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$9.50
▲(18.75% Upside)
Action:Reiterated
Date: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
Robust profitability margins
Sustained high EBITDA and EBIT margins indicate strong operational efficiency and cost control across mines and processing. These margins support recurring cash generation, funding of sustaining capex, dividends and buybacks, and provide buffer versus cyclical price swings over the coming months.
Negative Factors
Price-driven earnings headwind
Coal price deterioration has a direct and material effect on margins and EBITDA, eroding cash generation even with stable volumes. Given coal's cyclical nature, weak prices can persist for multiple quarters, limiting the durability of earnings and complicating investment and return plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust profitability margins
Sustained high EBITDA and EBIT margins indicate strong operational efficiency and cost control across mines and processing. These margins support recurring cash generation, funding of sustaining capex, dividends and buybacks, and provide buffer versus cyclical price swings over the coming months.
Read all positive factors
Whitehaven Coal Limited (WHC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$7.35B
Dividend Yield1.92%
Average Volume (3M)4.24M
Price to Earnings (P/E)11.8
Beta (1Y)0.29
Revenue Growth-13.80%
EPS Growth268.90%
CountryAU
Employees2,500
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)0.77
Shares Outstanding823,347,500
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$9.29Price Target Upside16.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.26
Revenue Forecast (FY)AU$5.42B
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 makes money primarily by selling coal it produces from its operated mines to customers under a mix of spot sales and longer-term contracts. Its key revenue stream is the sale of export coal—both thermal coal (used for power generation) and met...
Whitehaven Coal Limited Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 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
8.00
Price Trends
8.44
Positive
8.55
Positive
7.74
Positive
Market Momentum
0.17
Negative
63.33
Neutral
80.38
Negative
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 8 is below the 20-day moving average (MA) of 8.29, below the 50-day MA of 8.44, and above the 200-day MA of 7.74, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 63.33 is Neutral, neither overbought nor oversold. The STOCH value of 80.38 is Negative, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$9.05B | 20.56 | 4.93% | 11.73% | -13.48% | -63.82% | |
66 Neutral | AU$7.35B | 11.85 | 11.25% | 1.92% | -13.80% | 268.90% | |
66 Neutral | AU$4.94B | 32.20 | 5.87% | 8.48% | -20.55% | -72.75% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | AU$2.50B | -36.86 | -4.42% | 7.32% | -19.76% | -125.65% | |
44 Neutral | AU$461.02M | -0.50 | -98.22% | 4.79% | -14.94% | -255.82% | |
41 Neutral | AU$8.08M | -0.02 | -425.94% | ― | ― | ― |
* Energy Sector Average
AU:WHC
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Whitehaven Coal Limited Corporate Events
Whitehaven Coal Updates Market on Ongoing Share Buy-Back Activity
Jun 2, 2026
Whitehaven Coal Limited has updated the market on its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest daily notification reported that a total of 2,989,696 shares had been repurchased before the previous day...
Whitehaven Coal Updates Market on Ongoing Share Buy-Back
May 31, 2026
Whitehaven Coal Limited has reported an update on its on-market share buy-back program involving its ordinary fully paid shares. The company disclosed that a total of 2,838,098 shares had been repurchased prior to the latest reporting date, with a...
Whitehaven Coal Updates Market on Progress of On‑Market Share Buy‑Back
May 28, 2026
Whitehaven Coal has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The update records a total of 2,747,062 shares repurchased prior to the latest reporting dat...
Whitehaven Coal Updates Market on Progress of On‑Market Share Buy‑Back
May 27, 2026
Whitehaven Coal Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program, covering ordinary fully paid shares under the code WHC. The latest daily filing reports that a total of 2,641,398 shares had b...
Whitehaven Coal Extends Daily On‑Market Share Buy‑Back
May 12, 2026
Whitehaven Coal Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest update confirms that, as of 13 May 2026, the company has repurchased a cu...
