Whitehaven Coal Limited (AU:WHC)
ASX:WHC
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Whitehaven Coal Limited
(Sydney:WHC)
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Rating:66Neutral
Price Target:
AU$10.00
▲(8.34% Upside)
Action:ReiteratedDate:02/19/26
The score is driven primarily by solid financial performance (healthy operating margins and manageable leverage) and a reasonable valuation (P/E ~10.5). Offsetting these positives are mixed technicals (soft momentum and below the 20-day average) and earnings-call risks tied to coal price pressure, higher costs, and elevated finance/depreciation—partially mitigated by reaffirmed guidance, planned cost-out, and expected refinancing benefits.
Positive Factors
High margins
Robust EBITDA and EBIT margins indicate durable operating profitability and strong cost recovery on produced coal. High margins provide ongoing cash generation to fund sustaining capex, dividends and buybacks, cushioning the business through commodity cycles and supporting reinvestment and deleveraging.
Negative Factors
Price sensitivity
A$35/t price-driven margin erosion shows earnings are materially exposed to coal price moves. Persistent weaker contract or spot pricing would structurally reduce EBITDA and free cash flow, constraining investment, debt service and shareholder returns until prices recover or costs are permanently lowered.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins
Robust EBITDA and EBIT margins indicate durable operating profitability and strong cost recovery on produced coal. High margins provide ongoing cash generation to fund sustaining capex, dividends and buybacks, cushioning the business through commodity cycles and supporting reinvestment and deleveraging.
Read all positive factors
Whitehaven Coal Limited (WHC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$7.56B
Dividend Yield1.92%
Average Volume (3M)4.24M
Price to Earnings (P/E)23.2
Beta (1Y)0.52
Revenue Growth52.51%
EPS Growth82.60%
CountryAU
Employees2,500
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)0.09
Shares Outstanding826,094,540
10 Day Avg. Volume5,219,250
30 Day Avg. Volume4,239,115
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.76
Price to Sales (P/S)0.75
P/FCF Ratio5.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$8.74Price Target Upside-5.28% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.24
Revenue Forecast (FY)AU$5.28B
Whitehaven Coal Limited Business Overview & Revenue Model
Company Description
Whitehaven Coal Limited develops and operates coal mines in New South Wales and Queensland. It operates through three segments: Open Cut Operations, Underground Operations, and Coal Trading and Blending. The company produces metallurgical and ther...
How the Company Makes Money
WHC primarily makes money by mining coal and selling it under contracts and spot sales to customers, generating revenue based on volumes shipped and realized coal prices (typically referenced to market indices and adjusted for coal quality and del...
Whitehaven Coal Limited Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call presents a cautiously positive outlook. Management highlighted a solid operational platform (20Mt ROM, AUD 2.5bn revenue, AUD 446m underlying EBITDA), strong balance sheet metrics (net debt AUD 710m, AUD 1.5bn liquidity) and active capital returns (dividend and buyback) while outlining a clear program to deliver AUD 60–80m of further cost savings and to refinance high-cost acquisition debt. However, the company faces meaningful near-term headwinds: a ~AUD 35/t price reduction that materially depressed EBITDA year-on-year, an underlying net loss of AUD 19m, elevated depreciation and finance costs from the recent acquisition, and Queensland cost pressures (reset to AUD 140–145/t) driven by inflation, demurrage and some productivity shortfalls (AHS). Management frames many issues as temporary or manageable and expects improved pricing and refinancing benefits in H2. Overall the positives (operational resilience, cash generation, balance sheet strength, active cost-out program and capital returns) slightly outweigh the headwinds, but risks remain until prices firm further and refinancing/cost programs are delivered.Positive Updates
Strong operational volumes and platform for H2
ROM production of ~20.0 million tonnes in H1 FY26 (Queensland ~10.3Mt; New South Wales ~9.7Mt). Sales momentum carried into the new quarter with a Q4 run rate ~11Mt. Managed sales of 6.2Mt and strong site contributions (Blackwater 7.3Mt; Daunia 3.1Mt; Narrabri ~9.74Mt). Group guidance unchanged with managed-level FY26 target ~41Mt.
