Latest Ratios: P/E Ratio 83.6x · EV/EBITDA 20.1x · ROE 2.7%. (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 | $4.8B | $4.6B | $2.8B | $3.2B | $1.8B | $1.3B | $1.1B | $1.1B | $1.3B | $1.0B | — |
| Enterprise Value | $4.7B | $4.6B | $2.5B | $2.6B | $1.3B | $1.3B | $1.3B | $1.3B | $1.5B | $1.4B | — |
| P/E Ratio → | 83.56 | 81.64 | 11.32 | 6.63 | 2.79 | 8.77 | — | 3.61 | 1.83 | 2.29 | — |
| P/S Ratio | 3.64 | 3.54 | 1.86 | 1.89 | 1.03 | 1.25 | 1.39 | 0.86 | 0.93 | 0.89 | — |
| P/B Ratio | 2.22 | 2.17 | 1.36 | 1.69 | 1.24 | 1.52 | 1.50 | 1.42 | 1.79 | 2.52 | — |
| P/FCF | — | — | — | 15.15 | 2.83 | 4.50 | 43.40 | 2.56 | 2.77 | 3.05 | — |
| P/OCF | 20.78 | 20.23 | 7.73 | 4.53 | 2.13 | 3.76 | 9.69 | 2.04 | 2.28 | 2.40 | — |
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 | — | 3.52 | 1.65 | 1.56 | 0.75 | 1.24 | 1.66 | 1.00 | 1.12 | 1.16 | — |
| EV / EBITDA | 20.08 | 19.54 | 6.08 | 3.90 | 1.42 | 3.42 | 14.26 | 2.64 | 2.52 | 2.70 | — |
| EV / EBIT | 103.96 | 71.81 | 8.75 | 4.58 | 1.59 | 5.58 | — | 3.20 | 2.99 | 3.19 | — |
| EV / FCF | — | — | — | 12.45 | 2.05 | 4.49 | 51.61 | 2.98 | 3.34 | 3.95 | — |
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 | 8.5% | 8.5% | 97.0% | 35.9% | 50.9% | 31.6% | 0.7% | 33.1% | 47.3% | 46.9% | -14.8% |
| Operating Margin | 3.5% | 3.5% | 16.7% | 32.3% | 46.1% | 23.0% | -3.5% | 30.2% | 36.9% | 36.2% | -22.8% |
| Net Profit Margin | 4.4% | 4.4% | 16.4% | 28.5% | 36.9% | 14.2% | -4.6% | 23.8% | 50.6% | 38.9% | -30.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.7% | 2.7% | 12.6% | 28.8% | 55.3% | 18.9% | -4.8% | 40.8% | 123.8% | 78.1% | -14.8% |
| ROA | 2.1% | 2.1% | 10.1% | 21.8% | 36.7% | 10.6% | -2.6% | 22.0% | 58.3% | 46.9% | -12.7% |
| ROIC | 1.8% | 1.8% | 12.4% | 35.9% | 66.0% | 20.3% | -2.2% | 29.9% | 44.9% | 47.6% | -11.2% |
| ROCE | 1.8% | 1.8% | 11.0% | 26.5% | 49.8% | 19.0% | -2.2% | 30.8% | 47.2% | 47.9% | -10.4% |
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 | 0.13 | 0.13 | 0.08 | 0.09 | 0.23 | 0.45 | 0.58 | 0.49 | 0.66 | 0.84 | 0.01 |
| Debt / EBITDA | 1.15 | 1.15 | 0.42 | 0.26 | 0.37 | 1.02 | 4.60 | 0.78 | 0.77 | 0.69 | — |
| Net Debt / Equity | — | -0.01 | -0.15 | -0.30 | -0.34 | -0.00 | 0.28 | 0.24 | 0.37 | 0.75 | -0.19 |
| Net Debt / EBITDA | -0.12 | -0.12 | -0.77 | -0.84 | -0.54 | -0.01 | 2.27 | 0.38 | 0.43 | 0.62 | — |
| Debt / FCF | — | — | — | -2.70 | -0.78 | -0.01 | 8.21 | 0.43 | 0.57 | 0.91 | — |
| Interest Coverage | 6.59 | 6.59 | 67.42 | 31.70 | 25.91 | 6.48 | -0.73 | 13.51 | 13.79 | 60.95 | — |
Net cash position: cash ($300M) exceeds total debt ($271M)
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 | 3.19 | 3.19 | 5.20 | 7.24 | 7.66 | 5.14 | 2.74 | 3.44 | 3.77 | 2.48 | 4.50 |
| Quick Ratio | 2.27 | 2.27 | 3.99 | 5.99 | 6.66 | 4.65 | 2.05 | 2.68 | 3.31 | 1.98 | 3.89 |
| Cash Ratio | 1.37 | 1.37 | 2.97 | 5.06 | 5.47 | 3.31 | 1.29 | 1.61 | 1.79 | 0.49 | 2.59 |
| Asset Turnover | — | 0.47 | 0.59 | 0.71 | 0.86 | 0.72 | 0.56 | 0.94 | 0.99 | 1.18 | 0.39 |
| Inventory Turnover | 5.08 | 5.08 | 0.22 | 5.84 | 5.54 | 12.15 | 6.55 | 8.66 | 12.81 | 11.44 | 10.75 |
| Days Sales Outstanding | — | 50.79 | 33.89 | 24.04 | 32.64 | 44.85 | 41.24 | 32.88 | 37.04 | 41.28 | 71.02 |
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 | 0.4% | 0.4% | 1.5% | 1.9% | 4.4% | 0.8% | 1.0% | 22.1% | 28.3% | 76.5% | — |
| Payout Ratio | 31.3% | 31.3% | 17.5% | 12.8% | 12.4% | 6.9% | — | 79.7% | 51.8% | 175.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.2% | 8.8% | 15.1% | 35.8% | 11.4% | — | 27.7% | 54.6% | 43.7% | — |
| FCF Yield | — | — | — | 6.6% | 35.3% | 22.2% | 2.3% | 39.1% | 36.1% | 32.8% | — |
| Buyback Yield | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 3.0% | 0.0% | — |
| Total Shareholder Yield | 0.6% | 0.6% | 1.5% | 1.9% | 4.4% | 0.8% | 1.0% | 23.2% | 31.2% | 76.5% | — |
| Shares Outstanding | — | $53M | $52M | $52M | $52M | $51M | $51M | $51M | $53M | $53M | $53M |
Includes 30+ ratios · 11 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HCC stock.
