Core Natural Resources, Inc.

CNR
About the company

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.

Country: United StatesPrice: $86.50Market Cap: $4.4B

Investment snapshot

19%positive consensus
Scored 37d ago

Positive

3

BUY / PASS

Neutral / negative

4 / 8

NEUTRAL / FAIL

Median fair value

$46.35

-46.4% vs price

Models with upside

2 / 16

Positive margin of safety

Strongest signal

8 of 11 pass — Buffett, Marks and Piotroski object

Key risk

No clean pass — all 12 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.
Scored from 10-K37d ago
MetricO'Shaughnessy

Systematic Factor Composite

Lynch

GARP

Buffett

Quality Compounder

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Schloss

Asset-Value Discipline

Neff

Low-P/E Total Return

Sleep

Scale Economies Shared

Templeton

Global Bargain Hunter

Marks

Risk-Aware Value

Munger

Quality Focus

Ackman

Activist Value

Dreman

Contrarian Value

Piotroski

F-Score

Greenblatt

Magic Formula

Graham

Defensive Value

VerdictNEUTRALFAILFAILFAILPASSNEUTRALFAILNEUTRALNEUTRALFAILPASSPASSFAILFAILFAIL · Rank #1996 (Top 62.2%)FAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/A-103.6%+13.8%+76.8%N/AN/AN/AN/AN/A-783.6%-481.3%N/AN/A-72.2%N/A
Data As Of10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-24)10-K (2026-08-24)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)

Where It Passes

  • Debt & Leverage73% pass✓ 11✗ 3▾

    8 of 11 pass — Buffett, Marks and Piotroski object

    Total Debt / Equity0.11
    ✓Lynch< 0.33
    Cash - Long-term Debt$114.9M
    ✓LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 0.11, IC: -4.9x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Debt Levels0.11
    ✓AkreDebt/Equity < 0.3✓MungerDebt/Equity < 0.5
    Total Debt / Shareholders' Equity0.11x
    ✓SchlossD/E < 1.00x✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓Dreman< 0.8
    Current Assets / Current Liabilities1.60x
    ✓SchlossCurrent ratio >= 1.50x (app cutoff)✓Dreman> 1.5
    Interest Coverage & Debt/EBITDAIC=-4.9x, D/EBITDA=0.9x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.11
    ✓Ackman<= 1.0
    LT Debt / Total Assets Change2.76% -> 5.18%
    ✗PiotroskiDecreased YoY
    LT Debt vs Net Current AssetsLT Debt $317.3M vs NCA $501.9M
    ✓GrahamLT Debt <= Net Current Assets

Where It Falls Short

  • Valuation0% pass✓ 4✗ 22▾

    No clean pass — all 12 investors flag at least one valuation criterion

    Price / Book Value per Share1.20x
    ✗SchlossP/B <= 0.80x (app cutoff)✓Templeton< 1.5x✓Dreman< 1.2x
    Revenue / market capitalization+0.9445; #1701/5203 (top 32.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Net income / market capitalization-3.47%; #3719/6251 (top 59.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+0.48%; #2454/4487 (top 54.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-17.41%; #4418/6203 (top 71.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    P/E or FCF YieldFCF Yield=0.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Price / Tangible Book Value per Share1.20x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / EPS
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
    Price vs. Trailing Low125% of trailing low ($69.30)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    P/B or P/E vs. Historical AverageP/B=1.2x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Valuation ReasonablenessOE Yield=4.2%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share208.3x
    ✗Ackman<= 25
    Price / (CFO / Shares)14.4x
    ✗Dreman< 8x
    EBIT / Enterprise Value-4.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-4.1%, ROC=-4.0%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.2x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
  • Profitability20% pass✓ 7✗ 24▾

