Education
About Us
Working with TipRanks
Follow Us
Coronado Global Resources Inc. Shs Chess Depository Interests Repr 10 Sh (AU:CRN)
ASX:CRN
Top Page
Coronado Global Resources Inc. Shs Chess Depository Interests Repr 10 Sh
(Sydney:CRN)
Select Model
Select Model
Rating:44Neutral
Price Target:
AU$0.34
▼(-2.86% Downside)
Action:ReiteratedDate:02/25/26
The score is held down primarily by weak current financial performance (loss-making with negative operating/free cash flow and higher leverage). Technical indicators also point to a weak trend and negative momentum. Valuation is partially supported by the dividend yield, but the negative P/E reflects underlying losses and limits upside confidence.
Positive Factors
Structural end-market exposure
Coronado’s core product is metallurgical (coking) coal for blast-furnace steelmaking sold into seaborne export markets. That exposure ties the business to a durable, industrial steelmaking demand pool and provides geographic/customer diversification that supports multi-months to multi-year revenue stability in upcycles.
Proven cash generation in upcycles
The company generated strong operating and free cash flow in the 2021–2022 upcycle, demonstrating its underlying asset-level cash conversion when coal prices are favorable. That historical track record indicates the business can restore cash generation and deleverage when market fundamentals recover.
Sizable equity base relative to debt
Although leverage has risen, the firm still retains a meaningful equity buffer versus debt and leverage is described as not extreme for the sector. That relative balance-sheet cushion provides resilience to absorb cyclical volatility and preserves optionality for refinancing or capital allocation during recovery periods.
Negative Factors
Negative operating and free cash flow
The company is currently burning cash with both operating cash flow and free cash flow deeply negative. Sustained cash burn undermines liquidity and increases funding risk, forcing reliance on external financing or asset sales, which can impair operational continuity and investment in maintenance or growth over the coming months.
Collapsed margins and loss-making
Despite higher revenues, gross margin has fallen to ~5% and the firm is loss-making with net margin around -17%. This sharp margin deterioration signals a structural price-to-cost mismatch or adverse product mix, reducing ability to self-fund operations and eroding equity unless margins recover sustainably.
Rising leverage and shrinking equity
Debt-to-equity rising to ~0.81 while equity declines materially tightens financial flexibility. Higher leverage during a loss cycle raises refinancing and covenant risk, limits capital expenditure capacity, and increases vulnerability if commodity weakness persists for multiple quarters.
Coronado Global Resources Inc. Shs Chess Depository Interests Repr 10 Sh (CRN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$586.76M
Dividend Yield4.79%
Average Volume (3M)11.73M
Price to Earnings (P/E)―
Beta (1Y)1.86
Revenue Growth-23.91%
EPS Growth-352.91%
CountryAU
Employees1,951
SectorBasic Materials
Sector Strength58
IndustryCoal
Share Statistics
EPS (TTM)-2.22
Shares Outstanding1,676,453,700
10 Day Avg. Volume8,600,507
30 Day Avg. Volume11,731,932
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.55
Price to Sales (P/S)0.18
P/FCF Ratio-1.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.39Price Target Upside12.00% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)<0.01
Revenue Forecast (FY)AU$2.41B
Coronado Global Resources Inc. Shs Chess Depository Interests Repr 10 Sh Business Overview & Revenue Model
Company DescriptionCoronado Global Resources Inc., together with its subsidiaries, produces, markets, and exports metallurgical coal. The company owns a portfolio of operating mines and development projects in Queensland, Australia; and Virginia, West Virginia, and Pennsylvania in the United States. It also holds interest in the Buchanan, Logan, Greenbrier, Mon Valley, and Russell County mining properties located in the Central Appalachian region of the United States. The company was founded in 2011 and is headquartered in Brisbane, Australia. Coronado Global Resources Inc. is a subsidiary of Coronado Group LLC.
