NACCO INDUSTRIES INC

NC

NACCO Industries, Inc., together with its subsidiaries, engages in the natural resources business. The company operates through three segments: Utility Coal Mining, Contract Mining, and Minerals and Royalties. The Utility Coal Mining operates surface coal mines under long-term contracts for power plants and a synfuels plant. This segment operates coal mines in North Dakota and Mississippi.

Country: United StatesPrice: $42.64Market Cap: $321.8M

Company Profile

Industry: Coal
SIC Sector: Coal Mining
Size: Small Cap($321.8M)
Revenue: $277.2M+16.6% YoY
Net Income: $17.6M-47.9% YoY

Financial Snapshot

Operating Margin7.9%
Return on Equity4.1%
Debt / Equity0.23
Current Ratio3.09
EPS (Diluted)$2.35−48.4%
Buybacks (1y)$2.5M
Buybacks (2y)$12.5M
Shares Retired−0.9% / −0.0% 2y

Similar Companies

HCCWARRIOR MET COAL, INC.
$5.2B
CNRCore Natural Resources, Inc.
$4.8B
ARLPALLIANCE RESOURCE PARTNERS LP
$3.3B
BTUPEABODY ENERGY CORP
$3.1B

Shareholder Return

Fiscal 2025

Issued 0.9% of shares last year, 0.0% issued over two.

Buybacks
$2.5M
Dividends
$7.3M

What drove EPS

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

FY22
50.4% = 54.1% + −2.4%
FY25
−48.4% = −47.9% + −0.8%
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$321.8M$227.4Mest.$255.7Mest.$264.1Mest.$197.8Mest.
Revenue$277.2M↑17%$237.7M↑11%$214.8M↓11%$241.7M↑26%$191.8M
Operating Income$22.0M↓38%$35.7M↑151%-$70.1M↓200%$70.0M↑26%$55.4M
Net Income$17.6M↓48%$33.7M↑185%-$39.6M↓153%$74.2M↑54%$48.1M
EPS (Diluted)$2.35↓48%$4.55↑186%$-5.29↓153%$10.06↑50%$6.69
Gross Margin13.9%↑11%12.5%↑84%6.8%↓76%28.1%↑24%22.6%
Operating Margin7.9%↓47%15.0%↑146%-32.7%↓213%29.0%28.9%
ROE4.1%↓51%8.3%↑180%-10.4%↓160%17.4%↑27%13.7%
Total Debt$100.8M↑1%$99.4M↑178%$35.8M↑89%$18.9M↓7%$20.4M
Shareholders' Equity$429.2M↑6%$404.9M↑6%$382.3M↓10%$427.0M↑21%$352.1M
Current Ratio3.09↓24%4.08↑23%3.31↓44%5.88↑33%4.41
Debt / Equity0.23↓4%0.25↑162%0.09↑112%0.04↓24%0.06
Operating Cash Flow$50.9M↑128%$22.3M↓59%$54.5M↓20%$67.7M↓10%$74.9M
Free Cash Flow$2.3M↑107%-$32.4M↓457%$9.1M↓64%$25.2M↓29%$35.6M
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictBUYFAILHOLDBUYHOLDBUYPASSHOLDNot rankedPASSFAILPASS
Score
Analysis
Intrinsic ValueN/AN/A
Margin of Safety+28.7%+62.9%-194.7%N/A-340.5%-595.6%-437.7%+25.7%N/A-697.0%-119.6%+22.6%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

    Where They Disagree

    • Profitability

      1 of 11 pass — Marks, Akre, Druckenmiller +7 more object

      Margin of SafetyP/E=22.1x, P/B=0.9x
      ✗SpierP/E < 15 AND P/B < 2.0✓PabraiP/B < 1.5 or P/E < 15
      Discount to Intrinsic Value-545.6% (IV=$8.05 vs Price=$51.97)
      ✗Marks>= 20% below intrinsic value
      Positive Net Income Frequency25/27 years positive
      ✓MarksPositive net income in >= 7 of last 10 years
      Return on Equity0.7% (3-yr avg)
      ✗AkreROE > 20% (3-year avg)
      Show 19 more metrics ▾
      EPS Growth AccelerationLatest: -48.4%, Prior: 186.0%
      ✗DruckenmillerAccelerating EPS growth
      Operating Income / Revenue7.9%
      ✗Ackman>= 15%
      Net Income / Shareholders Equity4.1%
      ✗Ackman>= 15%
      Net Income / Total Assets2.66%
      ✓PiotroskiROA > 0
      ROA Change YoY5.34% -> 2.66% (delta: -2.68%)
      ✗PiotroskiCurrent ROA > Prior ROA
      (CFO / Total Assets) vs ROACFO/Assets=7.70%, ROA=2.66%
      ✓PiotroskiCFO/Assets > ROA
      Gross Margin Change YoY12.5% -> 13.9%
      ✓PiotroskiImproved YoY
      EBIT / Enterprise Value5.0%
      ✗Greenblatt> 10%
      Earnings Yield + ROC AssessmentEY=5.0%, ROC=None
      ✗GreenblattBoth EY > 10% and ROC > 25%
      3-5 Year EPS CAGR2.3%
      ✓Lynch15-30% (Fast Grower); > 0% to pass
      ROE4.1%
      ✗Lynch> 15%
      Net Income Positive (10+ years)25/27 years positive
      ✗BuffettPositive every year for 10+ years
      ROE (5-yr avg)6.6%
      ✗Buffett> 15% (5-yr avg)
      Operating Margin (10-yr trend)7.9% (latest)
      ✓BuffettStable or rising over 10 years
      Free Cash Flow Proxy$17.6M
      ✗BuffettPositive and growing
      Earnings Variance (10-yr CoV)0.87
      ✗BuffettCoV < 0.3
      Retained Earnings Effectiveness1.27x
      ✓Buffett$1 retained -> > $1 market value created
      Positive EPS (10 years)21/27 years positive
      ✗GrahamPositive EPS every year for 10 years
      EPS Growth (3-yr avg, 10-yr window)
      ✗Graham>= 33% growth
    • Debt & Leverage

