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Core Natural Resources, Inc. (CNR) stock

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NYSE: CNR NYSE Coal & Consumable Fuels Next results ~November 5, 2026

C+ Fundamentals grade

Core Natural Resources, Inc. is a US-listed company in the coal & consumable fuels industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$270

Cash-flow model

Base case. Range ~$200–$360 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 222% above it.

Price used: $84.25, November 2, 2026

Core Natural Resources, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds202 adding, 181 cuttingOf 60 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Core Natural Resources files

Where Core Natural Resources stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.27bn, up 28.7% on a year earlier, slower than the 56.3% growth a quarter earlier. Free-cash-flow margin rose to 6.1% from 4.8% a year earlier. The diluted share count is up 26.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $268 a share, against a share price of $88.89.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Core Natural Resources, Inc.'s trailing-twelve-month revenue grew 28.7% year on year, with a free-cash-flow margin of 6.1%. Where it stands out: stock pay as % of revenue of 0.2% ranks 1 of 6 coal & consumable fuels companies we cover. Where it lags: change in growth rate of -27.6pp ranks 8 of 8 coal & consumable fuels companies we cover.

Our discounted-cash-flow model values the business at ~$270 per share in the base case (~$200–$360 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 63.3% while net income grew 385.6%: a 322pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $84.25 is 222% below our value per share of $270.
  • Fast growth. Revenue grew 28.7% over the last 12 months, against a median of 4.7% for coal & consumable fuels companies we cover.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Growth slowing. The growth rate is 27.6 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 26.1% in a year.
  • High earnings multiple. The shares trade at 43 times the last 12 months' earnings, so expectations are demanding.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$2.51 against an average estimate of $0.64: beat by 292.4%
Revenue
$1.14bn, up 3.5% on a year earlier
Share reaction
+7.1% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
coking Sales Volume 8.8 to 9.4 (2026); high C.V. Thermal Sales Volume 31.5 to 33 (2026)
Next report
November 5, 2026; average EPS estimate $0.52

Core Natural Resources' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.1%
  • 1 week-4.8%
  • 1 month-5.3%
  • This year-4.5%
  • 1 year+7.1%
  • 5 years+282.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.3B
Operating margin
1.9%
Net margin
2.3%
EPS (TTM, diluted)
$1.96

Growth

Revenue growth
+28.7%
Change in growth rate
−27.6 pts
Share count change
+26.1%

Cash

Free cash flow (TTM)
$260M
FCF margin
6.1%
Stock pay % of revenue
0.2%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Leadership
  4. Results
  5. Guidance
  6. Results
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Core Natural Resources, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 3.0% a year for five years.That is slower than the 27.7% a year revenue growth Core Natural Resources has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in-3.0%
  • Last 12 months28.7%
  • 3 years a year18.8%
  • 5 years a year27.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($84.53, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$270
Price used
$84.53close November 3, 2026
Implied change
▲ +221%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Core Natural Resources, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($350M, FY2026 Q2 TTM), growing 11.7% and 15.1% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$200–~$360 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Core Natural Resources, Inc.'s free cash flow after stock-based pay ( $350M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Core Natural Resources, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$270 ~$200–$360 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$90 ~$62–$110 Left out: far from the other models (more than 3x away from their median)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$68 ~$59–$79 Left out: far from the other models (more than 3x away from their median)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$370 ~$260–$540 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$270 ~$230–$330 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$300 ~$270–$370 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Core Natural Resources, Inc. with Coal & Consumable Fuels in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −15%
  • Last year's free-cash-flow margin change, if it persists ▲ +23%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $99$135$183$246$329$436
8.5% $75$101$136$181$240$316
10% $61$81$108$142$187$245

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$36.36$29.18$13.35$6.63$20.90$61.76$99.21$105.76$88.22$84.25
Market value$1.0bn$829m$361m$173m$740m$2.2bn$3.3bn$3.2bn$4.5bn$4.3bn
+ Net debt (− = net cash)$751m$633m$633m$606m$502m$111m−$2m−$201m$20m−$26m
Enterprise value$1.8bn$1.5bn$994m$779m$1.2bn$2.3bn$3.3bn$3.0bn$4.6bn$4.3bn
Multiples
Price / sales 0.7x0.5x0.3x0.2x0.6x1.0x1.3x1.4x1.1x1.0x
Price / earnings 15.1x5.4x4.8x—21.7x4.7x5.0x11.0x—43.0x
Price / free cash flow 6.1x3.1x4.8x4.0x4.3x4.6x4.8x10.6xn/m16.6x
EV / EBITDA ——————3.1x5.1x10.4x5.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

31 /100

Weak moat

How hard Core Natural Resources's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.3% of total assets over 10 years.

