Latest Ratios: P/E Ratio -38.0x · EV/EBITDA 13.9x · ROE -3.9%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $2.6B | $2.6B | $5.0B | $2.7B | $1.2B | $208M | $170M | $770M | $640M | $643M |
| Enterprise Value | $2.0B | $2.3B | $2.1B | $4.7B | $2.4B | $1.5B | $651M | $607M | $1.1B | $870M | $864M |
| P/E Ratio → | -37.98 | — | 14.01 | 6.87 | 1.84 | 3.99 | — | — | 2.57 | 4.14 | — |
| P/S Ratio | 1.08 | 1.22 | 0.88 | 1.43 | 0.65 | 0.51 | 0.15 | 0.09 | 0.38 | 0.39 | 0.70 |
| P/B Ratio | 1.52 | 1.68 | 1.58 | 3.15 | 1.87 | 2.11 | 1.04 | 0.24 | 0.72 | 6.90 | 17.27 |
| P/FCF | 129.06 | 146.16 | 6.86 | 8.19 | 2.02 | 12.57 | — | — | 11.62 | 2.87 | 7.75 |
| P/OCF | 15.83 | 17.92 | 4.51 | 5.83 | 1.80 | 6.59 | 1.61 | 1.29 | 4.86 | 2.09 | 4.56 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.06 | 0.72 | 1.36 | 0.58 | 0.67 | 0.46 | 0.30 | 0.55 | 0.53 | 0.94 |
| EV / EBITDA | 13.87 | 16.03 | 5.32 | 4.55 | 1.39 | 3.15 | — | 4.16 | 4.08 | 3.05 | 7.36 |
| EV / EBIT | — | — | 9.96 | 5.52 | 1.51 | 4.20 | — | — | 6.38 | 6.14 | — |
| EV / FCF | — | 126.88 | 5.61 | 7.77 | 1.80 | 16.58 | — | — | 16.97 | 3.91 | 10.41 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 0.1% | 0.1% | 11.2% | 27.9% | 41.2% | 20.3% | -1.0% | 6.0% | 14.7% | 13.2% | -0.2% |
| Operating Margin | -2.9% | -2.9% | 7.7% | 24.9% | 38.5% | 15.9% | -12.1% | -8.4% | 9.5% | 11.0% | -5.5% |
| Net Profit Margin | -2.9% | -2.9% | 6.3% | 20.8% | 35.3% | 12.8% | -31.6% | -15.8% | 14.7% | 9.4% | -8.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.9% | -3.9% | 11.6% | 48.1% | 146.6% | 77.3% | -99.7% | -35.8% | 51.4% | 238.0% | -12.5% |
| ROA | -2.6% | -2.6% | 7.7% | 30.6% | 69.5% | 16.3% | -22.4% | -12.5% | 16.7% | 17.3% | -5.9% |
| ROIC | -3.9% | -3.9% | 13.7% | 52.7% | 115.5% | 34.6% | -14.4% | -9.9% | 16.6% | 46.8% | -5.2% |
| ROCE | -2.9% | -2.9% | 10.6% | 43.1% | 91.1% | 24.1% | -10.0% | -7.7% | 13.0% | 27.5% | -4.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.00 | 0.01 | 0.01 | 0.82 | 2.91 | 0.93 | 0.55 | 4.02 | 9.38 |
| Debt / EBITDA | 0.17 | 0.17 | 0.01 | 0.01 | 0.01 | 0.93 | — | 4.45 | 2.13 | 1.31 | 2.97 |
| Net Debt / Equity | — | -0.22 | -0.29 | -0.16 | -0.20 | 0.67 | 2.22 | 0.63 | 0.33 | 2.49 | 5.94 |
| Net Debt / EBITDA | -2.43 | -2.43 | -1.18 | -0.25 | -0.17 | 0.76 | — | 2.99 | 1.28 | 0.81 | 1.88 |
| Debt / FCF | — | -19.27 | -1.25 | -0.43 | -0.22 | 4.01 | — | — | 5.35 | 1.04 | 2.67 |
| Interest Coverage | -27.97 | -27.97 | 56.30 | 123.12 | 72.31 | 5.19 | -2.27 | -3.04 | 4.54 | 3.94 | — |
Net cash position: cash ($366M) exceeds total debt ($23M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.47 | 4.47 | 4.13 | 3.38 | 2.77 | 2.53 | 1.97 | 2.26 | 2.34 | 1.91 | 1.95 |
| Quick Ratio | 3.53 | 3.53 | 3.45 | 2.64 | 2.27 | 2.09 | 1.55 | 1.74 | 1.99 | 1.63 | 1.60 |
