NACCO Industries (NC)
NYSE:NC
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NACCO Industries
(NYSE:NC)
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Rating:60Neutral
Price Target:
$52.00
▲(8.79% Upside)
Action:Reiterated
Date:05/19/26
The score is driven primarily by mixed financial performance: strong balance sheet strength is offset by weak operating profitability and persistently negative free cash flow. The latest earnings call improves the outlook with strong profitability momentum and positive 2026 guidance, while technicals are neutral and valuation is modestly supportive.
Positive Factors
Balance sheet strength
NACCO's very low debt-to-equity (~0.06) and a sizable equity base provide durable financial flexibility. This balance sheet strength supports ongoing capital investment, weathering cyclical mining downturns, and reduces refinancing risk, enabling strategic spending without immediate pressure from creditors.
Negative Factors
Persistent negative free cash flow
Repeated negative free cash flow over multiple years reflects sustained cash absorption from capex, land acquisitions, or working-capital swings. This pattern constrains shareholder returns, forces reliance on liquidity or debt for growth, and limits the firm's ability to self-fund new investments without raising external capital.
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Positive Factors
Negative Factors
Balance sheet strength
NACCO's very low debt-to-equity (~0.06) and a sizable equity base provide durable financial flexibility. This balance sheet strength supports ongoing capital investment, weathering cyclical mining downturns, and reduces refinancing risk, enabling strategic spending without immediate pressure from creditors.
Read all positive factors
NACCO Industries (NC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$371.73M
Dividend Yield2.02%
Average Volume (3M)11.04K
Price to Earnings (P/E)11.0
Beta (1Y)0.70
Revenue Growth9.77%
EPS Growth-38.00%
CountryUS
Employees600
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)2.88
Shares Outstanding5,978,790
10 Day Avg. Volume13,078
30 Day Avg. Volume11,039
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)0.85
Price to Sales (P/S)1.31
P/FCF Ratio-153.14
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue1.64
Enterprise Value/Gross Profit10.60
Enterprise Value/Ebitda-33.73
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NACCO Industries Business Overview & Revenue Model
Company Description
NACCO Industries, Inc., together with its subsidiaries, engages in the natural resources business. The company operates through three segments: Coal Mining, North American Mining, and Minerals Management. The Coal Mining segment operates surface c...
How the Company Makes Money
NACCO Industries makes money primarily through operating subsidiaries that generate revenue from providing services and selling goods under contract arrangements. A major driver has been its mining segment, which earns revenue by performing contra...
NACCO Industries Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and financial picture: robust profitability gains (operating profit +43%, gross profit +48%, net income +80%, adjusted EBITDA +28%) driven by Utility Coal and Contract Mining, successful deployment of new large-scale contracts and targeted capital investments. Near-term headwinds include a modest revenue decline (-4%), expected full-year pressure in Minerals & Royalties due to natural gas production declines, variability and timing at Mitigation Resources, and increased leverage and planned cash deployment. On balance, the sizable profit and EBITDA improvements, contract wins, and strategic investments outweigh the flagged risks.Positive Updates
Strong Profitability and Earnings Growth
Consolidated operating profit rose to $11.0M, up 43% year-over-year and 45% sequentially; net income was $8.8M ($1.17/share), an 80% increase versus $4.9M ($0.66/share) in Q1 2025.
Negative Updates
Revenue Decline
Consolidated revenues decreased 4% year-over-year to $62.8M despite sizable profit growth, indicating margin improvement was the primary earnings driver rather than top-line expansion.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Profitability and Earnings Growth
Consolidated operating profit rose to $11.0M, up 43% year-over-year and 45% sequentially; net income was $8.8M ($1.17/share), an 80% increase versus $4.9M ($0.66/share) in Q1 2025.