Whitehaven Coal updates market on ongoing on‑market share buy-back
May 8, 2026
Whitehaven Coal Limited, an Australian coal miner with ordinary fully paid shares listed on the ASX under code WHC, operates in the coal industry supplying thermal and metallurgical coal to domestic and export markets. The company actively manages...
Whitehaven Coal Continues On-Market Share Buy-Back Program
May 7, 2026
Whitehaven Coal Limited is continuing an on-market share buy-back of its ordinary fully paid shares, as disclosed in its latest Appendix 3C update. The company, identified on the ASX under the code WHC, is executing the buy-back as part of an ongo...
Whitehaven Coal updates daily on‑market share buy‑back totals
May 5, 2026
Whitehaven Coal Limited, an Australian coal producer listed as WHC, operates across the thermal and metallurgical coal markets serving both domestic and export customers. Its activities are closely watched by investors given the cyclical nature of...
Whitehaven Coal Reports Daily Progress on On‑Market Share Buyback
May 4, 2026
Whitehaven Coal Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buyback program for its ordinary fully paid shares. The filing confirms that a total of 1,458,026 shares had been repurchased prior...
Whitehaven Coal Reports Ongoing Daily Purchases Under On‑Market Buy‑Back
May 3, 2026
Whitehaven Coal Limited has provided an update on its on‑market share buy‑back program, confirming that it is repurchasing ordinary fully paid shares under an existing initiative first notified in February 2026. The latest daily notifi...
Whitehaven Coal lifts cumulative on-market buy-back to 1.44m shares
Apr 30, 2026
Whitehaven Coal Limited has reported an update to its on-market share buy-back program, confirming that it repurchased 16,356 ordinary fully paid shares in the latest trading day. This brings the cumulative total of shares bought back under the cu...
Whitehaven Coal Updates Market on Progress of On‑Market Share Buy‑Back
Apr 29, 2026
Whitehaven Coal Limited has provided an updated notification to the ASX detailing progress under its on-market share buy-back program for ordinary fully paid shares. The company reported that a total of 1,367,008 securities had been repurchased be...
Whitehaven Coal Maintains Strong Sales and Tight Cost Control Amid Seasonal Production Dip
Apr 27, 2026
Whitehaven Coal reported solid March quarter results, with managed run-of-mine production of 9.5 million tonnes, down 14% on the strong December quarter mainly due to Queensland wet-season disruptions, but year-to-date ROM output of 29.5 million t...
Whitehaven Coal Closes US$900m Senior Secured Notes to Refinance Acquisition Debt
Apr 22, 2026
Whitehaven Coal’s financing arm, Australian MetCoal Financing Pty Ltd, has closed a US$900 million senior secured notes offering to qualified institutional investors in the United States and select offshore markets. The notes, issued in two ...
Whitehaven Coal cuts funding costs with US$900m secured notes issue
Apr 15, 2026
Whitehaven Coal has priced US$900 million in senior secured notes through its subsidiary Australian MetCoal Financing, issuing two tranches of US$450 million maturing in 2031 and 2034 with coupon rates of 6.25% and 6.75% respectively. The notes, s...
Whitehaven Coal trims share count and lapses performance rights
Apr 13, 2026
Whitehaven Coal Limited has cancelled 1,367,008 ordinary fully paid shares as part of an on‑market buy‑back completed on April 2, 2026. The company also reported the lapse of 44,873 performance share rights on March 23, 2026 after the ...
Whitehaven Coal Secures US$600m Syndicated Facility to Refinance Debt and Cut Funding Costs
Apr 10, 2026
Whitehaven Coal has secured a new US$600 million senior secured syndicated facility, comprising a US$475 million term loan and a US$125 million revolving credit facility with a 4.5‑year tenor. The financing, which may be upsized by a further...
Whitehaven Coal Reports Daily Progress on On-Market Share Buy-Back
Mar 29, 2026
Whitehaven Coal Limited, a major Australian coal producer listed on the ASX, focuses on mining and exporting thermal and metallurgical coal to international markets. Its operations are closely watched by investors given the volatility of global co...
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...
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.