  • Durability 1 / 20

    Net margin has been a median 6.1%; its worst year was 0.2%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 8 of 9 years, at a median 13.2% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 67.4% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (36 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $1.1bn and EPS of $0.52 (range $0.50 to $0.53) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.77 +260% $4.5bn +8%
Next $6.72 +41% $4.6bn +2%

Next year's EPS estimate has moved +1.0% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +74.2% on 90 days ago. In the last 30 days, 0 analysts raised Core Natural Resources, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Core Natural Resources, Inc., last 90 days
$2.00 $4.00 $6.00 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.74 Current fiscal year, 60 days ago: $5.09 Current fiscal year, 30 days ago: $5.09 Current fiscal year, 7 days ago: $4.83 Current fiscal year, Now: $4.77 $4.77 Next fiscal year, 90 days ago: $6.66 Next fiscal year, 60 days ago: $6.55 Next fiscal year, 30 days ago: $6.55 Next fiscal year, 7 days ago: $6.80 Next fiscal year, Now: $6.72 $6.72

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.74$6.66
60 days ago $5.09$6.55
30 days ago $5.09$6.55
7 days ago $4.83$6.80
Now $4.77$6.72

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.64 $2.51 +292.4%
Mar 2026 $0.29 $0.41 +39.3%
Dec 2025 −$0.59 −$1.54 −160.8%
Sept 2025 −$0.87 $0.61 +170.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Coking Sales Volume · Metallurgical - Coking 2026 8.8m to 9.4m
    “Coking 1 8.8 - 9.4” source
  • High C.V. Thermal Sales Volume 2026 31.5m to 33m
    “High C.V. Thermal 2 31.5 - 33.0” source
  • Powder River Basin Sales Volume 2026 47m to 50m
    “Powder River Basin 47.0 - 50.0” source
  • Total Sales Volume 2026 87.3m to 92.4m
    “Total 87.3 - 92.4” source
  • Metallurgical Cash Cost of Coal Sold per Ton 2026 86 to 91 Non-GAAP
    “Metallurgical Cash Cost of Coal Sold per Ton $86.00 - $91.00” source
  • High C.V. Thermal Cash Cost of Coal Sold per Ton 2026 39 to 40.5 Non-GAAP
    “High C.V. Thermal Cash Cost of Coal Sold per Ton $39.00 - $40.50” source
Show 5 more items
  • Powder River Basin Cash Cost of Coal Sold per Ton 2026 13.25 to 13.75 Non-GAAP
    “Powder River Basin Cash Cost of Coal Sold per Ton $13.25 - $13.75” source
  • Capital Expenditures · Corporate 2026 $325m to $375m
    “Capital Expenditures $325 - $375” source
  • Depreciation, Depletion and Amortization · Corporate 2026 $600m to $650m
    “Depreciation, Depletion and Amortization $600 - $650” source
  • Cash Basis General and Administrative Costs · Corporate 2026 $85m to $100m Non-GAAP
    “Cash Basis General and Administrative Costs 5 $85 - $100” source
  • Cash Tax Rate · Corporate 2026 0% to 5%
    “Cash Tax Rate 0% - 5%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Core Natural Resources, Inc.'s revenue by +11.7% next year and +15.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.7%, weight 62%) and the company's own record (+20.0%, weight 38%) . How the weights are set.

Analyst recommendations

4 analysts, Nov 2026
Buy375%
Hold125%
Sell00%

Monthly trend

  1. Nov 2026314
  2. Oct 2026314

Counts of recommendations published by analysts covering Core Natural Resources, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.5%
of tradable shares
Days to cover
3.11
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
2.5%
of shares
Employees
4,850
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +7.1%

$78.64 on October 31, 2025 to $84.25

ThenNowEffect
Revenue (last 12 months) $3.3bn $4.3bn +28.7%
Net margin 0.6% 2.3% +277.4%
P/E multiple 154.6x 43.0x −72.2%
Share count 41m 51m −20.7%

Biggest factor: net margin.

