95 for 2025 | |
| 2026 High C.V. Thermal Cash Cost of Coal Sold per Ton | Reported | 38 | 38.75 | 39.5 | -3.1% | Lower New | Actual: 40 for 2025 | |
| 2026 Powder River Basin Cash Cost of Coal Sold per Ton | Reported | 13 | 13.25 | 13.5 | 1.9% | Higher New | Actual: 13 for 2025 | |
| 2026 Sales Volume - Coking | Reported | 8.6 | 9 | 9.4 | 18.4% | Higher New | Actual: 7.6 for 2025 | |
| 2026 Sales Volume - High C.V. Thermal | Reported | 30 | 31 | 32 | 3.3% | Higher New | Actual: 30 for 2025 | |
| 2026 Sales Volume - Powder River Basin | Reported | 47 | 48.5 | 50 | 1.0% | Higher New | Actual: 48 for 2025 | |
| 2026 Cash Tax Rate | Reported | 0.0% | 2.5% | 5.0% | ||||
| 2026 Capital Expenditures | Reported | 325.00 Mil | 350.00 Mil | 375.00 Mil | 27.3% | Higher New | Actual: 275.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Metallurgical Cash Cost of Coal Sold per Ton | Reported | 93 | 95 | 97 | -2.1% | Lowered | Guidance: 97 for 2025 | |
| 2025 High C.V. Thermal Cash Cost of Coal Sold per Ton | Reported | 39 | 40 | 41 | 2.6% | Raised | Guidance: 39 for 2025 | |
| 2025 Powder River Basin Cash Cost of Coal Sold per Ton | Reported | 12.75 | 13 | 13.25 | 0 | Affirmed | Guidance: 13 for 2025 | |
| 2025 Sales Volume - Coking | Reported | 7.40 Mil | 7.60 Mil | 7.80 Mil | -1.9% | Lowered | Guidance: 7.75 Mil for 2025 | |
| 2025 Sales Volume - High C.V. Thermal | Reported | 29.00 Mil | 30.00 Mil | 31.00 Mil | 0 | Affirmed | Guidance: 30.00 Mil for 2025 | |
| 2025 Sales Volume - Powder River Basin | Reported | 47.00 Mil | 48.00 Mil | 49.00 Mil | 3.2% | Raised | Guidance: 46.50 Mil for 2025 | |
| 2025 Capital Expenditures | Reported | 260.00 Mil | 275.00 Mil | 290.00 Mil | -12.7% | Lowered | Guidance: 315.00 Mil for 2025 | |
| Q4 2025 Leer South Fire Extinguishment and Idle Costs | Reported | 15.00 Mil | 20.00 Mil | 25.00 Mil | -20.0% | Lowered | Guidance: 25.00 Mil for Q3 2025 | |
Insider Activity
Updated 5/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brock, James A | Executive Chair and CEO | SLAT-1 | Sell | 3192026 | 101.15 | 40,760 | 4,122,874 | 10,115,000 | Form |
| 2 | Rothka, John | Chief Accounting Officer | Direct | Sell | 3182026 | 97.66 | 1,000 | 97,660 | 506,855 | Form |
| 3 | Rothka, John | Chief Accounting Officer | Direct | Sell | 3112026 | 91.62 | 3,800 | 348,156 | 567,128 | Form |
| 4 | Navarre, Richard A | Direct | Sell | 3112026 | 91.70 | 6,000 | 550,200 | 1,653,718 | Form | |
| 5 | Rothka, John | Chief Accounting Officer | Direct | Sell | 10102025 | 100.00 | 1,000 | 100,000 | 930,700 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brock, James A | Executive Chair and CEO | SLAT-1 | Sell | 3192026 | 101.15 | 40,760 | 4,122,874 | 10,115,000 | Form |
| 2 | Rothka, John | Chief Accounting Officer | Direct | Sell | 3182026 | 97.66 | 1,000 | 97,660 | 506,855 | Form |
| 3 | Rothka, John | Chief Accounting Officer | Direct | Sell | 3112026 | 91.62 | 3,800 | 348,156 | 567,128 | Form |
| 4 | Navarre, Richard A | Direct | Sell | 3112026 | 91.70 | 6,000 | 550,200 | 1,653,718 | Form | |
| 5 | Rothka, John | Chief Accounting Officer | Direct | Sell | 10102025 | 100.00 | 1,000 | 100,000 | 930,700 | Form |
| 6 | Rothka, John | Chief Accounting Officer | Direct | Sell | 10102025 | 95.00 | 1,000 | 95,000 | 979,165 | Form |
| 7 | Rothka, John | Chief Accounting Officer | Direct | Sell | 10062025 | 90.00 | 2,500 | 225,000 | 1,017,630 | Form |
| 8 | Navarre, Richard A | Direct | Sell | 9262025 | 82.20 | 5,000 | 411,000 | 1,794,426 | Form | |
| 9 | Kriegshauser, Patrick A | Direct | Sell | 9182025 | 77.07 | 3,043 | 234,524 | 1,799,430 | Form | |
| 10 | Lang, Paul A | Chief Executive Officer | Direct | Buy | 5122025 | 66.95 | 7,500 | 502,125 | 22,834,101 | Form |
Investor Activity (13F)
Updated Oct 7, 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 |
|---|---|---|---|---|---|
| Magnolia Group, LLC | $63.1 Mil | 11.7% | 12 | TRIM -10.0% | 13F |
| Thomist Capital Management, LP | $23.5 Mil | 8.0% | 43 | Hold | 13F |
| Summit Street Capital Management, LLC | $32.0 Mil | 4.5% | 31 | Hold | 13F |
| Goehring & Rozencwajg Associates, LLC | $74.2 Mil | 4.0% | 43 | ADD +134.0% | 13F |
| Mudita Advisors LLP | $15.1 Mil | 3.1% | 28 | New | 13F |
| Condire Management, LP | $21.1 Mil | 2.0% | 19 | Hold | 13F |
| Forest Avenue Capital Management LP | $15.9 Mil | 1.0% | 25 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Goehring & Rozencwajg Associates, LLC | $74.2 Mil | 4.0% | 43 | ADD +134.0% | 13F |
| Magnolia Group, LLC | $63.1 Mil | 11.7% | 12 | TRIM -10.0% | 13F |
| Summit Street Capital Management, LLC | $32.0 Mil | 4.5% | 31 | Hold | 13F |
| Thomist Capital Management, LP | $23.5 Mil | 8.0% | 43 | Hold | 13F |
| Condire Management, LP | $21.1 Mil | 2.0% | 19 | Hold | 13F |
| Forest Avenue Capital Management LP | $15.9 Mil | 1.0% | 25 | New | 13F |
| Mudita Advisors LLP | $15.1 Mil | 3.1% | 28 | New | 13F |
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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Core Cache Last Updated: 10/6/2026