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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: 50GRADE 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
0.7%
Sector: 6.7%
Dividend Analysis audit
GROWTH
0.66%
Trailing Yield
$0.66
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
138%HIGH
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Core Natural Resources, Inc. (CNR) receives a "Hold" rating with a composite score of 47.2/100, ranked #403 out of 4446 stocks. Key factor scores: Quality 50/100, Value 42/100, Momentum 57/100. This is quantitative analysis only — not investment advice.
Core Natural Resources, Inc. (CNR) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Core Natural Resources, Inc. Do?
Core Natural Resources, Inc., together with its subsidiaries, produces and sells bituminous coal in the United States and internationally. It operates through two segments, Pennsylvania Mining Complex (PAMC) and CONSOL Marine Terminal. The company's PAMC segment engages in the mining, preparing, and marketing of bituminous coal to power generators, industrial end-users, and metallurgical end-users. This segment includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine, and the central preparation plant. Its CONSOL Marine Terminal segment provides coal export terminal services through the Port of Baltimore. The company also develops and operates the Itmann Mining Complex located in Wyoming County, West Virginia; and Greenfield Reserves and Resources located in the Northern Appalachian, Central Appalachian, and Illinois basins. The company was formerly known as CONSOL Energy Inc. and changed its name to Core Natural Resources, Inc. in January 2025. Core Natural Resources, Inc. was founded in 1864 and is headquartered in Canonsburg, Pennsylvania. Core Natural Resources, Inc. (CNR) is classified as a mid-cap stock in the Energy sector, specifically within the Coal industry. The company is led by CEO Paul A. Lang and employs approximately 2,020 people. With a market capitalization of $5.1B, CNR is one of the notable companies in the Energy sector.
Core Natural Resources, Inc. (CNR) Stock Rating — Hold (April 2026)
As of April 2026, Core Natural Resources, Inc. receives a Hold rating with a composite score of 47.2/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CNR ranks #403 out of 4,446 stocks in our coverage universe. Within the Energy sector, Core Natural Resources, Inc. ranks #50 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%).
CNR Stock Price and 52-Week Range
Core Natural Resources, Inc. (CNR) currently trades at $91.20. The stock gained $2.97 (3.4%) in the most recent trading session. The 52-week high for CNR is $103.50, which means the stock is currently trading -11.9% from its annual peak. The 52-week low is $58.19, putting the stock 56.7% above its annual trough. Recent trading volume was 686K shares, suggesting relatively thin trading activity.
Is CNR Overvalued or Undervalued? — Valuation Analysis
Core Natural Resources, Inc. (CNR) carries a value factor score of 42/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 208.73x, compared to the Energy sector average of 19.63x — a premium of 964%. The price-to-book ratio stands at 1.38x, versus the sector average of 1.64x. The price-to-sales ratio is 1.38x, compared to 0.47x for the average Energy stock. On an enterprise value basis, CNR trades at 10.45x EV/EBITDA, versus 3.50x for the sector.
Overall, CNR's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Core Natural Resources, Inc. Profitability — ROE, Margins, and Quality Score
Core Natural Resources, Inc. (CNR) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 0.7%, compared to the Energy sector average of 6.7%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 0.4% versus the sector average of 3.7%.
On a margin basis, Core Natural Resources, Inc. reports gross margins of 36.0%, compared to 52.7% for the sector. The operating margin is 3.2% (sector: 10.7%). Net profit margin stands at 2.6%, versus 6.4% for the average Energy stock. Revenue growth is running at 104.3% on a trailing basis, compared to -1.2% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
CNR Debt, Balance Sheet, and Financial Health
Core Natural Resources, Inc. has a debt-to-equity ratio of 11.0%, compared to the Energy sector average of 55.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.60x, suggesting adequate working capital coverage. Total debt on the balance sheet is $395M. Cash and equivalents stand at $445M.
