CNX Resources Corp CNX
CNX Resources Corporation ("CNX," the "Company," or "we," "us," or "our") is a premier independent ultra-low carbon intensity natural gas development, production, midstream and technology company centered in the Appalachian Basin. The majority of our operations are centered on unconventional shale formations, primarily the Marcellus Shale and Utica Shale, in Pennsylvania, Ohio and West Virginia. Additionally, we operate and develop Coalbed Methane (CBM) properties in Virginia. We believe that our extensive held-by-production acreage position and development inventory, combined with our regional operating expertise, extensive data set from development and non-operational participation wells, midstream infrastructure ownership, low-cost operations and legacy surface acreage position provide us with significant competitive advantages that position us for long-term value creation.
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 | $2.24B | $1.27B | $3.43B | $1.26B | $756.8M | $1.26B | $1.92B | $1.73B | $1.46B | $760.0M |
| SG&A | — | — | — | — | — | — | — | — | — | $37.5M |
| Total operating expenses | $1.35B | $1.26B | $1.19B | $1.32B | $1.23B | $1.70B | $1.74B | $1.23B | $1.36B | $1.17B |
| Interest expense | $170.6M | $150.6M | $143.3M | $127.7M | $151.2M | $170.8M | $151.4M | $145.9M | $161.4M | $182.2M |
| Pre-tax income | $802.9M | -$60.6M | $2.22B | -$72.2M | -$360.8M | -$309.7M | -$53.0M | $1.01B | $557.2M | -$813.7M |
| Income tax | $169.8M | $29.9M | $502.2M | $69.9M | $137.9M | $174.1M | $27.7M | $215.6M | $176.5M | $34.4M |
| Net income | $633.2M | -$90.5M | $1.72B | -$142.1M | -$498.6M | -$483.8M | -$80.7M | $796.5M | $380.7M | -$848.1M |
| EPS, basic | 4.48 | -0.60 | 10.59 | -0.75 | -2.31 | -2.43 | -0.42 | 3.75 | 1.66 | -3.70 |
| EPS, diluted | 3.98 | -0.60 | 8.99 | -0.75 | -2.31 | -2.43 | -0.42 | 3.71 | 1.65 | -3.70 |
| Shares, diluted (wtd. avg.) | $160.4M | $151.3M | $192.0M | $189.5M | $216.0M | $199.2M | $190.7M | $214.6M | $231.0M | $229.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $779.0K | $17.2M | $443.0K | $21.3M | $3.6M | $21.6M | $16.3M | $17.2M | $509.2M | $46.3M |
| Receivables | $264.7M | $179.5M | $116.1M | $348.5M | $330.1M | $145.9M | $133.5M | $252.4M | $156.8M | $124.5M |
| Inventory | $26.2M | $14.6M | $19.8M | $27.2M | $6.1M | $9.7M | $7.0M | $9.7M | $10.7M | $15.3M |
| Total current assets | $490.3M | $370.6M | $421.8M | $573.8M | $459.8M | $273.3M | $498.1M | $501.7M | $852.5M | $626.1M |
| Property, plant and equipment | $7.86B | $7.38B | $7.34B | $7.10B | $6.99B | $7.03B | $7.14B | $6.94B | $5.79B | $8.14B |
| Goodwill | $323.3M | $323.3M | $323.3M | $323.3M | $323.3M | $323.3M | $796.4M | $796.4M | $0 | — |
| Other intangibles | $57.3M | $63.9M | $70.4M | $77.0M | $83.5M | $90.1M | $96.6M | $103.2M | $0 | — |
| Total assets | $9.09B | $8.51B | $8.63B | $8.52B | $8.10B | $8.04B | $9.06B | $8.59B | $6.93B | $9.18B |
| Accounts payable | $158.8M | $123.2M | $147.4M | $191.3M | $121.8M | $118.2M | $202.6M | $229.8M | $211.2M | $157.1M |
| Short-term debt | $208.1M | $327.8M | $325.7M | $0 | $0 | $22.6M | $0 | $0 | $263.0K | -$1.3M |
| Total current liabilities | $1.12B | $1.12B | $823.0M | $1.31B | $954.6M | $441.3M | $528.9M | $523.0M | $441.7M | $940.0M |
| Long-term debt | $2.21B | $1.84B | $1.89B | $2.21B | $2.21B | $2.40B | $2.75B | $2.38B | $2.19B | $2.42B |
| Total liabilities | $4.76B | $4.41B | $4.27B | $5.57B | $4.40B | $3.62B | $4.10B | $3.51B | $3.03B | $5.24B |
| Retained earnings | $1.98B | $1.75B | $1.98B | $449.0M | $877.9M | $1.48B | $1.97B | $2.07B | $1.46B | $1.73B |
| Total equity | $4.34B | $4.10B | $4.36B | $2.95B | $3.70B | $4.42B | $4.96B | $5.08B | $3.90B | $3.94B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.03B | $815.8M | $814.6M | $1.24B | $926.4M | $795.1M | $980.6M | $885.8M | $648.7M | $464.3M |
| Depreciation and amortisation | $574.1M | $485.8M | $433.6M | $461.2M | $515.1M | $501.8M | $508.5M | $493.4M | $412.0M | $419.9M |
| Stock-based compensation | $23.7M | $20.1M | $20.2M | $16.4M | $16.6M | $14.4M | $38.4M | $21.3M | $17.0M | $19.3M |
| Capital expenditure | $495.0M | $540.3M | $679.4M | $565.8M | $465.9M | $487.3M | $1.19B | $1.12B | $632.8M | $172.7M |
| Investing cash flow | -$900.9M | -$484.5M | -$509.4M | -$528.3M | -$420.6M | -$439.0M | -$1.15B | -$894.7M | -$221.9M | $487.4M |
| Financing cash flow | -$169.7M | -$276.7M | -$326.1M | -$689.0M | -$523.8M | -$350.8M | $166.0M | -$483.1M | $36.1M | -$970.4M |
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $2.3M |
| Buybacks | $523.6M | $184.2M | $319.9M | $565.1M | $245.2M | $37.2M | $117.5M | $381.8M | $103.2M | $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 0001070412-26-000038.
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