How the Company Makes MoneyCoronado Global Resources generates revenue primarily through the sale of metallurgical coal, which is used in steel production. The company's revenue model is built around its mining operations, including extraction, processing, and marketing of coal products to various steel producers worldwide. Key revenue streams include long-term contracts with major customers, spot market sales, and potential partnerships with industry players that enhance distribution capabilities. Additionally, fluctuations in global coal prices and demand for steel directly impact Coronado's earnings, making strategic market positioning and operational efficiency essential for profitability.
Coronado Global Resources Inc. Shs Chess Depository Interests Repr 10 Sh Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call conveyed a clear operational and financial turnaround: production and sales volumes improved, unit costs materially declined, expansion projects (Buchanan and Mammoth) delivered incremental capacity, and balance-sheet and liquidity positions were strengthened through a $265M ABL facility and Stanwell support expected to add $200–$250M in FY2026. Near-term challenges include two recent fatalities under investigation, Cyclone Koji and rail/port disruptions affecting Q1 timing, Mammoth regulatory directives that temporarily constrain coal-winning activity, and structural softness/uncertainty in the U.S. high-vol met coal market. On balance, operational momentum, cost reductions, completed capital investments and robust liquidity mechanisms outweigh the near-term operational and safety headwinds, positioning the company for stronger cash generation if market prices hold.Q4-2025 Updates
Positive Updates
Higher Annual Saleable Production
Full-year saleable production of 16.0 million tonnes, a 4% increase year-on-year, with exit run rates that outperformed guidance and the highest quarterly and half-year sales volumes since 2021.
Material Cost Reductions and Improved Unit Costs
Group average mining cost improved to approximately $97.6 per tonne in FY2025 (down from ~$107/t in FY2024), reflecting roughly a 9–10% year-on-year reduction; ROM production cost averaged $56/t (a ~15% improvement over the past two years). The business achieved roughly USD 300 million in operating cost reductions versus the prior year.
Expansion Projects Delivering Incremental Volume and Capacity
Buchanan expansion and Mammoth Underground reached expected run rates in H2, contributing approximately 1 million tonnes of incremental saleable production across the group for the year. System capacity is ~16% above pre-investment levels, and Curragh ran consistently above 1 million tonnes per month in H2.
Strong Buchanan Monthly Performance
In December Buchanan generated ~400,000 tonnes of saleable production, produced ~$20 million of EBITDA and achieved a $67/tonne unit rate for the month, demonstrating the expansion’s immediate benefits.
Improved Asset-Level Cost Position
Curragh and Buchanan averaged around $86/t over the last three quarters, placing those assets in the midpoint of the industry cost curve and indicating a structural shift to a lower-cost operating base.
Completed Major Investment Phase and Lower CapEx
Capital spend for FY2025 was $245 million (at the bottom end of guidance) with Q4 CapEx of $38 million, signaling completion of the major investment phase and expected lower capital expenditure in FY2026.
Strengthened Liquidity and Capital Structure Support
Closed December with $173 million cash on hand; secured a 5-year, $265 million covenant-light ABL facility at 9% (fully drawn in December) which enabled repayment of the Oaktree facility; high-yield notes mature in 2029, giving no near-term maturities.
Material Near-Term Cash Flow Support from Stanwell
Stanwell liquidity mechanisms (including rebate forgiveness and prepayments) provided $150 million mid-2025 and are expected to deliver an additional $200–$250 million of cash flow uplift in FY2026 depending on prices and nominated tonnages, improving near-term liquidity protection.
Favorable Price Momentum
PLV hard coking coal Australian index averaged ~$200/t in Q4 and peaked at ~$219/t late in the quarter; management noted PLV indices have risen roughly 30% over the prior three months, supporting margin upside in FY2026.
Negative Updates
Two Fatal Incidents and Ongoing Safety Investigations
Two tragic fatalities occurred since mid-December (one in the U.S. and one in Australia). Investigations are ongoing, with regulator engagement at Mammoth (Section 201 report due within the 20-day milestone) and directives currently constraining some coal-winning activities until cleared.
