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CNX Resources Corporation USD

Marcellus / Utica dry gas and NGLs producer with midstream-linked operations.

At a glance: strengths & risks
✓Revenue growing (+28% y/y, Q3 2026)✓Cheaper than own history (EV/EBITDA 4.8 vs avg 6.8)✗Profit falling (-18% y/y, Q3 2026)✗Commodity price -10% vs 1-yr · -8% vs 3-yr✗Priced above model value

Sector: United States — natural gas & NGL exploration & production

Geography: United States (Appalachia)

US_EP_CNX

Price chart

36.79 USDDay -3.31%

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
36.79 USD · -3.31%
Market cap
5.3 bn USD

Growth

Δ revenue y/y
28.3%
Δ EBITDA y/y
138.1%

Multiples

P/E (LTM)
5.8x
3y avg: 5.0x
P/B (FY)
1.2x
P/E (ann.)
8.0x
EV/EBITDA (LTM)
4.8x
3y avg: 6.8x
EV/EBITDA (ann.)
4.4x

Cash return

Dividend yield
—
FCF yield (LTM)
1.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-49.3%
↓ details

Liquidity

Daily turnover (listing)
75 mln USD

Shares: sec_companyfacts/1070412

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
2026-09-30Q3 2026 (3M)OK580.0
y/y 28.3%
—
y/y —
134.6
y/y -9.8%
—
y/y —
165.2
y/y -18.2%
253.5-139.29160.0
y/y 2.9%
4834.3
y/y 17.5%
13.7%2276.9Link
2026-06-30Q2 2026 (3M)OK442.1
y/y -18.3%
277.8
y/y 68.8%
136.2
y/y -10.7%
414.0
y/y 30.5%
202.9
y/y -53.1%
279.5-142.09136.9
y/y 1.7%
4843.8
y/y 18.4%
17.1%2373.9Link
2026-03-31Q1 2026 (3M)OK786.7
y/y 28.8%
424.4
y/y 46.1%
134.6
y/y 5.9%
559.0
y/y 33.9%
348.1
y/y —
277.5-180.29131.2
y/y 0.9%
4626.6
y/y 22.7%
31.1%2532.9Link
2025-12-31Q4 2025 (3M)OK538.4
y/y 28.3%
117.3
y/y 31.8%
145.1
y/y 13.1%
262.4
y/y 20.7%
196.3
y/y 235.7%
297.0-174.49094.4
y/y 6.8%
4337.0
y/y 5.8%
15.0%2604.1Link
2025-09-30Q3 2025 (3M)OK452.1
y/y 34.9%
134.0
y/y —
149.3
y/y 23.2%
283.3
y/y 146.7%
202.1
y/y 208.4%
233.8-75.58904.1
y/y 4.3%
4115.6
y/y -3.3%
19.7%2773.7Link
2025-06-30Q2 2025 (3M)OK541.3
y/y 76.1%
164.5
y/y —
152.6
y/y 29.8%
317.1
y/y 259.5%
432.5
y/y —
282.5-113.68987.9
y/y 4.5%
4092.7
y/y -3.7%
44.0%2730.1Link
2025-03-31Q1 2025 (3M)OK610.6
y/y 62.0%
290.5
y/y —
127.1
y/y 7.1%
417.6
y/y 255.5%
-197.7
y/y -2985.9%
215.7-649.19046.7
y/y 4.5%
3770.8
y/y -12.5%
-20.1%2791.6Link
2024-12-31Q4 2024 (3M)OK419.6
y/y 6.9%
89.0
y/y 41.7%
128.3
y/y 13.7%
217.3
y/y 23.7%
-144.6
y/y -128.1%
268.8-105.58511.9
y/y -1.3%
4098.0
y/y -6.0%
-2.2%2275.1Link
2024-09-30Q3 2024 (3M)OK335.2
y/y 10.8%
-6.4
y/y —
121.2
y/y 8.4%
114.8
y/y 37.9%
65.5
y/y 206.5%
170.2-114.78538.0
y/y 0.5%
4256.7
y/y 7.6%
6.2%2403.0Link
2024-06-30Q2 2024 (3M)OK307.3
y/y 3.4%
-29.3
y/y -131.1%
117.5
y/y 13.3%
88.2
y/y -55.4%
-18.3
y/y -103.8%
191.8-151.98603.0
y/y 0.8%
4250.6
y/y 6.7%
-1.7%2407.6Link
2024-03-31Q1 2024 (3M)OK377.0
y/y -26.6%
-1.2
y/y -100.7%
118.7
y/y 12.8%
117.4
y/y -56.7%
6.9
y/y -99.0%
185.1-168.28656.6
y/y 3.8%
4309.3
y/y 20.8%
0.6%2403.2Link
2023-12-31Q4 2023 (3M)OK392.6
y/y —
62.8
y/y —
112.8
y/y —
175.6
y/y —
514.0
y/y —
161.1-107.78626.7
y/y —
4361.0
y/y —
41.4%2364.6Link
2023-09-30Q3 2023 (3M)OK302.7
y/y —
-28.6
y/y —
111.9
y/y —
83.3
y/y —
21.4
y/y —
206.0-205.68492.6
y/y —
3957.3
y/y —
2.2%2324.6Link
2023-06-30Q2 2023 (3M)OK297.2
y/y —
94.2
y/y —
103.7
y/y —
197.9
y/y —
475.0
y/y —
198.7-196.08531.9
y/y —
3983.2
y/y —
50.3%2318.7Link
2023-03-31Q1 2023 (3M)OK513.8
y/y —
165.8
y/y —
105.2
y/y —
271.0
y/y —
710.4
y/y —
248.7-170.08340.1
y/y —
3567.3
y/y —
—2373.5Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)2 279
− Cash & equivalents2
Net debt2 277

