# Core Natural Resources, Inc. (CNR)

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

**Price:** USD 88.35 (+0.91% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 87.55 · day 86.94–89.69 · 52w 74.75–114.8 · market cap $4.39B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.27B, net income $100M (2.3% margin), free cash flow $260M (SEC filings).
- Valuation: P/E 43.8x (avg 8.1x at the last 2 fiscal year-ends).
- 1 of 80 tracked superinvestors hold CNR (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.25 on a 1–5 scale) (4 analysts), mean target USD 109.5 (range 105–118).
- Total return with dividends: 1Y +6.3% vs S&P 500 +14.9%; 5Y +220.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.73, revenue estimate $1.14B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.26B | $2.28B | $2.57B | $2.24B | $4.16B | $4.27B |
| Operating income | — | — | $803M | $351M | -$182M | $79.6M |
| Net income | $34.1M | $467M | $656M | $286M | -$153M | $100M |
| EPS (diluted) | $0.96 | $13.07 | $19.79 | $9.61 | -$2.98 | — |
| Free cash flow | $173M | $479M | $690M | $298M | $21.2M | $260M |
| Operating margin | — | — | 31.3% | 15.7% | -4.4% | 1.9% |
| Net margin | 2.7% | 20.5% | 25.5% | 12.8% | -3.7% | 2.3% |
| Revenue growth | +23.4% | +80.8% | +12.7% | -12.9% | +86.2% | — |
| Cash + short-term investments | $150M | $273M | $281M | $460M | $432M | — |
| Total debt | $605M | $347M | $184M | $183M | $395M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 43.8x · P/S 1.0x · P/FCF 16.9x · P/B 1.2x · FCF yield 5.92% · Earnings yield 2.28% · Dividend yield (paid, TTM) 0.47% · Buyback yield (TTM) 3.33%
P/E at fiscal year-ends: Dec 2024 11.1x, Dec 2023 5.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CNR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 4.67% | $183M | Added +22.9% |

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 4 analysts; mean target USD 109.5 (low 105, high 118).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-19 | UBS | Downgrade | Buy → Neutral | $101 → $105 |
| 2026-06-30 | UBS | Target lowered | Buy | $107 → $100 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +6.3% | +220.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +6.3% | +26.2% |
| Volatility (annualized) | 43.7% | 51.1% |
| Max drawdown | -31.3% (Mar 2026→Jul 2026) | -51.6% (Nov 2024→Mar 2025) |

## Peers (Thermal Coal)
ARLP (Alliance Resource Partners, L.P) USD 25.85 +0.47% · BTU (Peabody Energy Corporation) USD 22.43 -0.04% · HAL (Halliburton Company) USD 33.19 -2.35% · TS (Tenaris S.A.) USD 56.37 -3.92% · PBA (Pembina Pipeline Corp.) USD 49.37 -2.55% · VG (Venture Global, Inc.) USD 12.81 -0.31%

## More
Full page: https://nexqual.com/CNR · 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)

Named in CNR's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1710366/000171036626000007/cnr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | CONSOL Innovations | "We also continue to partner with the U.S. Department of Energy ("DOE") and certain industry and academic partners on several projects that are aligned with Innovations' focus areas." |
| Partner | Alpha Metallurgical Resources, Inc. (AMR) | "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 Corporation, Ramaco Resourc…" |
| Partner | PEABODY ENERGY CORP (BTU) | "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 Corporation, Ramaco Resourc…" |
| Partner | Ramaco Resources, Inc. (METC) | "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 Corporation, Ramaco Resourc…" |
| Partner | WARRIOR MET COAL, INC. (HCC) | "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 Corporation, Ramaco Resourc…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| High CV Thermal | $612.1M | 53.6% | +0.9% |
| Metallurgical | $366.3M | 32.1% | +22.1% |
| PRB | $148.3M | 13.0% | -20.7% |
| Core Marine Terminal | $9.9M | 0.9% | +119.0% |
| Total revenue | $1.14B | 100% | — |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Coal | $1.13B | 98.7% | +3.0% |
| — Power Generation (part of Coal) | $401.0M | 35.1% | -15.7% |
| — Industrial (part of Coal) | $366.7M | 32.1% | +34.1% |
| — Metallurgical (part of Coal) | $358.9M | 31.5% | +4.3% |
| Third-Party Terminal Revenue | $9.9M | 0.9% | +119.0% |
| Other Revenue | $4.4M | 0.4% | -1.4% |
| Total revenue | $1.14B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $1.45 | -49.3% | $1.14B | 3 |
| Next quarter (ends 2026-12-31) | $1.15 | $1.36 | -15.3% | $1.15B | 3 |
| Current fiscal year (ends 2026-12-31) | $4.83 | $2.76 | +74.7% | $4.52B | 4 |
| Next fiscal year (ends 2027-12-31) | $6.80 | $6.73 | +1.0% | $4.60B | 4 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±11.0%; last 8 reports averaged ±7.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 48.1% | ±11.0% |
| 2026-12-18 | 56 | 41.9% | ±13.4% |
| 2027-03-19 | 147 | 45.0% | ±23.0% |
| 2027-06-17 | 237 | 43.1% | ±27.8% |