Latest Ratios: P/E Ratio 8.3x · EV/EBITDA 5.2x · ROE 15.0%. (1997–2025 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 | $4.7B | $5.9B | $5.5B | $3.8B | $3.2B | $3.0B | $2.2B | $1.7B | $2.5B | $3.4B | $4.2B |
| Enterprise Value | $7.1B | $8.3B | $7.8B | $6.2B | $5.6B | $5.2B | $4.7B | $4.6B | $4.8B | $5.1B | $6.9B |
| P/E Ratio → | 8.29 | 9.24 | — | 2.22 | — | — | — | 52.06 | 3.08 | 8.87 | — |
| P/S Ratio | 2.18 | 2.75 | 3.86 | 2.55 | 0.81 | 1.24 | 1.98 | 1.09 | 1.39 | 2.71 | 4.64 |
| P/B Ratio | 1.22 | 1.36 | 1.35 | 0.88 | 1.08 | 0.80 | 0.49 | 0.34 | 0.48 | 0.87 | 1.06 |
| P/FCF | 8.74 | 11.04 | 20.14 | 28.41 | 4.77 | 6.45 | 6.99 | — | — | 213.30 | 17.25 |
| P/OCF | 4.54 | 5.73 | 6.80 | 4.71 | 2.58 | 3.21 | 2.71 | 1.72 | 2.77 | 5.21 | 8.91 |
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 | — | 3.90 | 5.44 | 4.12 | 1.42 | 2.19 | 4.31 | 2.98 | 2.74 | 4.07 | 7.65 |
| EV / EBITDA | 5.23 | 6.13 | 11.94 | 8.30 | 1.81 | 3.14 | 66.96 | 6.03 | 4.62 | 11.53 | 46.49 |
| EV / EBIT | 9.04 | 8.57 | 258.78 | 2.62 | — | — | — | 21.86 | 3.88 | 18.16 | — |
| EV / FCF | — | 15.63 | 28.40 | 45.90 | 8.30 | 11.38 | 15.19 | — | — | 320.95 | 28.44 |
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 | 47.2% | 47.2% | 28.8% | 35.2% | 71.3% | 56.8% | 12.2% | 33.9% | 43.8% | 22.6% | -7.0% |
| Operating Margin | 36.8% | 36.8% | 11.8% | 20.9% | 66.3% | 48.3% | — | 16.6% | 31.4% | 2.3% | -30.1% |
| Net Profit Margin | 29.6% | 29.6% | -6.3% | 114.2% | -3.6% | -20.9% | -44.6% | -5.2% | 45.2% | 30.5% | -94.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.0% | 15.0% | -2.1% | 47.1% | -4.3% | -12.3% | -10.3% | -1.6% | 17.7% | 9.7% | -19.3% |
| ROA | 7.2% | 7.2% | -1.1% | 20.1% | -1.7% | -6.2% | -5.7% | -0.9% | 10.3% | 4.7% | -8.4% |
| ROIC | 9.0% | 9.0% | 1.9% | 3.9% | 34.6% | 13.4% | — | 2.5% | 6.3% | 0.4% | -2.7% |
| ROCE | 10.3% | 10.3% | 2.2% | 4.2% | 36.3% | 15.7% | — | 3.1% | 7.6% | 0.4% | -3.1% |
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 | 0.57 | 0.57 | 0.56 | 0.54 | 0.81 | 0.61 | 0.57 | 0.59 | 0.47 | 0.57 | 0.70 |
| Debt / EBITDA | 1.80 | 1.80 | 3.50 | 3.16 | 0.78 | 1.36 | 36.36 | 3.84 | 2.29 | 5.02 | 18.70 |
| Net Debt / Equity | — | 0.57 | 0.56 | 0.54 | 0.80 | 0.61 | 0.57 | 0.59 | 0.47 | 0.44 | 0.69 |
| Net Debt / EBITDA | 1.80 | 1.80 | 3.47 | 3.16 | 0.77 | 1.36 | 36.14 | 3.82 | 2.28 | 3.87 | 18.30 |
| Debt / FCF | — | 4.59 | 8.26 | 17.49 | 3.54 | 4.93 | 8.19 | — | — | 107.65 | 11.19 |
| Interest Coverage | 5.71 | 5.71 | 0.20 | 16.51 | -0.66 | -3.21 | -2.53 | 1.39 | 8.53 | 1.73 | -2.07 |
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 | 0.44 | 0.44 | 0.33 | 0.51 | 0.44 | 0.48 | 0.62 | 0.94 | 0.96 | 1.93 | 0.67 |
| Quick Ratio | 0.41 | 0.41 | 0.32 | 0.49 | 0.42 | 0.48 | 0.60 | 0.93 | 0.94 | 1.91 | 0.60 |
| Cash Ratio | 0.00 | 0.00 | 0.02 | 0.00 | 0.02 | 0.00 | 0.04 | 0.03 | 0.03 | 1.15 | 0.06 |
| Asset Turnover | — | 0.24 | 0.17 | 0.17 | 0.46 | 0.29 | 0.13 | 0.17 | 0.20 | 0.18 | 0.10 |
| Inventory Turnover | 43.15 | 43.15 | 70.37 | 49.22 | 41.53 | 168.02 | 98.69 | 146.40 | 101.81 | 89.90 | 14.73 |
| Days Sales Outstanding | — | 55.52 | 50.07 | 32.47 | 32.98 | 51.80 | 50.55 | 49.47 | 85.62 | 69.38 | 71.16 |
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 | — | — | — | — | — | — | — | — | — | — | 0.1% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.1% | 10.8% | — | 45.0% | — | — | — | 1.9% | 32.5% | 11.3% | — |
| FCF Yield | 11.4% | 9.1% | 5.0% | 3.5% | 21.0% | 15.5% | 14.3% | — | — | 0.5% | 5.8% |
| Buyback Yield | 11.2% | 8.9% | 3.3% | 8.3% | 17.7% | 8.3% | 1.8% | 7.3% | 15.8% | 3.3% | 0.0% |
| Total Shareholder Yield | 11.2% | 8.9% | 3.3% | 8.3% | 17.7% | 8.3% | 1.8% | 7.3% | 15.8% | 3.3% | 0.1% |
| Shares Outstanding | — | $160M | $151M | $192M | $190M | $216M | $199M | $191M | $215M | $231M | $229M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying CNX stock.