Net debt / LTM EBITDA: 1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20002004006008002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-200%0%200%400%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

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

-600-400-20002004002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

01 0002 0003 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.05x of reported net profit; after capex, 0.46x. Loss years (2024) are left out of the ratio.
year202320242025
cash flow / profit0.47x—1.62x
accruals, % of assets10.5%-10.7%-4.3%
Last twelve months (to 2026-06-30): 1.15x of profit came back as operating cash flow.
net debt / EBITDA 1.9x · EBIT covers interest 4.7x · capex 1.1x of depreciation · share count -8.6% 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.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
9 662 140 mln cfe
2025
Reserve life (R/P)
15.4 yrs
reserves ÷ annual output
Annual production
629 000 mln cfe
2025

Production, mln cfe

594 3622020652 9812021580 2002022582 8682023563 2322024629 0002025

Proved reserves

YearReserves, mln cfe
20259 662 140
20248 537 940
20238 740 740
20229 806 890
20219 625 730
20209 550 000
20198 426 000
20187 881 000

Production

YearProduction, mln cfeper day, mln cfe
2026303 800 * (6M)
−3.7%		1 664
2025629 000
+11.7%		1 723
2024563 232
−3.4%		1 543
2023582 868
+0.5%		1 597
2022580 200
−11.1%		1 590
2021652 981
+9.9%		1 789
2020594 3621 628
2019114 100 * (3M)
+14.1%		1 250
2018100 000 * (3M)1 095

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM -9%

Commodity-player potential

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

Upside: -49.3% ▲ +0.2 pp 1d

Main driver: Henry Hub Gas -10% vs LTM; revenue ×0.98 vs costs ×1.02; EBITDA 1 280→1 170; at 3.9× EV/EBITDA → -49%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+90%3.043.383.12-10%-8%
Henry Hub Gas (cost)-13%3.043.383.12-10%-8%
Propane (Texas, USD/gallon) (rev)+9%1.200.700.78+71%+11%
Brent (rev)+1%114.0176.5181.32+49%+6%

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

1 · Reported baseline (LTM)
LTM revenue2 219
LTM EBITDA1 280
LTM cash costs (revenue − EBITDA)939
2 · Revenue projection
Revenue multiplier — spot×0.980 (-2%)
= Spot revenue2 176
Revenue multiplier — 3y price×0.940 (-6%)
= 3-year-price revenue2 087
3 · Costs projection
Cost multiplier — spot×1.022 (+2%)
= Spot cash costs960
Cost multiplier — 3y price×1.025 (+2%)
= 3-year-price cash costs963
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 216
= 3-year-price EBITDA1 124
Conservative EBITDA = min(spot, avg)1 170
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.9x
Target EV = EV/EBITDA × conservative EBITDA4 610
Net debt2 374
Hedge book at scenario price (net debt adjustment)+514 $M
Target market cap = EV − net debt2 750
Current market cap5 426

