Latest Ratios: P/E Ratio 19.2x · EV/EBITDA 8.9x · 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 | $4.4B | $4.6B | $2.8B | $3.2B | $1.8B | $1.3B | $1.1B | $1.1B | $1.3B | $1.0B | — |
| Enterprise Value | $4.4B | $4.6B | $2.5B | $2.6B | $1.3B | $1.3B | $1.3B | $1.3B | $1.5B | $1.4B | — |
| P/E Ratio → | 19.18 | 81.64 | 11.32 | 6.63 | 2.79 | 8.77 | — | 3.61 | 1.83 | 2.29 | — |
| P/S Ratio | 2.39 | 3.54 | 1.86 | 1.89 | 1.03 | 1.25 | 1.39 | 0.86 | 0.93 | 0.89 | — |
| P/B Ratio | 2.07 | 2.17 | 1.36 | 1.69 | 1.24 | 1.52 | 1.50 | 1.42 | 1.79 | 2.52 | — |
| P/FCF | 33.59 | — | — | 15.15 | 2.83 | 4.50 | 43.40 | 2.56 | 2.77 | 3.05 | — |
| P/OCF | 19.38 | 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 | 8.93 | 19.69 | 6.08 | 3.90 | 1.42 | 3.42 | 14.26 | 2.64 | 2.54 | 2.71 | — |
| EV / EBIT | 96.90 | 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% | 20.9% | 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 | 1.16 | 1.16 | 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 | 0.44 | 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 | 5.81 | 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 | 5.2% | 1.2% | 8.8% | 15.1% | 35.8% | 11.4% | — | 27.7% | 54.6% | 43.7% | — |
| FCF Yield | 3.0% | — | — | 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
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Quick answers to the most common questions about buying HCC stock.
Warrior Met Coal, Inc.'s current P/E ratio is 19.2x. The historical average is 14.9x. This places it at the 88th percentile of its historical range.
Warrior Met Coal, Inc.'s current EV/EBITDA is 8.9x. 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 19.2x. This is at the 88th 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 0.40% 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 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Met coal price volatility
Metrics are mathematically derived from official filings.
Trailing Multiples Overstate Earnings Power
Based on reported figures, HCC trades at a trailing P/E of 77.92 but a forward P/E of 12.63, with EV/EBITDA of 18.71 compressing to 7.01 forward, indicating the market is pricing a substantial earnings recovery from depressed trailing levels.
The gap between trailing and forward multiples suggests the market is looking through a weak 2025 base toward the Blue Creek volume ramp rather than valuing current earnings. A forward P/E near 12.6 against a P/B of 2.07 implies the equity is priced for sustained margin recovery, which remains unproven given trailing ROE of 2.7%. Investors should monitor whether realized margins hold above recent levels before accepting the forward multiple as a fair anchor.
Margins Swing Too Widely to Anchor
Reported quarterly operating margin ranged from negative 6.4% in Q1 2025 to 18.5% in Q2 2026, with Q3 2026 at 10.0%, indicating earning power is highly sensitive to met coal pricing and the two-year range is too wide for a single normalized figure.
The Q1 2026 gross margin of 98.2% appears anomalous against the surrounding quarters and warrants further investigation rather than being treated as a run-rate. Net margin of 9.7% in Q3 2026 sits close to operating margin, suggesting limited non-operating distortion in the latest quarter. A mid-cycle operating margin in the high single digits appears more defensible as an earnings base than any single recent quarter.
Returns Recovering From Near-Zero Base
According to reported ratios, ROIC improved from negative 0.2% in Q4 2024 to 3.2% in Q2 2026 before settling at 1.7% in Q3 2026, indicating returns are recovering but remain thin relative to the capital base built for Blue Creek.
The ROIC trajectory suggests returns are being rebuilt from a trough rather than compounding, with ROE of 2.1% in Q3 2026 offering little evidence of durable capital efficiency yet. The heavy PP&E base tied to underground longwall infrastructure dilutes returns until volume from Blue Creek fully contributes. Investors should monitor whether ROIC can sustain above 3% through a full cycle as a signal that the expansion is earning its cost of capital.
Working Capital Cycle Drives Cash Timing
Based on reported quarterly data, the cash conversion cycle ranged from 87 days in Q4 2025 to 111 days in Q2 2025, with DPO and DIO shifts accounting for much of the swing, suggesting working capital timing materially affects reported cash outcomes.
A cash conversion cycle near 90 to 100 days with asset turnover around 0.17 suggests a capital-heavy model where receivables and inventory absorb meaningful cash between loadings. The Q1 2026 DPO figure of 2633 days appears anomalous and likely reflects a data or classification issue rather than an operational reality, so it should not be used as a trend input. Investors should monitor whether the cycle compresses toward the mid-80s as a sign of improving working capital discipline.
Minimal Debt Limits Financial Risk
As reported in financial statements, HCC's debt-to-equity ratio sits at 0.10 in Q3 2026 with debt-to-EBITDA of 1.95 and interest coverage of 11.96, indicating leverage is modest and debt service appears comfortable on current earnings.
Debt-to-EBITDA has moved within a range of roughly 1.5 to 6.3 over the period, reflecting volatility in trailing EBITDA rather than any rise in borrowing, which remained stable near $232M. Interest coverage above 10 times in the latest quarter suggests minimal refinancing or covenant pressure at present. The main analytical question is how quickly coverage would compress if met coal prices fell back toward cash costs, since the cushion depends on earnings rather than balance sheet reduction.
Cash Build Strengthens Near-Term Buffer
Based on reported figures, HCC's current ratio improved from 3.19 at year-end 2025 to 4.20 in Q3 2026 and quick ratio reached 3.30, with cash of $437.1M providing a meaningful buffer against revenue volatility.
Quick ratio remaining above 2.2 across the recent quarters suggests liquidity does not depend on inventory conversion, which matters for a business with lumpy vessel-based revenue recognition. The Q3 2026 cash build coincided with a $158.9M working capital inflow, so part of the liquidity improvement may reflect timing of receivables and inventory rather than durable earnings. Investors should monitor whether cash holds above $400M once working capital normalizes.
Misapplied Ratio: Trailing P/E
Trailing P/E of 77.92 is the most commonly misapplied metric for HCC, as it captures a cyclical trough and sharply inflated earnings volatility rather than normalized earning power across the met coal cycle.
Applying trailing P/E to a cyclical, capital-heavy producer with operating margins swinging between negative and high-teens percent obscures the earnings base entirely. A better approach is to evaluate price against mid-cycle EBITDA or normalized free cash flow adjusted for capex timing at Blue Creek. Investors should monitor whether the forward multiple holds up if realized met coal prices soften from current levels.