Read all positive updates
Company Guidance
NACCO guided to meaningful year‑over‑year improvements in consolidated operating profit, net income and adjusted EBITDA for 2026, driven by strong Q1 results: consolidated gross profit was $14.3M (+48% YoY) on revenues of $62.8M (‑4%), operating profit $11.0M (vs. $7.7M), net income $8.8M or $1.17/share (+80% vs. $4.9M or $0.66), and adjusted EBITDA $16.4M (+28% YoY from $12.8M; management also cited a 15% sequential adjusted EBITDA increase). By segment, Utility Coal posted Q1 operating profit of $7.4M (vs. $3.8M) and segment EBITDA of $9.7M (vs. $5.8M) with a meaningful H1 improvement expected; Contract Mining saw revenues net of reimbursed costs up ~32% and expects substantial YoY gains (two MTech draglines on site with a third planned and an Arizona start in H2; a switch to units‑of‑production depreciation added ~ $0.9M to Q1 op profit); Minerals & Royalties is expected to decline year‑over‑year for full‑year 2026 while Mitigation Resources is expected to be profitable in H2 2026 after acquiring 958 acres (credits anticipated in 2029). Management also noted Q1 CapEx of $33M, plans for additional 2026 investments with greater cash use before financing, debt of $126.4M (up from $100.9M at 12/31/25) and total liquidity of $102.7M (cash $53.2M, revolver $49.5M); excluding a $6M after‑tax pension settlement charge in 2025, growth is expected to moderate in the second half.NACCO Industries Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
72
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 274.40M | 277.20M | 237.71M | 214.79M | 241.72M | 191.85M |
| Gross Profit | 42.37M | 37.72M | 29.76M | 14.59M | 67.84M | 43.45M |
| EBITDA | -13.32M | -14.85M | 63.86M | -32.31M | 116.57M | 81.65M |
| Net Income | 21.51M | 17.57M | 33.74M | -39.59M | 74.16M | 48.13M |
Balance Sheet | ||||||
| Total Assets | 685.66M | 661.23M | 631.69M | 539.71M | 568.07M | 507.22M |
| Cash, Cash Equivalents and Short-Term Investments | 53.16M | 49.71M | 72.83M | 85.11M | 110.75M | 86.00M |
| Total Debt | 133.85M | 111.31M | 110.53M | 44.74M | 27.20M | 30.44M |
| Total Liabilities | 248.54M | 231.99M | 226.74M | 157.37M | 141.11M | 155.10M |
| Stockholders Equity | 437.11M | 429.24M | 404.95M | 382.34M | 426.97M | 352.12M |
Cash Flow | ||||||
| Free Cash Flow | -19.65M | -2.38M | -32.42M | -27.63M | 25.21M | 35.65M |
| Operating Cash Flow | 58.26M | 50.91M | 22.29M | 54.49M | 67.73M | 74.88M |
| Investing Cash Flow | -88.17M | -64.18M | -71.29M | -81.60M | -33.15M | -44.15M |
| Financing Cash Flow | 21.19M | -9.86M | 36.73M | 1.47M | -9.84M | -33.17M |
NACCO Industries Technical Analysis
Neutral
47.80
Price Trends
50.07
Negative
50.73
Negative
46.81
Positive
Market Momentum
-0.18
Negative
49.20
Neutral
22.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NC, the sentiment is Neutral. The current price of 47.8 is below the 20-day moving average (MA) of 49.53, below the 50-day MA of 50.07, and above the 200-day MA of 46.81, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 49.20 is Neutral, neither overbought nor oversold. The STOCH value of 22.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NC.
NACCO Industries Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.36B | 20.90 | 18.84% | 4.05% | -15.69% | -18.53% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $829.97M | ― | 14.25% | ― | 10.26% | ― | |
60 Neutral | $371.73M | 11.00 | 5.04% | 2.02% | 9.77% | -38.00% | |
56 Neutral | $668.64M | ― | -10.33% | 6.72% | -1.41% | -170.39% | |
52 Neutral | $823.16M | ― | -13.44% | 2.83% | -16.66% | -195120.00% | |
43 Neutral | $216.98M | 3.91 | 87.24% | ― | -76.24% | -8.61% |
* Energy Sector Average
NC
NACCO Industries
49.46
12.94
35.44%
HNRG
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METC
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AREC
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2.13
1.43
204.29%
NACCO Industries Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Shareholders Approve NACCO’s Amended Long-Term Incentive Plan
Positive
May 18, 2026
On March 1, 2026, NACCO’s board adopted an Amended and Restated Long-Term Executive Compensation Plan, increasing the Class A common shares available for awards to 800,000 and extending the plan’s term to March 1, 2036, with stockholde...
Financial DisclosuresRegulatory Filings and Compliance
NACCO Industries Updates Investor Presentation via Form 8-K
Neutral
Mar 19, 2026
On March 19, 2026, NACCO Industries, Inc. posted an updated investor presentation on its corporate website and furnished it under a Current Report on Form 8-K, providing historical information on its results of operations. The company emphasized t...
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.