Upside = target market cap ÷ current − 1 = -49.3%

Life of mine: 16 yrs

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 Q1377307+22.7%117114+3.0%
2024 Q2307320-3.8%88118-25.5%
2024 Q3335314+6.9%11583+38.7%
2024 Q4420432-2.9%—191—
2026 Q1787502+56.8%559322+73.8%
2026 Q2442501-11.7%414315+31.6%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): -33.0%

667.0572.0477.1382.1287.2202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 15.4 yr

16101610161016101610202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31287.21,610——
2024-12-31667———
2023-12-31640———

2025-12-31 · FY

Production & proved reserves

FY2025 sales volumes and reserves from SEC inline XBRL (SRT Mcfe production → Mboe/d at 6:1; proved Mcfe reserves → MMboe). Supplemental gas figures from Form 10-K / earnings summary (~1.72 Bcfe/d).

Line itemAmount
Natural gas (net, MMcf/d)1,723.2
Crude oil equivalent (net, Mboe/d)287.2
Proved reserves (net, MMboe)1,610

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 1 'Sales Volumes Produced' and 'Average Sales Price' (cnx-20251231.htm). Prices exclude derivative cash settlements.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil0.2 MMBbls55.26 USD/bbl8.50.4%
Natural gas580,601 MMcf2.99 USD/Mcf1,73690.8%
NGLs7.9 MMBbls21.30 USD/bbl168.48.8%
Total (implied product revenue)1,912.9100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)2,055.7USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)183.4USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)71.4USD mln
Depreciation, depletion & amortization574.1USD mln
Income tax expense (benefit)169.8USD mln
Total costs and expenses (consolidated)1,436.2USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

Gas-weighted Appalachian producer; Boe/d at 6:1 for rough oil-equivalent comparison. See Form 10-K supplemental gas and reserves disclosures for Bcfe and SEC pricing case.

Line itemAmount
Natural gas (net, MMcf/d)4,000
Crude oil equivalent (net, Mboe/d)667

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)1,073.1USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)193.6USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)70.3USD mln
Depreciation, depletion & amortization485.8USD mln
Income tax expense (benefit)-29.9USD mln
Total costs and expenses (consolidated)1,387.1USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 — gas-heavy; see Form 10-K 2023 reserves tables.

Line itemAmount
Crude oil equivalent (net, Mboe/d)640

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)3,305.1USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)129.9USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)79.9USD mln
Depreciation, depletion & amortization433.6USD mln
Interest expense143.3USD mln
Income tax expense (benefit)502.2USD mln
Total costs and expenses (consolidated)1,212USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +77% vs -63% the year before — a +139.9 pp move. 3-year CAGR —.
revenue growth by year: 2024 -63% · 2025 +77%
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 6.4x · target 75th pct (3y) 6.5x · LTM avg 13.9x

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

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
APA CorporationUS18.03.6x
Chord Energy CorporationUS8.53.6x
SM Energy CompanyUS9.44.4x
Permian Resources CorporationUS19.25.5x
Ovintiv Inc.US19.75.7x
Devon Energy CorporationUS39.96.1x
EQT CorporationUS35.26.2x
EOG Resources, Inc.US85.16.6x
Antero Resources CorporationUS12.97.3x
Canadian Natural Resources LimitedUS115.08.5x
Range Resources CorporationUS13.29.8x
Diamondback Energy, Inc.US57.910.8x
Group median6.1x
Group average6.5x
This companyUS5.74.8x

Group median 6.1x; this company 4.8x — a 22% discount.

Group average 6.5x; against the average this company is at a 26% discount.

At the adjusted group median the market cap would be +43% 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 20.6x, Russia 3.8x, South Africa 5.5x, Kazakhstan 6.3x, India 17.8x, Indonesia 4.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-29; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Investor reporting (IR): https://ir.cnx.com/

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 CNX Resources Corporation — from primary filings.

Frequently asked questions

What is CNX Resources Corporation's P/E ratio?
CNX Resources Corporation trades at a P/E of 5.8x (price to trailing 12-month earnings).
What is CNX Resources Corporation's EV/EBITDA?
CNX Resources Corporation trades at 4.8x EV/EBITDA.
What is CNX Resources Corporation's P/B ratio?
CNX Resources Corporation trades at a P/B of 1.2x.
What is CNX Resources Corporation's return on equity (ROE)?
CNX Resources Corporation's ROE is 13.7%.
What is CNX Resources Corporation's market capitalization?
CNX Resources Corporation's market cap is 5.3 bn USD.

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