| Cash Ratio | 2.02 | 2.02 | 1.92 | 0.87 | 0.86 | 0.27 | 0.54 | 0.68 | 0.66 | 0.59 | 0.59 |
| Asset Turnover | — | 0.93 | 1.21 | 1.44 | 1.77 | 1.22 | 0.84 | 0.87 | 0.74 | 1.97 | 0.97 |
| Inventory Turnover | 11.02 | 11.02 | 15.51 | 10.81 | 12.03 | 13.92 | 13.24 | 11.56 | 14.21 | 20.59 | 12.19 |
| Days Sales Outstanding | — | 47.76 | 44.70 | 53.59 | 36.24 | 79.06 | 57.60 | 44.62 | 52.58 | 28.17 | 67.43 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.1% | 2.3% | 0.5% | — | — | — | — | 15.8% | — |
| Payout Ratio | — | — | 1.6% | 15.7% | 0.9% | — | — | — | — | 65.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 7.1% | 14.5% | 54.3% | 25.1% | — | — | 38.9% | 24.2% | — |
| FCF Yield | 0.8% | 0.7% | 14.6% | 12.2% | 49.5% | 8.0% | — | — | 8.6% | 34.8% | 12.9% |
| Buyback Yield | 2.0% | 1.7% | 4.7% | 10.9% | 19.6% | 0.1% | 0.1% | 22.1% | 2.6% | 7.8% | 0.0% |
| Total Shareholder Yield | 2.0% | 1.8% | 4.8% | 13.2% | 20.1% | 0.1% | 0.1% | 22.1% | 2.6% | 23.6% | 0.0% |
| Shares Outstanding | — | $13M | $13M | $15M | $18M | $19M | $18M | $19M | $12M | $11M | $10M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying AMR stock.
Alpha Metallurgical Resources, Inc.'s current P/E ratio is -38.0x. The historical average is 5.6x.
Alpha Metallurgical Resources, Inc.'s current EV/EBITDA is 13.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.5x.
Alpha Metallurgical Resources, Inc.'s return on equity (ROE) is -3.9%. The historical average is 35.2%.
Based on historical data, Alpha Metallurgical Resources, Inc. is trading at a P/E of -38.0x. Compare with industry peers and growth rates for a complete picture.
Alpha Metallurgical Resources, Inc.'s current dividend yield is 0.02%.
Alpha Metallurgical Resources, Inc. has 0.1% gross margin and -2.9% operating margin.
Alpha Metallurgical Resources, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Cash burn amid negative margins
Metrics are mathematically derived from official filings.
Margins Crushed by Sticky Cost Base
Gross margin collapsed to 10.0% in Q2 2026 from 20.1% in Q1 2024, while operating margin turned negative at -2.1%, per reported financials, indicating pricing power has evaporated.
The sequential deterioration from a 20.1% gross margin in Q1 2024 to 10.0% in Q2 2026, with two intervening quarters of negative gross margins, suggests that AMR's high fixed-cost underground mining model cannot flex downward quickly enough to match falling met coal realizations. Operating margin at -2.1% in Q2 2026, versus +16.4% at the cycle peak, implies that the company is now selling below its full cost of production, a condition that appears unsustainable if prices remain at current levels. The stickiness of labor, maintenance, and regulatory costs, as evidenced by COGS rising to 90% of revenue, suggests that any further price decline would deepen operating losses.
