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Relative valuation derived from Energy sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 44.9GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
11.6%
Sector: 6.7%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, CNX Resources Corp (CNX) receives a "Hold" rating with a composite score of 49.8/100, ranked #391 out of 4446 stocks. Key factor scores: Quality 45/100, Value 74/100, Momentum 59/100. This is quantitative analysis only — not investment advice.
CNX Resources Corp (CNX) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does CNX Resources Corp Do?
CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane. It produces and sells pipeline quality natural gas primarily for gas wholesalers. The company owns rights to extract natural gas in Pennsylvania, West Virginia, and Ohio from approximately 526,000 net Marcellus Shale acres; and approximately 610,000 net acres of Utica Shale, as well as rights to extract natural gas from other shale and shallow oil and gas positions from approximately 1,006,000 net acres in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia. It also owns rights to extract coalbed methane (CBM) in Virginia from approximately 282,000 net CBM acres in Central Appalachia, as well as 1,733,000 net CBM acres in West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico. In addition, the company designs, builds, and operates natural gas gathering systems to move gas from the wellhead to interstate pipelines or other local sales points; owns and operates approximately 2,600 miles of natural gas gathering pipelines, as well as various natural gas processing facilities. It also offers turn-key solutions for water sourcing, delivery, and disposal for its natural gas operations and for third parties. The company was formerly known as CONSOL Energy Inc. and changed its name to CNX Resources Corporation in November 2017. CNX Resources Corporation was founded in 1860 and is headquartered in Canonsburg, Pennsylvania. CNX Resources Corp (CNX) is classified as a mid-cap stock in the Energy sector, specifically within the Petroleum And Natural Gas industry. The company is led by CEO Nicholas J. DeIuliis and employs approximately 470 people, headquartered in Canonsburg, Pennsylvania. With a market capitalization of $5.8B, CNX is one of the notable companies in the Energy sector.
CNX Resources Corp (CNX) Stock Rating — Hold (April 2026)
As of April 2026, CNX Resources Corp receives a Hold rating with a composite score of 49.8/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CNX ranks #391 out of 4,446 stocks in our coverage universe. Within the Energy sector, CNX Resources Corp ranks #51 of 128 stocks, placing it in the upper half of its Energy peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
CNX Stock Price and 52-Week Range
CNX Resources Corp (CNX) currently trades at $38.71. The 52-week high for CNX is $43.62, which means the stock is currently trading -11.3% from its annual peak. The 52-week low is $27.68, putting the stock 39.8% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is CNX Overvalued or Undervalued? — Valuation Analysis
CNX Resources Corp (CNX) carries a value factor score of 74/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 10.86x, compared to the Energy sector average of 20.66x — a discount of 47%. The price-to-book ratio stands at 1.26x, versus the sector average of 1.76x. The price-to-sales ratio is 2.66x, compared to 0.49x for the average Energy stock. On an enterprise value basis, CNX trades at 10.83x EV/EBITDA, versus 3.73x for the sector.
Based on these multiples, CNX Resources Corp appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
CNX Resources Corp Profitability — ROE, Margins, and Quality Score
CNX Resources Corp (CNX) earns a quality factor score of 45/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 11.6%, compared to the Energy sector average of 6.7%, which is within a healthy range. Return on assets (ROA) comes in at 5.5% versus the sector average of 3.7%.
On a margin basis, CNX Resources Corp reports gross margins of 83.0%, compared to 52.7% for the sector. The operating margin is -39.3% (sector: 10.7%). Net profit margin stands at -36.2%, versus 6.4% for the average Energy stock. Revenue growth is running at 81.6% on a trailing basis, compared to -1.2% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
CNX Debt, Balance Sheet, and Financial Health
CNX Resources Corp has a debt-to-equity ratio of 56.0%, compared to the Energy sector average of 55.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 0.44x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $2.42B. Cash and equivalents stand at $5M.
CNX has a beta of 0.41, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for CNX Resources Corp is 79/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
CNX Resources Corp Revenue and Earnings History — Quarterly Trend
In TTM 2026, CNX Resources Corp reported revenue of $2.05B and earnings per share (EPS) of $4.48. Net income for the quarter was $502M. Gross margin was 83.0%. Operating income came in at $727M.
In FY 2025, CNX Resources Corp reported revenue of $2.24B and earnings per share (EPS) of $4.48. Net income for the quarter was $633M. Revenue grew 76.8% year-over-year compared to FY 2024. Operating income came in at $891M.
In Q3 2025, CNX Resources Corp reported revenue of $584M and earnings per share (EPS) of $1.45. Net income for the quarter was $202M. Revenue grew 37.6% year-over-year compared to Q3 2024. Operating income came in at $243M.
In Q2 2025, CNX Resources Corp reported revenue of $962M and earnings per share (EPS) of $3.02. Net income for the quarter was $433M. Revenue grew 199.4% year-over-year compared to Q2 2024. Operating income came in at $616M.
