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Mines thermal and metallurgical coal in Appalachia and the Illinois Basin, formed from the 2024 merger of CONSOL and Arch Resources.
Mines thermal and metallurgical coal in Appalachia and the Illinois Basin, formed from the 2024 merger of CONSOL and Arch Resources.
Sells much of its coal under annual or multi-year contracts, with the rest on spot, so some volumes are locked in while prices still follow the market. Thermal coal for power plants and metallurgical coal for steel mills both carry weight, and it owns a Baltimore export terminal. The CONSOL-Arch merger, announced in 2024 and completed in January 2025, created the company.
Moat: narrow (scale, installed base). Large-scale, low-cost Appalachian and Illinois Basin coal reserves, but coal demand faces structural decline in power generation.
Headquarters: Canonsburg, Pennsylvania, US · Founded: 2024 · Employees: 4,850
Size Core Natural Resources (CNR) is a United States Energy company (Coal) with a market value of $3.94B, the 1355th largest of 3,117 United States companies the cockpit tracks. Shares closed at $79.31 on 6 Nov 2026.
Performance Over six months the shares fell 6.6%, against -10.3% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 30.2% over the last twelve months (peer median +1.8%); the operating margin is -1.3% (peer median 9.8%).
Valuation It trades at 16.4× forward earnings against a peer median of 10.9× (2nd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +33%, so the hurdle is -35 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.5 points below its cost of capital (6.3% WACC).
Backlog Backlog (remaining performance obligations) was $3.40B at 30 Sep 2026 — 0.8 years of trailing revenue. Backlog detail →
Short interest Short interest is 3.2% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.27B | $4.16B | $2.16B | $2.55B | $2.30B |
| Revenue growth | — | +92% | -15% | +11% | — |
| Gross profit | $96.9M | -$1.11M | $509M | $891M | $940M |
| EBITDA | $587M | $405M | $618M | $1.03B | $1.05B |
| Net income | $100M | -$153M | $286M | $656M | $467M |
| Free cash flow | $260M | $21.2M | $298M | $690M | $479M |
| Capital expenditure | $306M | $285M | $178M | $168M | $172M |
| Total debt | $448M | $466M | $214M | $212M | $404M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Core Natural Resources CNR | $3.94B | -7% | +30% | -1% | 16.4× | -1.6% |
| Warrior Met Coal HCC | $4.44B | -2% | +37% | 14% | 8.6× | n/a |
| Alpha Metallurgical Resources AMR | $1.87B | -20% | -13% | -2% | 22.5× | n/a |
| Peabody Energy BTU | $1.95B | -32% | +3% | -4% | 6.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CNR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.4% | -11.0% | 10th highest of 21 |
| 6-month return | -6.6% | -10.3% | 8th highest of 21 |
| Distance from 52-week high | -30.9% | -27.0% | 8th lowest of 21 |
| Revenue growth (TTM) | +30.2% | +1.8% | 2nd highest of 21 |
| Operating margin | -1.3% | 9.8% | 5th lowest of 21 |
| Forward P/E | 16.4× | 10.9× | 2nd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -1.6% | -5.8% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +32.9% | +4.8% | highest of 12 |
| Hurdle (Req g minus delivered) | -34.5 pp | -12.1 pp | least demanding of 12 |
| ROIC minus cost of capital | -7.5 pp | +1.7 pp | 4th lowest of 21 |
| EV / EBITDA | 6.6× | 6.7× | 4th cheapest of 8 |
| Net debt / EBITDA | -0.1× | -0.2× | 3rd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Core Natural Resources CNR | United States | $3.94B | -7% | +30% | -1% | 16.4× | -1.6% | +32.9% |
| Whitehaven Coal WHC.AX | Australia | $3.97B | -10% | -7% | 10% | 10.6× | 4.2% | +28.2% |
| Jinneng Holding Shanxi Coal Industry 601001.SS | China | $3.87B | -20% | +4% | 24% | 11.8× | -13.4% | +3.7% |
| Jiangsu Xukuang Energy 600925.SS | China | $3.77B | -10% | +19% | 10% | n/a | -2.7% | +4.8% |
| China Coal Xinji Energy 601918.SS | China | $3.67B | +5% | +28% | 24% | 10.2× | n/a | n/a |
| Warrior Met Coal HCC | United States | $4.44B | -2% | +37% | 14% | 8.6× | n/a | n/a |
| Shan Xi Hua Yang Group New Energy 600348.SS | China | $4.54B | -20% | -10% | 21% | 12.8× | n/a | n/a |
| Shanxi Coal International Energy 600546.SS | China | $3.29B | -21% | -10% | 21% | 9.9× | -16.9% | -10.0% |
| Alliance Resource Partners, L.P ARLP | United States | $3.14B | -2% | -2% | 18% | 8.2× | -10.0% | +10.6% |
| New Hope NHC.AX | Australia | $3.08B | +5% | 0% | 16% | 11.0× | -1.1% | +11.0% |
| Yancoal Australia YAL.AX | Australia | $5.07B | -16% | -1% | 8% | 10.4× | -2.3% | +10.6% |
| Shanxi Coking Coal Energy 000983.SZ | China | $5.38B | -10% | -5% | 9% | 12.7× | -6.4% | +2.7% |
| Pingdingshan Tianan Coal Mining 601666.SS | China | $2.83B | -10% | +17% | 8% | 14.4× | n/a | n/a |
| Huaibei Mining 600985.SS | China | $5.70B | -5% | +9% | 7% | 11.2× | -5.8% | -4.7% |
| Shanxi Lu'An Environmental Energy Development 601699.SS | China | $6.03B | -17% | -1% | 10% | 10.9× | n/a | n/a |
| Jizhong Energy Resources 000937.SZ | China | $2.48B | -17% | +7% | 8% | 15.2× | -4.2% | -6.0% |
| Beijing Haohua Energy Resource 601101.SS | China | $2.39B | -5% | +3% | 24% | 9.3× | -9.6% | +14.4% |
| Shanxi Meijin Energy 000723.SZ | China | $2.15B | -27% | -2% | -8% | n/a | n/a | n/a |
| Henan Dayou Energy 600403.SS | China | $2.04B | -2% | +6% | -29% | n/a | n/a | n/a |
| Peabody Energy BTU | United States | $1.95B | -32% | +3% | -4% | 6.3× | n/a | n/a |
| Alpha Metallurgical Resources AMR | United States | $1.87B | -20% | -13% | -2% | 22.5× | n/a | n/a |
Core Natural Resources reported $3.40B of remaining performance obligations at 30 Sep 2026 and down 6% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 0.82.