Returns Decay as Cycle Turns
ROIC fell from 8.0% in Q1 2024 to -0.7% in Q2 2026, while ROE turned negative at -0.8%, based on reported figures, indicating the company is now destroying value.
The collapse in ROIC from a peak of 8.0% to -0.7% over five quarters reflects the full transmission of lower met coal prices into earnings, with no offset from balance sheet efficiency. ROE at -0.8% in Q2 2026, versus +8.0% in Q1 2024, shows that shareholder equity is no longer generating positive returns, and the trend suggests continued erosion if margins stay negative. The driver is margin compression rather than asset turnover, as asset turnover has remained relatively stable around 0.22-0.36, indicating that the problem is pricing power, not operational efficiency.
Working Capital Stretch Signals Stress
Cash conversion cycle lengthened to 80 days in Q2 2026 from 68 days in Q1 2024, driven by DIO rising to 49 days and DPO falling to 18 days, per financial statements, indicating reduced supplier leverage.
The 12-day extension in CCC suggests that AMR is holding inventory longer, likely due to weaker demand or logistics constraints, while paying suppliers faster, which may reflect a loss of negotiating power in a downturn. DSO has improved modestly from 60 days to 49 days, but DIO has climbed from 29 to 49 days, indicating that coal is sitting unsold or in transit, tying up cash. The combination of rising inventory and falling DPO implies that working capital is becoming a cash drain, which is particularly concerning given the negative operating margins.
Minimal Debt Masks Real Obligations
Debt-to-equity stands at 0.01 with interest coverage of -18.6x in Q2 2026, per reported balance sheet, but asset retirement obligations may represent off-balance-sheet liabilities not captured in headline leverage.
The near-zero debt and negative interest coverage (due to operating losses) suggest that AMR faces no immediate refinancing risk, but the negative coverage ratio indicates that earnings are insufficient to service even minimal debt, a condition that could become problematic if cash reserves deplete. The fortress balance sheet provides a cushion, but investors should monitor whether AROs and environmental bonding requirements, which are not fully reflected in the D/E ratio, could strain future cash flows. The low leverage is a positive, but it does not offset the risk of sustained operating losses.
Cash Cushion Shrinks as Losses Persist
Current ratio remains strong at 3.41 in Q2 2026, but cash declined from $481.6M in Q4 2024 to $307.6M, per balance sheet data, indicating a steady drawdown that may not be sustainable.
The current ratio of 3.41 and quick ratio of 2.37 suggest ample short-term liquidity, but the $174M decline in cash over six quarters, combined with negative free cash flow of -$5.3M in Q2 2026, indicates that the buffer is being consumed. If operating losses persist at the current rate, the cash pile could be depleted within a few years, though the low debt provides a longer runway. The liquidity position appears adequate for now, but the trend warrants close monitoring, especially if working capital continues to absorb cash.
Misapplied EV/EBITDA in Cyclical Downturn
EV/EBITDA of 12.57x appears elevated, but forward EV/EBITDA of 3.64x suggests the market expects a sharp recovery, per valuation data, making the trailing multiple misleading.
The trailing EV/EBITDA of 12.57x is distorted by depressed EBITDA, which is near zero or negative, making the multiple appear expensive when it may actually be cheap on normalized earnings. The forward multiple of 3.64x implies that analysts expect a significant rebound in EBITDA, but this is uncertain given the current margin environment. Investors should instead focus on EV/ton of coal reserves or price-to-book, which at 1.40x may better reflect the asset base and cyclical trough valuation. The common mistake is to apply a static EV/EBITDA without adjusting for the cycle, which can lead to incorrect conclusions about relative value.