Operational Disruption at Mammoth and Short-Term Production Variability
Mammoth is subject to regulatory directives and investigations which have temporarily constrained coal-winning works; management indicated CHPP upgrade works early in the year may moderate March-quarter production and cyclone impacts add variability to Q1 performance.
Cyclone Koji and Weather-Related Logistics Impact
Cyclone Koji affected the Bowen Basin and rail/port logistics, producing variability in Q1; vessel delays into January increased site and port inventories and some destocking could extend into Q2, creating short-term working capital and volume timing risk.
U.S. High-Volatile Met Coal Market Challenges
The U.S. high-volatile met coal market remains structurally challenged with oversupply, tariff and trade uncertainty, and reduced domestic steel demand; this narrows market access for products like Logan and creates pricing/contract negotiation delays for U.S. domestic volumes.
Short-Term Production Constraints from Longwall Conditions
Technical conditions in northern and southern Longwalls (Oct–Nov) constrained production, causing a modest quarter-on-quarter reduction before improvements in December.
High Gross Debt Relative to Market Capitalization
Despite improved cash generation prospects, total drawn facilities and obligations (e.g., $265M ABL plus existing high-yield debt and other liabilities) remain substantial and materially larger than the company’s market cap, creating an ongoing focus on deleveraging and potential minority asset disposals.
Uncertainty Over Minority Asset Disposal Timing and Value
The company is progressing with potential minority asset sales to accelerate deleveraging, but timing and pricing remain subject to market and valuation dynamics despite improved commodity prices.
Company Guidance
The company guided that FY25 delivered 16.0 Mt saleable production (+4% y/y) and exited the year with run‑rates outperforming guidance, with Q4 the highest quarterly sales since 2021 (sales +11% QoQ); FY25 group average mining cost was ~$97.6/t (vs $107/t in FY24 and $108/t in FY23) at an average FX of $0.645, ROM production cost ~$56/t (15% improvement over two years) and operating costs reduced by ~ $300m YoY; FY25 CapEx was $245m (bottom of guidance) with $38m in Q4; Curragh 2H saleable production was ~36% higher than 1H and consistently >1 Mt/month, both Curragh and Buchanan averaged ~ $86/t over the last three quarters, Mammoth ran three panels and achieved ~2 Mt/year run‑rate in Q4 (Q4 mining cost below the low end of guidance) and CHPP upgrades/2‑week Feb plant shutdown may moderate March‑quarter volumes but are expected to lift margin, Buchanan’s expansion added ~1 Mt incremental saleable tonnes and system capacity is ~16% above pre‑investment levels (December: ~400 kt saleable, ~$20m EBITDA and $67/t unit rate; month PLV ~$212/t), liquidity closed Dec with $173m cash, drew a 5‑year $265m covenant‑light ABL at 9% (no earnings covenants for two years) and repaid Oaktree, Stanwell provided $150m mid‑2025 and the reset is expected to add ~ $200–250m cashflow in FY26 (rebate forgiveness ~ $100m plus prepayments; triggers tied to cash balances <$250m/<$200m), high‑yield notes mature 2029, and management expects lower FY26 CapEx, continued cost control, higher volumes from expansions, stronger cash generation and will release FY25 results and formal FY26 guidance on 24 Feb 2026.Coronado Global Resources Inc. Shs Chess Depository Interests Repr 10 Sh Financial Statement Overview
Summary
Recent fundamentals are weak: despite sharply higher TTM revenue (+172%), profitability has deteriorated (gross margin ~5%, net margin ~-17%), cash generation is negative (operating cash flow and free cash flow are negative), and leverage has risen (debt-to-equity ~0.81) while equity declined.Income Statement