Last 3 years −12.7%

$96.54 on November 3, 2023 to $84.25

ThenNowEffect
Revenue (last 12 months) $2.5bn $4.3bn +67.6%
Net margin 29.2% 2.3% −92.0%
P/E multiple 4.6x 43.0x +835.2%
Share count 35m 51m −30.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CNR+215%+196%+61%+7%−17%−5%
Industry peers (median)+165%+57%+50%−14%+54%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CNR75%58%58%42%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CNR−43%−25%−20%−27%−41%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 14, 2017: 92% from June 5, 2018 to March 31, 2020. Getting back needed a 1183% gain, reached on April 14, 2022, 744 days after the low.

Price behaviour

52-week range
$76.21 – $113.00
From 52-week high
−25.4%
vs 50-day average
−8.9%
vs 200-day average
−7.1%
Volatility (1 year)
44%
Beta vs S&P 500
0.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.9%
After a week
6 up, 6 down
typical move ±7.0%
After a month
9 up, 3 down
typical move ±8.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +7.1% +0.5% +11.7% +19.2%
May 7, 2026 −3.3% +0.5% −4.2% +6.3%
February 12, 2026 −1.3% −1.5% −5.1% +5.5%
November 6, 2025 +15.2% −1.0% +6.4% +5.5%
August 5, 2025 −1.4% +0.3% +0.2% −7.4%
May 8, 2025 −10.7% +0.6% −3.6% −9.7%
February 20, 2025 +0.3% −2.1% −5.9% −5.4%
November 5, 2024 +17.6% +3.7% +17.3% +15.7%
August 8, 2024 +8.6% +2.8% +5.9% +3.4%
May 7, 2024 +2.7% +0.1% +4.4% +19.6%
February 6, 2024 −8.7% +1.1% −10.4% +3.3%
October 31, 2023 −5.6% +1.7% −9.2% +4.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Core Natural Resources, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.62× the last 60 days’ realised volatility .
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Core Natural Resources, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Core Natural Resources, Inc.
$2B $3B $4B $5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.6B Revenue (TTM), FY23 Q4: $2.6B Revenue (TTM), FY24 Q1: $2.4B Revenue (TTM), FY24 Q2: $2.3B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.2B Revenue (TTM), FY25 Q1: $2.7B Revenue (TTM), FY25 Q2: $3.3B Revenue (TTM), FY25 Q3: $3.8B Revenue (TTM), FY25 Q4: $4.2B Revenue (TTM), FY26 Q1: $4.2B Revenue (TTM), FY26 Q2: $4.3B $4.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.6B
FY23 Q4 $2.6B
FY24 Q1 $2.4B
FY24 Q2 $2.3B
FY24 Q3 $2.2B
FY24 Q4 $2.2B
FY25 Q1 $2.7B
FY25 Q2 $3.3B
FY25 Q3 $3.8B
FY25 Q4 $4.2B
FY26 Q1 $4.2B
FY26 Q2 $4.3B
Revenue growth, TTM YoY Core Natural Resources, Inc.
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 31.4% Revenue growth, TTM YoY, FY23 Q4: 22.2% Revenue growth, TTM YoY, FY24 Q1: -0.2% Revenue growth, TTM YoY, FY24 Q2: -11.4% Revenue growth, TTM YoY, FY24 Q3: -12.4% Revenue growth, TTM YoY, FY24 Q4: -12.9% Revenue growth, TTM YoY, FY25 Q1: 11.5% Revenue growth, TTM YoY, FY25 Q2: 47.1% Revenue growth, TTM YoY, FY25 Q3: 68.2% Revenue growth, TTM YoY, FY25 Q4: 86.2% Revenue growth, TTM YoY, FY26 Q1: 56.3% Revenue growth, TTM YoY, FY26 Q2: 28.7% 28.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 31.4%
FY23 Q4 22.2%
FY24 Q1 -0.2%
FY24 Q2 -11.4%
FY24 Q3 -12.4%
FY24 Q4 -12.9%
FY25 Q1 11.5%
FY25 Q2 47.1%
FY25 Q3 68.2%
FY25 Q4 86.2%
FY26 Q1 56.3%
FY26 Q2 28.7%
Operating margin (TTM) Core Natural Resources, Inc.
-10% 0% 10% 20% FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Operating margin (TTM), FY24 Q4: 15.7% Operating margin (TTM), FY25 Q1: 6.4% Operating margin (TTM), FY25 Q2: 2.5% Operating margin (TTM), FY25 Q3: -1.2% Operating margin (TTM), FY25 Q4: -4.4% Operating margin (TTM), FY26 Q1: -2.3% Operating margin (TTM), FY26 Q2: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q4 15.7%