Negative Updates
Price-driven earnings headwind
Realised price weakness caused an approximate AUD 35/t reduction in margin versus the prior period; management attributed price and volume movements to a combined negative EBITDA impact of ~AUD 505–552 million year-on-year in the EBITDA bridge.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong operational volumes and platform for H2
ROM production of ~20.0 million tonnes in H1 FY26 (Queensland ~10.3Mt; New South Wales ~9.7Mt). Sales momentum carried into the new quarter with a Q4 run rate ~11Mt. Managed sales of 6.2Mt and strong site contributions (Blackwater 7.3Mt; Daunia 3.1Mt; Narrabri ~9.74Mt). Group guidance unchanged with managed-level FY26 target ~41Mt.
Read all positive updates
Company Guidance
The company reaffirmed FY‑26 guidance with group ROM and managed sales targeting ~41.0 Mt at the upper end, having delivered 20.0 Mt in H1 (Queensland ROM 10.3 Mt, NSW ROM 9.7 Mt) and equity sales of 12.8 Mt (managed sales 6.2 Mt; H1 sales QLD 7.8 Mt, NSW 8.5 Mt); H1 revenue was A$2.5bn, underlying EBITDA A$446m and statutory NPAT A$69m, with average realized price A$189/t (QLD A$212/t, NSW A$168/t, PLV A$192) and an H1 cost-in‑sale of A$135/t (group cost guidance A$130–145/t, QLD 5‑year FOB reset to A$140–145/t). Management expects to deliver A$60–80m of cost savings by year‑end, starts a new above‑rail contract saving A$3/t from July (≈A$1.50/t group), remains on track with ~A$157m H1 CapEx, declared a A$0.04 fully franked interim dividend and a buyback program of up to A$32m (A$64m combined dividends/buybacks in H1), finished H1 with net debt A$710m, A$1.5bn liquidity, ~11% gearing and ~0.8x leverage, and plans to refinance the US$1.1bn acquisition facility before 30 June with expected pricing in the mid‑single digits (preferably starting with a 6 or 7).Whitehaven Coal Limited Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.88B | 5.83B | 3.82B | 6.06B | 4.92B | 1.56B |
| Gross Profit | 1.13B | 2.04B | 1.91B | 4.59B | 3.60B | 418.93M |
| EBITDA | 1.63B | 2.12B | 930.00M | 4.11B | 3.07B | -388.68M |
| Net Income | 641.00M | 649.00M | 355.00M | 2.67B | 1.95B | -543.91M |
Balance Sheet | ||||||
| Total Assets | 11.52B | 11.83B | 13.31B | 7.61B | 6.24B | 4.65B |
| Cash, Cash Equivalents and Short-Term Investments | 1.09B | 1.21B | 405.00M | 2.78B | 1.22B | 95.20M |
| Total Debt | 2.10B | 2.03B | 1.89B | 188.95M | 244.70M | 992.71M |
| Total Liabilities | 5.83B | 6.13B | 8.04B | 2.35B | 2.03B | 1.95B |
| Stockholders Equity | 5.69B | 5.70B | 5.27B | 5.26B | 4.21B | 2.71B |
Cash Flow | ||||||
| Free Cash Flow | 265.00M | 737.00M | -127.00M | 3.34B | 2.37B | 45.37M |
| Operating Cash Flow | 576.00M | 1.13B | 327.00M | 3.58B | 2.52B | 136.23M |
| Investing Cash Flow | -5.00M | 16.00M | -3.81B | -306.94M | -177.19M | -103.59M |
| Financing Cash Flow | -291.00M | -319.00M | 1.12B | -1.72B | -1.23B | -44.19M |
Whitehaven Coal Limited Technical Analysis
Positive
9.23
Price Trends
8.73
Positive
8.09
Positive
7.25
Positive
Market Momentum
0.18
Negative
57.67
Neutral
42.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WHC, the sentiment is Positive. The current price of 9.23 is above the 20-day moving average (MA) of 8.84, above the 50-day MA of 8.73, and above the 200-day MA of 7.25, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 57.67 is Neutral, neither overbought nor oversold. The STOCH value of 42.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WHC.
