# Alpha Metallurgical Resources, Inc. (AMR)

> Source: Nexqual · https://nexqual.com/AMR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Alpha Metallurgical Resources, Inc. (AMR), nexqual.com/AMR" · informational, not investment advice.

**Price:** USD 159.39 (-0.30% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 159.87 · day 158–164.13 · 52w 133.64–253.82 · market cap $2.02B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.07B, net income -$46.1M (-2.2% margin), free cash flow -$1.5M (SEC filings).
- 1 of 80 tracked superinvestors hold AMR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $927K; 2 not under a Rule 10b5-1 plan ($927K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 8 Form 4 filings, $17.5M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (4 analysts), mean target USD 178.33 (range 170–185).
- Total return with dividends: 1Y +2.1% vs S&P 500 +14.9%; 5Y +160.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD -0.77, revenue estimate $565M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.26B | $4.10B | $3.47B | $2.96B | $2.13B | $2.07B |
| Operating income | $359M | $1.58B | $863M | $228M | -$61.4M | -$44.8M |
| Net income | $289M | $1.45B | $722M | $188M | -$61.7M | -$46.1M |
| EPS (diluted) | $15.30 | $79.49 | $49.30 | $14.28 | -$4.75 | — |
| Free cash flow | $91.6M | $1.32B | $606M | $381M | $17.8M | -$1.5M |
| Operating margin | 15.9% | 38.5% | 24.9% | 7.7% | -2.9% | -2.2% |
| Net margin | 12.8% | 35.3% | 20.8% | 6.3% | -2.9% | -2.2% |
| Revenue growth | +59.5% | +81.6% | -15.4% | -14.8% | -28.0% | — |
| Cash + short-term investments | $81.2M | $348M | $268M | $482M | $416M | — |
| Total debt | $455M | $6.2M | $5.1M | $1.8M | $3.9M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.0x · EV/EBITDA 14.4x · EV/Sales 0.8x · P/B 1.4x · FCF yield -0.07% · Earnings yield -2.28% · Net cash $335M · EV $1.69B
P/E at fiscal year-ends: Dec 2024 14.0x, Dec 2023 6.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold AMR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mohnish Pabrai | Pabrai Investments | 26.11% | $85.3M | Reduced -10.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-03 | Whitehead Jason E. | President & COO | 3,901 | $828K | 27.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-01 | Manno Mark Matthew | EVP, GC & Secretary | 460 | $99K | 10.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
8 purchases, $17.5M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-08 | Courtis Kenneth S. | Director | 10,000 | $2.3M | 225.83 | Too little history (no open-market trades in 2023) |
| 2026-08-28 | Courtis Kenneth S. | Director | 5,000 | $1.1M | 228.99 | Too little history (no open-market trades in 2023) |
| 2026-08-25 | Courtis Kenneth S. | Director | 5,000 | $1.1M | 216.53 | Too little history (no open-market trades in 2023) |
| 2026-08-21 | Gorzynski Michael | Director | 10,000 | $2.1M | 208.92 | Too little history (no open-market trades in 2023) |
| 2026-08-21 | Courtis Kenneth S. | Director | 15,000 | $3.2M | 210.51 | Too little history (no open-market trades in 2023) |
| 2026-08-20 | Courtis Kenneth S. | Director | 15,000 | $2.9M | 193.5 | Too little history (no open-market trades in 2023) |
| 2026-06-12 | Courtis Kenneth S. | Director | 10,000 | $2.0M | 200.73 | Too little history (no open-market trades in 2023) |
| 2026-05-12 | Courtis Kenneth S. | Director | 15,000 | $2.8M | 189.22 | Too little history (no open-market trades in 2023) |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 4 analysts; mean target USD 178.33 (low 170, high 185).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | UBS | Target raised | Neutral | $160 → $180 |
| 2026-10-05 | Jefferies | Target raised | Hold | $150 → $165 |
| 2026-08-20 | B. Riley Securities | Target lowered | Neutral | $189 → $185 |
| 2026-07-28 | B. Riley Securities | Target lowered | Neutral | $194 → $189 |
| 2026-07-10 | UBS | Initiated | Neutral | $165 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.1% | +160.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.1% | +21.0% |
| Volatility (annualized) | 56.2% | 57.0% |
| Max drawdown | -45.1% (Jan 2026→Jul 2026) | -74.0% (Jan 2024→Jun 2025) |

## Peers (Coking Coal)
HCC (Warrior Met Coal, Inc.) USD 83 -1.44% · SXC (SunCoke Energy, Inc.) USD 9.71 -1.82% · METC (Ramaco Resources, Inc.) USD 7.23 -0.69% · NTR (Nutrien Ltd.) USD 69.09 +1.42% · GFI (Gold Fields Limited) USD 35.14 -4.51% · VMC (Vulcan Materials Company (Holdi) USD 268.72 +1.54%

## More
Full page: https://nexqual.com/AMR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name AMR in their own reports (relationship from AMR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ALLIANCE RESOURCE PARTNERS LP (ARLP) | 10-K 2026-02-26 | "For 2025, the peer group consisted of the following companies: Alpha Metallurgical Resources, Inc., Black Stone Minerals, L.P., CORE Natural Resources, Inc., Dorchester Minerals, L.P., Kimbell Royalty…" |
| partner | Core Natural Resources, Inc. (CNR) | 10-K 2026-02-17 | "The peer group, for the purposes of the information presented below, is comprised of Alliance Resource Partners LP, Alpha Metallurgical Resources, Inc., Hallador Energy Company, Peabody Energy Corpora…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Coal | $491.5M | 100.0% | -10.4% |
| — Coal, Met (part of Coal) | $453.5M | 92.3% | -13.7% |
| — Coal, Thermal (part of Coal) | $38.0M | 7.7% | +63.2% |
| Total revenue | $491.5M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 15% of revenue from unnamed direct customers (10-Q, filed 2026-08-07).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.77 | $2.88 | -126.7% | $565.3M | 3 |
| Next quarter (ends 2026-12-31) | $0.32 | $3.27 | -90.4% | $578.2M | 2 |
| Current fiscal year (ends 2026-12-31) | $-2.34 | $6.38 | -136.7% | $2.17B | 2 |
| Next fiscal year (ends 2027-12-31) | $20.37 | $27.29 | -25.3% | $2.60B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±15.2%; last 8 reports averaged ±5.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 67.2% | ±15.2% |
| 2026-12-18 | 56 | 56.1% | ±17.8% |
| 2027-02-19 | 119 | 57.1% | ±26.2% |
| 2027-05-21 | 210 | 56.8% | ±34.3% |