FY25 Q1 6.4%
FY25 Q2 2.5%
FY25 Q3 -1.2%
FY25 Q4 -4.4%
FY26 Q1 -2.3%
FY26 Q2 1.9%
FCF margin (TTM) Core Natural Resources, Inc.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 24.9% FCF margin (TTM), FY23 Q4: 26.9% FCF margin (TTM), FY24 Q1: 21.0% FCF margin (TTM), FY24 Q2: 17.1% FCF margin (TTM), FY24 Q3: 17.3% FCF margin (TTM), FY24 Q4: 13.3% FCF margin (TTM), FY25 Q1: 3.3% FCF margin (TTM), FY25 Q2: 4.8% FCF margin (TTM), FY25 Q3: 2.0% FCF margin (TTM), FY25 Q4: 0.5% FCF margin (TTM), FY26 Q1: 5.7% FCF margin (TTM), FY26 Q2: 6.1% 6.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 24.9%
FY23 Q4 26.9%
FY24 Q1 21.0%
FY24 Q2 17.1%
FY24 Q3 17.3%
FY24 Q4 13.3%
FY25 Q1 3.3%
FY25 Q2 4.8%
FY25 Q3 2.0%
FY25 Q4 0.5%
FY26 Q1 5.7%
FY26 Q2 6.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,422 1,231 1,412 1,532 1,431 1,022 1,259 2,102 2,569 2,236 4,165 4,270
EBITDA — — — — — — — — 1,045 575 439 723
Operating income — — — — — — — — 803 351 −182 80
Net income 307 41 68 153 76 −10 34 467 656 286 −153 100
Diluted EPS $10.98 $1.48 $2.40 $5.38 $2.81 −$0.37 $0.96 $13.07 $19.79 $9.61 −$2.98 $1.96
Growth (year on year)
Revenue — −13.4% +14.7% +8.5% −6.6% −28.6% +23.2% +67.0% +22.2% −12.9% +86.2% +28.7%
EBITDA — — — — — — — — — −45.0% −23.6% +49.2%
Operating income — — — — — — — — — −56.3% −151.9% −2.9%
Net income — −86.5% +63.0% +126.2% −50.3% −112.8% — +>999% +40.5% −56.3% −153.5% —
Diluted EPS — −86.5% +62.2% +124.2% −47.8% −113.2% — +>999% +51.4% −51.4% −131.0% —
Margins
EBITDA margin — — — — — — — — 40.7% 25.7% 10.5% 16.9%
Operating margin — — — — — — — — 31.3% 15.7% −4.4% 1.9%
Net margin 21.6% 3.4% 4.8% 10.0% 5.3% −1.0% 2.7% 22.2% 25.5% 12.8% −3.7% 2.3%
Free-cash-flow margin 10.5% 22.4% 11.8% 17.5% 5.2% 4.2% 13.7% 22.8% 26.9% 13.3% 0.5% 6.1%
Cash flow
Cash from operations 292 329 248 414 245 129 306 651 858 476 306 565
Capital spending 143 54 81 146 170 86 133 172 168 178 285 306
Free cash flow 149 276 167 268 75 43 173 479 690 298 21 260
Stock-based pay 8 13 22 10 13 12 7 8 10 11 33 10
Free cash flow after stock pay 140 263 145 258 62 32 166 472 680 287 −12 250
Balance sheet
Cash 7 13 154 236 80 51 150 273 199 408 432 473
Total debt 0 318 905 869 713 657 652 384 197 208 452 448
Net debt (negative = net cash) −7 304 751 633 633 606 502 111 −2 −201 20 −26
Diluted shares — 28m 28m 28m 27m 26m 35m 36m 33m 30m 51m 51m
Returned to shareholders
Dividends — — — — — 0 0 71 75 16 26 20
Buybacks — 0 0 26 33 0 0 0 399 71 224 146
Total returned — 0 0 26 33 0 0 71 475 87 251 167

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $6.1bn
Short-term assets $1.4bnLonger-term assets $4.7bn
What it owes, and who funded it · $6.1bn
Short-term liabilities $753mLonger-term liabilities $1.7bnShareholders' equity $3.7bn
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $753m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.4bn short-term assets against $1.7bn of longer-dated liabilities.
  • More cash than debt $473m of cash against $405m of debt.
  • Debt below 40% of shareholders' equity Debt is 11% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 84% to 11% over five years.
  • A year's operating cash flow covers at least 20% of debt $565m of operating cash flow against $405m of debt.
  • Operating profit covers interest at least five times over Operating income of $80m against $45m of interest.

