Frontierby eninvs

Language: EN / RU

← Region

Whitehaven Coal (WHC) AUD

Whitehaven Coal develops and operates open-cut and underground coal mines in New South Wales, Australia, producing both metallurgical and thermal coal for export to international markets.

At a glance: strengths & risks
✓Margins improving (36%→53%)✓Low leverage (0.4x EBITDA)✓Commodity price +21% vs 1-yr · +10% vs 3-yr✓Model upside +77%✗Revenue declining (-7%)✗Profit falling (-41%)

Sector: Coal mining

AU_WHC

Price chart

7.64 AUDDay 0.79%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
7.64 AUD · 0.79%
Market cap
6.2 bn AUD

Growth

Δ revenue y/y
21.6%
Δ EBITDA y/y
114.5%

Multiples

P/E (LTM)
16.2x
3y avg: 13.6x
P/B (FY)
1.1x
P/E (ann.)
9.9x
EV/EBITDA (LTM)
2.6x
3y avg: 3.2x
EV/EBITDA (ann.)
1.5x

Cash return

Dividend yield
1.3%
FCF yield (LTM)
-0.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+76.9%
↓ details

Liquidity

Daily turnover (listing)
23.2 mln AUD

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M AUD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM AUDOperating profitM AUDD&AM AUDEBITDAM AUDNet profitM AUDOperating CFM AUDCapex + M&AM AUDAssetsM AUDEquityM AUDROE (annualized)Net debtM AUDSource
2026-06-30H2 2026 (6M)OK2924.0
y/y 21.6%
403.0
y/y -53.9%
2102.0
y/y 615.0%
2505.0
y/y 114.5%
316.0
y/y -42.4%
570.0-195.011367.0
y/y -3.9%
5913.0
y/y 3.7%
6.6%1245.0stockanalysis.com
2025-12-31H1 2026 (6M)OK2477.0
y/y -27.7%
37.0
y/y -93.0%
336.0
y/y 7.3%
373.0
y/y -55.9%
69.0
y/y -31.0%
291.0-160.011520.0
y/y -12.9%
5690.0
y/y 9.1%
2.4%618.0stockanalysis.com
2025-06-30H2 2025 (6M)OK2404.0
y/y 7.6%
874.0
y/y -1.1%
294.0
y/y 58.1%
1168.0
y/y 9.2%
549.0
y/y 466.0%
250.0-182.011826.0
y/y -8.0%
5701.0
y/y 8.2%
11.9%540.0Yahoo Finance
2024-12-31H1 2025 (6M)OK3428.0
y/y 115.7%
532.0
y/y 8.1%
313.0
y/y 135.3%
845.0
y/y 35.2%
100.0
y/y -61.2%
880.0-211.013232.0
y/y 99.9%
5216.0
y/y 0.1%
3.8%889.0stockanalysis.com
2024-06-30H2 2024 (6M)OK2235.0
y/y —
884.0
y/y —
186.0
y/y —
1070.0
y/y —
97.0
y/y —
684.0-283.012852.0
y/y 71.1%
5271.0
y/y 0.3%
6.8%1223.0Yahoo Finance
2023-12-31H1 2024 (6M)OK1589.0
y/y —
492.0
y/y —
133.0
y/y —
625.0
y/y —
258.0
y/y —
-357.0-171.06620.6
y/y —
5210.9
y/y —
9.9%-1573.5stockanalysis.com
2023-06-30FY 2023 (12M)OK6064.7
y/y —
4167.7
y/y —
226.0
y/y —
4393.7
y/y —
2668.1
y/y —
3583.6-257.87510.9
y/y —
5256.7
y/y —
—-2739.5Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AUD mln)

01 0002 0003 0004 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-100%-50%0%50%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (AUD mln)

-4 000-2 00002 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (AUD mln)

-3 000-2 000-1 00001 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H12026 FY

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 1.34x of reported net profit; after capex, 1.22x.
year20222023202420252026
cash flow / profit1.30x1.34x0.92x1.74x2.24x
accruals, % of assets-9.4%-12.2%0.2%-4.1%-4.2%
Last twelve months (to 2026-06-30): 2.24x of profit came back as operating cash flow.
net debt / EBITDA 0.4x · capex 0.4x of depreciation
● Capex is 42% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Coking coal AU

Current 261spot vs LTM +18%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +76.9%