Warrior Met Coal, Inc.'s current P/E ratio is 83.6x. The historical average is 14.9x. This places it at the 100th percentile of its historical range.
Warrior Met Coal, Inc.'s current EV/EBITDA is 20.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.3x.
Warrior Met Coal, Inc.'s return on equity (ROE) is 2.7%. The historical average is 34.1%.
Based on historical data, Warrior Met Coal, Inc. is trading at a P/E of 83.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Warrior Met Coal, Inc.'s current dividend yield is 0.38% with a payout ratio of 31.3%.
Warrior Met Coal, Inc. has 8.5% gross margin and 3.5% operating margin.
Warrior Met Coal, 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
Blue Creek execution risk
Metrics are mathematically derived from official filings.
Margin Recovery from Cyclical Trough
Gross margin swung from -0.2% in Q1 2025 to 31.9% in Q2 2026, per the latest quarterly data, signaling a sharp cyclical recovery. Operating margin expanded to 18.5%, reflecting strong operating leverage.
The dramatic margin expansion is driven by a rebound in met coal prices and improved cost control, with COGS as a percentage of revenue falling to 68.1% in Q2 2026 from 93.0% a year earlier. However, TTM gross margin remains thin at 8.5%, indicating the recovery is early-stage and highly sensitive to sustained PLV benchmark pricing. Investors should monitor whether the Q2 2026 margin level is sustainable or a temporary peak given the cyclical nature of the business.
ROIC Inflection Points to Cyclicality
ROIC improved from -0.8% in Q1 2025 to 3.2% in Q2 2026, as reported in the latest financials, but remains below the 8.1% peak in Q1 2024. The trend reflects the cyclical trough and heavy capital reinvestment.
The low ROIC relative to historical levels is largely due to the massive capital expenditure into the Blue Creek expansion, which has increased net PPE by $500M over ten quarters. As the project ramps up and volumes increase, ROIC could improve if margins hold, but the current sub-4% level suggests the company is still in the investment phase. The high fixed-cost structure means ROIC is highly sensitive to volume and price, making it a key metric to watch for evidence of compounding.
Working Capital Volatility Masks Operations
Cash conversion cycle swung from 99 days in Q1 2025 to 104 days in Q2 2026, per the quarterly data, with DSO at 56 days and DIO at 68 days. The extreme Q1 2026 spike to 1,933 days was an anomaly.
The Q1 2026 CCC spike was driven by a massive inventory build (DIO of 2,633 days) and a corresponding jump in DPO, likely reflecting timing of coal production and vessel loadings. Excluding that outlier, the CCC has been relatively stable in the 87-111 day range, indicating consistent working capital management. The stable DSO and DPO suggest the company maintains balanced terms with customers and suppliers, though the lumpy nature of coal sales can cause quarterly distortions.
Minimal Leverage Provides Strategic Flexibility
Debt-to-equity stands at 0.10 with interest coverage of 17.5x in Q2 2026, as per the latest balance sheet, reflecting a fortress balance sheet. D/EBITDA improved to 1.54 from a peak of 6.26 in Q1 2025.
The low leverage is a deliberate strategy that insulates HCC from interest rate shocks and provides flexibility to fund the Blue Creek expansion internally. Interest coverage has improved dramatically from 4.43x in Q2 2025 to 17.49x in Q2 2026, indicating debt service is highly comfortable. However, the heavy capex into Blue Creek could strain cash reserves if met coal prices weaken, though the current low debt levels provide a significant buffer.
Liquidity Buffer Remains Robust
Current ratio stands at 3.93 with a quick ratio of 2.79 in Q2 2026, as reported in the latest financials, indicating ample short-term liquidity. Cash declined to $302M from $694M in Q1 2024 due to capex.
Despite the cash drawdown for Blue Creek, the current ratio remains well above 1.0, suggesting the company can cover short-term obligations comfortably. The quick ratio of 2.79 indicates that even without inventory, liquidity is strong. However, the declining cash balance and ongoing capex requirements mean that a prolonged downturn in met coal prices could erode this buffer, though the low debt levels provide a cushion.
Misapplied P/E in Cyclical Downturn
The trailing P/E of 89.56 is misleading for a cyclical company at the trough, as per the valuation data. Forward P/E of 16.29 better reflects normalized earnings, but investors should use EV/EBITDA or P/FCF.
The high trailing P/E is a result of depressed TTM earnings, not an indication of overvaluation. For cyclical companies like HCC, P/E is often misapplied because it exaggerates the impact of the cycle. A more appropriate metric is EV/EBITDA, which at 21.53x TTM and 7.10x forward, better captures the company's operating performance and future recovery. Investors should also consider P/FCF, which is currently negative on a TTM basis due to heavy capex, but turned positive in Q2 2026 at $103.4M, indicating the inflection point.