      6 of 8 pass — Lynch and Buffett object

      Interest Coverage & Debt/EBITDAIC=3.1x, D/EBITDA=2.1x
      ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
      Debt Levels0.23
      ✓AkreDebt/Equity < 0.3✓MungerDebt/Equity < 0.5
      Total Debt / Shareholders Equity0.23
      ✓Ackman<= 1.0
      LT Debt / Total Assets Change15.74% -> 15.25%
      ✓PiotroskiDecreased YoY
      Show 4 more metrics ▾
      Total Debt / Equity0.23
      ✓Lynch< 0.33
      Cash - Long-term Debt$-51.1M
      ✗LynchPositive preferred
      Debt/Equity & Interest CoverageD/E: 0.23, IC: 3.1x
      ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
      LT Debt vs Net Current AssetsLT Debt $100.8M vs NCA $145.3M
      ✓GrahamLT Debt <= Net Current Assets
    • Valuation

      2 of 9 pass — Marks, Spier, Pabrai +4 more object

      P/B or P/E vs. Historical AverageP/E=22.1x, P/B=0.9x
      ✓MarksP/E < 15 or P/B < 2.0
      Discount to Intrinsic Value-545.6% (IV=$8.05 vs Price=$51.97)
      ✗Marks>= 20% below intrinsic value
      Price vs. 200-day MAQualitative
      ✓DruckenmillerPrice above 200-day moving average
      Margin of SafetyP/E=22.1x, P/B=0.9x
      ✗SpierP/E < 15 AND P/B < 2.0
      Show 9 more metrics ▾
      P/E or FCF YieldP/E=22.1x, FCF Yield=0.6%
      ✗PabraiP/E < 15 or FCF Yield > 10%
      Valuation ReasonablenessP/E=22.1x, OE Yield=-1.5%
      ✓MungerP/E < 25 or Owner Earnings Yield > 5%
      Price / FCF per Share170.2x
      ✗Ackman<= 25
      EBIT / Enterprise Value5.0%
      ✗Greenblatt> 10%
      Earnings Yield + ROC AssessmentEY=5.0%, ROC=None
      ✗GreenblattBoth EY > 10% and ROC > 25%
      P/E / EPS Growth Rate9.72
      ✗Lynch< 1.0 (ideally < 0.5)
      Price / 3-yr avg EPS96.8x
      ✗Graham<= 15x
      Price-to-Book Ratio0.9x
      ✓Graham<= 1.5x
      P/E x P/B87.70
      ✗Graham<= 22.5
    • Cash Flow

      3 of 6 pass — Pabrai, Ackman and Buffett object

      FCF Positive13/17 years FCF positive
      ✓MarksPositive FCF in majority of recent years
      P/E or FCF YieldP/E=22.1x, FCF Yield=0.6%
      ✗PabraiP/E < 15 or FCF Yield > 10%
      (OCF - CapEx) / Market Cap0.6%
      ✗Ackman>= 4%
      Price / FCF per Share170.2x
      ✗Ackman<= 25
      Show 4 more metrics ▾
      Operating Cash Flow$50.9M
      ✓PiotroskiCFO > 0
      (CFO / Total Assets) vs ROACFO/Assets=7.70%, ROA=2.66%
      ✓PiotroskiCFO/Assets > ROA
      FCF Positive and Growing$2.3M
      ✓LynchPositive and growing
      Free Cash Flow Proxy$17.6M
      ✗BuffettPositive and growing
    • Growth