CNR has a beta of 0.48, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Core Natural Resources, Inc. is 62/100, reflecting average volatility within the normal range for its sector.
Core Natural Resources, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Core Natural Resources, Inc. reported revenue of $3.68B and earnings per share (EPS) of $-2.98. Net income for the quarter was $24M. Gross margin was 36.0%. Operating income came in at $32M.
In FY 2025, Core Natural Resources, Inc. reported revenue of $4.16B and earnings per share (EPS) of $-2.98. Net income for the quarter was $-153M. Revenue grew 93.8% year-over-year compared to FY 2024. Operating income came in at $-182M.
In Q3 2025, Core Natural Resources, Inc. reported revenue of $1.00B and earnings per share (EPS) of $0.61. Net income for the quarter was $32M. Revenue grew 81.2% year-over-year compared to Q3 2024. Operating income came in at $-12M.
In Q2 2025, Core Natural Resources, Inc. reported revenue of $1.10B and earnings per share (EPS) of $-0.70. Net income for the quarter was $-29M. Revenue grew 124.6% year-over-year compared to Q2 2024. Operating income came in at $-19M.
Over the past 8 quarters, Core Natural Resources, Inc. has demonstrated a growth trajectory, with revenue expanding from $491M to $3.68B. Investors analyzing CNR stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CNR Dividend Yield and Income Analysis
Core Natural Resources, Inc. (CNR) currently pays a dividend yield of 0.7%. At this yield, a $10,000 investment in CNR stock would generate approximately $$66.00 in annual dividend income. This compares to the Energy sector average dividend yield of 1.9%, meaning CNR yields less than the typical sector peer.
CNR Momentum and Technical Analysis Profile
Core Natural Resources, Inc. (CNR) has a momentum factor score of 57/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 21/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 34/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
CNR vs Competitors — Energy Sector Ranking and Peer Comparison
Comparing CNR against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CNR vs S&P 500 (SPY) comparison to assess how Core Natural Resources, Inc. stacks up against the broader market across all factor dimensions.
CNR Next Earnings Date
No upcoming earnings date has been announced for Core Natural Resources, Inc. (CNR) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CNR? — Investment Thesis Summary
Core Natural Resources, Inc. presents a balanced picture with arguments on both sides. Low volatility (stability score 62/100) reduces downside risk.
In summary, Core Natural Resources, Inc. (CNR) earns a Hold rating with a composite score of 47.2/100 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 CNR stock.
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Institutional Research Dossier
Core Natural Resources, Inc. (CNR) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Core Natural Resources (CNR) receives a Hold rating, primarily due to its mixed financial performance and valuation concerns. While the company has demonstrated substantial revenue growth, its recent net losses and negative free cash flow raise questions about its operational efficiency and capital allocation. The current valuation, particularly the high P/E ratio, suggests that the market may be overestimating the company's future earnings potential, given the inherent cyclicality and environmental pressures facing the coal industry.
The company's strategic focus on bituminous coal production and export terminal services provides a degree of stability, but the long-term viability of coal as an energy source is increasingly uncertain. Investors should closely monitor CNR's ability to improve profitability, manage its debt, and adapt to the evolving energy landscape. The Hold rating reflects a balanced view of the company's potential and the significant risks it faces.
Business Strategy & Overview
Core Natural Resources operates primarily through its Pennsylvania Mining Complex (PAMC) and CONSOL Marine Terminal segments. The PAMC segment focuses on the mining, preparation, and marketing of bituminous coal, catering to power generators, industrial end-users, and metallurgical end-users. This segment's operations are centered around the Bailey, Enlow Fork, and Harvey mines, along with a central preparation plant. The CONSOL Marine Terminal provides crucial coal export services through the Port of Baltimore, facilitating the company's international sales.