From Core Natural Resources, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$146M
Dividends (TTM)
$20.5M
Returned to shareholders
64%
of free cash flow
Buybacks, last 3 fiscal years
$695M
Diluted share count
+26.1%
year over year
Total shareholder yield
4.0%
dividends 0.5% + buybacks 3.5% of market value
Dividend payout ratio
21%
of net income paid out
Days sales outstanding
30 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in coal & consumable fuels
Last 12 months unless stated CNR BTU CCJ ARLP AMR HCC Median
Revenue, last 12 months $4.3bn $4.0bn $2.5bn $2.2bn $2.1bn $1.7bn $2.1bn
Revenue growth, last 12 months 28.7% −0.7% 8.9% −5.1% −12.9% 37.5% 2.0%
Revenue growth, 3-year average 18.8% −10.5% — −6.3% −15.8% 1.1% −3.6%
Revenue growth, latest quarter 3.5% 12.7% — 0.7% −10.4% 71.3% 3.5%
Gross margin — — 27.9% — — 32.1% 23.2%
Operating margin 1.9% −5.6% 17.8% 14.7% −2.2% 13.6% 5.1%
Operating margin, 3-year average — 4.7% 0.9% 16.7% 4.3% 14.3% 4.3%
Net margin 2.3% −4.6% 16.9% 12.3% −2.2% 13.0% 4.3%
Cash from operations / revenue 13.2% 5.5% 40.4% 28.2% 6.7% 17.9% 15.6%
Free-cash-flow margin 6.1% −4.9% 30.9% 16.4% −0.1% 0.9% 3.5%
Free-cash-flow margin, 3-year average 9.3% 1.2% 25.9% 14.5% 6.9% −3.1% 6.3%
Stock pay / revenue 0.2% 0.4% 0.3% 0.3% 0.7% 1.3% 0.4%
Change in share count 26.1% −12.9% −0.1% — −1.7% 0.5% 0.2%

Median of all 8 companies we cover in coal & consumable fuels. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

8 coal & consumable fuels companies
Measure Company Peer median Rank
Revenue growth Growth 28.7% 4.7% 2 of 8
Change in growth rate Growth -27.6pp +2.0pp 8 of 8
Operating margin Profitability 1.9% 8.3% 5 of 8
Net margin Profitability 2.3% 6.2% 5 of 8
Free-cash-flow margin Cash generation 6.1% 6.1% 4 of 8
Stock pay as % of revenue Cash generation 0.2% 0.7% 1 of 6
Long-term debt as % of assets Balance sheet 6.6% 9.7% 4 of 8
Change in share count Balance sheet 26.1% 0.5% 6 of 6
Days sales outstanding Balance sheet 30 days 38 days 2 of 7

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
High CV Thermal $2.2B 53.2% ▲ 10.2%
Metallurgical $1.2B 29.0% ▲ 963.1%
PRB $719M 17.3% —
Core Marine Terminal $21.5M 0.5% ▼ 30.9%
Products and services
Line of business Revenue Share YoY
Public Utilities Inventory Coal $4.1B 99.2% ▲ 95.0%
Power Generation $1.9B 45.1% ▲ 105.3%
Metallurgical $1.3B 32.2% ▲ 189.6%
Industrial $940M 22.8% ▲ 24.9%
Terminal Revenue $21.5M 0.5% ▼ 30.9%
Other Revenue $13.8M 0.3% ▼ 12.0%

From Core Natural Resources, Inc.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
352
Shares held vs prior quarter
0.0%
Positions opened / closed
50 / 75

