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CNX Resources Corporation USD

At a glance: strengths & risks
✓Revenue growing (+77%)✓Margins improving (29%→61%)✗Commodity price -21% vs 1-yr · -8% vs 3-yr✗Pricier than own history (EV/EBITDA 6.1 vs avg 3.9)

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

Geography: United States (Appalachia)

US_EP_CNX

Price chart

34.54 USDDay -3.11%

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
34.54 USD · -3.11%
Market cap
5.1 bn USD

Growth

Δ revenue y/y
-35.7%
Δ EBITDA y/y
-43.9%

Multiples

P/E (LTM)
5.4x
3y avg: 5.2x
P/B (FY)
1.2x
P/E (ann.)
6.3x
EV/EBITDA (LTM)
6.1x
3y avg: 3.9x
EV/EBITDA (ann.)
4.4x

Cash return

Dividend yield
—
FCF yield (LTM)
20.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+5.8%
↓ details

Liquidity

Daily turnover (listing)
44.4 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
2026-06-30Q2 2026 (3M)OK618.5
y/y -35.7%
277.8
y/y -52.6%
136.2
y/y -10.7%
414.0
y/y -43.9%
202.9
y/y -53.1%
279.5-142.09136.9
y/y 1.7%
4843.8
y/y 18.4%
17.1%2217.5Link
2026-03-31Q1 2026 (3M)OK786.7
y/y 854.8%
428.4
y/y 47.5%
134.6
y/y 5.9%
563.0
y/y 34.8%
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)OK610.5
y/y 347.0%
-338.9
y/y —
145.1
y/y 13.1%
-193.7
y/y —
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)OK583.8
y/y 37.6%
265.7
y/y 221.8%
149.3
y/y 23.2%
415.0
y/y 103.7%
202.1
y/y 208.4%
233.8-75.58904.1
y/y 4.3%
4115.6
y/y -3.3%
6.6%2773.7Link
2025-06-30Q2 2025 (3M)OK962.4
y/y 199.4%
585.6
y/y —
152.6
y/y 29.8%
738.2
y/y —
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)OK82.4
y/y -78.6%
290.5
y/y 4497.1%
127.1
y/y 7.1%
417.6
y/y 234.1%
-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)OK136.6
y/y -85.9%
—
y/y -105.4%
128.3
y/y 13.7%
—
y/y -86.2%
-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)OK424.2
y/y 21.0%
82.6
y/y 329.1%
121.2
y/y 8.4%
203.8
y/y 55.4%
65.5
y/y 206.5%
170.2-114.78538.0
y/y 0.5%
4256.7
y/y 7.6%
2.1%2403.0Link
2024-06-30Q2 2024 (3M)OK321.4
y/y -61.7%
—
y/y —
117.5
y/y 13.3%
—
y/y —
-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)OK384.6
y/y -69.9%
6.3
y/y —
118.7
y/y 12.8%
125.0
y/y —
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)OK968.8
y/y —
—
y/y —
112.8
y/y —
—
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)OK350.5
y/y —
19.2
y/y —
111.9
y/y —
131.1
y/y —
21.4
y/y —
206.0-205.68492.6
y/y —
3957.3
y/y —
0.7%2324.6Link
2023-06-30Q2 2023 (3M)OK839.7
y/y —
—
y/y —
103.7
y/y —
—
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)OK1276.0
y/y —
—
y/y —
105.2
y/y —
—
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) 2026-06-30

Long-term debt (incl. LT leases)2 224
− Cash & equivalents6
Net debt2 218

Net debt / LTM EBITDA: 1.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-25002505007501 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-600-400-20002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

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
2026143 200 * (3M)
+3.5%		1 568
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 -21%

Commodity-player potential

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

Upside: +5.8% ▼ -0.7 pp 1d

Main driver: Henry Hub Gas -21% vs LTM; revenue ×0.81 vs costs ×1.01; EBITDA 1 280→865; at 7.8× EV/EBITDA → +6%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+90%2.683.373.11-21%-8%
Henry Hub Gas (cost)-13%2.683.373.11-21%-8%
Propane (Texas, USD/gallon) (rev)+9%0.680.690.77-2%+11%
Brent (rev)+1%79.5276.5880.44+4%+5%

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

1 · Reported baseline (LTM)
LTM revenue2 190
LTM EBITDA1 280
LTM cash costs (revenue − EBITDA)910
2 · Revenue projection
Revenue multiplier — spot×0.814 (-19%)
= Spot revenue1 783
Revenue multiplier — 3y price×0.941 (-6%)
= 3-year-price revenue2 062
3 · Costs projection
Cost multiplier — spot×1.008 (+1%)
= Spot cash costs918
Cost multiplier — 3y price×1.025 (+2%)
= 3-year-price cash costs933
4 · EBITDA projection (revenue − costs)
= Spot EBITDA865
= 3-year-price EBITDA1 129
Conservative EBITDA = min(spot, avg)865
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)7.8x
Target EV = EV/EBITDA × conservative EBITDA6 747
Net debt2 218
Hedge book at scenario price (net debt adjustment)+788 $M
Target market cap = EV − net debt5 318
Current market cap5 028

Upside = target market cap ÷ current − 1 = +5.8%

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
2026 Q1787524+50.0%563460+22.4%
2026 Q2618636-2.7%414433-4.3%

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 4.4x · target 75th pct (3y) 4.6x · LTM avg 13.9x

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

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.

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

Frequently asked questions

What is CNX Resources Corporation's P/E ratio?
CNX Resources Corporation trades at a P/E of 5.4x (price to trailing 12-month earnings).
What is CNX Resources Corporation's EV/EBITDA?
CNX Resources Corporation trades at 6.1x 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 17.1%.
What is CNX Resources Corporation's market capitalization?
CNX Resources Corporation's market cap is 5.1 bn USD.

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