Latest Ratios: P/E Ratio -29.9x · EV/EBITDA 11.1x · ROE -5.8%. (1996–2025 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 | $4.5B | $4.6B | $3.2B | $3.3B | $2.3B | $807M | $190M | $393M | $1.1B | — | — |
| Enterprise Value | $4.5B | $4.6B | $3.0B | $3.3B | $2.5B | $1.3B | $852M | $1.1B | $1.8B | — | — |
| P/E Ratio → | -29.85 | — | 11.05 | 5.08 | 4.97 | 23.66 | — | 5.16 | 7.32 | — | — |
| P/S Ratio | 1.08 | 1.09 | 1.48 | 1.33 | 1.02 | 0.64 | 0.22 | 0.29 | 0.76 | — | — |
| P/B Ratio | 1.24 | 1.24 | 2.03 | 2.48 | 1.99 | 1.20 | 0.34 | 0.69 | 2.03 | — | — |
| P/FCF | 211.81 | 214.95 | 10.66 | 4.83 | 4.84 | 4.67 | 4.39 | 5.25 | 4.18 | — | — |
| P/OCF | 14.67 | 14.88 | 6.67 | 3.88 | 3.57 | 2.64 | 1.47 | 1.61 | 2.71 | — | — |
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 | — | 1.10 | 1.39 | 1.33 | 1.08 | 1.06 | 0.97 | 0.80 | 1.19 | — | — |
| EV / EBITDA | 11.12 | 11.28 | 6.11 | 3.38 | 2.38 | 4.10 | 8.59 | 3.23 | 4.20 | — | — |
| EV / EBIT | — | — | 8.46 | 4.14 | 3.95 | 13.48 | 16.40 | 6.69 | 6.45 | — | — |
| EV / FCF | — | 215.91 | 10.00 | 4.85 | 5.12 | 7.70 | 19.67 | 14.71 | 6.54 | — | — |
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 | -0.0% | -0.0% | 76.8% | 78.6% | 82.0% | 74.0% | 71.5% | 83.5% | 83.4% | 81.4% | 80.4% |
| Operating Margin | -5.2% | -5.2% | 12.3% | 29.8% | 35.3% | 7.9% | -12.7% | 9.7% | 14.7% | 8.0% | -0.7% |
| Net Profit Margin | -3.7% | -3.7% | 13.3% | 26.2% | 20.5% | 2.7% | -1.1% | 5.5% | 10.4% | 5.1% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.8% | -5.8% | 19.7% | 52.3% | 50.8% | 5.6% | -1.7% | 13.5% | 34.2% | 11.8% | 4.5% |
| ROA | -3.4% | -3.4% | 10.3% | 24.4% | 17.7% | 1.3% | -0.4% | 2.8% | 5.6% | 2.5% | 1.5% |
| ROIC | -6.4% | -6.4% | 14.6% | 42.3% | 48.4% | 6.2% | -6.7% | 8.1% | 14.3% | 7.2% | -0.5% |
| ROCE | -5.6% | -5.6% | 11.6% | 33.3% | 36.7% | 4.7% | -5.0% | 5.8% | 9.3% | 4.5% | -0.3% |
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 | 0.12 | 0.12 | 0.14 | 0.16 | 0.35 | 1.00 | 1.29 | 1.38 | 1.58 | 2.59 | 0.40 |
| Debt / EBITDA | 1.12 | 1.12 | 0.44 | 0.21 | 0.39 | 2.08 | 7.19 | 2.31 | 2.08 | 3.21 | 1.87 |
| Net Debt / Equity | — | 0.01 | -0.12 | 0.01 | 0.11 | 0.78 | 1.20 | 1.24 | 1.15 | 2.14 | 0.38 |
| Net Debt / EBITDA | 0.05 | 0.05 | -0.40 | 0.01 | 0.13 | 1.61 | 6.67 | 2.08 | 1.52 | 2.66 | 1.79 |
| Debt / FCF | — | 0.96 | -0.65 | 0.02 | 0.27 | 3.03 | 15.28 | 9.46 | 2.37 | 4.42 | 1.10 |
| Interest Coverage | -4.82 | -4.82 | 15.90 | 27.53 | 11.80 | 1.56 | 0.85 | 2.48 | 3.24 | 7.51 | 5.63 |
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 | 1.60 | 1.60 | 1.52 | 1.35 | 1.33 | 0.87 | 0.80 | 0.86 | 0.96 | 1.26 | 0.53 |
| Quick Ratio | 1.15 | 1.15 | 1.33 | 1.16 | 1.19 | 0.73 | 0.64 | 0.72 | 0.86 | 1.09 | 0.40 |
| Cash Ratio | 0.52 | 0.52 | 0.89 | 0.63 | 0.61 | 0.34 | 0.14 | 0.20 | 0.48 | 0.49 | 0.04 |
| Asset Turnover | — | 0.68 | 0.75 | 0.94 | 0.84 | 0.49 | 0.35 | 0.51 | 0.53 | 0.49 | 0.43 |
| Inventory Turnover | 11.12 | 11.12 | 5.17 | 6.07 | 6.17 | 5.22 | 4.46 | 4.19 | 5.03 | 4.60 | 4.48 |
| Days Sales Outstanding | — | 35.33 | 27.63 | 23.35 | 31.48 | 33.50 | 66.59 | 45.82 | 31.96 | 46.43 | 38.00 |
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 | 0.6% | 0.6% | 0.5% | 2.3% | 3.1% | — | — | — | 1.6% | — | — |
| Payout Ratio | — | — | 5.5% | 11.5% | 15.3% | — | — | — | 11.9% | 859.8% | 653.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 9.0% | 19.7% | 20.1% | 4.2% | — | 19.4% | 13.7% | — | — |
| FCF Yield | 0.5% | 0.5% | 9.4% | 20.7% | 20.6% | 21.4% | 22.8% | 19.0% | 23.9% | — | — |
| Buyback Yield | 5.0% | 4.9% | 2.2% | 12.0% | 0.0% | 0.0% | 0.0% | 8.3% | 2.3% | — | — |
| Total Shareholder Yield | 5.6% | 5.5% | 2.7% | 14.3% | 3.1% | 0.0% | 0.0% | 8.3% | 3.9% | — | — |
| Shares Outstanding | — | $51M | $30M | $33M | $36M | $36M | $26M | $27M | $28M | $28M | $28M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CNR stock.
