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Appalachian natural gas producer (Marcellus/Utica shale) with a coal-mine-methane and emissions-technology business.
Appalachian natural gas producer (Marcellus/Utica shale) with a coal-mine-methane and emissions-technology business.
Earns by selling gas from wells it drills itself, with a large share of output hedged through financial contracts so cash flow is steadier than spot prices alone would allow. It owns the pipelines gathering that gas, keeping the cost inside the group. Formerly the coal company CONSOL Energy, it split off its coal mines in 2017 and now focuses on gas.
Moat: narrow (scale, cost advantage, installed base). Low-cost Appalachian acreage position and owned gathering infrastructure lower breakeven costs.
Headquarters: Canonsburg, Pennsylvania, United States · Founded: 1860 · Employees: 390
Size CNX Resources (CNX) is a United States Energy company (Oil & Gas Production) with a market value of $4.99B, the 1189th largest of 3,117 United States companies the cockpit tracks. Shares closed at $34.92 on 6 Nov 2026.
Performance Over six months the shares fell 2.2%, against -6.4% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 7.9% over the last twelve months (peer median +12.4%); the operating margin is 39.8% (peer median 24.9%).
Valuation It trades at 9.3× forward earnings against a peer median of 8.2× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points above its cost of capital (7.1% WACC).
Backlog Backlog (remaining performance obligations) was $5.90M at 30 Sep 2026, down 76% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit CNX Resources has 1 bond outstanding ($500M), rated BB by the agencies and trading like BB- at a weighted spread of 250 bp.
Short interest Short interest is 11.4% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.18B | $2.14B | $1.44B | $1.50B | $3.92B |
| Revenue growth | — | +49% | -4% | -62% | — |
| Gross profit | $1.07B | $1.00B | $408M | $516M | $2.79B |
| EBITDA | $1.42B | $1.37B | $666M | $745M | $3.07B |
| Net income | $913M | $633M | -$90.5M | $1.72B | -$142M |
| Free cash flow | $482M | $534M | $275M | $135M | $669M |
| Capital expenditure | $625M | $495M | $540M | $679M | $566M |
| Total debt | $2.43B | $2.60B | $2.29B | $2.37B | $2.39B |
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 |
|---|---|---|---|---|---|---|
| CNX Resources CNX | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% |
| EQT EQT | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% |
| Range Resources RRC | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% |
| Antero Resources AR | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% |
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 | CNX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.2% | -6.2% | 4th highest of 21 |
| 6-month return | -2.2% | -6.4% | 7th highest of 21 |
| Distance from 52-week high | -19.9% | -26.1% | 6th highest of 21 |
| Revenue growth (TTM) | +7.9% | +12.4% | 8th lowest of 21 |
| Operating margin | 39.8% | 24.9% | 4th highest of 21 |
| Forward P/E | 9.3× | 8.2× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -5.8% | -1.2% | 4th least demanding of 15 |
| Growth delivered (Del g) | +14.6% | +18.6% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -20.3 pp | -18.8 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | +2.4 pp | +2.6 pp | 11th highest of 21 |
| EV / EBITDA | 5.2× | 5.3× | 10th cheapest of 20 |
| Net debt / EBITDA | 1.7× | 1.1× | 6th most indebted of 20 |
| Bond spread | 250 bp | 187 bp | 2nd widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CNX Resources CNX | United States | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% | +14.6% |
| Murphy Oil MUR | United States | $5.16B | -3% | +8% | 22% | 8.6× | -0.7% | +9.0% |
| Harbour Energy HBR.L | United Kingdom | $6.17B | -8% | +17% | 40% | 5.1× | n/a | n/a |
| Comstock Resources CRK | United States | $3.94B | -5% | +17% | 19% | 43.4× | n/a | n/a |
| Magnolia Oil & Gas MGY | United States | $6.34B | -15% | +11% | 38% | 7.4× | 3.4% | +19.4% |
| Patterson-UTI Energy PTEN | United States | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% | +33.8% |
| Vista Energy SAB de CV Sponsored ADR VIST | United States | $6.91B | -12% | +84% | 40% | 4.6× | -13.4% | +55.3% |
| Seplat Energy SEPL.L | United Kingdom | $7.14B | +56% | +25% | 27% | 19.7× | -7.1% | +38.0% |
| Topaz Energy TPZ.TO | Canada | $3.17B | -9% | +22% | 60% | 22.8× | 5.9% | +29.4% |
| Jiangxi Jovo Energy 605090.SS | China | $3.02B | -37% | -7% | 9% | 11.8× | -0.6% | +17.9% |
| International Petroleum Corp. (British Columbia) IPCO.TO | Canada | $2.85B | 0% | +11% | 19% | 11.2× | n/a | n/a |
| Gulfport Energy GPOR | United States | $2.65B | -16% | +27% | 42% | 6.3× | -13.4% | +10.6% |
| Talos Energy TALO | United States | $2.48B | -1% | +13% | 14% | 7.9× | -5.0% | +25.3% |
| Northern Oil and Gas NOG | United States | $2.43B | -2% | -3% | 30% | 4.9× | n/a | n/a |
| Antero Resources AR | United States | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% | +15.1% |
| Range Resources RRC | United States | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% | +10.9% |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 4% | 28.9× | n/a | n/a |
| Origin Energy ORG.AX | Australia | $14.4B | +5% | -10% | 8% | 16.2× | 10.9% | +5.0% |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | 27% | 4.2× | -2.4% | +126.8% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
CNX Resources has 1 bond outstanding with $500M face value. The agencies rate it BB; its bonds trade like BB-. Weighted yield 6.82%, a spread of 250 bp over government bonds.
CNX Resources reported $5.90M of remaining performance obligations at 30 Sep 2026, down 76% from a year earlier and down 45% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.