Core Natural Resources, Inc. key statistics and ratios

In fiscal 2025, Core Natural Resources, Inc. had return on equity of -5.8%, an operating margin of -4.4%, debt equal to 12.3% of equity and a current ratio of 1.60. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Core Natural Resources, Inc.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
Return on equity	28.9%	4.8%	15.7%	49.8%	18.0%	−2.0%	5.6%	50.8%	52.3%	19.7%	−5.8%	2.7%
Return on assets	10.7%	1.5%	2.5%	5.6%	2.8%	−0.4%	1.3%	17.7%	24.4%	10.3%	−3.4%	1.6%
Asset turnover	0.50	0.44	0.52	0.56	0.52	0.39	0.49	0.80	0.96	0.81	0.92	0.70
Current ratio	—	0.53	0.95	0.96	0.86	0.80	0.87	1.33	1.35	1.52	1.60	1.83
Debt to equity	0.0%	48.3%	443.0%	212.0%	163.9%	118.7%	96.9%	33.0%	14.7%	13.2%	12.3%	12.0%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	27.4x	15.8x	n/m	1.8x
Effective tax rate	—	—	—	4.7%	4.6%	—	3.7%	17.8%	15.7%	13.4%	—	—
SG&A as % of revenue	3.9%	4.1%	5.9%	4.3%	4.7%	7.1%	6.9%	5.6%	4.0%	5.2%	—	—
Capital spending as % of revenue	10.1%	4.4%	5.8%	9.5%	11.9%	8.4%	10.5%	8.2%	6.5%	8.0%	6.8%	7.2%
Free cash flow ÷ net income	48.4%	663.9%	246.5%	175.0%	98.5%	—	506.6%	102.7%	105.2%	104.2%	—	259.2%
Dividends ÷ net income	—	—	—	—	—	—	0.0%	15.3%	11.5%	5.5%	—	20.5%
Dividends and buybacks ÷ free cash flow	—	0.0%	0.0%	9.6%	43.7%	0.0%	0.0%	14.9%	68.8%	29.1%	>999%	64.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Core Natural Resources, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	21.2%	5.9%	−5.3%	−1.7%	−1.2%	−9.3%	3.0%	13.7%
Net margin	17.3%	4.8%	−6.8%	−3.3%	3.2%	−7.6%	1.9%	11.1%
Free-cash-flow margin	22.0%	12.5%	−17.1%	11.9%	3.9%	2.5%	4.3%	13.0%
Current ratio	1.38	1.52	1.89	1.78	1.82	1.60	1.70	1.83
Debt to equity	12.2%	11.7%	8.8%	9.5%	10.2%	10.7%	11.3%	10.9%
SG&A as % of revenue	6.5%	5.8%	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Core Natural Resources, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Core Natural Resources, Inc.