Whitehaven Coal Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$4.77B | 17.50 | 5.87% | 8.48% | -1.53% | -7.57% | |
72 Outperform | AU$11.04B | 14.86 | 4.93% | 11.73% | -8.45% | -24.30% | |
67 Neutral | AU$2.52B | -28.57 | -3.46% | 7.32% | -18.98% | -99.05% | |
66 Neutral | AU$7.56B | 23.23 | 11.25% | 1.92% | 52.51% | 82.60% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
50 Neutral | AU$127.23M | -13.68 | -2.06% | ― | -5.47% | -86.96% | |
44 Neutral | AU$536.47M | -0.80 | -52.66% | 4.79% | -23.91% | -352.91% |
* Energy Sector Average
AU:WHC
Whitehaven Coal Limited
9.23
3.84
71.15%
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Whitehaven Coal Limited Corporate Events
Whitehaven Director Mark Vaile Trims Indirect Stake in Coal Miner
Mar 26, 2026
Whitehaven Coal has disclosed a change in the indirect shareholding of director The Hon Mark Vaile, as required under Australian securities rules. The filing notes that Vaile holds his interest through Wendmar Pty Limited acting as trustee for the...
Whitehaven CEO Sells Shares but Retains Major Stake
Mar 20, 2026
Whitehaven Coal has disclosed that Managing Director and CEO Paul Flynn has sold 991,692 company shares for personal reasons, including meeting personal tax obligations. Despite the sale, Flynn maintains a substantial stake in the business, holdin...
Whitehaven Coal Issues 1.7m New Shares From Unquoted Security Conversions
Mar 20, 2026
Whitehaven Coal has notified the ASX of the issue of additional ordinary fully paid shares arising from the conversion or exercise of previously unquoted equity securities. The company will add a total of 1,721,255 new WHC shares across three issu...
Whitehaven Coal CEO Adjusts Equity Stake Through Performance Rights Exercise and Share Sale
Mar 20, 2026
Whitehaven Coal has disclosed changes in Managing Director Paul Flynn’s holdings, reflecting routine adjustments under the company’s executive incentive arrangements. Flynn exercised 736,409 vested performance rights, receiving 991,692...
Whitehaven Coal Provides Daily Update on On-Market Share Buy-Back
Mar 12, 2026
Whitehaven Coal Limited has reported an update to its on-market share buy-back program, confirming that it is repurchasing its ordinary fully paid shares under the existing mandate first notified on 19 February 2026. The latest daily notification,...
Whitehaven Coal Secures Public Credit Ratings to Support Refinancing Drive
Mar 11, 2026
Whitehaven Coal has received public credit ratings from the three major global agencies, with SP Global Ratings and Fitch Ratings assigning BB+ issuer ratings and Moody’s issuing a Ba1 corporate family rating, all with stable outlooks. SP an...
Whitehaven Coal Updates Market on Progress of On-Market Share Buy-Back
Mar 11, 2026
Whitehaven Coal Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that, as of the latest daily update dated 12 March 2026, it had repurc...
Whitehaven Coal Reports Daily Progress in On‑Market Share Buy‑Back
Mar 9, 2026
Whitehaven Coal Limited has reported an update to its ongoing on‑market share buy‑back program, confirming that it is repurchasing its ordinary fully paid shares under the code WHC. The company disclosed that a cumulative 746,636 share...
Whitehaven Coal Updates Daily On‑Market Share Buy‑Back Figures
Mar 8, 2026
Whitehaven Coal Limited has provided an updated notification of its on-market share buy-back, covering ordinary fully paid shares under the ASX code WHC. The latest filing confirms the program’s ongoing status and adjusts cumulative figures ...