Profitability has deteriorated sharply into TTM (Trailing-Twelve-Months): revenue is up (+172%), but margins collapsed (gross margin ~5%) and the company is deeply loss-making (net margin ~-17%). This is a major reversal from 2021–2022 when profits and margins were strong, highlighting high earnings volatility consistent with a cyclical coal price/cost environment.27
Negative
Balance Sheet
Leverage has increased meaningfully: debt-to-equity rose from ~0.26 (2023) and ~0.49 (2024) to ~0.81 in TTM (Trailing-Twelve-Months), while equity declined and returns on equity are negative. Still, the company retains a sizable equity base versus debt, and overall leverage is not extreme for a cyclical commodity producer—but the current loss cycle reduces balance-sheet flexibility.52
Neutral
Cash Flow
Cash generation weakened materially in TTM (Trailing-Twelve-Months) with negative operating cash flow and deeply negative free cash flow, implying cash burn during the downturn. This contrasts with 2021–2022, when operating cash flow and free cash flow were strongly positive, underscoring heightened volatility and a higher funding risk profile if weak conditions persist.24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.02B | 2.44B | 2.83B | 5.25B | 2.96B |
| Gross Profit | -29.13M | 729.88M | 1.10B | 2.21B | 1.04B |
| EBITDA | -129.47M | 80.28M | 341.28M | 1.78B | 661.28M |
| Net Income | -447.12M | -108.88M | 156.06M | 1.13B | 260.71M |
Balance Sheet | |||||
| Total Assets | 2.99B | 2.52B | 2.68B | 3.75B | 3.39B |
| Cash, Cash Equivalents and Short-Term Investments | 173.15M | 339.63M | 361.20M | 491.54M | 602.72M |
| Total Debt | 892.23M | 530.92M | 322.74M | 395.09M | 473.23M |
| Total Liabilities | 2.34B | 1.44B | 1.43B | 2.13B | 1.90B |
| Stockholders Equity | 650.18M | 1.07B | 1.25B | 1.62B | 1.48B |
Cash Flow | |||||
| Free Cash Flow | -336.11M | -174.10M | 31.08M | 1.07B | 484.94M |
| Operating Cash Flow | -82.79M | 74.04M | 268.28M | 1.36B | 608.34M |
| Investing Cash Flow | -309.15M | -226.34M | -238.17M | -208.34M | -134.33M |
| Financing Cash Flow | 215.23M | 162.76M | -24.68M | -784.25M | 80.84M |
Coronado Global Resources Inc. Shs Chess Depository Interests Repr 10 Sh Technical Analysis
Positive
0.35
Price Trends
0.37
Negative
0.34
Positive
0.29
Positive
Market Momentum
-0.01
Negative
52.33
Neutral
78.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CRN, the sentiment is Positive. The current price of 0.35 is above the 20-day moving average (MA) of 0.33, below the 50-day MA of 0.37, and above the 200-day MA of 0.29, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 52.33 is Neutral, neither overbought nor oversold. The STOCH value of 78.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:CRN.
Coronado Global Resources Inc. Shs Chess Depository Interests Repr 10 Sh Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $8.37B | 14.86 | 11.04% | 11.73% | -8.45% | -24.30% | |
71 Outperform | AU$4.21B | 8.03 | 17.04% | 8.48% | -1.53% | -7.57% | |
66 Neutral | AU$7.13B | 23.23 | 11.40% | 1.92% | 52.51% | 82.60% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | AU$2.63B | -28.57 | 0.15% | 7.32% | -18.98% | -99.05% | |
50 Neutral | AU$146.43M | -13.68 | 1.34% | ― | -5.47% | -86.96% | |
44 Neutral | AU$586.76M | -0.80 | -36.13% | 4.79% | -23.91% | -352.91% |
* Basic Materials Sector Average
AU:CRN
Coronado Global Resources Inc. Shs Chess Depository Interests Repr 10 Sh
0.35
-0.17
-32.69%
AU:BRL
Bathurst Resources Ltd
0.61
-0.13
-17.57%
AU:NHC
New Hope Corporation Limited
4.99
1.31
35.67%
AU:WHC
Whitehaven Coal Limited
8.70
3.01
52.95%
AU:YAL
Yancoal Australia
6.34
0.96
17.73%
AU:SMR
Stanmore Resources Ltd
2.92
0.77
35.69%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.