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CNR

Core Natural Resources, Inc.

CNR

Core Natural Resources, Inc. • NYSE
$80.00 ▲ 2.22% (+1.74)
Market Cap $4.10 B
52w High $131.57
52w Low $58.19
Dividend Yield 0.40%
P/E -200
Volume 260.15K
Outstanding Shares 51.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.003B ▼ $34.133M ▼ $31.598M ▲ 3.152% ▲ $0.613 ▲ $140.212M ▼
Q2-2025 $1.102B ▲ $39.777M ▼ $-36.556M ▲ -3.316% ▲ $-0.7 ▲ $149.874M ▲
Q1-2025 $1.017B ▲ $79.464M ▼ $-69.277M ▼ -6.809% ▼ $-1.378 ▼ $56.082M ▼
Q4-2024 $569.784M ▲ $423.017M ▲ $30.821M ▼ 5.409% ▼ $1.04 ▼ $97.136M ▼
Q3-2024 $549.635M $340.285M $95.632M 17.399% $3.23 $171.164M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $444.672M ▲ $6.196B ▼ $2.417B ▼ $3.779B ▲
Q2-2025 $413.175M ▲ $6.209B ▼ $2.441B ▲ $3.768B ▼
Q1-2025 $388.493M ▼ $6.252B ▲ $2.356B ▲ $3.896B ▲
Q4-2024 $460.233M ▲ $2.88B ▲ $1.311B ▲ $1.568B ▲
Q3-2024 $416.007M $2.824B $1.295B $1.529B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $31.598M ▲ $87.919M ▼ $-51.189M ▲ $-32.049M ▲ $32.835M ▲ $38.622M ▼
Q2-2025 $-101.315M ▼ $220.161M ▲ $-100.222M ▼ $-92.364M ▼ $27.575M ▼ $130.976M ▲
Q1-2025 $-69.277M ▼ $-109.638M ▼ $283.011M ▲ $-41.59M ▼ $131.783M ▲ $-174.46M ▼
Q4-2024 $30.821M ▼ $121.31M ▼ $-30.331M ▲ $-13.052M ▼ $77.927M ▼ $80.47M ▼
Q3-2024 $95.632M $161.332M $-39.199M $-9.344M $112.789M $121.944M

Revenue by Products

Product Q1-2022Q2-2022Q1-2025Q2-2025
Surface Segment
Surface Segment
 $0 ▲$0 ▲$240.00M ▲$330.00M ▲
Commercial Segment
Commercial Segment
 $1.60Bn ▲$1.82Bn ▲$0 ▼$0 ▲
Siding Segment
Siding Segment
 $1.00Bn ▲$1.26Bn ▲$0 ▼$0 ▲
Windows Segment
Windows Segment
 $2.11Bn ▲$2.33Bn ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown sharply from the pandemic low and is now much higher than a few years ago, but it did pull back from the very strong peak reached recently. Profitability has improved a lot versus the past: the company moved from small losses to solid profits, with healthy margins for a coal producer. That said, earnings have been quite volatile, reflecting swings in coal prices and demand. The most recent year shows a clear step down from the boom conditions of the prior year, yet still looks meaningfully stronger than the earlier part of the period. Overall, this is a cyclical income statement with solid recent profitability but visible sensitivity to the commodity cycle.

Balance Sheet

Balance Sheet The balance sheet has steadily strengthened. Total assets have inched up over time, while debt has been paid down consistently, leaving the company much less leveraged than a few years ago. Equity has built up as profits were retained, which gives the firm a thicker capital cushion. Cash on hand has risen noticeably in the latest year, improving financial flexibility and resilience. In simple terms, the company looks financially sturdier now, with lower reliance on borrowing and a stronger ownership base than earlier in the decade.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has improved markedly over the period, moving from modest levels to robust inflows during the recent coal upcycle. Free cash flow followed the same pattern: weak in the early years, very strong in the middle of the period, and then easing back but still clearly better than before. Investment spending on assets has been fairly steady and manageable, not spiking in a way that would stress the company. Overall, the business now throws off meaningful cash even in a more normal environment, though the dip from peak levels again highlights its exposure to commodity conditions.

Competitive Edge

Competitive Edge CNR operates as a low‑cost, large‑scale coal producer with advanced longwall mining, which helps keep its production costs down and supports margins, especially when prices soften. It sells a wide mix of coal types, including both metallurgical and thermal coal, which spreads its customer and end‑market risk. Ownership stakes in key East Coast export terminals give it a logistics advantage and reliable access to overseas buyers, an important edge as domestic power markets use less coal. The recent merger should add scale and cost synergies, but it also raises integration and execution risks. The core challenge remains: the company has solid assets and logistics in a structurally pressured industry facing environmental, regulatory, and demand headwinds over time.

Innovation and R&D

Innovation and R&D The company is trying to move beyond being just a traditional coal miner by investing in advanced carbon materials and new uses for coal. Through its innovation arm, it is working on specialty products like high‑performance foam for aerospace and defense, coal‑based battery components, and coal‑plastic composites for building materials. These efforts aim to create higher‑value, less commodity‑like revenue streams and to reposition coal as an input for materials rather than only a fuel. However, many of these projects are still in the development or early commercialization stage, so their long‑term scale, profitability, and customer acceptance are uncertain. If successful, they could gradually reduce the company’s dependence on standard coal markets.

Summary

CNR’s recent financial record shows a classic resource cycle story: revenues and profits surged as coal markets tightened, then cooled from peak levels but remain far better than in the early years of the period. The company has used this window to pay down debt, build equity, and increase cash, leaving its balance sheet and cash flow profile much stronger than before. Operationally, it benefits from low‑cost mining, diversified coal products, and valuable export infrastructure, which collectively provide a meaningful competitive edge. At the same time, its core business remains tied to coal, a sector facing long‑term structural and regulatory pressures and inherently volatile pricing. The innovation portfolio in advanced carbon materials offers a potential path to new, higher‑value markets, but it is still emerging and carries typical development risks. Overall, CNR looks financially healthier and more strategic than in the past, with clear strengths in costs and logistics, but it operates in a challenging, cyclical industry and is still in the early stages of proving out its diversification efforts.

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