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Whitehaven Coal Limited
(Sydney:WHC)
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Rating:66Neutral
Price Target:
AU$7.50
▼(-3.23% Downside)
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
Strong margins
Robust operating margins and a positive net margin indicate durable unit profitability across mining operations. High EBITDA/EBIT margins provide a cushion versus commodity swings, support reinvestment and shareholder returns, and sustain cash generation through 2–6 month cycles.
Negative Factors
Price-driven margin pressure
Material sensitivity to seaborne coal prices means earnings and cash flow can deteriorate substantially if prices remain weak. A ~$35/t hit shows structural commodity exposure that can persist across quarters and constrain investment, debt paydown and returns until prices recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong margins
Robust operating margins and a positive net margin indicate durable unit profitability across mining operations. High EBITDA/EBIT margins provide a cushion versus commodity swings, support reinvestment and shareholder returns, and sustain cash generation through 2–6 month cycles.
Read all positive factors
Whitehaven Coal Limited (WHC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.27B
Dividend Yield1.29%
Average Volume (3M)4.24M
Price to Earnings (P/E)9.9
Beta (1Y)0.05
Revenue Growth-13.80%
EPS Growth268.90%
CountryAU
Employees4,221
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)0.77
Shares Outstanding822,323,800
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$8.52Price Target Upside9.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.63
Revenue Forecast (FY)AU$5.99B
Whitehaven Coal Limited Business Overview & Revenue Model
Company Description
Headquartered in Sydney, Australia, Whitehaven Coal Limited commenced operations in 1999, focusing on the development and management of coal mines. The company conducts its mining activities across New South Wales and Queensland, organizing its bu...
How the Company Makes Money
WHC makes money primarily by producing and selling coal. Its core revenue stream is the sale of coal (predominantly thermal coal) under a mix of spot sales and longer-term contracts, with realized revenue determined by sales volumes, the quality/s...
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
Neutral
7.75
Price Trends
7.78
Negative
8.11
Negative
8.07
Negative
Market Momentum
-0.02
Negative
55.26
Neutral
93.73
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WHC, the sentiment is Neutral. The current price of 7.75 is above the 20-day moving average (MA) of 7.43, below the 50-day MA of 7.78, and below the 200-day MA of 8.07, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 55.26 is Neutral, neither overbought nor oversold. The STOCH value of 93.73 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | AU$6.27B | 9.94 | 11.25% | 1.28% | -13.80% | 268.90% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | AU$7.63B | 17.52 | 4.93% | 2.99% | -13.48% | -63.82% | |
59 Neutral | AU$4.51B | 29.01 | 5.87% | 3.72% | -20.55% | -72.75% | |
58 Neutral | AU$2.33B | -33.97 | -2.82% | 4.10% | -19.76% | -125.65% | |
44 Neutral | AU$268.23M | -0.28 | -98.22% | ― | -7.35% | -115.78% |
* Energy Sector Average
AU:WHC
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Whitehaven Coal Limited Corporate Events
Whitehaven Coal Ends FY26 at Top of Guidance With Strong Q4 and Lower Costs
Jul 27, 2026
Whitehaven Coal reported a strong finish to FY26, with June quarter managed run-of-mine production rising 13% quarter-on-quarter to 10.7 million tonnes and full-year ROM output up 3% to 40.3 million tonnes. Equity sales of produced coal reached 6....
Whitehaven Coal Cuts Issued Capital as Buy-Back and Performance Rights Lapse
Jun 22, 2026
Whitehaven Coal has adjusted its capital structure through the cancellation of 1,023,688 ordinary fully paid shares following an on-market buy-back completed on June 17, 2026. The move reduces the company’s issued capital base and may modest...
Whitehaven Coal Completes AUD 32 Million On-Market Share Buy-Back
Jun 16, 2026
Whitehaven Coal Limited has completed an on-market share buy-back of its ordinary fully paid shares, finalising a program first notified in February 2026. The company repurchased a total of 3,770,750 shares for approximately AUD 32 million, signal...
Whitehaven Coal Updates Daily On‑Market Share Buy‑Back Figures
Jun 16, 2026
Whitehaven Coal Limited, a major Australian coal miner listed as WHC, operates primarily in the thermal and metallurgical coal markets, supplying power utilities and industrial customers in Australia and overseas. Its ordinary fully paid shares tr...
Whitehaven Coal Updates Daily On-Market Share Buy-Back Activity
Jun 9, 2026
Whitehaven Coal Limited has reported a daily update to its on-market share buy-back program, confirming additional repurchases of its ordinary fully paid shares. The company disclosed that a total of 3,339,586 shares had been bought back before th...
Whitehaven Coal Issues Daily Update on Ongoing Share Buy-Back
Jun 8, 2026
Whitehaven Coal Limited has provided an updated notification on its on‑market share buy‑back program for its ordinary fully paid shares. The company reported that it had repurchased a cumulative total of 3,169,895 shares prior to the p...
Whitehaven Coal Updates Daily On-Market Share Buy-Back Activity
Jun 4, 2026
Whitehaven Coal Limited, a major Australian coal miner listed on the ASX, focuses on producing and marketing coal to both local and international customers. Its operations span mining, processing and selling coal, positioning the group as a signif...
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...
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.