CNR's strategy involves leveraging its existing infrastructure and reserves to meet the demand for bituminous coal, both domestically and internationally. The company also invests in developing new mining complexes, such as the Itmann Mining Complex in West Virginia, and exploring Greenfield Reserves and Resources across various Appalachian and Illinois basins. These initiatives aim to expand CNR's production capacity and diversify its coal sources.
The company's business model is heavily reliant on the demand for coal, which is influenced by factors such as energy prices, environmental regulations, and the availability of alternative energy sources. CNR competes with other coal producers, as well as with companies in the natural gas, renewable energy, and nuclear power sectors. The company's ability to maintain its market share and profitability depends on its operational efficiency, cost management, and ability to adapt to changing market conditions.
A key aspect of CNR's strategy is its focus on exporting coal through the CONSOL Marine Terminal. This allows the company to access international markets, where demand for coal may be stronger than in the United States. However, this also exposes CNR to risks related to international trade policies, currency fluctuations, and geopolitical events. The company must carefully manage these risks to ensure the continued success of its export operations.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
104.3%
Sector: -1.2%
-9015% VS SCTR
Economic Moat Analysis
Core Natural Resources possesses a narrow economic moat, primarily derived from its cost advantages and the strategic location of its CONSOL Marine Terminal. The company's PAMC segment benefits from economies of scale and efficient mining operations, allowing it to produce bituminous coal at a relatively low cost. This cost advantage enables CNR to compete effectively in the coal market and maintain its profitability, even during periods of low coal prices.
The CONSOL Marine Terminal provides a significant competitive advantage by facilitating the export of coal to international markets. The terminal's location in the Port of Baltimore offers access to major shipping lanes, making it a crucial gateway for coal exports from the Appalachian region. The limited availability of similar export terminals in the area creates a barrier to entry for potential competitors, further strengthening CNR's moat.
However, the company's moat is not wide due to the inherent cyclicality of the coal industry and the increasing pressure from alternative energy sources. The demand for coal is highly sensitive to economic conditions, energy prices, and environmental regulations. The rise of natural gas, renewable energy, and nuclear power as cleaner and more sustainable alternatives poses a long-term threat to the coal industry and erodes CNR's competitive advantage.
Furthermore, the coal industry is characterized by intense competition, with numerous producers vying for market share. CNR's ability to maintain its cost advantages and export capabilities is crucial for sustaining its narrow moat. The company must continuously invest in improving its operational efficiency, reducing its environmental impact, and adapting to the evolving energy landscape to protect its competitive position.
Financial Health & Profitability
Core Natural Resources' financial health presents a mixed picture. While the company has demonstrated substantial revenue growth, its profitability and cash flow generation have been inconsistent. The TTM revenue of $4.16 billion represents a significant increase compared to $2.15 billion in FY2024, driven by increased demand and higher coal prices. However, the company reported a net loss of $153.22 million for the TTM period, contrasting sharply with the net income of $286.40 million in FY2024 and $655.89 million in FY2023.
The negative net income is reflected in the company's low ROE of 0.7%, which is significantly below the sector average of 6.9%. The company's gross margin of 36.0% is also lower than the sector average of 55.1%, indicating potential inefficiencies in its cost structure. The operating margin of 3.2% is significantly below the sector average of 10.6%, further highlighting the company's profitability challenges.
CNR's free cash flow is a major concern, with a TTM value of negative $2.45 billion. This is a significant deterioration compared to the positive free cash flow of $191.44 million in FY2024 and $653.33 million in FY2023. The negative free cash flow raises questions about the company's ability to fund its operations, invest in growth initiatives, and repay its debt.
The company's balance sheet is relatively healthy, with total cash of $444.67 million and total debt of $394.82 million. The current ratio of 1.60 indicates that CNR has sufficient liquid assets to cover its short-term liabilities. However, the company's debt-to-equity ratio of 11.00 is significantly lower than the sector average of 55.00, suggesting that CNR is less leveraged than its peers. The recent quarterly financial history shows fluctuating net income and operating margins, indicating volatility in the company's financial performance. The negative operating margins in recent quarters are particularly concerning and warrant close monitoring.