Top buyers and sellers, Q2 2026: 202 institutions bought and 181 sold ; the biggest buyer was Flat Footed LLC (+1.1M shares) and the biggest seller FMR LLC (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $608M 7.6M 16.2% ▲ 2.3%
State Street Corp $316M 4.0M 8.4% ▼ 0.6%
Vanguard Portfolio Management LLC $242M 3.0M 6.4% ▲ 2.1%
FMR LLC $232M 2.9M 6.2% ▼ 28.4%
Dme Capital Management, LP $183M 2.3M 4.9% ▲ 22.9%
Vanguard Capital Management LLC $175M 2.2M 4.7% ▼ 0.1%
Dimensional Fund Advisors LP $119M 1.5M 3.2% ▲ 8.4%
Geode Capital Management, LLC $106M 1.3M 2.8% ▲ 4.2%
Flat Footed LLC $93.3M 1.2M 2.5% ▲ 2492.6%
Goehring & Rozencwajg Associates, LLC $88.1M 1.1M 2.3% ▲ 55.5%
Van Eck Associates Corp $67.6M 844K 1.8% ▲ 371.6%
Charles Schwab Investment Management Inc $61.3M 766K 1.6% ▼ 1.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Core Natural Resources, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $6.7M 6 trades by 4 insiders · 0% under pre-set plans
Net ▼ $6.7M net selling
Insider Date Trade Shares Price Value
Klein Rosemary L SVP, CLO & Corp. Sec. March 19, 2026 Sell 5,000 $110.62 $553,100
Klein Rosemary L SVP, CLO & Corp. Sec. March 19, 2026 Sell 10,000 $105.00 $1.1M
Brock James A Executive Chair and CEO March 18, 2026 Sell 40,760 $101.15 $4.1M
Rothka John Chief Accounting Officer March 17, 2026 Sell 1,000 $97.66 $97,660
Navarre Richard A Director March 10, 2026 Sell 6,000 $91.70 $550,200
Rothka John Chief Accounting Officer March 10, 2026 Sell 3,800 $91.62 $348,156

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 12, 2026
  • November 6, 2025
  • August 5, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Core Natural Resources, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Core Natural Resources, Inc. in brief

What does Core Natural Resources, Inc. do?
Core Natural Resources, Inc. is a US-listed company in the coal & consumable fuels industry. Its financial year ends in December.
What is Core Natural Resources, Inc.'s stock ticker?
Core Natural Resources, Inc. trades under the ticker CNR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Core Natural Resources, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Core Natural Resources, Inc. reported revenue of $4.3B, 28.7% higher than a year earlier, according to its SEC filings.
What is Core Natural Resources, Inc.'s free cash flow?
Core Natural Resources, Inc.'s free-cash-flow margin is 6.1% of revenue over the trailing twelve months, ranking 4 of the 8 coal & consumable fuels companies we cover.
What is Core Natural Resources, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Core Natural Resources, Inc.'s free cash flow after stock-based pay gives ~$270 per share in the base case, and ~$200–$360 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Core Natural Resources, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Core Natural Resources, Inc. buying back stock, and does it pay a dividend?
Core Natural Resources, Inc. spent $146M on share repurchases over the trailing twelve months, and its diluted share count still rose 26.1% over the year.
What is Core Natural Resources, Inc.'s market cap?
On November 2, 2026, Core Natural Resources, Inc.'s market capitalisation was about $4.3B, with a price-to-earnings ratio of 43.0 and net debt of -$25.6M. Market figures come from third-party market data and may be delayed.
Does Core Natural Resources, Inc. pay a dividend?
Yes: Core Natural Resources, Inc. paid $20.5M in dividends over the trailing twelve months, a dividend yield of 0.49% and a payout ratio of 20.5%.
How much debt does Core Natural Resources, Inc. have?
Core Natural Resources, Inc.'s debt-to-equity ratio is 10.9%, from its latest balance sheet (84.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Core Natural Resources, Inc.'s competitors?
In our Coal & Consumable Fuels peer group, the companies closest to Core Natural Resources, Inc. are Peabody Energy Corp, Cameco Corp, Alliance Resource Partners LP, Alpha Metallurgical Resources, Inc. and Warrior MET Coal, Inc. The side-by-side comparison below sets their revenue, margins and growth against Core Natural Resources, Inc.'s.
Are insiders buying or selling Core Natural Resources, Inc. stock?
Over the last 12 months, Core Natural Resources, Inc.'s directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Core Natural Resources, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Core Natural Resources, Inc. announces its own schedule.