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NC

NACCO Industries, Inc.

NC

NACCO Industries, Inc. • NYSE
$48.24 ▲ 0.54% (+0.26)
Market Cap $359.85 M
52w High $53.88
52w Low $27.47
Dividend Yield 0.96%
P/E 12.34
Volume 3.24K
Outstanding Shares 7.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $76.614M ▲ $19.549M ▲ $13.254M ▲ 17.3% ▲ $1.78 ▲ $13.238M ▲
Q2-2025 $68.235M ▲ $6.871M ▲ $3.26M ▼ 4.778% ▼ $0.44 ▼ $4.183M ▼
Q1-2025 $65.571M ▼ $1.972M ▼ $4.9M ▼ 7.473% ▼ $0.67 ▼ $7.063M ▲
Q4-2024 $70.418M ▲ $4.593M ▲ $7.564M ▼ 10.742% ▼ $1.03 ▼ $4.629M ▼
Q3-2024 $61.656M $-12.455M $15.635M 25.358% $2.14 $20.649M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $52.657M ▲ $637.633M ▲ $211.231M ▼ $426.402M ▲
Q2-2025 $49.402M ▼ $631.312M ▼ $218.192M ▼ $413.12M ▲
Q1-2025 $61.884M ▼ $634.187M ▲ $225.07M ▼ $409.117M ▲
Q4-2024 $72.833M ▲ $631.687M ▲ $226.74M ▲ $404.947M ▲
Q3-2024 $63.052M $597.406M $200.096M $397.31M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.254M ▲ $42.255M ▲ $-21.775M ▼ $-17.225M ▼ $3.255M ▲ $19.863M ▲
Q2-2025 $3.26M ▲ $-7.776M ▼ $-2.506M ▲ $-2.2M ▲ $-12.482M ▼ $-10.918M ▼
Q1-2025 $0 ▼ $5.023M ▼ $-8.529M ▲ $-7.443M ▼ $-10.949M ▼ $-3.785M ▼
Q4-2024 $7.564M ▼ $25.168M ▲ $-40.237M ▼ $24.85M ▲ $9.781M ▲ $445.999K ▲
Q3-2024 $15.635M $2.819M $-7.78M $5.652M $-720K $-5.477M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Coal Mining
Coal Mining
 $10.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Minerals Management
Minerals Management
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement NC’s revenue base has grown over the past few years but remains modest and somewhat uneven, reflecting a niche, contract‑driven business rather than a high‑volume commodity producer. Profitability has been cyclical: most years show solid profits, but one recent year dipped into a noticeable loss before rebounding. Margins are generally thin, so swings in contracts, volumes, or project performance can quickly move results from strong to weak. Overall, the pattern suggests a company that can earn decent money in normal conditions but is exposed to occasional sharp setbacks when specific mines, customers, or projects underperform.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative. Assets have been creeping higher, and shareholders’ equity has grown, which points to retained earnings over time. Debt has risen recently but still appears manageable compared to the size of the company, suggesting leverage is being used but not aggressively. Cash holdings have drifted down from prior peaks, so the cushion is smaller than it was, but the overall structure still indicates a solid, asset‑backed position for a capital‑intensive business. The key watchpoint is that debt and investment needs are inching up, which raises the importance of maintaining steady contract cash flows.

Cash Flow

Cash Flow Operating cash flow has been consistently positive in recent years, though it has cooled somewhat from its best period. The standout feature is heavy and ongoing capital spending, which often drives free cash flow into negative territory. That pattern signals a company in an investment phase—putting money into new equipment, projects, and growth initiatives—rather than one focused on harvesting cash. This can build future earnings power but also tightens short‑term financial flexibility and increases reliance on continued contract stability, borrowing capacity, or future cash generation to fund these outlays.

Competitive Edge

Competitive Edge NC’s edge is based less on raw scale and more on specialization and relationships. The company operates under long‑term, fee‑based mining contracts, especially for power plants, which helps shield it from day‑to‑day swings in coal prices. Its deep experience with large dragline operations and complex surface mining gives it a technical and operational advantage that is hard for new entrants to replicate. Layered on top of this are environmental services—reclamation, mitigation banking, and land restoration—that strengthen its value proposition to regulators and customers. Diversification into aggregates, industrial minerals, and mineral royalties further reduces dependence on any one fuel source. The main structural risk is the long‑term decline and policy pressure around coal, which means the strength of this moat depends on successful diversification and ongoing contract renewals.

Innovation and R&D

Innovation and R&D NC is not a traditional high‑R&D lab company; its innovation is centered on process, business model, and asset reuse. It has refined specialized mining techniques, equipment deployment, and safety practices, and has turned reclamation know‑how into a sellable service through mitigation banking and third‑party restoration work. The creation of ReGen Resources to develop renewable energy and carbon‑related projects on reclaimed mine lands is a key strategic step, turning legacy sites into new energy platforms. Management is also using mineral and royalty management as a financial innovation, monetizing subsurface rights without heavy capital. Looking forward, the story is less about breakthrough technology and more about selectively adopting tools like automation and advanced monitoring, and about scaling these newer environmental and renewable platforms alongside the legacy mining base.

Summary

NC is a niche natural resources and mining services company transitioning from a coal‑centric past toward a broader mix that includes aggregates, minerals, environmental services, and emerging renewable projects. Financially, it shows a history of mostly profitable operations punctuated by occasional weak years, supported by a relatively solid balance sheet and steady, though not spectacular, operating cash flow. Heavy investment spending suggests a deliberate push to build future businesses rather than maximize near‑term cash. Its moat rests on long‑term contracts, specialized mining and reclamation skills, and integrated environmental offerings, all of which are difficult for generic competitors to copy. The counterbalance is structural pressure on coal demand and policy risk, making execution on diversification and return on growth investments the central themes to watch in the coming years.

NEWS

November 18, 2025 · 4:30 PM UTC

NACCO INDUSTRIES DECLARES QUARTERLY DIVIDEND AND ANNOUNCES STOCK REPURCHASE PROGRAM

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November 5, 2025 · 4:54 PM UTC

NACCO INDUSTRIES ANNOUNCES THIRD QUARTER 2025 RESULTS

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November 4, 2025 · 12:47 PM UTC

NORTH AMERICAN MINING® AWARDED MULTI-YEAR CONTRACT SUPPORTING EVERGLADES RESTORATION

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October 28, 2025 · 6:30 AM UTC

NACCO INDUSTRIES ANNOUNCES DATES OF 2025 THIRD QUARTER EARNINGS RELEASE AND CONFERENCE CALL

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October 8, 2025 · 3:10 PM UTC

Mitigation Resources of North America® Earns Reclamation Award

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