Core Natural Resources, Inc. CNR
We are a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and thermal coals. We play an essential role in meeting the world's growing need for energy, steel, cement and other infrastructure solutions. Our products have global access due to our ownership interests in two marine export terminals and access to several other third-party owned terminals.
We and our predecessors have been mining coal, primarily in the Appalachian Basin, since 1864. The Company was incorporated in Delaware on June 21, 2017 and became an independent, publicly-traded company on November 28, 2017 when our former parent separated its coal business and natural gas business into two independently traded public companies. We began regular-way trading under the name CONSOL Energy Inc. and ticker symbol CEIX on the New York Stock Exchange on November 29, 2017.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.16B | $2.16B | $2.51B | $2.28B | $1.26B | $879.5M | $1.38B | $1.47B | $1.32B | $1.14B |
| SG&A | $214.9M | $115.2M | $103.5M | $116.7M | $87.2M | $72.1M | $67.1M | $65.3M | $83.6M | $50.0M |
| Total operating expenses | $4.35B | $1.81B | $1.70B | $1.53B | $1.22B | $1.03B | $1.33B | $1.34B | $1.24B | $1.17B |
| Operating income | -$182.1M | $351.0M | $803.3M | — | — | — | — | — | — | — |
| Interest expense | $40.1M | $22.2M | $29.3M | $52.6M | $63.3M | $61.2M | $66.5M | $83.8M | $26.1M | $14.1M |
| Pre-tax income | -$233.7M | $330.6M | $777.9M | $568.4M | $35.4M | -$9.2M | $98.1M | $187.6M | $154.9M | $56.1M |
| Income tax | $80.5M | $44.2M | $122.0M | $101.5M | $1.3M | $4.0M | $4.5M | $8.8M | $87.2M | $14.6M |
| Net income | -$153.2M | $286.4M | $655.9M | $467.0M | $34.1M | -$9.8M | $76.0M | $153.0M | $67.6M | $41.5M |
| EPS, basic | -2.98 | 9.65 | 19.91 | 13.41 | 0.99 | -0.37 | 2.82 | 5.48 | 2.42 | 1.48 |
| EPS, diluted | -2.98 | 9.61 | 19.79 | 13.07 | 0.96 | -0.37 | 2.81 | 5.38 | 2.40 | 1.48 |
| Shares, diluted (wtd. avg.) | $51.4M | $29.8M | $33.1M | $35.7M | $35.4M | $26.1M | $27.1M | $28.4M | $28.2M | $28.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $432.2M | $408.2M | $243.3M | $327.0M | $198.2M | $50.9M | $80.3M | $264.9M | $154.0M | $13.3M |
| Short-term investments | — | $52.0M | $81.9M | $0 | — | — | — | — | — | — |
| Receivables | $349.2M | $136.8M | $147.6M | $158.1M | $104.1M | $118.3M | $131.7M | $87.6M | $131.5M | $95.7M |
| Inventory | $374.8M | $96.2M | $88.2M | $66.3M | $62.9M | $56.2M | $54.1M | $48.6M | $53.4M | $50.2M |
| Total current assets | $1.34B | $786.0M | $601.0M | $598.5M | $386.3M | $292.9M | $338.0M | $474.0M | $399.2M | $200.1M |
| Property, plant and equipment | — | — | — | — | $1.98B | $2.05B | $2.09B | $2.11B | $2.12B | $2.18B |
| Total assets | $6.13B | $2.88B | $2.68B | $2.70B | $2.57B | $2.52B | $2.69B | $2.76B | $2.71B | $2.69B |
| Accounts payable | $335.6M | $143.6M | $137.2M | $130.2M | $76.6M | $71.2M | $106.2M | $130.9M | $109.1M | $82.9M |
| Short-term debt | $77.6M | $103.9M | $1.6M | $4.7M | $36.6M | $33.7M | $32.1M | $118.0M | $19.3M | $373.0K |
| Total current liabilities | $838.3M | $518.7M | $443.7M | $448.8M | $445.2M | $368.5M | $392.3M | $492.2M | $422.2M | $379.1M |
| Long-term debt | $317.3M | $79.5M | $181.9M | $342.1M | $568.1M | $566.9M | $653.8M | $708.5M | $856.6M | $301.8M |
| Total liabilities | $2.45B | $1.31B | $1.33B | $1.54B | $1.90B | $1.97B | $2.12B | $2.21B | $2.36B | $1.89B |
| Retained earnings | $818.5M | $1.16B | $944.3M | $668.9M | $281.0M | $246.8M | $259.9M | $182.1M | -$43.7M | $0 |
| Total equity | $3.68B | $1.57B | $1.34B | $1.17B | $672.8M | $553.5M | $572.4M | $551.6M | $343.6M | $800.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $305.8M | $476.4M | $857.9M | $651.0M | $305.6M | $129.3M | $244.6M | $413.5M | $248.1M | $329.1M |
| Depreciation and amortisation | $621.1M | $223.5M | $241.3M | $226.9M | $224.6M | $210.8M | $207.1M | $201.3M | $172.0M | $178.1M |
| Stock-based compensation | $32.9M | $11.3M | $10.0M | $7.9M | $6.6M | $11.6M | $12.8M | $10.2M | $22.1M | $12.9M |
| Capital expenditure | $284.6M | $178.0M | $167.8M | $171.5M | $132.8M | $86.0M | $169.7M | $145.7M | $81.4M | $53.6M |
| Investing cash flow | $47.7M | -$165.0M | -$259.4M | -$142.2M | -$127.4M | -$76.3M | -$172.5M | -$153.6M | -$56.8M | -$45.8M |
| Financing cash flow | -$199.8M | -$107.1M | -$682.2M | -$380.1M | -$30.9M | -$82.4M | -$256.7M | -$148.9M | -$50.6M | -$276.7M |
| Dividends paid | $26.3M | $15.9M | $75.5M | $71.5M | $0 | $0 | — | — | — | — |
| Buybacks | $224.3M | $70.9M | $399.4M | $0 | $0 | $0 | $32.7M | $25.8M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001710366-26-000009.
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|---|---|---|---|---|
| HCC | WARRIOR MET COAL, INC. | $5.52B | 96.7x | -14.1% |
| AREC | American Resources Corp | $259.9M | 3.9x | -100.0% |
| METC | Ramaco Resources, Inc. | — | — | -19.5% |