Operating margins have exhibited extreme volatility, swinging from a negative 23.9% in 2023Q4 to a positive 26.4% in 2026Q1, reflecting the sensitivity of the firm's cost-plus service model.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 274.4M | 277.2M | 237.71M | 214.79M | 241.72M | 191.85M | 128.43M | 140.99M | 135.38M | 104.78M | 856.44M | 915.86M | 896.78M | 932.67M | 873.4M | 3.33B | 2.69B | 2.31B | 3.68B | 3.6B | 3.35B | 3.16B | 2.78B | 2.47B | 2.55B | 2.64B | 2.87B | 2.6B | 2.54B | 2.25B | 2.27B |
| Revenue Growth % | 9.77% | 16.61% | 10.67% | -11.14% | 26% | 49.38% | -8.91% | 4.15% | 29.2% | -87.77% | -6.49% | 2.13% | -3.85% | 6.79% | -73.78% | 23.95% | 16.31% | -37.22% | 2.15% | 7.58% | 6.07% | 13.47% | 12.54% | -2.96% | -3.4% | -8.13% | 10.32% | 2.63% | 12.88% | -1.16% | 3.78% |
| Cost of Goods Sold | 231.29M | 238.72M | 207.95M | 200.2M | 173.88M | 148.39M | 111.46M | 109.86M | 105.41M | 87.86M | 650.59M | 736.36M | 711.71M | 711.38M | 647.5M | 2.74B | 2.16B | 1.9B | 3.19B | 3B | 2.79B | 2.64B | 2.3B | 2.01B | 2.05B | 2.2B | 2.36B | 2.03B | 1.95B | 1.75B | 1.77B |
| COGS % of Revenue | - | 86.12% | 87.48% | 93.21% | 71.93% | 77.35% | 86.79% | 77.92% | 77.86% | 83.85% | 75.96% | 80.4% | 79.36% | 76.27% | 74.14% | 82.2% | 80.42% | 82.34% | 86.6% | 83.37% | 83.21% | 83.75% | 82.83% | 81.13% | 80.37% | 83.53% | 82.02% | 77.97% | 76.74% | 78.02% | 78.05% |
| Gross Profit | 42.94M | 38.47M | 29.76M | 14.59M | 67.84M | 43.45M | 16.97M | 31.13M | 29.97M | 16.92M | 205.85M | 179.5M | 185.07M | 221.29M | 225.9M | 593.1M | 526.2M | 408.1M | 493.3M | 599.3M | 562.2M | 513.2M | 477.7M | 466.7M | 500.3M | 434.5M | 516.2M | 573.5M | 589.8M | 493.8M | 498.9M |
| Gross Margin % | 15.65% | 13.88% | 12.52% | 6.79% | 28.07% | 22.65% | 13.21% | 22.08% | 22.14% | 16.15% | 24.04% | 19.6% | 20.64% | 23.73% | 25.86% | 17.8% | 19.58% | 17.66% | 13.4% | 16.63% | 16.79% | 16.25% | 17.17% | 18.87% | 19.63% | 16.47% | 17.98% | 22.03% | 23.26% | 21.98% | 21.95% |
| Gross Profit Growth % | - | 29.29% | 103.93% | -78.49% | 56.13% | 156.07% | -45.49% | 3.87% | 77.13% | -91.78% | 14.68% | -3.01% | -16.37% | -2.04% | -61.91% | 12.71% | 28.94% | -17.27% | -17.69% | 6.6% | 9.55% | 7.43% | 2.36% | -6.72% | 15.14% | -15.83% | -9.99% | -2.76% | 19.44% | -1.02% | 4.57% |
| Operating Expenses | 66.78M | 77.85M | -5.95M | 84.73M | -2.14M | -11.96M | 3.52M | -7.69M | 53.53M | 51.2M | 201.57M | 198.83M | 204.58M | 204.82M | 215M | 419M | 431.2M | 378.3M | 435M | 453.3M | 365.3M | 402.5M | 382.1M | 350.7M | 355M | 403.6M | 377.1M | 441M | 390.1M | 353.8M | 367.7M |
| OpEx % of Revenue | - | 28.08% | -2.5% | 39.45% | -0.89% | -6.23% | 2.74% | -5.46% | 39.54% | 48.87% | 23.54% | 21.71% | 22.81% | 21.96% | 24.62% | 12.58% | 16.04% | 16.37% | 11.82% | 12.58% | 10.91% | 12.75% | 13.73% | 14.18% | 13.93% | 15.3% | 13.13% | 16.94% | 15.38% | 15.75% | 16.18% |
| Selling, General & Admin | 79.68M | 77.85M | 69.75M | 65.62M | 63.91M | 55.72M | 53.06M | 53.78M | 49.19M | 47.49M | 197.9M | 193.93M | 198.7M | 199.33M | 210.4M | 465.3M | 425.3M | 388.3M | 475.5M | 492.3M | 450.4M | 436.3M | 413.6M | 381.2M | 355M | 381M | 367M | 337M | 301.1M | 265.2M | 282.4M |