Whitehaven Coal Updates Daily On-Market Share Buy-Back Totals
Mar 5, 2026
Whitehaven Coal Limited has provided an updated notification of its on-market share buy-back program for ordinary fully paid shares listed under ASX code WHC. The update, dated 6 March 2026, reports that a cumulative total of 698,009 shares had be...
Whitehaven Coal Updates ASX on Progress of On‑Market Share Buy‑Back
Mar 3, 2026
Whitehaven Coal has provided an updated notification to the ASX regarding its on‑market share buy‑back program for its ordinary fully paid shares. The latest filing notes that a total of 632,569 shares had been repurchased before the p...
Whitehaven Coal Updates Daily On-Market Share Buy-Back Totals
Mar 2, 2026
Whitehaven Coal Limited has disclosed updated details of its on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 577,305 shares had been repurchased before the previous trading day, with an add...
Whitehaven Coal Continues On‑Market Share Buy‑Back Program
Mar 1, 2026
Whitehaven Coal Limited, an ASX-listed coal producer, is continuing its on‑market share buy‑back program for its ordinary fully paid shares. The company is using daily buy‑back notifications to inform investors of the ongoing rep...
Whitehaven Coal Updates Market on Ongoing On-Market Share Buy-Back
Feb 25, 2026
Whitehaven Coal Limited, an Australian-listed coal producer trading under ticker WHC, operates in the thermal and metallurgical coal sector serving both domestic users and export customers. Its activities are closely tied to regional energy and st...
Whitehaven Director Increases Shareholding via On-Market Purchase
Feb 25, 2026
Whitehaven Coal has disclosed a change in the shareholding of director Mick McCormack, who increased his direct interest in the company through an on-market trade. On 20 February 2026, McCormack acquired 10,000 ordinary shares for a consideration ...
Whitehaven Wins Dismissal of Boardwalk Milestone Share Lawsuit
Feb 24, 2026
Whitehaven Coal Limited has secured a favourable outcome in long-running legal proceedings related to 34 million Milestone Shares issued as part of its 2012 acquisition of Boardwalk Resources. The Supreme Court of New South Wales has dismissed rep...
Whitehaven Coal Reports Daily Progress in On‑Market Share Buy‑Back
Feb 23, 2026
Whitehaven Coal Limited has reported an update to its on‑market share buy‑back program for its ordinary fully paid shares on the ASX. The company disclosed that a total of 242,024 shares had been repurchased prior to the previous day, ...
Whitehaven Coal Updates Market on Daily Progress of Share Buy-Back
Feb 22, 2026
Whitehaven Coal Limited has provided an update on its on-market share buy-back program, confirming a daily buy-back notification for its ordinary fully paid shares. The company reported that 242,024 shares were repurchased on the previous trading ...
Whitehaven Coal Lifts Output and Cuts Costs as Markets Improve
Jan 28, 2026
Whitehaven Coal reported a robust second quarter of FY26, with managed run-of-mine (ROM) production rising 21% quarter-on-quarter to 11.0Mt and equity sales of produced coal up 18% to 7.0Mt, underpinned by strong operational performance in both Qu...
Whitehaven Coal Cuts Issued Capital via Share Buy-Back and Lapse of Performance Rights
Jan 6, 2026
Whitehaven Coal Limited has cancelled 1,896,846 ordinary fully paid shares following an on‑market buy‑back completed on 23 December 2025, reducing its issued capital. In addition, 2,975 performance share rights lapsed on 16 December 20...
Whitehaven Coal Grants Additional Performance Rights to CEO Under Incentive Plan
Dec 30, 2025
Whitehaven Coal has disclosed a change in managing director Paul Flynn’s interest in the company’s securities, with the grant of 357,560 additional performance rights under his Single Incentive Plan arrangements. Approved by shareholde...
Whitehaven Coal Issues Over 1.7 Million Unquoted Performance Rights Under Incentive Scheme
Dec 30, 2025
Whitehaven Coal has notified the market of the issuance of unquoted performance share rights under its employee incentive scheme, with a total of 64,622 rights granted on 10 December 2025 and a further 1,657,497 rights issued on 19 December 2025. ...
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.
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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.