Latest Ratios: P/E Ratio -27.4x · EV/EBITDA 10.0x · 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 | $4.1B | $4.6B | $3.2B | $3.3B | $2.3B | $807M | $190M | $393M | $1.1B | — | — |
| Enterprise Value | $4.0B | $4.5B | $3.0B | $3.3B | $2.5B | $1.3B | $852M | $1.1B | $1.8B | — | — |
| P/E Ratio → | -27.44 | — | 11.05 | 5.08 | 4.97 | 23.66 | — | 5.16 | 7.32 | — | — |
| P/S Ratio | 0.99 | 1.09 | 1.48 | 1.33 | 1.02 | 0.64 | 0.22 | 0.29 | 0.76 | — | — |
| P/B Ratio | 1.14 | 1.24 | 2.03 | 2.48 | 1.99 | 1.20 | 0.34 | 0.69 | 2.03 | — | — |
| P/FCF | 194.69 | 214.95 | 10.66 | 4.83 | 4.84 | 4.67 | 4.39 | 5.25 | 4.18 | — | — |
| P/OCF | 13.48 | 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 | — | 1.07 | 1.39 | 1.33 | 1.08 | 1.06 | 0.97 | 0.80 | 1.19 | — | — |
| EV / EBITDA | 9.98 | 11.04 | 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 | — | 211.27 | 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 | -6.5% | -6.5% | 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 | 0.10 | 0.10 | 0.14 | 0.16 | 0.35 | 1.00 | 1.29 | 1.38 | 1.58 | 2.59 | 0.40 |
| Debt / EBITDA | 0.87 | 0.87 | 0.44 | 0.21 | 0.39 | 2.08 | 7.19 | 2.31 | 2.08 | 3.21 | 1.87 |
| Net Debt / Equity | — | -0.02 | -0.12 | 0.01 | 0.11 | 0.78 | 1.20 | 1.24 | 1.15 | 2.14 | 0.38 |
| Net Debt / EBITDA | -0.19 | -0.19 | -0.40 | 0.01 | 0.13 | 1.61 | 6.67 | 2.08 | 1.52 | 2.66 | 1.79 |
| Debt / FCF | — | -3.68 | -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 |
Net cash position: cash ($432M) exceeds total debt ($354M)
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 | 1.60 | 1.60 | 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 | — | — | 5.17 | 6.07 | 6.17 | 5.22 | 4.46 | 4.19 | 5.03 | 4.60 | 4.48 |
| Days Sales Outstanding | — | 30.61 | 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 | 5.4% | 4.9% | 2.2% | 12.0% | 0.0% | 0.0% | 0.0% | 8.3% | 2.3% | — | — |
| Total Shareholder Yield | 6.1% | 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 |
Operational Logistical Bottlenecks
According to recent market data, CNR trades at a forward P/E of 27.04, which appears to price in a significant recovery that contrasts with the company's recent negative TTM P/E of -27.44 and the persistent volatility in its core export-driven revenue streams.
The valuation gap between current losses and forward expectations suggests that investors are betting on a normalization of logistical throughput at the Baltimore terminal. Given the P/S ratio of 0.99, the market appears to be valuing the firm as a distressed asset rather than a high-growth energy play, warranting caution regarding the sustainability of the implied earnings rebound.
Based on reported financial statements, ROIC has trended downward from 9.3% in 2023Q4 to 0.5% in 2026Q1, indicating that the company is struggling to generate meaningful returns on its massive investment in mining infrastructure and terminal assets during this period of operational disruption.
The decline in ROIC suggests that the capital-intensive nature of the Pennsylvania Mining Complex is currently failing to offset the high fixed costs associated with its operation. Investors should monitor whether future capital allocation toward the Itmann complex can reverse this trend or if it will further dilute returns on invested capital.
As evidenced by the erratic cash conversion cycle, which swung from -5 days in 2023Q4 to 38 days in 2026Q1, the company's ability to manage its working capital has become increasingly compromised by logistical bottlenecks and shifting inventory requirements at the Baltimore terminal.
The lengthening of the cash conversion cycle implies that the company is becoming less efficient at turning its coal production into cash, likely due to export delays. This trend warrants further investigation into whether these inefficiencies are structural consequences of the current export-heavy model or temporary issues related to recent logistical shocks.
According to recent SEC filings, CNR maintains a debt-to-equity ratio of 0.12, which remains exceptionally low compared to industry peers and provides a critical financial cushion against the margin compression and operational volatility currently impacting the firm's ability to service debt effectively.
While the interest coverage ratio has fluctuated significantly, reaching -8.55 in 2025Q4, the minimal debt load prevents a liquidity crisis. This conservative capital structure appears to be the primary factor insulating the company from the risks associated with its high fixed-cost mining operations.
The P/E ratio is frequently misapplied to CNR, as it fails to account for the heavy depreciation and non-recurring logistical costs that currently distort net income, making EV/EBITDA a more reliable metric for assessing the true cash-generating potential of the company's infrastructure-heavy business model.
Using P/E in a capital-intensive energy business often leads to misleading conclusions during periods of high maintenance or ramp-up spending. Analysts should prioritize EV/EBITDA to better understand the underlying operational performance of the mining and terminal segments without the noise of accounting-based earnings volatility.
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 -27.4x. The historical average is 9.5x.
Core Natural Resources, Inc.'s current EV/EBITDA is 10.0x. 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 -27.4x. Compare with industry peers and growth rates for a complete picture.
Core Natural Resources, Inc.'s current dividend yield is 0.62%.
Core Natural Resources, Inc. has -0.0% gross margin and -5.2% operating margin.
Core Natural Resources, Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.