| SG&A % of Revenue | - | 28.08% | 29.34% | 30.55% | 26.44% | 29.05% | 41.32% | 38.15% | 36.34% | 45.33% | 23.11% | 21.17% | 22.16% | 21.37% | 24.09% | 13.97% | 15.83% | 16.81% | 12.92% | 13.66% | 13.45% | 13.82% | 14.86% | 15.42% | 13.93% | 14.44% | 12.78% | 12.95% | 11.87% | 11.8% | 12.42% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.7M | 9.6M | 9.6M | 8.1M | 7.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 1.13% | 1.05% | 1.07% | 0.87% | 0.86% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -75.7M | 19.11M | -66.06M | -67.68M | -49.54M | -61.48M | 558K | 72K | -2.99M | -1.23M | -277K | -456K | -400K | -46.3M | 5.9M | -10M | -40.5M | -39M | -85.1M | -33.8M | -31.5M | -30.5M | 0 | 22.6M | 10.1M | 104M | 89M | 88.6M | 85.3M |
| Operating Income | -2.03M | -40.13M | 35.7M | -70.14M | 69.99M | 55.41M | 13.45M | 38.82M | 43.62M | 32.81M | 41.72M | 31.83M | -66.31M | 61.34M | 67.5M | 174.1M | 140.3M | 59.1M | -387.3M | 137.4M | 172.6M | 108M | 88M | 117.2M | 131.8M | 5.7M | 117.9M | 131.3M | 198.1M | 132M | 131.2M |
| Operating Margin % | -0.74% | -14.48% | 15.02% | -32.65% | 28.95% | 28.88% | 10.47% | 27.53% | 32.22% | 31.32% | 4.87% | 3.48% | -7.39% | 6.58% | 7.73% | 5.23% | 5.22% | 2.56% | -10.52% | 3.81% | 5.15% | 3.42% | 3.16% | 4.74% | 5.17% | 0.22% | 4.11% | 5.04% | 7.81% | 5.87% | 5.77% |
| Operating Income Growth % | - | -212.39% | 150.91% | -200.22% | 26.31% | 312.03% | -65.36% | -11.01% | 32.94% | -21.34% | 31.07% | 148% | -208.11% | -9.13% | -61.23% | 24.09% | 137.39% | 115.26% | -381.88% | -20.39% | 59.81% | 22.73% | -24.91% | -11.08% | 2212.28% | -95.17% | -10.21% | -33.72% | 50.08% | 0.61% | -4.16% |
| EBITDA | 23.08M | -14.85M | 60.36M | -40.75M | 96.8M | 78.5M | 31.56M | 55.06M | 58.31M | 45.58M | 54.77M | 35.81M | -63.01M | 85.91M | 85.5M | 221.8M | 192.5M | 112.7M | -326.8M | 200.2M | 237.5M | 175M | 155.6M | 185.6M | 224.5M | 123.3M | 224M | 235.3M | 287.1M | 220.6M | 216.5M |
| EBITDA Margin % | 8.41% | -5.36% | 25.39% | -18.97% | 40.05% | 40.92% | 24.57% | 39.05% | 43.07% | 43.5% | 6.39% | 3.91% | -7.03% | 9.21% | 9.79% | 6.66% | 7.16% | 4.88% | -8.88% | 5.56% | 7.09% | 5.54% | 5.59% | 7.51% | 8.81% | 4.67% | 7.8% | 9.04% | 11.32% | 9.82% | 9.52% |
| EBITDA Growth % | -41.12% | -124.61% | 248.12% | -142.1% | 23.32% | 148.7% | -42.68% | -5.57% | 27.92% | -16.77% | 52.92% | 156.84% | -173.34% | 0.48% | -61.45% | 15.22% | 70.81% | 134.49% | -263.24% | -15.71% | 35.71% | 12.47% | -16.16% | -17.33% | 82.08% | -44.96% | -4.8% | -18.04% | 30.15% | 1.89% | 0.14% |
| D&A (Non-Cash Add-back) | 25.11M | 25.28M | 24.65M | 29.39M | 26.82M | 23.09M | 18.11M | 16.24M | 14.68M | 12.77M | 13.05M | 3.99M | 3.3M | 24.57M | 18M | 47.7M | 52.2M | 53.6M | 60.5M | 62.8M | 64.9M | 67M | 67.6M | 68.4M | 92.7M | 117.6M | 106.1M | 104M | 89M | 88.6M | 85.3M |
| EBIT | -47.03M | -40.13M | 39.21M | -61.7M | 89.76M | 58.57M | 15.61M | 44.27M | -22.83M | 32.54M | -2.38M | 30.26M | -69.01M | 60.49M | 62.9M | 227.8M | 112.2M | 61.1M | -380.4M | 146M | 196.9M | 110.7M | 95.6M | 116M | 129M | 37.6M | 133.5M | 132.5M | 199.7M | 140M | 131.2M |