    12 of 15 flag CNR's profitability — Oshaughnessy, Lynch, Buffett +9 more

    Net income / market capitalization-3.47%; #3719/6251 (top 59.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-4.2%
    ✗Lynch> 15%
    Net Income Positive (10+ years)9/12 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)21.6%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-4.4% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$183.3M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Margin of SafetyP/B=1.2x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity21.0% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    Positive Diluted-EPS Years8/10 years positive
    ✓Schloss>= 70% positive over 5-10 observed years (app rule)
    3-5 Year Diluted EPS CAGR27.9% over 5 years
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 46.4% -> 14.9%, operating margin 31.3% -> -4.4%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-Year EPS CAGR115.5% CAGR over 3 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend31.3% (2023) -> -4.4% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency9/11 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-4.4%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-4.2%
    ✗Ackman>= 15%
    Pre-Tax Income / Revenue-5.6%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-4.2%
    ✗Dreman> 12%
    Net Income / Total Assets-2.50%
    ✗PiotroskiROA > 0
    ROA Change YoY9.95% -> -2.50% (delta: -12.45%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=4.99%, ROA=-2.50%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY36.0% -> 14.9%
    ✗PiotroskiImproved YoY
    EBIT / Enterprise Value-4.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-4.1%, ROC=-4.0%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Positive EPS (10 years)9/12 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Growth25% pass✓ 4✗ 9▾

    6 of 8 flag CNR's growth — Lynch, Neff, Sleep +3 more

    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 289.6% vs Rev: 86.2%
    ✗LynchInventory growth < Revenue growth
    3-5 Year Diluted EPS CAGR27.9% over 5 years
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 46.4% -> 14.9%, operating margin 31.3% -> -4.4%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR32.5%
    ✓SleepCAGR > 7%
    5-Year EPS CAGR115.5% CAGR over 3 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Positive Net Income Frequency9/11 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth22.2%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR-1.5% CAGR over 9 years
    ✗Dreman> 5% annualized
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Verdicts25% pass✓ 3✗ 9▾

    Split decision: 8 FAIL · 4 NEUTRAL · 3 PASS

    Overall verdict
    •OshaughnessyNEUTRAL (Not ranked)✗LynchFAIL (2/7)✗BuffettFAIL (3/9)✗PabraiFAIL (1/3)✓AkrePASS (3/6)•SchlossNEUTRAL (4/7)✗NeffFAIL (3/6)•SleepNEUTRAL (4/6)•TempletonNEUTRAL (5/8)✗MarksFAIL (3/5)✓MungerPASS (2/4)✓AckmanPASS (4/9)✗DremanFAIL (4/11)✗PiotroskiFAIL (F-Score 3)✗GreenblattRank #1996✗GrahamFAIL (3/9)
  • Valuation models33% pass✓ 2✗ 4▾

    Models split on CNR at $86.50 — fair values range $9.79–$372.17

    Buffett fair value$42.48
    ✗Buffett-103.6% margin vs $86.50
    Pabrai fair value$100.31
    ✓Pabrai+13.8% margin vs $86.50
    Akre fair value$372.17
    ✓Akre+76.8% margin vs $86.50
    Munger fair value$9.79
    ✗Munger-783.6% margin vs $86.50
    Ackman fair value$14.88
    ✗Ackman-481.3% margin vs $86.50
    Greenblatt fair value$50.22
    ✗Greenblatt-72.2% margin vs $86.50
  • Efficiency38% pass✓ 5✗ 6▾

    5 of 8 flag CNR's efficiency — Akre, Munger, Piotroski +2 more

    ROIC (3-5 yr avg)20.4%
    ✓Buffett> 10%
    ROIC - WACC+10.4%
    ✓BuffettPositive (WACC = 10%)
    ROIC (high and growing)FY2023: ROIC=41.3%; FY2024: ROIC=15.7%; FY2025: ROIC=-3.5%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)3/5 years above 12% (latest -3.5%)
    ✓SleepROIC > 12% in a majority of years
    Return on Invested Capital-3.5%
    ✗Munger> 15%
    Current Assets / Current Liabilities1.60
    ✓Dreman> 1.5
    Current Ratio Change YoY1.52 -> 1.60
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.78x -> 0.68x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)-4.0%
    ✗Greenblatt> 25%
    Current Ratio1.60
    ✗Graham>= 2.0
  • Cash Flow40% pass✓ 5✗ 7▾

    6 of 10 flag CNR's cash flow — Oshaughnessy, Lynch, Buffett +3 more

    (Operating cash flow - capex) / market capitalization+0.48%; #2454/4487 (top 54.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    FCF Positive and Growing$21.2M
    ✗LynchPositive and growing
    Free Cash Flow Proxy$183.3M
    ✗BuffettPositive and growing
    P/E or FCF YieldFCF Yield=0.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Operating Cash Flow - Capital Expenditures$21.2M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    Positive Operating Cash Flow frequency11/11 years positive
    ✓SleepPositive OCF in >= 70% of available years
    FCF Positive11/11 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap0.5%
    ✗Ackman>= 4%
    Price / FCF per Share208.3x
    ✗Ackman<= 25
    Price / (CFO / Shares)14.4x
    ✗Dreman< 8x
    Operating Cash Flow$305.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=4.99%, ROA=-2.50%
    ✓PiotroskiCFO/Assets > ROA