      2 of 5 pass — Druckenmiller, Lynch and Graham object

      Positive Net Income Frequency25/27 years positive
      ✓MarksPositive net income in >= 7 of last 10 years
      EPS Growth AccelerationLatest: -48.4%, Prior: 186.0%
      ✗DruckenmillerAccelerating EPS growth
      Revenue Growth RateLatest: 16.6%, Prior: 10.7%
      ✓DruckenmillerRevenue growth accelerating
      3yr Median Revenue Growth10.7%
      ✓Ackman>= 5%
      Show 5 more metrics ▾
      Positive EPS Growth Frequency3/5 years with positive EPS growth
      ✓AckmanPositive EPS growth in >= 3 of last 5 years
      P/E / EPS Growth Rate9.72
      ✗Lynch< 1.0 (ideally < 0.5)
      3-5 Year EPS CAGR2.3%
      ✓Lynch15-30% (Fast Grower); > 0% to pass
      Inventory Growth vs Revenue GrowthInv: -32.7% vs Rev: 16.6%
      ✓LynchInventory growth < Revenue growth
      EPS Growth (3-yr avg, 10-yr window)
      ✗Graham>= 33% growth
    • Efficiency

      1 of 6 pass — Akre, Munger, Piotroski +2 more object

      ROIC (high and growing)0/24 years ROIC > 15% (latest: 3.3%)
      ✗AkreROIC > 15% for 3+ years
      Reinvestment Rate x ROIC1.9% (RR=58% x ROIC=3.3%)
      ✗AkreReinvestment Rate * ROIC > 10%
      Return on Invested Capital3.3%
      ✗Munger> 15%
      Current Ratio Change YoY4.08 -> 3.09
      ✗PiotroskiIncreased YoY
      Show 5 more metrics ▾
      Revenue / Total Assets Change YoY0.38x -> 0.42x
      ✓PiotroskiImproved YoY
      EBIT / (NWC + Net Fixed Assets)
      ✗Greenblatt> 25%
      ROIC (3-5 yr avg)5.1%
      ✗Buffett> 10%
      ROIC - WACC-4.9%
      ✗BuffettPositive (WACC = 10%)
      Current Ratio3.09
      ✓Graham>= 2.0
    • Verdicts

      Split decision: 3 BUY · 3 HOLD · 3 PASS · 2 FAIL

      Overall verdict
      ✓MarksBUY (7/8)✗AkreFAIL (2/7)•DruckenmillerHOLD (5/7)✓SpierBUY (7/8)•PabraiHOLD (6/8)✓MungerBUY (6/7)✓AckmanPASS (4/9)•PiotroskiHOLD (F-Score 6)•GreenblattNot ranked✓LynchPASS (PEG 9.72)✗BuffettFAIL (2/9)✓GrahamPASS (5/9)
    • Valuation models

      Models split on NC at $42.64 — fair values range $5.35–$114.86

      Marks fair value$59.78
      ✓Marks+28.7% margin vs $42.64
      Akre fair value$114.86
      ✓Akre+62.9% margin vs $42.64
      Druckenmiller fair value$14.47
      ✗Druckenmiller-194.7% margin vs $42.64
      Pabrai fair value$9.68
      ✗Pabrai-340.5% margin vs $42.64
      Show 6 more metrics ▾
      Munger fair value$6.13
      ✗Munger-595.6% margin vs $42.64
      Ackman fair value$7.93
      ✗Ackman-437.7% margin vs $42.64
      Piotroski fair value$57.38
      ✓Piotroski+25.7% margin vs $42.64
      Lynch fair value$5.35
      ✗Lynch-697.0% margin vs $42.64
      Buffett fair value$19.42
      ✗Buffett-119.6% margin vs $42.64
      Graham fair value$55.08
      ✓Graham+22.6% margin vs $42.64

    Historical Score Timeline

    Industry Peers

    Similar companies in Coal

    NC vs Peers — Financial Grading

    Revenue$277.2MBottom 25%
    Net Income$17.6MMedian
    ROE4.1%Top 25%
    D/E0.23Median
    Op. Margin7.9%Top 25%
    Curr. Ratio3.09Median
    CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
    WARRIOR MET COAL, INC.HCC$5.2B$98.20$1.3B$57.0M2.7%0.073.5%3.193/95/93/70/3F-Score 4
    Core Natural Resources, Inc.CNR$4.8B$95.94$4.2B$153.2M-4.2%0.13-4.4%1.603/94/92/70/3F-Score 3
    ALLIANCE RESOURCE PARTNERS LPARLP$3.3B$25.42$2.2B$311.2M16.9%0.2417.6%2.104/97/95/71/3F-Score 4
    PEABODY ENERGY CORPBTU$3.1B$25.48$3.9B$42.5M-1.2%—-2.1%1.853/94/90/70/3F-Score 4
    Alpha Metallurgical Resources, Inc.AMR$2.1B$166.05$2.1B$61.7M-4.0%0.00-2.9%4.476/94/92/70/3F-Score 4
    NATURAL RESOURCE PARTNERS LPNRP$1.4B$104.56$207.3M$136.4M21.6%0.0769.6%1.853/95/96/70/3F-Score 5
    Ramaco Resources, Inc.METCZ$1.1B$25.35$536.6M$51.4M-10.6%0.97-10.4%5.463/94/91/70/3F-Score 3
    Coronado Global Resources Inc.CODQL$310.2M$0.18$1.9B$432.1M-66.5%1.06-17.0%1.552/92/90/70/3F-Score 2