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Core Natural Resources, Inc.
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$4.1B
Market Cap
50.8
P/E
—
PEG
1.5%
ROCE
2.7%
ROE
0.12
D/E
-2.2%
OPM
-23.1%
% from 52W High
68
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for CNR including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
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About

Core Natural Resources, Inc., together with its subsidiaries, produces, sells, and exports metallurgical and thermal coals in the United States and internationally. It operates through the High CV Thermal; Metallurgical; Powder River Basin (PRB); and Core Marine Terminal segments. The High CV Thermal segment consists of Pennsylvania Mining Complex and the West Elk mine located in Colorado. The Metallurgical segment consists of Leer, Leer South, Beckley, Mountain Laurel, and Itmann coal mines in West Virginia. The PRB segment consists of Black Thunder and Coal Creek surface mining complexes located in Wyoming. The Core Marine Terminal segment consists of coal export terminal operations in the Port of Baltimore. The company was formerly known as CONSOL Energy Inc. and changed its name to Core Natural Resources, Inc. in January 2025. Core Natural Resources, Inc. was founded in 1864 and is headquartered in Canonsburg, Pennsylvania.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding CNR
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 231.7K $24.3M 0.03% Mar 2026
Jim Simons Renaissance Technologies LLC 6.4K $670K 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED CNR reports Q1 2026 Adjusted EBITDA of $180M, net income $21M, strong start
Revenue & Profitability
Q1 2026 net income was $21 million ($0.41 per diluted share) and Adjusted EBITDA was $180 million, compared to a net loss of $79 million and Adjusted EBITDA of $103 million in Q4 2025. Free cash flow was $56 million. Total liquidity at quarter-end was $935 million, including $413 million unrestricted cash. Capital expenditures were $73 million.
Outlook
Management is bullish on domestic thermal demand from planned data center build-out and the extension of Pennsylvania coal plants through at least 2032. International thermal markets benefit from Middle East disruptions and gas-to-coal switching in Europe. Met coal demand is supported by supply constraints in Australia and growth in India, Brazil, and Europe.
Growth Drivers
Growth is driven by West Elk mine expansion (targeting 6 million tons annually), new domestic utility contracts, and aerospace/defense expansion (30% facility increase in Triadelphia, acquisition of Sawyer Composite). The marketing team secured an additional 11.5 million tons of contracted volume through 2028 at attractive prices.
Balance Sheet & CapEx
Q1 2026 capital expenditures were $73 million, including $8 million for the acquisition of Sawyer Composite in Fort Worth, Texas. No full-year 2026 capex guidance was provided on the call.
Margins
High CV Thermal segment realized revenue of $58.86 per ton and cash cost of $42.56 per ton (margin $16.30). Metallurgical segment realized revenue of $122.11 per ton and cash cost of $92.35 per ton (margin $29.76). PRB realized revenue of $14.39 per ton and cash cost of $13.64 per ton (margin $0.75). Management expects cost improvement in Q2 as power and mining conditions normalize.
Key Risks
Risks include elevated diesel prices due to the Middle East conflict, potential global economic downturn, rail logistics constraints at West Elk, and volatility in met coal spreads. Weather impacts (El Niño) could affect coal demand. The company hedged some diesel but pulled back due to volatility.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Q2 2026 saw a sharp rise in net income and Adjusted EBITDA, driven by operational improvements and insurance proceeds. Strong contracting and cost control supported robust shareholder returns, while guidance reflects inflationary pressures and market volatility.
Q1 2026 Q1 2026 2026-05-07
Q1 2026 saw a strong operational and financial rebound, with net income of $21M and Adjusted EBITDA of $180M, driven by improved segment performance and synergy realization. Guidance remains steady, with high contracted volumes and continued shareholder returns.
Q4 2025 Q4 2025 2026-02-12
2025 saw a challenging year with significant fire and idling costs, but integration and operational improvements set the stage for a stronger 2026. Guidance points to higher production, lower costs, and robust capital returns, supported by favorable market and policy trends.
Q3 2025 Q3 2025 2025-11-06
Q3 2025 saw strong free cash flow and net income despite operational headwinds and weak prices. Guidance was adjusted for segment costs and volumes, with major progress on insurance recovery, rare earth exploration, and merger synergies. Shareholder returns remained robust.
Q2 2025 Q2 2025 2025-08-05
Q2 2025 saw strong cash generation and $144M adjusted EBITDA despite a net loss, with over $194M returned to shareholders and increased synergy targets. Guidance was updated for segment costs and volumes, while new U.S. legislation and robust domestic demand support a positive outlook.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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