Over the past 8 quarters, CNX Resources Corp has demonstrated a growth trajectory, with revenue expanding from $321M to $2.05B. Investors analyzing CNX stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CNX Dividend Yield and Income Analysis
CNX Resources Corp (CNX) does not currently pay a dividend. This is common among smaller companies in the Petroleum And Natural Gas industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Energy dividend stocks may want to explore other Energy stocks or use the stock screener to filter by dividend yield.
CNX Momentum and Technical Analysis Profile
CNX Resources Corp (CNX) has a momentum factor score of 59/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 22/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 5/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
CNX vs Competitors — Energy Sector Ranking and Peer Comparison
Comparing CNX against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CNX vs S&P 500 (SPY) comparison to assess how CNX Resources Corp stacks up against the broader market across all factor dimensions.
CNX Next Earnings Date
No upcoming earnings date has been announced for CNX Resources Corp (CNX) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CNX? — Investment Thesis Summary
CNX Resources Corp presents a balanced picture with arguments on both sides. The value score of 74/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 79/100) reduces downside risk.
In summary, CNX Resources Corp (CNX) earns a Hold rating with a composite score of 49.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CNX stock.
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Institutional Research Dossier
CNX Resources Corp (CNX) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
CNX Resources Corp (CNX) currently holds a 'Hold' rating, reflecting a balanced view of its potential. While the company exhibits attractive valuation metrics and strong revenue growth, concerns surrounding its operating margins and free cash flow generation temper enthusiasm. The company's strategic focus on Appalachian natural gas production and midstream operations positions it favorably in a key energy-producing region, but execution and commodity price volatility remain key determinants of future performance.
The primary takeaway is that CNX presents a mixed bag of opportunities and challenges. Its discounted valuation relative to peers and impressive revenue growth are counterbalanced by negative operating margins in certain periods and inconsistent free cash flow. Investors should closely monitor the company's ability to improve profitability and capital allocation efficiency before considering a more bullish stance.
Business Strategy & Overview
CNX Resources operates as an independent natural gas and midstream company, primarily focused on the Appalachian Basin. Its core business involves acquiring, exploring, developing, and producing natural gas, with a significant presence in the Marcellus and Utica Shale formations. The company's strategy centers on maximizing the value of its extensive acreage through efficient drilling and production techniques. CNX also operates a midstream business, which includes natural gas gathering systems and processing facilities, providing integrated services from wellhead to pipeline.
A key element of CNX's strategy is its focus on cost optimization and operational efficiency. The company aims to reduce its operating costs through technological advancements and streamlined processes. This is crucial in the highly competitive natural gas market, where profitability is heavily influenced by production costs and commodity prices. CNX also emphasizes responsible environmental stewardship, implementing practices to minimize its environmental footprint and comply with regulatory requirements.
CNX's midstream operations play a vital role in its overall strategy. By owning and operating its own gathering systems, the company gains greater control over the transportation and processing of its natural gas. This vertical integration allows CNX to capture additional value and reduce its reliance on third-party midstream providers. The company also offers water sourcing, delivery, and disposal services, further diversifying its revenue streams and enhancing its operational capabilities.
The company's transition from CONSOL Energy to CNX Resources in 2017 marked a strategic shift towards a pure-play natural gas focus. This move allowed CNX to concentrate its resources and expertise on its core business, enhancing its competitiveness in the Appalachian Basin. The company's long-term success hinges on its ability to execute its strategy effectively, manage its costs, and adapt to changing market conditions in the natural gas industry.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
81.6%
Sector: -1.2%
-7077% VS SCTR
Economic Moat Analysis
CNX Resources' economic moat can be classified as Narrow. While the company possesses certain advantages, they are not substantial enough to create a wide and sustainable competitive edge. The primary source of CNX's moat lies in its cost advantages within the Appalachian Basin. The company's extensive acreage and operational expertise allow it to extract natural gas at a relatively low cost compared to some of its competitors. This cost advantage provides CNX with a degree of pricing flexibility and resilience in a volatile commodity market.
However, the natural gas industry is inherently competitive, and cost advantages can be eroded over time through technological advancements and increased efficiency among competitors. Furthermore, the availability of natural gas from various sources limits CNX's pricing power. While the company's midstream operations provide some vertical integration benefits, they do not constitute a significant barrier to entry for other players in the market.
CNX's intangible assets, such as its expertise in shale gas extraction, contribute to its competitive position. However, these assets are not unique to CNX and can be replicated by other companies with sufficient investment and expertise. The company's network effects are limited, as its midstream operations primarily serve its own production and do not create a broad network that would be difficult for competitors to replicate.
Efficient scale is not a major factor in CNX's moat. While the company benefits from economies of scale in its operations, the natural gas industry is not characterized by a small number of dominant players. Numerous companies operate in the Appalachian Basin, and no single company possesses a dominant market share. Therefore, while CNX has some advantages, they are not strong enough to warrant a Wide moat rating. The company's moat is vulnerable to competition and changes in the industry landscape.
