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Core Natural Resources (CNR) USD

Core Natural Resources, Inc. produces and sells metallurgical coal for steelmaking and thermal coal for power generation, operating mines in Pennsylvania, West Virginia, Colorado, and Wyoming, along with a coal export terminal in Baltimore.

At a glance: strengths & risks
✓Margins improving (14%→30%, Q2 2026)✓Low leverage (0.0x EBITDA)✗Loss-making last FY

Sector: Coal

Geography: United States

COMM_CNR

Price chart

92.1 USDDay 4.24%

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
92.1 USD · 4.24%
Market cap
4.7 bn USD

Growth

Δ revenue y/y
3.5%
Δ EBITDA y/y
130.4%

Multiples

P/E (LTM)
46.9x
3y avg: 13.5x
P/B (FY)
1.3x
P/E (ann.)
9.3x
EV/EBITDA (LTM)
6.1x
3y avg: 7.1x
EV/EBITDA (ann.)
3.3x

Cash return

Dividend yield
0.4%
FCF yield (LTM)
10.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-1.2%
↓ details

Liquidity

Daily turnover (listing)
38.8 mln USD

Shares: yahoo_fundamentals_timeseries/CNR

Financial results

Monetary columns are in M USD, 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 USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1141.0
y/y 3.5%
155.8
y/y —
189.8
y/y 12.2%
345.6
y/y 130.4%
126.5
y/y —
456.7-101.96122.4
y/y -1.4%
3718.9
y/y -1.3%
13.7%-120.1Yahoo Finance
2026-03-31Q1 2026 (3M)OK1084.3
y/y 6.6%
32.7
y/y —
146.3
y/y 20.4%
179.0
y/y 164.6%
21.0
y/y —
119.4-73.16055.9
y/y -3.1%
3656.9
y/y -6.1%
2.3%42.3Link
2025-12-31Q4 2025 (3M)OK1042.5
y/y 61.5%
-97.1
y/y -356.2%
179.2
y/y 207.2%
82.2
y/y -14.6%
-79.0
y/y -356.3%
107.3-81.36130.1
y/y 112.9%
3678.2
y/y 134.5%
-4.1%13.0Link
2025-09-30Q3 2025 (3M)OK1002.5
y/y 81.2%
-11.8
y/y -110.1%
151.0
y/y 183.2%
139.2
y/y -18.4%
31.6
y/y -67.0%
87.9-49.36195.9
y/y 119.4%
3778.8
y/y 147.1%
1.1%-39.1Link
2025-06-30Q2 2025 (3M)OK1102.4
y/y 124.6%
-19.3
y/y -126.8%
169.3
y/y 208.6%
150.0
y/y 18.4%
-36.6
y/y -163.0%
220.2-89.26208.7
y/y 129.1%
3767.6
y/y 161.9%
-3.8%-33.5Link
2025-03-31Q1 2025 (3M)OK1017.4
y/y 86.1%
-53.9
y/y -143.5%
121.6
y/y 113.3%
67.6
y/y -62.6%
-69.3
y/y -168.0%
-109.6-64.86251.9
y/y 133.3%
3895.8
y/y 180.5%
-10.1%-30.7Link
2024-12-31Q4 2024 (3M)OK645.5
y/y -0.6%
37.9
y/y -81.5%
58.4
y/y -0.2%
96.2
y/y -63.4%
30.8
y/y -80.4%
121.3-40.82879.5
y/y 7.6%
1568.2
y/y 16.7%
18.5%-255.4Link
2024-09-30Q3 2024 (3M)OK553.4
y/y -2.9%
117.2
y/y -3.7%
53.3
y/y -9.3%
170.5
y/y -5.5%
95.6
y/y -5.1%
161.3-39.42824.1
y/y 6.2%
1529.5
y/y 16.9%
8.6%-134.1Link
2024-06-30Q2 2024 (3M)OK490.7
y/y -25.8%
71.9
y/y -65.0%
54.8
y/y -15.0%
126.7
y/y -53.0%
58.1
y/y -65.4%
116.3-55.42710.5
y/y 1.2%
1438.4
y/y 7.7%
16.4%-15.3Link
2024-03-31Q1 2024 (3M)OK546.7
y/y -20.6%
124.0
y/y -54.4%
57.0
y/y -4.3%
181.0
y/y -45.4%
101.9
y/y -55.8%
77.5-42.42680.1
y/y -0.6%
1388.8
y/y 8.4%
29.8%28.3Link
2023-12-31Q4 2023 (3M)OK649.4
y/y —
204.3
y/y —
58.4
y/y —
262.8
y/y —
157.1
y/y —
219.1-50.02675.0
y/y —
1343.4
y/y —
49.5%-78.4Link
2023-09-30Q3 2023 (3M)OK569.9
y/y —
121.8
y/y —
58.8
y/y —
180.5
y/y —
100.7
y/y —
162.7-41.72659.5
y/y —
1308.8
y/y —
10.2%39.4Link
2023-06-30Q2 2023 (3M)OK661.0
y/y —
205.3
y/y —
64.5
y/y —
269.8
y/y —
167.7
y/y —
227.6-42.32678.3
y/y —
1335.2
y/y —
51.3%44.5Link
2023-03-31Q1 2023 (3M)OK688.6
y/y —
272.0
y/y —
59.6
y/y —
331.5
y/y —
230.4
y/y —
248.5-33.82695.3
y/y —
1280.9
y/y —
—93.5Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)42
Long-term debt (incl. LT leases)405
− Cash & equivalents568
Net debt-120