Business & financials

Company Profile

Industry: Coal
SIC Sector: Coal Mining
Size: Mid Cap($4.4B)
Revenue: $4.2B+86.2% YoY
Net Income: $153.2M-153.5% YoY

Financial Snapshot

Operating Margin-4.4%
Return on Equity-4.2%
Debt / Equity0.11
Current Ratio1.60
EPS (Diluted)$-2.98−51.4% 1y
Buybacks (1y)$224.3M
Buybacks (2y)$295.1M

Similar Companies

HCCWARRIOR MET COAL, INC.
$4.8B
ARLPALLIANCE RESOURCE PARTNERS LP
$3.1B
BTUPEABODY ENERGY CORP
$3.0B
AMRAlpha Metallurgical Resources, Inc.
$2.1B

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
$224.3M
Dividends
$26.3M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
1261.5% = 1269.0% + −0.6%
FY23
51.4% = 40.5% + 7.8%
FY24
−51.4% = −56.3% + 11.2%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$4.4B$2.6Best.$2.8Best.$1.9Best.$691.2Mest.
Revenue$4.2B↑86%$2.2B↓13%$2.6B↑22%$2.1B↑67%$1.3B
Operating Income-$182.1M↓152%$351.0M↓56%$803.3M↑41%$568.4M↑1505%$35.4M
Net Income-$153.2M↓153%$286.4M↓56%$655.9M↑40%$467.0M↑1269%$34.1M
EPS (Diluted)$-2.98↓131%$9.61↓51%$19.79↑51%$13.07↑1261%$0.96
Gross Margin14.9%↓59%36.0%↓22%46.4%——
Operating Margin-4.4%↓128%15.7%↓50%31.3%↑16%27.0%↑862%2.8%
ROE-4.2%↓123%18.3%↓63%48.8%↑22%40.1%↑690%5.1%
Total Debt$415.6M↑116%$192.4M$193.0M↓48%$371.0M↓41%$625.4M
Shareholders' Equity$3.7B↑135%$1.6B↑17%$1.3B↑15%$1.2B↑73%$672.8M
Current Ratio1.60↑6%1.52↑12%1.35↑2%1.33↑54%0.87
Debt / Equity0.11↓8%0.12↓15%0.14↓55%0.32↓66%0.93
Operating Cash Flow$305.8M↓36%$476.4M↓44%$857.9M↑32%$651.0M↑113%$305.6M
Free Cash Flow$21.2M↓93%$298.4M↓57%$690.2M↑44%$479.5M↑177%$172.8M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Coal

CNR vs Peers — Financial Grading

Revenue$4.2BTop 25%
Net Income$153.2MBottom 25%
ROE-4.2%Bottom 25%
D/E0.11Bottom 25%
Op. Margin-4.4%Bottom 25%
Curr. Ratio1.60Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
WARRIOR MET COAL, INC.HCC$4.8B$91.75$1.3B$57.0M2.7%0.073.5%3.193/94/93/70/3F-Score 43/11
ALLIANCE RESOURCE PARTNERS LPARLP$3.1B$24.38$2.2B$311.2M16.9%0.2417.6%2.104/96/95/71/3F-Score 48/11
PEABODY ENERGY CORPBTU$3.0B$24.37$3.9B$42.5M-1.2%0.10-2.1%1.853/93/91/70/3F-Score 44/11
Alpha Metallurgical Resources, Inc.AMR$2.1B$166.00$2.1B$61.7M-4.0%0.01-2.9%4.476/94/92/70/3F-Score 43/11
NATURAL RESOURCE PARTNERS LPNRP$1.5B$109.71$207.3M$136.4M21.6%0.0569.6%1.854/94/96/70/3F-Score 57/11
Ramaco Resources, Inc.METC$372.5M$8.38$536.6M$51.4M-10.6%0.02-10.4%5.463/92/92/70/3F-Score 32/11
NACCO INDUSTRIES INCNC$285.1M$37.78$277.2M$17.6M4.1%0.207.9%3.095/91/94/70/3F-Score 64/11
American Resources CorpAREC$195.8M$1.83$0.00$55.4M58.4%0.01—2.192/90/93/70/3F-Score 34/11