NACCO Industries (NC)
NYSE:NC
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NACCO Industries
(NYSE:NC)
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Rating:65Neutral
Price Target:
$58.00
▲(21.34% Upside)
Action:ReiteratedDate:03/06/26
The score is primarily supported by a strong, low-leverage balance sheet and constructive 2026 guidance with operational momentum and contract wins. Offsetting this are historically volatile profitability and cash conversion (despite 2025 improvement), a weaker near-term technical setup, and a valuation that is only average given the company’s earnings/cash-flow variability.
Positive Factors
Balance Sheet Strength
A conservatively financed balance sheet with materially lower leverage increases financial resilience through commodity cycles. This durable strength supports funding of growth capex, absorbs operating volatility, lowers refinancing risk, and gives management flexibility to pursue contracts and investments over the next 2–6 months.
Negative Factors
Volatile Profitability & Cash Conversion
Historic swings in earnings and inconsistent free cash flow reduce predictability of core returns and complicate long-term planning. Even with 2025 recovery, compressed margins and prior losses highlight structural earnings volatility that can persist through commodity and contract cycles, challenging sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
A conservatively financed balance sheet with materially lower leverage increases financial resilience through commodity cycles. This durable strength supports funding of growth capex, absorbs operating volatility, lowers refinancing risk, and gives management flexibility to pursue contracts and investments over the next 2–6 months.
Read all positive factors
NACCO Industries (NC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$384.26M
Dividend Yield2.02%
Average Volume (3M)11.04K
Price to Earnings (P/E)20.7
Beta (1Y)0.77
Revenue Growth25.35%
EPS GrowthN/A
CountryUS
Employees600
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)-0.52
Shares Outstanding5,971,635
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 Cap1.15
Enterprise Value/Revenue1.59
Enterprise Value/Gross Profit11.50
Enterprise Value/Ebitda-29.66
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:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented material operational and financial improvement: strong Q4 revenue and margin expansion, a meaningful increase in adjusted EBITDA, a clear turnaround in the Utility Coal Mining segment, successful execution of new contracts (Army Corps project, Phoenix quarry), and much stronger cash generation and liquidity. Offsetting these positives were a one-time pension settlement and tax true-up that produced a Q4 net loss, a tragic safety incident with associated costs, short-term demand risk at Mississippi Lignite due to a customer outage, commodity price/geopolitical uncertainty that could pressure Minerals results in H2 2026, and sizable planned capital spending that will increase near-term cash use. On balance, operational momentum, cash generation, contract wins and removal of pension liability outweigh the near-term headwinds and one-time charges.Positive Updates
Strong Q4 Consolidated Profitability and Margin Expansion
Consolidated Q4 gross profit of $12.0M (+42% YoY) on revenue of $66.8M (+5% YoY). Consolidated operating profit rose to $7.6M from $3.9M a year ago. Adjusted EBITDA increased 59% YoY to $14.3M (J.C. also cited a 14% sequential increase in adjusted EBITDA), and management reported Q4 operating profit up 95% YoY.
Negative Updates
Reported Q4 Net Loss Driven by Pension Charge and Tax True-Up
Reported Q4 net loss of $3.8M (−$0.52 per share) compared with net income of $7.6M ($1.02 per share) in 2024; the loss primarily resulted from a $7.8M noncash pension settlement charge ($6.0M after-tax) and a fourth-quarter true-up of tax expense to the full-year effective tax rate.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Consolidated Profitability and Margin Expansion
Consolidated Q4 gross profit of $12.0M (+42% YoY) on revenue of $66.8M (+5% YoY). Consolidated operating profit rose to $7.6M from $3.9M a year ago. Adjusted EBITDA increased 59% YoY to $14.3M (J.C. also cited a 14% sequential increase in adjusted EBITDA), and management reported Q4 operating profit up 95% YoY.