Net debt / LTM EBITDA: -0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0001 2502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-10001002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-300-200-10001002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 1.49x of reported net profit; after capex, 1.05x. Loss years (2025) are left out of the ratio.
year202320242025
cash flow / profit1.31x1.66x—
accruals, % of assets-7.5%-6.6%-7.5%
Last twelve months (to 2026-06-30): 7.70x of profit came back as operating cash flow.
net debt / EBITDA 0.0x · EBIT covers interest -4.5x · capex 0.6x of depreciation · dividends 12% of free cash flow · share count +24.5% a year
● Capex is 58% of depreciation - the asset base is being consumed faster than replaced.
● Diluted share count grew 24.5% a year.
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 — Steam coal (Australia)

Current 154spot vs LTM +22%

Commodity-player potential

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

Upside: -1.2% ▼ -3.7 pp 1d

Main driver: Steam coal (Australia) +29% vs LTM; revenue ×1.25 vs costs ×1.04; EBITDA 746→1 336; at 3.4× EV/EBITDA → -1%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Steam coal (Australia) (rev)+55%153.85119.38129.11+29%+8%
Coking coal (Australia) (rev)+45%260.50215.32236.42+21%+10%

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

1 · Reported baseline (LTM)
LTM revenue4 270
LTM EBITDA746
LTM cash costs (revenue − EBITDA)3 524
2 · Revenue projection
Revenue multiplier — spot×1.253 (+25%)
= Spot revenue5 352
Revenue multiplier — 3y price×1.089 (+9%)
= 3-year-price revenue4 650
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs3 665
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs3 665
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 686
= 3-year-price EBITDA985
Conservative EBITDA = min(spot, avg)1 336
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.4x
Target EV = EV/EBITDA × conservative EBITDA4 474
Net debt-166
Target market cap = EV − net debt4 640
Current market cap4 695

Upside = target market cap ÷ current − 1 = -1.2%

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
2024 Q1547555-1.5%181164+10.3%
2024 Q2491557-11.9%127164-22.8%
2024 Q3553494+11.9%171109+57.1%
2024 Q4645508+27.2%96123-22.0%
2025 Q11 017446+127.9%6821+227.5%
2025 Q21 102561+96.6%150-15—
2025 Q31 003778+28.9%13952+170.1%
2025 Q41 042927+12.5%8277+6.3%
2026 Q11 0841 204-9.9%179249-28.2%
2026 Q21 1411 273-10.4%346330+4.7%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +86% vs -13% the year before — a +99.2 pp move. 3-year CAGR —.
revenue growth by year: 2024 -13% · 2025 +86%
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 3.4x · target 75th pct (3y) 3.4x · LTM avg 8.2x

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

Peer comparison

Group: Coal. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Alliance Resource Partnersglobal3.35.9x
Teck Resourcesglobal28.87.5x
NACCO Industriesglobal0.38.4x
Hallador Energyglobal0.58.7x
Warrior Met Coalglobal4.49.7x
Peabody Energyglobal2.712.3x
Alpha Metallurgical Resourcesglobal2.014.7x
Group median8.7x
Group average9.6x
This companyglobal4.56.1x

Group median 8.7x; this company 6.1x — a 29% discount.

Group average 9.6x; against the average this company is at a 36% discount.

At the adjusted group median the market cap would be +42% 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 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-310.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2026-05-290.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2026-03-020.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2025-11-280.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2025-08-290.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2025-05-300.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2025-03-030.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2024-11-150.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-08-300.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-05-121.1 USDEx-dividend: 1.1 USD per sharePaidYahoo Finance (ex-div)
2023-02-161.1 USDEx-dividend: 1.1 USD per sharePaidYahoo Finance (ex-div)
2022-11-101.05 USDEx-dividend: 1.05 USD per sharePaidYahoo Finance (ex-div)
2022-08-151 USDEx-dividend: 1 USD 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 Core Natural Resources (CNR) — from primary filings.

Frequently asked questions

What is Core Natural Resources (CNR)'s P/E ratio?
Core Natural Resources (CNR) trades at a P/E of 46.9x (price to trailing 12-month earnings).
What is Core Natural Resources (CNR)'s EV/EBITDA?
Core Natural Resources (CNR) trades at 6.1x EV/EBITDA.
What is Core Natural Resources (CNR)'s P/B ratio?
Core Natural Resources (CNR) trades at a P/B of 1.3x.
What is Core Natural Resources (CNR)'s dividend yield?
Core Natural Resources (CNR)'s trailing 12-month dividend yield is 0.4%.
What is Core Natural Resources (CNR)'s return on equity (ROE)?
Core Natural Resources (CNR)'s ROE is 13.7%.
What is Core Natural Resources (CNR)'s market capitalization?
Core Natural Resources (CNR)'s market cap is 4.7 bn USD.

See also: 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