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Core Natural Resources
(NYSE:CNR)
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Rating:66Neutral
Price Target:
$85.00
▼(-1.13% Downside)
Action:Reiterated
Date:06/05/26
The score reflects a solid setup driven by strong technical strength and a positive earnings-call tone (profitability returning, higher contracted positioning, strong liquidity and capital returns). Offsetting this is weaker underlying financial performance from recent losses and compressed margins, which remains the biggest fundamental risk despite a conservative balance sheet and positive cash generation.
Positive Factors
Conservative Balance Sheet
Low debt relative to equity and a strengthened capital base provide durable financial resilience for a cyclical coal operator. This balance-sheet flexibility supports capex, insurance timing gaps, buybacks and dividend programs and cushions cash flow swings across downturns.
Negative Factors
Earnings Weakness
A swing to losses with negative net margins and weak returns on equity indicates persistent profitability issues. Thin or negative margins limit the company’s ability to sustainably fund growth, cover capital returns and absorb cost shocks without further operational improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low debt relative to equity and a strengthened capital base provide durable financial resilience for a cyclical coal operator. This balance-sheet flexibility supports capex, insurance timing gaps, buybacks and dividend programs and cushions cash flow swings across downturns.
Read all positive factors
Core Natural Resources (CNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.12B
Dividend Yield0.45%
Average Volume (3M)685.52K
Price to Earnings (P/E)―
Beta (1Y)0.67
Revenue Growth58.34%
EPS Growth-125.12%
CountryUS
Employees2,076
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)-1.22
Shares Outstanding50,407,610
10 Day Avg. Volume727,108
30 Day Avg. Volume685,523
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)1.24
Price to Sales (P/S)1.09
P/FCF Ratio214.95
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue1.03
Enterprise Value/Gross Profit135.99
Enterprise Value/Ebitda7.95
Forecast
1Y Price Target
$142.50Price Target Upside65.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.17
Revenue Forecast (FY)$4.40B
Core Natural Resources Business Overview & Revenue Model
Company Description
Core Natural Resources, Inc., which rebranded from CONSOL Energy Inc. in January 2025, specializes in the global production and sale of bituminous coal. The company's business is primarily organized into two key segments. The Pennsylvania Mining C...
Core Natural Resources Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presents a clearly positive operational and financial turnaround: the company returned to profitability, delivered a sizable sequential adjusted EBITDA increase (~+75%), strengthened contracting and liquidity, executed significant shareholder returns, and progressed merger synergies and diversification into aerospace. Offsetting risks include short-term cost pressures (power and diesel), some operational disruptions (PMC sand/rock intrusions, West Elk rail/inventory constraints, PRB dragline downtime), market volatility in met and thermal export markets, and working capital timing impacts on free cash flow. Management maintained guidance and conveyed confidence that many Q1 headwinds will normalize, but outcomes depend on fuel prices, rail/logistics improvements and timing of insurance recoveries.Positive Updates
Return to Profitability and Strong Adjusted EBITDA
Reported net income of $21 million ($0.41 per diluted share) in Q1 2026, a swing from a net loss of $79 million in Q4 2025. Adjusted EBITDA rose to $180 million in Q1 2026 from $103 million in Q4 2025 (≈+75%).
Negative Updates
Elevated High CV Cash Costs in Q1
High CV cash costs increased to $42.56/ton in Q1 from $41.42/ton in Q4 2025 (≈+2.8%), driven by an Arctic winter surge in power prices and several weeks of difficult mining conditions (sand/rock intrusions) at the Pennsylvania Mining Complex.
Read all updates
Q1-2026 Updates
Positive
Negative
Return to Profitability and Strong Adjusted EBITDA
Reported net income of $21 million ($0.41 per diluted share) in Q1 2026, a swing from a net loss of $79 million in Q4 2025. Adjusted EBITDA rose to $180 million in Q1 2026 from $103 million in Q4 2025 (≈+75%).