Financial Health & Profitability
CNX Resources' financial health presents a mixed picture. The company's revenue growth has been impressive, with an 81.6% increase compared to a sector average of -1.7%. This indicates strong demand for its natural gas and effective execution of its production strategy. However, the company's profitability metrics are concerning. While the gross margin is strong at 83.0% compared to the sector average of 55.1%, the operating margin is significantly negative at -39.3% compared to the sector average of 10.6%. This suggests that CNX is struggling to control its operating expenses, which are offsetting its strong revenue growth.
The company's net income has been volatile, with a significant increase in the most recent TTM period ($633.16M) compared to a loss in the previous year (-$90.49M). This volatility is likely due to fluctuations in natural gas prices and changes in operating expenses. The company's free cash flow is relatively low at $85.66M, which raises concerns about its ability to fund future growth and capital expenditures. The current ratio is also low at 0.44, indicating potential liquidity issues.
CNX's balance sheet is moderately leveraged, with a debt-to-equity ratio of 56.00, which is in line with the sector average. However, the company's total debt of $2.42B is significant and could pose a risk if natural gas prices decline or operating expenses increase. The company's total cash is very low at $4.74M, which further exacerbates its liquidity concerns.
Analyzing the quarterly financial history reveals significant fluctuations in revenue, net income, and operating margin. The company's operating margin has ranged from -287.4% to 74.9%, indicating a lack of consistency in its profitability. While the company has demonstrated strong revenue growth in some quarters, its ability to translate that growth into consistent profitability remains a challenge. Investors should closely monitor CNX's ability to improve its operating efficiency and generate consistent free cash flow.
Valuation Assessment
CNX Resources' valuation appears attractive based on several key metrics. The company's P/E ratio of 9.0x is significantly lower than the sector average of 19.5x, suggesting that the stock is undervalued relative to its earnings. Similarly, the company's EV/EBITDA ratio of 2.3x is also lower than the sector average of 3.5x, further indicating undervaluation. These metrics suggest that investors are not fully recognizing the company's potential earnings power.
However, it's important to consider the company's volatile earnings history and inconsistent free cash flow generation when assessing its valuation. While the P/E ratio is low, it's based on the most recent TTM earnings, which may not be sustainable in the long term. The company's negative operating margins in certain periods also raise concerns about the quality of its earnings.
The company's low free cash flow yield is another factor to consider. While the company's market capitalization is $5.76B, its free cash flow is only $85.66M, resulting in a low yield. This suggests that the company is not generating enough cash to justify its current valuation. Investors should closely monitor the company's ability to improve its free cash flow generation in the future.
Overall, CNX's valuation appears to be a mixed bag. While the company's P/E and EV/EBITDA ratios suggest undervaluation, its volatile earnings history and low free cash flow yield raise concerns. The stock may be considered fairly valued, given the company's potential for growth and its challenges in improving profitability. Investors should carefully weigh the company's opportunities and risks before making an investment decision.
Risk & Uncertainty
CNX Resources faces several specific risks that could negatively impact its business and financial performance. One of the most significant risks is commodity price volatility. The price of natural gas is subject to fluctuations based on supply and demand, weather patterns, and geopolitical events. A decline in natural gas prices could significantly reduce CNX's revenue and profitability, making it difficult for the company to meet its debt obligations and fund future growth.
Another risk is regulatory uncertainty. The natural gas industry is subject to extensive regulations related to environmental protection, safety, and transportation. Changes in these regulations could increase CNX's operating costs and limit its ability to develop new projects. For example, stricter regulations on hydraulic fracturing (fracking) could significantly impact the company's production activities.
Competition is also a significant risk. The natural gas industry is highly competitive, with numerous companies operating in the Appalachian Basin. CNX faces competition from both large and small producers, as well as from alternative energy sources. Increased competition could put pressure on CNX's prices and market share.
The company's leverage is another risk factor. CNX has a significant amount of debt outstanding, which could pose a challenge if natural gas prices decline or operating expenses increase. The company's ability to service its debt obligations depends on its ability to generate sufficient cash flow. A failure to meet its debt obligations could lead to financial distress.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCNX's discounted valuation relative to its peers in the energy sector provides a compelling entry point for investors seeking exposure to natural gas production.
BULL VIEWThe company's strategic focus on the Appalachian Basin, a key natural gas producing region, positions it favorably to benefit from increasing demand for cleaner energy sources.
The Bear Case
BEAR VIEWCNX's inconsistent profitability and negative operating margins in certain periods raise concerns about its ability to generate sustainable earnings.
BEAR VIEWThe company's high debt load and low free cash flow limit its financial flexibility and increase its vulnerability to commodity price fluctuations.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score CNX and 4,400+ other equities.
CNX Resources Corp exhibits a 139% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
5.5%
Sector: 3.7%
Gross Margin
Pricing power and cost efficiency
83.0%
Sector: 52.7%
Operating Margin
Core business profitability
-39.3%
Sector: 10.7%
Net Margin
Bottom-line profitability
-36.2%
Sector: 6.4%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
