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Mines thermal and metallurgical coal in Australia, exporting mainly to Asian power plants and steelmakers.
Mines thermal and metallurgical coal in Australia, exporting mainly to Asian power plants and steelmakers.
Sells coal at prices tied to benchmark indices for power-station coal and steelmaking coal, mostly to Asian buyers, so income follows those prices as well as volumes. Buying the Blackwater and Daunia mines in Queensland from the BHP-Mitsubishi alliance in 2024 shifted the mix toward steelmaking coal, with payments spread over several years.
In one line: Australia's large-cap coal miner, like a smaller Peabody Energy.
Moat: narrow (scale, installed base). Large, low-cost coal reserves and export infrastructure built up over decades, though coal is a commodity.
Headquarters: Sydney, Australia · Founded: 1999 · Employees: 6,317
Size Whitehaven Coal (WHC.AX) is an Australia Energy company (Coal) with a market value of $3.97B, the 82nd largest of 316 Australia companies the cockpit tracks. Shares closed at A$7.04 on 6 Nov 2026.
Performance Over six months the shares fell 10.3%, against -10.2% for the median peer and +4.1% for the Australia market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 7.4% over the last twelve months (peer median +3.3%); the operating margin is 9.6% (peer median 9.5%).
Valuation It trades at 10.6× forward earnings against a peer median of 11.0× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points below its cost of capital (7.0% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$5.40B | A$5.40B | A$5.83B | A$3.82B | A$6.06B |
| Revenue growth | — | -7% | +53% | -37% | — |
| Gross profit | A$1.13B | A$1.13B | A$1.39B | A$1.39B | A$4.59B |
| EBITDA | A$1.24B | A$1.24B | A$1.35B | A$1.35B | A$4.00B |
| Net income | A$385M | A$385M | A$649M | A$355M | A$2.67B |
| Free cash flow | A$461M | A$461M | A$731M | -A$168M | A$3.40B |
| Capital expenditure | A$355M | A$355M | A$393M | A$454M | A$243M |
| Total debt | n/a | A$2.32B | A$2.03B | A$1.89B | A$189M |
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 |
|---|---|---|---|---|---|---|
| Whitehaven Coal WHC.AX | $3.97B | -10% | -7% | 10% | 10.6× | 4.2% |
| New Hope NHC.AX | $3.08B | +5% | 0% | 16% | 11.0× | -1.1% |
| Yancoal Australia YAL.AX | $5.07B | -16% | -1% | 8% | 10.4× | -2.3% |
| Stanmore Resources SMR.AX | $1.54B | +5% | -6% | 0% | 21.5× | -9.9% |
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 | WHC.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.4% | -11.0% | 7th highest of 21 |
| 6-month return | -10.3% | -10.2% | 10th lowest of 21 |
| Distance from 52-week high | -28.9% | -27.0% | 10th lowest of 21 |
| Revenue growth (TTM) | -7.4% | +3.3% | 4th lowest of 21 |
| Operating margin | 9.6% | 9.5% | 11th highest of 21 |
| Forward P/E | 10.6× | 11.0× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 4.2% | -5.8% | most demanding of 12 |
| Growth delivered (Del g) | +28.2% | +4.8% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -24.0 pp | -12.1 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | -2.2 pp | +1.7 pp | 6th lowest of 21 |
| EV / EBITDA | 5.9× | 6.7× | 3rd cheapest of 8 |
| Net debt / EBITDA | 1.2× | -0.2× | most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Whitehaven Coal WHC.AX | Australia | $3.97B | -10% | -7% | 10% | 10.6× | 4.2% | +28.2% |
| Core Natural Resources CNR | United States | $3.94B | -7% | +30% | -1% | 16.4× | -1.6% | +32.9% |
| 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% |
| Yancoal Australia YAL.AX | Australia | $5.07B | -16% | -1% | 8% | 10.4× | -2.3% | +10.6% |
| New Hope NHC.AX | Australia | $3.08B | +5% | 0% | 16% | 11.0× | -1.1% | +11.0% |
| 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 |