Valuation Assessment
Core Natural Resources' valuation is a point of concern, particularly when considering its recent financial performance. The company's P/E ratio of 223.9x is significantly higher than the sector average of 19.5x, suggesting that the stock is overvalued relative to its earnings. This high P/E ratio may reflect investor expectations of future earnings growth, but it also carries a significant risk of correction if the company fails to meet those expectations.
The EV/EBITDA ratio of 3.3x is slightly below the sector average of 3.5x, which could indicate that the company is undervalued based on its enterprise value and EBITDA. However, given the company's negative net income and free cash flow, the EV/EBITDA ratio may not be a reliable indicator of its true value.
The company's negative free cash flow further complicates the valuation assessment. A negative free cash flow yield suggests that the company is not generating enough cash to justify its current market capitalization. Investors should carefully consider the company's ability to improve its free cash flow generation before making an investment decision.
Overall, CNR's valuation appears to be stretched, particularly given its recent financial performance and the inherent risks associated with the coal industry. The high P/E ratio and negative free cash flow raise concerns about the stock's potential for future appreciation. Investors should exercise caution and conduct thorough due diligence before investing in CNR.
Risk & Uncertainty
Core Natural Resources faces several significant risks that could negatively impact its business and financial performance. One of the most pressing risks is the increasing regulatory pressure on the coal industry. Governments around the world are implementing stricter environmental regulations to reduce carbon emissions, which could lead to a decline in demand for coal. CNR must adapt to these regulations by investing in cleaner coal technologies or diversifying its energy sources.
Another major risk is the competition from alternative energy sources, such as natural gas, renewable energy, and nuclear power. These alternatives are becoming increasingly cost-competitive and environmentally friendly, which could further erode the demand for coal. CNR must innovate and find ways to compete with these alternatives to maintain its market share.
The company is also exposed to risks related to commodity price fluctuations. The price of coal is highly volatile and can be affected by factors such as supply and demand, weather conditions, and geopolitical events. CNR must manage its commodity price risk through hedging strategies or other risk management techniques.
Furthermore, CNR faces operational risks related to its mining operations. These risks include accidents, equipment failures, and geological challenges. The company must invest in safety measures and maintenance programs to mitigate these risks. The company's reliance on the CONSOL Marine Terminal also exposes it to risks related to port operations, shipping disruptions, and international trade policies. Any disruption to the terminal's operations could significantly impact CNR's export capabilities and financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCNR's strategic location and export capabilities through the CONSOL Marine Terminal provide a significant competitive advantage, allowing it to capitalize on international coal demand.
BULL VIEWThe company's recent revenue growth demonstrates its ability to capture market share and benefit from favorable coal prices, suggesting a strong potential for future earnings growth.
BULL VIEWCNR's low debt-to-equity ratio provides financial flexibility and allows the company to invest in growth initiatives and adapt to changing market conditions.
The Bear Case
BEAR VIEWCNR's negative net income and free cash flow raise serious concerns about its operational efficiency and ability to generate sustainable profits.
BEAR VIEWThe company's high P/E ratio suggests that the stock is overvalued, making it vulnerable to a significant correction if earnings fail to meet expectations.
BEAR VIEWIncreasing regulatory pressure and competition from alternative energy sources pose a long-term threat to the coal industry and CNR's business model.
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 CNR and 4,400+ other equities.
Core Natural Resources, Inc. exhibits a 335% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
0.4%
Sector: 3.7%
Gross Margin
Pricing power and cost efficiency
36.0%
Sector: 52.7%
Operating Margin
Core business profitability
3.2%
Sector: 10.7%
Net Margin
Bottom-line profitability
2.6%
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.
Sector Avg Yield1.89%
Yield Delta-65%
Income Projection audit
A $10,000 investment would generate approximately $66 annually in dividends at the current trailing rate.