| Net Interest Income | -1.79M | -2.7M | -1.14M | 3.62M | -585K | -1.27M | -154K | 2.74M | -1.13M | -3.44M | -4.32M | -4.96M | -7.57M | -4.78M | -6.09M | -8.79M | -10.8M | -29M | -33M | -28.7M | -41.8M | -47.5M | -47.4M | -51M | -69.3M | -56.9M | -47.1M | 0 | -34.6M | 0 | -45.9M |
| Interest Income | 1.59M | 3.05M | 4.43M | 6.08M | 1.45M | 449K | 1.2M | 3.62M | 865K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.6M | 3.2M | 7.6M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.64M | 5.75M | 5.57M | 2.46M | 2.03M | 1.72M | 1.35M | 872K | 2M | 3.44M | 4.32M | 4.96M | 7.57M | 4.78M | 6.1M | 24.5M | 27.4M | 32.2M | 40.6M | 40.7M | 41.8M | 47.5M | 47.4M | 51M | 69.3M | 56.9M | 47.1M | 0 | 34.6M | 0 | 45.9M |
| Other Income/Expense | 19.88M | 0 | -2.06M | 5.98M | 17.74M | 1.44M | 810K | 4.58M | -1.46M | -3.71M | -5.03M | -7.03M | -10.26M | -5.62M | -9.5M | 39.7M | -43.5M | -30.2M | -33.7M | -25M | -52.1M | -37.2M | -35.7M | -52.2M | -55.8M | -50.3M | -57.8M | -45.3M | -35.1M | -43.8M | -46.3M |
| Pretax Income | 17.84M | 13.14M | 33.65M | -64.16M | 87.72M | 56.85M | 14.26M | 43.4M | 42.16M | 29.1M | 34.47M | 24.8M | -76.57M | 55.72M | 58M | 213.8M | 96.8M | 28.9M | -418.8M | 112.3M | 120.5M | 70.8M | 52.3M | 65M | 59.7M | -44.6M | 60.1M | 86M | 163M | 88.2M | 84.9M |
| Pretax Margin % | 6.5% | 4.74% | 14.15% | -29.87% | 36.29% | 29.63% | 11.1% | 30.78% | 31.15% | 27.77% | 4.02% | 2.71% | -8.54% | 5.97% | 6.64% | 6.42% | 3.6% | 1.25% | -11.38% | 3.12% | 3.6% | 2.24% | 1.88% | 2.63% | 2.34% | -1.69% | 2.09% | 3.3% | 6.43% | 3.93% | 3.73% |
| Income Tax | -3.67M | -4.43M | -95K | -24.57M | 13.56M | 8.72M | -535K | 3.77M | 7.38M | 639K | 4.86M | 2.81M | -38.45M | 11.27M | 15.8M | 51.7M | 17.4M | 20.5M | 18.6M | 23.1M | 27.8M | 13.1M | 5.3M | 15.8M | 11.3M | -9.9M | 22.3M | 31.7M | 60.7M | 26.4M | 34.3M |
| Effective Tax Rate % | -20.54% | -33.7% | -0.28% | 38.3% | 15.46% | 15.35% | -3.75% | 8.68% | 17.5% | 2.2% | 14.11% | 11.35% | 50.22% | 20.23% | 27.24% | 24.18% | 17.98% | 70.93% | -4.44% | 20.57% | 23.07% | 18.5% | 10.13% | 24.31% | 18.93% | 22.2% | 37.1% | 36.86% | 37.24% | 29.93% | 40.4% |
| Net Income | 21.51M | 17.57M | 33.74M | -39.59M | 74.16M | 48.13M | 14.79M | 39.63M | 34.78M | 30.34M | 29.61M | 21.98M | -38.12M | 44.45M | 108.7M | 162.1M | 79.5M | 31.1M | -437.6M | 89.3M | 106.2M | 62.5M | 47.9M | 52.8M | 42.4M | -36M | 67.7M | 53.1M | 102.3M | 61.8M | 50.6M |
| Net Margin % | 7.84% | 6.34% | 14.19% | -18.43% | 30.68% | 25.09% | 11.52% | 28.11% | 25.7% | 28.95% | 3.46% | 2.4% | -4.25% | 4.77% | 12.45% | 4.87% | 2.96% | 1.35% | -11.89% | 2.48% | 3.17% | 1.98% | 1.72% | 2.14% | 1.66% | -1.36% | 2.36% | 2.04% | 4.03% | 2.75% | 2.23% |
| Net Income Growth % | -36.87% | -47.91% | 185.23% | -153.38% | 54.09% | 225.32% | -62.67% | 13.93% | 14.66% | 2.47% | 34.68% | 157.67% | -185.75% | -59.11% | -32.94% | 103.9% | 155.63% | 107.11% | -590.03% | -15.91% | 69.92% | 30.48% | -9.28% | 24.53% | 217.78% | -153.18% | 27.5% | -48.09% | 65.53% | 22.13% | -46.4% |