Read all positive updates
Company Guidance
Management’s guidance for 2026 calls for meaningful year‑over‑year improvements in consolidated operating profit, net income and EBITDA, with the Utility Coal Mining segment expected to post higher operating profit (after Q4 segment operating profit rose to $7.2M from $2.0M and segment adjusted EBITDA to $9.7M from $4.2M), Contract Mining forecasting a significant YoY increase (Q4 revenues net of reimbursed costs grew 9%, with Q4 segment operating profit $0.9M and EBITDA $3.3M), and Mitigation Resources expected to generate a profit in 2026; Minerals & Royalties may see an overall YoY decline in operating profit and segment adjusted EBITDA (particularly in H2) despite new investments, and Mississippi Lignite’s upside from a contractually determined per‑ton price increase could be offset by a customer plant maintenance outage (mid‑Feb to mid‑March) that hurts Q1 demand. Management plans significant 2026 capital investments (majority for business development), including a $20M minerals budget and $36M referenced for Contract Mining (within a possible ~$89M total capex target), expects greater use of cash before financing in 2026 versus 2025, and enters the year with year‑end 2025 liquidity of $124.2M (cash $49.7M, revolver $74.5M), $100.9M of outstanding debt, and $50.9M of 2025 cash from operations.NACCO Industries Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
81
Very Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 277.20M | 237.71M | 214.79M | 241.72M | 191.85M |
| Gross Profit | 38.47M | 29.76M | 14.59M | 67.84M | 43.45M |
| EBITDA | -14.85M | 63.86M | -32.31M | 116.57M | 81.65M |
| Net Income | 17.57M | 33.74M | -39.59M | 74.16M | 48.13M |
Balance Sheet | |||||
| Total Assets | 661.23M | 631.69M | 539.71M | 568.07M | 507.22M |
| Cash, Cash Equivalents and Short-Term Investments | 49.71M | 72.83M | 85.11M | 110.75M | 86.00M |
| Total Debt | 111.31M | 110.53M | 44.74M | 27.20M | 30.44M |
| Total Liabilities | 231.99M | 226.74M | 157.37M | 141.11M | 155.10M |
| Stockholders Equity | 429.24M | 404.95M | 382.34M | 426.97M | 352.12M |
Cash Flow | |||||
| Free Cash Flow | -2.38M | -32.42M | -27.63M | 25.21M | 35.65M |
| Operating Cash Flow | 50.91M | 22.29M | 54.49M | 67.73M | 74.88M |
| Investing Cash Flow | -64.18M | -71.29M | -81.60M | -33.15M | -44.15M |
| Financing Cash Flow | -9.86M | 36.73M | 1.47M | -9.84M | -33.17M |
NACCO Industries Technical Analysis
Negative
47.80
Price Trends
52.72
Negative
50.27
Positive
45.14
Positive
Market Momentum
-0.50
Negative
47.38
Neutral
29.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NC, the sentiment is Negative. The current price of 47.8 is below the 20-day moving average (MA) of 51.08, below the 50-day MA of 52.72, and above the 200-day MA of 45.14, indicating a neutral trend. The MACD of -0.50 indicates Negative momentum. The RSI at 47.38 is Neutral, neither overbought nor oversold. The STOCH value of 29.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.62B | 10.38 | 22.94% | 4.05% | -14.79% | -17.10% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $384.26M | 20.71 | 4.19% | 2.02% | 25.35% | ― | |
59 Neutral | $555.41M | -13.93 | -6.66% | 6.72% | -6.44% | -24.68% | |
55 Neutral | $744.38M | 19.52 | 30.81% | ― | 7.60% | -591.73% | |
53 Neutral | $248.41M | -12.93 | 43.51% | ― | -76.24% | -8.61% | |
50 Neutral | $990.09M | -18.74 | -12.01% | 2.83% | -16.99% | -184.02% |
* Energy Sector Average
NC
NACCO Industries
51.04
20.55
67.41%
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NACCO Industries Corporate Events
Business Operations and StrategyExecutive/Board Changes
NACCO Industries Amends Retirement Plan and Ends Agreement
Neutral
Dec 16, 2025
On December 12, 2025, NACCO Industries‘ Compensation and Human Capital Committee approved an amendment to the Excess Retirement Plan, effective January 1, 2026, allowing separate deferral elections and stipulating that deferrals to the plan ...
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.