Core Natural Resources, Inc.'s current P/E ratio is -29.9x. The historical average is 9.5x.
Core Natural Resources, Inc.'s current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.4x.
Core Natural Resources, Inc.'s return on equity (ROE) is -5.8%. The historical average is 7.5%.
Based on historical data, Core Natural Resources, Inc. is trading at a P/E of -29.9x. Compare with industry peers and growth rates for a complete picture.
Core Natural Resources, Inc.'s current dividend yield is 0.57%.
Core Natural Resources, Inc. has -0.0% gross margin and -5.2% operating margin.
Core Natural Resources, Inc.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Negative margins despite volume surge
Metrics are mathematically derived from official filings.
Valuation Reflects Recovery Hope, Not Current Earnings
Core Natural Resources trades at a forward EV/EBITDA of 3.78, suggesting the market is pricing in a significant earnings recovery from current levels, as the trailing multiples are distorted by negative profitability.
The negative P/E and the wide gap between trailing and forward EV/EBITDA indicate the market is not valuing the company on current results but on a projected operational turnaround. The forward multiple is notably lower than peers like Alpha Metallurgical and Warrior Met Coal, which may reflect skepticism about the sustainability of CNR's recent profitability improvement. The P/B ratio of 1.34 is modest for a capital-intensive mining business, implying the market does not assign significant premium to the asset base beyond book value.
Margin Volatility Undermines Revenue Growth
According to recent financial statements, Core Natural Resources' operating margin has been wildly erratic, swinging from negative 12.6% in 2025Q4 to positive 13.7% in 2026Q2, indicating severe operational instability.
The gross margin recovery to 7.5% in 2026Q2 is still drastically below the 78.8% peak in 2024Q3, suggesting a permanent shift in cost structure or pricing power rather than a temporary disruption. The fact that net margin turned positive at 11.1% while operating margin was 13.7% implies non-operating items or tax benefits are contributing to bottom-line results. Investors should focus on the trend in operating margin as the most reliable indicator of core earning power, as net income remains subject to significant volatility from non-recurring items.
ROIC Recovery Lagging Asset Deployment
Based on reported figures, Core Natural Resources' ROIC recovered to just 3.2% in 2026Q2 after being negative for several quarters, highlighting that the massive asset expansion has not yet generated commensurate returns.
The ROIC of 3.2% remains below the weighted average cost of capital for a cyclical industrial company, indicating value destruction on a risk-adjusted basis. The compression from ROIC of 6.7% in 2024Q1 to the recent low suggests the capital invested in the Itmann ramp-up and operational disruptions has not yet been productive. The ROE trend mirrors this, with the company barely generating positive returns on equity in the most recent quarter after losses, signaling that shareholder capital is not being efficiently utilized.
Working Capital Turnover Shows Mixed Signals
As reported in financial statements, Core Natural Resources' cash conversion cycle increased to 38 days in 2026Q2 from a negative cycle in late 2024, reflecting a normalization of inventory and payable management that may indicate reduced supplier leverage.
The shift from a negative CCC in 2024Q4, driven by extended payables, to a positive 38 days suggests a change in working capital dynamics, possibly due to logistical disruptions or a shift in business mix. Days sales outstanding have increased slightly to 34 days, which could indicate longer collection periods for export shipments. The asset turnover ratio remains low at 0.19, consistent with the heavily capital-intensive nature of longwall mining operations and the recent major asset expansion.
Fortress Balance Sheet Buffers Operational Risk
The company's debt-to-equity ratio of 0.12 and interest coverage of 13.28 in 2026Q2 provide substantial financial flexibility, a stark contrast to peers who often operate with heavier debt loads.
The extremely low leverage is a key structural advantage during periods of margin volatility, as evidenced by the company maintaining minimal debt even during quarters with negative operating income. The interest coverage ratio has recovered strongly from negative values in 2025, aligning with the return to profitability. This conservative balance sheet suggests management prioritizes survival through commodity cycles over aggressive expansion, which may limit upside but provides a significant buffer against bankruptcy risk.
The Most Misapplied Ratio: Trailing P/E
The trailing P/E ratio of -32.29 is the most misapplied metric for Core Natural Resources, as it obscures the company's operational trajectory and distorts peer comparisons during a period of profound margin transition.
Using a trailing P/E to value this company is fundamentally flawed because it reflects past losses from operational disruptions and the Itmann ramp-up, not the potential earnings power of the stabilized PAMC and terminal assets. A more appropriate metric would be EV/EBITDA on a normalized, forward-looking basis, which accounts for the capital structure and focuses on cash flow generation. The negative trailing P/E also makes standard peer comparison tables useless, as it places CNR in a different mathematical universe than profitable peers like Warrior Met Coal.