| Net Income (Continuing) | 21.51M | 17.57M | 33.74M | -39.59M | 74.16M | 48.13M | 14.79M | 39.63M | 34.78M | 28.46M | 2.96M | 2.27M | -38.12M | 44.45M | 42.2M | 162.1M | 79.4M | 8.4M | -437.4M | 89.3M | 92.7M | 57.7M | 47M | 49.8M | 49.6M | -34.7M | 37.8M | 54.3M | 102.3M | 61.8M | 50.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.87M | 26.65M | 19.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 700K | 100K | 400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 800K | 800K | 500K | 200K | 0 | 0 | 0 | 100K | 500K | 1.1M | 3.4M | 4.2M | 11.5M | 22.9M | 16.6M | 14.1M |
| EPS (Diluted) | 2.85 | 2.35 | 4.55 | -5.29 | 10.06 | 6.69 | 2.10 | 5.66 | 5.00 | 4.41 | 4.32 | 3.13 | -5.02 | 5.47 | 12.92 | 19.28 | 9.53 | 3.75 | -52.84 | 10.80 | 12.89 | 7.60 | 5.83 | 6.44 | 5.17 | -4.40 | 8.29 | 6.51 | 12.53 | 7.55 | 5.67 |
| EPS Growth % | -38.15% | -48.35% | 186.01% | -152.58% | 50.37% | 218.57% | -62.9% | 13.2% | 13.38% | 2.08% | 38.02% | 162.35% | -191.77% | -57.66% | -32.99% | 102.31% | 154.13% | 107.1% | -589.26% | -16.21% | 69.61% | 30.36% | -9.47% | 24.56% | 217.5% | -153.08% | 27.34% | -48.04% | 65.96% | 33.16% | -46.2% |
| EPS (Basic) | - | 2.37 | 4.58 | -5.29 | 10.14 | 6.73 | 2.11 | 5.68 | 5.02 | 4.44 | 4.34 | 3.14 | -5.02 | 5.48 | 12.97 | 19.34 | 9.55 | 3.75 | -52.84 | 10.81 | 12.90 | 7.60 | 5.83 | 6.44 | 5.17 | -4.40 | 8.29 | 6.52 | 12.56 | 7.56 | 5.67 |
| Diluted Shares Outstanding | 7.55M | 7.48M | 7.41M | 7.48M | 7.37M | 7.19M | 7.06M | 7.01M | 6.96M | 6.87M | 6.85M | 7.02M | 7.59M | 8.12M | 8.41M | 8.41M | 8.34M | 8.3M | 8.28M | 8.27M | 8.24M | 8.22M | 8.22M | 8.21M | 8.2M | 8.18M | 8.17M | 8.16M | 8.17M | 8.19M | 8.92M |
| Basic Shares Outstanding | 7.48M | 7.42M | 7.36M | 7.48M | 7.31M | 7.15M | 7.03M | 6.97M | 6.92M | 6.83M | 6.82M | 7M | 7.59M | 8.11M | 8.38M | 8.38M | 8.33M | 8.29M | 8.28M | 8.26M | 8.23M | 8.22M | 8.22M | 8.2M | 8.2M | 8.18M | 8.17M | 8.14M | 8.15M | 8.17M | 8.92M |
| Dividend Payout Ratio | - | 41.74% | 19.63% | - | 8.11% | 11.67% | 36.33% | 12.95% | 13.16% | 22.03% | 24.53% | 33.19% | - | 18.23% | 41.49% | 10.98% | 21.89% | 54.98% | - | 18.37% | 14.78% | 24.32% | 28.81% | 19.51% | 18.87% | - | 10.64% | 13.18% | 6.45% | 10.19% | 13.24% |
Contractual and regulatory dependency
According to recent quarterly filings, NACCO Industries experienced significant revenue fluctuations, with a 4.3% year-over-year decline in 2026Q1 following periods of double-digit growth, suggesting that the company's top-line trajectory remains highly sensitive to the timing of project-based mining services and cyclical royalty income streams.
The inconsistency in revenue growth appears to stem from the transition between legacy coal contracts and newer, project-based mining initiatives. Investors should monitor whether the recent contraction reflects a permanent loss of volume or merely the lumpy nature of contract-based revenue recognition.
As reported in financial statements, the company's gross margin reached 22.8% in 2026Q1, yet this figure remains heavily influenced by the cost-plus nature of coal mining contracts, which effectively inflate revenue while masking the underlying profitability of the firm's core service-provider business model.