Read all positive updates
Company Guidance
Management said it is generally maintaining 2026 guidance while materially increasing sold positions: High CV Thermal added 5.6 million tons to 29.1 million tons contracted (≈94% contracted at the midpoint; committed/collar average coal revenue $57.85/ton), Metallurgical added 1.6 million tons to 8.3 million coking tons contracted for 2026 (≈3.8 million tons priced at an expected $122.40/ton), and PRB contracted position is roughly 48 million tons at an expected average coal revenue of $14.20/ton; they reiterated cash SG&A will phase down as residual integration costs abate, expect cost improvements as longwalls exit tough conditions and power prices normalize, but warned elevated diesel could weigh on PRB margins. In 1Q26 the company reported adjusted EBITDA $180M (Met segment adj. EBITDA $58M; CMT $16M), net income $21M ($0.41/sh), cash costs and realizations by segment (e.g., High CV realized $58.86/ton with cash cost $42.56/ton; Met realized $122.11/ton, cash cost $92.35/ton; PRB realized $14.39/ton, cash cost $13.64/ton), spent $73M capex, generated $56M free cash flow, ended the quarter with $935M liquidity ($413M cash) and expect to collect roughly $100M more of insurance proceeds; they reaffirm a capital return target of ~75% of free cash flow (returned $47M in Q1, 85% of FCF, including $42M in buybacks and $5M dividends).Core Natural Resources Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
73
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.23B | 4.16B | 2.15B | 2.51B | 2.28B | 1.26B |
| Gross Profit | 32.13M | -1.11M | 1.65B | 1.97B | 1.87B | 932.63M |
| EBITDA | 549.51M | 427.49M | 576.37M | 1.05B | 847.96M | 323.33M |
| Net Income | -62.90M | -153.22M | 286.40M | 655.89M | 466.98M | 34.11M |
Balance Sheet | ||||||
| Total Assets | 6.06B | 6.13B | 2.88B | 2.68B | 2.70B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 450.36M | 432.17M | 460.23M | 281.30M | 273.07M | 149.91M |
| Total Debt | 455.05M | 452.49M | 213.74M | 212.33M | 404.18M | 673.94M |
| Total Liabilities | 2.40B | 2.45B | 1.31B | 1.33B | 1.54B | 1.90B |
| Stockholders Equity | 3.66B | 3.68B | 1.57B | 1.34B | 1.17B | 672.81M |
Cash Flow | ||||||
| Free Cash Flow | 241.93M | 21.17M | 298.40M | 690.16M | 479.48M | 172.82M |
| Operating Cash Flow | 534.79M | 305.75M | 476.39M | 857.95M | 650.99M | 305.57M |
| Investing Cash Flow | -315.19M | 47.66M | -165.03M | -259.43M | -142.18M | -127.36M |
| Financing Cash Flow | -215.80M | -199.79M | -107.08M | -682.20M | -380.07M | -30.85M |
Core Natural Resources Technical Analysis
Negative
85.97
Price Trends
87.63
Negative
91.25
Negative
88.65
Negative
Market Momentum
-2.11
Positive
38.73
Neutral
14.82
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNR, the sentiment is Negative. The current price of 85.97 is below the 20-day moving average (MA) of 88.79, below the 50-day MA of 87.63, and below the 200-day MA of 88.65, indicating a bearish trend. The MACD of -2.11 indicates Positive momentum. The RSI at 38.73 is Neutral, neither overbought nor oversold. The STOCH value of 14.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CNR.
Core Natural Resources Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $3.15B | 12.56 | 13.66% | 11.05% | -7.15% | -11.05% | |
66 Neutral | $4.12B | -64.85 | -1.69% | 0.45% | 58.34% | -125.12% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | $4.29B | 30.84 | 6.44% | 0.36% | 11.32% | 29.65% | |
53 Neutral | $2.10B | -54.57 | -2.47% | ― | -19.15% | -246.35% | |
53 Neutral | $2.86B | -23.42 | -3.37% | 0.96% | -6.75% | -133.56% | |
45 Neutral | $783.37M | -11.32 | -13.44% | 2.83% | -16.66% | -195120.00% |
* Energy Sector Average
CNR
Core Natural Resources
79.12
9.72
14.01%
ARLP
Alliance Resource
23.99
0.24
1.01%
AMR
Alpha Metallurgical Resources
164.26
51.78
46.03%
METC
Ramaco Resources
12.68
-0.46
-3.50%
HCC
Warrior Met Coal
80.81
35.17
77.06%
BTU
Peabody Energy Comm
23.28
9.98
75.01%
Core Natural Resources Corporate Events
Business Operations and StrategyFinancial Disclosures
Core Natural Resources Highlights Strong Q1 2026 Performance
Positive
Jun 4, 2026
On June 4, 2026, Core Natural Resources, Inc. posted an investor presentation detailing first-quarter 2026 results, highlighting strong operational execution led by its Leer South and West Elk mines as well as solid performance in its high calorif...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Core Natural Resources Highlights Strong Q1 Earnings, Capital Returns
Positive
May 7, 2026
On May 7, 2026, Core Natural Resources reported first-quarter 2026 net income of $21.0 million, or $0.41 per diluted share, on revenues of $1.1 billion and adjusted EBITDA of $179.9 million, reflecting strong operational execution led by Leer Sout...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Core Natural Resources Shareholders Back Board and Governance
Positive
Apr 30, 2026
On April 30, 2026, Core Natural Resources, Inc. held its Annual Meeting of Stockholders, with 50,750,366 shares of common stock entitled to vote as of the March 6, 2026 record date. Shareholders elected eight directors, including newcomers Edward ...
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.