Main driver: Coking coal AU +21% vs LTM; revenue ×1.18 vs costs ×1.04; EBITDA 2 878→3 417; at 3.6× EV/EBITDA → +77%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, AUD3y vs LTM
Coking coal AU (rev)+55%261.25215.32237.86+21%+18%+10%
Steam coal AU (rev)+35%149.25119.38129.00+25%+22%+8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue5 401
LTM EBITDA2 878
LTM cash costs (revenue − EBITDA)2 523
2 · Revenue projection
Revenue multiplier — spot×1.176 (+18%)
= Spot revenue6 354
Revenue multiplier — 3y price×1.060 (+6%)
= 3-year-price revenue5 727
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 624
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 624
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 730
= 3-year-price EBITDA3 103
Conservative EBITDA = min(spot, avg)3 417
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)3.6x
Target EV = EV/EBITDA × conservative EBITDA12 317
Net debt1 245
Target market cap = EV − net debt11 072
Current market cap6 259

Upside = target market cap ÷ current − 1 = +76.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY6 0654 698+29.1%4 0602 756+47.3%
2024 FY3 8245 010-23.7%1 6952 925-42.1%
2025 FY5 8322 991+95.0%2 119777+172.7%
2026 FY5 4016 121-11.8%2 8782 259+27.4%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -7% vs +53% the year before — a -59.9 pp move. 3-year CAGR -4%.
revenue growth by year: 2024 -37% · 2025 +53% · 2026 -7%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 1.9x · target 75th pct (3y) 4.1x · LTM avg 3.6x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Coal mining. Each peer is shown as it trades and re-priced onto this company's market (Australia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Yancoal AustraliaAustralia5.33.3x3.3x
Indo Tambangraya MegahIndonesia1.63.0x5.2x
Exxaro ResourcesSouth Africa2.44.2x6.8x
Adaro Andalan IndonesiaIndonesia5.14.3x7.5x
Alamtri Resources IndonesiaIndonesia4.14.8x8.3x
New HopeAustralia3.48.8x8.8x
Bukit AsamIndonesia2.15.2x9.1x
Group median4.3x7.5x
Group average4.8x7.0x
This companyAustralia4.32.6x2.6x

Group median 4.3x as traded, 7.5x adjusted; this company 2.6x — a 65% discount.

Group average 4.8x as traded, 7.0x adjusted; against the average this company is at a 63% discount.

At the adjusted group median the market cap would be +225% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-020.06 AUDEx-dividend: 0.06 AUD per sharePaidYahoo Finance (ex-div)
2026-02-250.04 AUDEx-dividend: 0.04 AUD per sharePaidYahoo Finance (ex-div)
2025-09-030.06 AUDEx-dividend: 0.06 AUD per sharePaidYahoo Finance (ex-div)
2025-02-260.09 AUDEx-dividend: 0.09 AUD per sharePaidYahoo Finance (ex-div)
2024-09-040.13 AUDEx-dividend: 0.13 AUD per sharePaidYahoo Finance (ex-div)
2024-02-210.07 AUDEx-dividend: 0.07 AUD per sharePaidYahoo Finance (ex-div)
2023-08-310.42 AUDEx-dividend: 0.42 AUD per sharePaidYahoo Finance (ex-div)
2023-02-220.32 AUDEx-dividend: 0.32 AUD per sharePaidYahoo Finance (ex-div)
2022-09-010.4 AUDEx-dividend: 0.4 AUD per sharePaidYahoo Finance (ex-div)
2022-02-230.08 AUDEx-dividend: 0.08 AUD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Whitehaven Coal (WHC) — from primary filings.

Frequently asked questions

What is Whitehaven Coal (WHC)'s P/E ratio?
Whitehaven Coal (WHC) trades at a P/E of 16.2x (price to trailing 12-month earnings).
What is Whitehaven Coal (WHC)'s EV/EBITDA?
Whitehaven Coal (WHC) trades at 2.6x EV/EBITDA.
What is Whitehaven Coal (WHC)'s P/B ratio?
Whitehaven Coal (WHC) trades at a P/B of 1.1x.
What is Whitehaven Coal (WHC)'s dividend yield?
Whitehaven Coal (WHC)'s trailing 12-month dividend yield is 1.3%.
What is Whitehaven Coal (WHC)'s return on equity (ROE)?
Whitehaven Coal (WHC)'s ROE is 10.7%.
What is Whitehaven Coal (WHC)'s market capitalization?
Whitehaven Coal (WHC)'s market cap is 6.2 bn AUD.

See also: Australian Stocks (2026): Iron Ore, Lithium, Gold and LNG on the ASX by Valuation · The Cheapest Coal Stocks (2026): Out of Favour, Cash-Rich, High-Yield · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map