CNX Resources Corporation's current P/E ratio is 8.3x. The historical average is 22.9x. This places it at the 10th percentile of its historical range.
CNX Resources Corporation's current EV/EBITDA is 5.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
CNX Resources Corporation's return on equity (ROE) is 15.0%. The historical average is 24.6%.
Based on historical data, CNX Resources Corporation is trading at a P/E of 8.3x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CNX Resources Corporation has 47.2% gross margin and 36.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CNX Resources Corporation's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Thin liquidity buffer
Metrics are mathematically derived from official filings.
Margin Resilience Amid Volatility
CNX's gross margin swung from 64.2% in 2026Q1 to 43.8% in 2026Q2, yet remains well above the 20-30% range of early 2024, as reported in financial statements, indicating structural cost advantages.
The sequential margin compression likely reflects normalizing gas prices and higher DD&A, but the sustained 43.8% gross margin still exceeds most Appalachian peers, suggesting the integrated midstream network provides a durable cost edge. Operating margin of 38.3% in 2026Q2, despite revenue deceleration, underscores high operating leverage, though investors should monitor whether hedge gains are masking underlying cash margin trends.
ROIC Recovery from Cyclical Lows
ROIC improved from 0.1% in 2024Q3 to 5.1% in 2026Q1, but slipped to 2.5% in 2026Q2, based on reported figures, reflecting commodity price swings rather than structural decay.
The sharp recovery from near-zero returns in 2024 to mid-single digits in 2026 indicates that CNX's capital efficiency is highly sensitive to realized gas prices and hedge settlements. However, the 2026Q2 dip to 2.5% suggests that the prior quarter's spike may have been boosted by non-recurring gains, and the company's asset-heavy model requires sustained high utilization to generate attractive returns on its $8.5B PP&E base.
Working Capital Efficiency Improves
CNX's cash conversion cycle turned negative at -10 days in 2026Q1, improving from +17 days in 2025Q3, as per the latest data, indicating efficient collection and extended payables.
The negative CCC suggests CNX is effectively using supplier financing and collecting receivables quickly, which is notable given its thin cash position. DSO improved to 32 days in 2026Q1 from 45 days in 2025Q4, while DPO remained stable around 52 days, indicating the company is managing working capital tightly to offset its minimal cash buffer. However, the absence of DIO data in 2026Q2 limits full assessment, and the negative CCC may partly reflect timing of hedge settlements.
Leverage Drifting Lower, Coverage Solid
Debt-to-equity improved to 0.49 in 2026Q2 from 0.74 in 2025Q1, while interest coverage rose to 7.07x, according to recent balance sheet data, indicating a strengthening capital structure.
The reduction in leverage, with total debt down to $2.4B from $2.8B a year earlier, suggests CNX is deleveraging despite aggressive buybacks, likely aided by strong cash flow. Interest coverage of 7.07x in 2026Q2, though down from 11.59x in 2026Q1, remains comfortable versus peers like AR (0.67 D/E) and EQT (0.29 D/E), but the thin cash balance warrants monitoring of near-term debt service flexibility.
Liquidity Buffer Dangerously Thin
Current ratio stood at 0.13 in 2026Q2, with cash of only $40.5M against $2.1B revenue, as reported in the latest balance sheet, indicating a severe short-term liquidity constraint.
Despite strong profitability, CNX's current ratio of 0.13 is far below the 1.0 threshold, and the quick ratio of 0.13 confirms that inventory is not a mitigating factor. The company's reliance on operating cash flow and credit facilities appears critical, and any operational disruption or margin call on hedges could strain liquidity. This thin buffer is a key risk, even though the company has historically managed with low cash by recycling into buybacks.
P/E Misleads on Cyclical Earnings
The most commonly misapplied ratio for CNX is the P/E, which at 9.06 TTM obscures the impact of non-cash hedge gains and the infrastructure-like stability of midstream cash flows, as per reported figures.
CNX's net margin swung from -32.4% in 2025Q1 to 79.9% in 2025Q2, making trailing P/E highly volatile and potentially misleading. A more appropriate metric is EV/EBITDA, which at 5.54x is below peers like EQT (7.16x) and AR (10.20x), reflecting the market's undervaluation of its integrated midstream assets. Investors should also consider a sum-of-the-parts valuation that separates E&P from midstream to capture the durability of gathering cash flows.