The reported gross margin volatility suggests that the company's profitability is not purely a function of operational efficiency but is instead tied to the reimbursement of pass-through expenses. This structure makes it difficult to assess true pricing power, as the margin profile is inherently constrained by the contractual terms of each specific mining site.
Based on the provided income statement data, operating margins have swung wildly from a negative 23.9% in 2023Q4 to a positive 26.4% in 2026Q1, indicating that the company struggles to maintain consistent operating leverage despite its relatively stable, long-term contract-based revenue structure.
The inability to consistently scale operating income suggests that fixed costs, including corporate overhead and potential non-cash charges, frequently overwhelm the thin margins generated by the mining segments. This lack of operating leverage warrants further investigation into whether management can effectively control SG&A expenses during periods of revenue contraction.
Analysis of recent income statements reveals a notable disconnect between operating income and net income, with 2025Q3 showing a negative operating margin of 12.7% alongside a positive net margin of 17.3%, suggesting that non-operating items are currently driving the company's bottom-line performance.
The reliance on non-operating gains to bolster net income raises concerns regarding the quality of reported earnings. Investors should be cautious, as these items may not be sustainable and could mask underlying operational weaknesses within the core mining and royalty segments.
While the company maintains a fortress balance sheet, the potential for accelerated regulatory pressure on coal-fired utilities poses a significant threat, as evidenced by the historical volatility in operating income that suggests the firm's core business model may be more vulnerable than the current valuation implies.
Short-term observers might focus on the company's inability to generate consistent operating profits, which could indicate that the transition to new mining services is not yet offsetting the decline of legacy coal assets. The market may be overestimating the durability of these long-term contracts in an increasingly hostile regulatory environment.
Quick answers to the most common questions about buying NC stock.
For fiscal year 2025, NACCO Industries, Inc. (NC) reported total revenue of $277.2M. This represents a 87.8% decline compared to $2.27B in 1996.
NACCO Industries, Inc. (NC) is profitable, generating $17.6M in net income for the fiscal year ending 2025 with a net profit margin of 6.3%.
NACCO Industries, Inc. (NC) reported an operating income of $-40.1M, resulting in an operating profit margin of -14.5%. This margin reflects the operational efficiency of the business before interest and taxes.
NACCO Industries, Inc. (NC) generated $38.5M in gross profit for the year, representing a gross profit margin of 13.9%. This demonstrates the company's core pricing power and production efficiency.