One-glance verdict
Undervalued
$132.20 our estimate vs market $94.26
Wall Street consensus: $109.50 (-17.2% lower than our fair-value estimate)
29% below our estimate, below the bear case
Fundamentals snapshot
Core Natural Resources, Inc.
CNR · NYQ · Energy · Thermal Coal
Current price
$94.26
52-week range
$73.21 - $114.80
Market cap
$4.68B
Balance sheet
Healthy
-5.38x Concerning
Net cash $26.37M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 2.5% last year.
- Reward Returns 2.7% on equity, ahead of 50% of its peers.
- Risk Stock trades 571.7% above its 5-year average P/E.
- Risk Operating margin compressed from 35.3% to 2.2% over 3 years.
What this company does
Core Natural Resources, Inc.
Core Natural Resources is a mining company that digs up and sells two main types of coal to customers around the world. It provides metallurgical coal, a key ingredient needed to make steel, and thermal coal, which is burned in power plants to generate electricity. Because its business depends on selling these raw materials, the company's financial success is closely tied to global demand for new construction and energy.
How the company got here
Core Natural Resources was formed in January 2025 through a major merger of two long-standing American coal companies, CONSOL Energy and Arch Resources. CONSOL's history dates back to 1864, and it has a long track record in the eastern U.S., particularly with underground mining. Arch Resources was founded in 1969 and became a leading producer of both types of coal. The decision to combine was strategic, aiming to create a more resilient company by blending CONSOL's strength in thermal coal and export logistics with Arch's focus on metallurgical coal for steelmaking.
What it actually does
Core Natural Resources is in the business of mining and selling coal. This coal is used for two main purposes: creating electricity and making steel. Think of them as a company that digs up a crucial raw material that powers homes and factories and is a key ingredient for building things like cars and skyscrapers. They operate large mines in states like Pennsylvania, West Virginia, Colorado, and Wyoming. After mining the coal, they sell it to customers in the United States and ship it to other countries through their own port terminals.
High CV Thermal
This part of the business digs up thermal coal, which is primarily used to generate electricity. Power plants buy this coal and burn it to create steam that spins turbines and makes power for the grid. This segment, which includes the massive Pennsylvania Mining Complex, is a very large part of the company's operations. The "High CV" stands for high calorific value, which simply means it produces a lot of heat and energy when burned, making it efficient for power generation.
Metallurgical
The Metallurgical, or "met," coal segment provides a special type of coal that is a critical ingredient for making steel. Instead of being burned for heat, this coal is baked in an oven to create a product called coke, which is then used in blast furnaces to turn iron ore into steel. This segment's mines are mainly in West Virginia and produce a key raw material for industries like construction and car manufacturing worldwide. This business is more tied to global economic growth and the demand for new infrastructure.
Powder River Basin (PRB)
This segment operates huge surface mines in Wyoming, which look more like massive open pits than traditional underground tunnels. The coal from this region is also thermal coal, used for electricity, but it has different characteristics than the coal from their eastern mines. It is generally sold to power plants within the United States. While a significant operation, it tends to have lower margins (the profit made on each ton) compared to their other coal businesses.
Core Marine Terminal
This is the company's logistics and shipping business, centered around a large coal export terminal it owns in the Port of Baltimore. This terminal acts like a gateway, allowing the company to load its coal onto massive ships and sell it to customers all over the world. Having their own terminal gives them a strategic advantage and more control over getting their products to international markets. This segment generates a steady, though smaller, portion of the company's earnings.
What management is betting on now
The company's main strategy is to be a balanced and resilient coal producer by having strong positions in two different markets: thermal coal for electricity and metallurgical coal for steel. This diversity helps them weather the ups and downs of each individual market. They are also focused on controlling costs in their mining operations and using their export terminals to sell to a wider range of global customers. A key priority is generating strong free cash flow (cash left after paying for operations and new equipment) and returning a significant portion of it to shareholders through dividends (a direct payment to owners) and buybacks (the company buying its own stock to make the remaining shares more valuable).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$121.94M
FY2024 Q4
$80.47M
FY2025 Q1
$-174.46M
FY2025 Q2
$130.98M
FY2025 Q3
$38.62M
FY2025 Q4
$26.03M
FY2026 Q1
$46.30M
FY2026 Q2
$148.55M
Revenue
$1.14B
Net income
$126.47M
Diluted EPS
2.51
Operating cash flow
$250.45M
Free cash flow
$148.55M
Fetching…
Sources
Revenue
$1.08B
Net income
$21.04M
Diluted EPS
0.41
Operating cash flow
$119.40M
Free cash flow
$46.30M
Fetching…
Sources
Revenue
$1.04B
Net income
$-78.98M
Diluted EPS
-1.51
Operating cash flow
$107.31M
Free cash flow
$26.03M
Fetching…
Sources
Revenue
$1.00B
Net income
$31.60M
Diluted EPS
0.61
Operating cash flow
$87.92M
Free cash flow
$38.62M
Fetching…
Sources
Revenue
$1.10B
Net income
$-36.56M
Diluted EPS
-0.70
Operating cash flow
$220.16M
Free cash flow
$130.98M
Fetching…
Sources
Revenue
$1.02B
Net income
$-69.28M
Diluted EPS
-1.38
Operating cash flow
$-109.64M
Free cash flow
$-174.46M
Fetching…
Sources
Revenue
$595.29M
Net income
$30.82M
Diluted EPS
1.04
Operating cash flow
$121.31M
Free cash flow
$80.47M
Fetching…
Sources
Revenue
$574.86M
Net income
$95.63M
Diluted EPS
3.22
Operating cash flow
$161.33M
Free cash flow
$121.94M
Fetching…
Sources
Is it cheap or expensive?
Fair value $132.20 vs current price $94.26
Wall Street consensus is the average analyst price target: $109.50 (-17.2% lower than our fair-value estimate).
Our most-likely fair value is $132.20 a share — about 40.2% above today's price of $94.26, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $26.4M - more cash than debt. Interest coverage -5.4x.
Net debt
$-26.37M
Interest coverage
-5.38x
Core Natural Resources, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
CNR
BASELINE
Core Natural Resources, Inc.
Total debt $447.65M Interest coverage -5.38x This is the baseline the peer rows are being compared against.
Total debt $424.90M Interest coverage -0.13x Neither company has much profit cushion over interest right now.
Total debt $590.87M Interest coverage 9.70x This peer still has a real interest-payment cushion, while CNR does not.
Total debt $47.71M Interest coverage 3.93x This peer still has a real interest-payment cushion, while CNR does not.
What you should know
The case for and against CNR
3 Rewards
3 Risks
Rewards
-
Revenue grew 2.5% last year.
-
Returns 2.7% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Stock trades 571.7% above its 5-year average P/E.
-
Operating margin compressed from 35.3% to 2.2% over 3 years.
-
Insider ownership is only 2.5% (peer median: 12.0%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
47.37x
Forward P/E
14.19x
P/B
1.26x
P/S
1.10x
EV/EBITDA
8.42x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
16.9%
Operating margin
2.2%
Net margin
2.3%
ROE
2.7%
ROA
-0.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.12x
Current ratio
1.82x
Quick ratio
1.21x
Total debt
$447.65M
Total cash
$474.02M
Growth
How the business has been compounding
Revenue TTM
$4.27B
Revenue 5Y CAGR
34.9%
EPS TTM
1.99
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$565.08M
Free CF TTM
$21.17M
FCF margin
0.5%
Dividend
Shareholder payout
Yield
0.4%
Payout ratio
20.1%
Last ex-div date
2026-08-31