# NACCO Industries, Inc. (NC)

> Source: Nexqual · https://nexqual.com/NC · data as of 2026-10-23 15:46 UTC · cite as "Nexqual, NACCO Industries, Inc. (NC), nexqual.com/NC" · informational, not investment advice.

**Price:** USD 34.69 (+3.68% today) · US market open, as of October 23, 2026 at 15:46 UTC; quotes may be delayed. Prev close 33.46 · day 33.31–35.57 · 52w 32.32–59.42 · market cap $262M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $278M, net income $17.3M (6.2% margin) (SEC filings).
- Valuation: P/E 15.1x (avg 13.7x at the last 2 fiscal year-ends).
- Earnings quality: non-operating income -$10.4M vs operating income $23.1M over the last four quarters; P/E excluding non-operating income ≈9.4x (estimate: non-operating income taxed at the company's 0% effective rate).
- Analysts: None.
- Total return with dividends: 1Y -19.5% vs S&P 500 +14.6%; 5Y +26.1% vs S&P 500 +77.3%.
- Next earnings: 2026-11-04, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $192M | $242M | $215M | $238M | $277M | $278M |
| Gross profit | $43.5M | $67.8M | $14.6M | $29.8M | $38.5M | — |
| Operating income | $55.4M | $70.0M | -$70.1M | $35.7M | $22.0M | $23.1M |
| Net income | $48.1M | $74.2M | -$39.6M | $33.7M | $17.6M | $17.3M |
| EPS (diluted) | $6.69 | $10.06 | -$5.29 | $4.55 | $2.35 | — |
| Free cash flow | $35.6M | $25.2M | $9.1M | -$32.4M | $2.3M | — |
| Gross margin | 22.6% | 28.1% | 6.8% | 12.5% | 13.9% | — |
| Operating margin | 28.9% | 29.0% | -32.7% | 15.0% | 7.9% | 8.3% |
| Net margin | 25.1% | 30.7% | -18.4% | 14.2% | 6.3% | 6.2% |
| Revenue growth | +49.4% | +26.0% | -11.1% | +10.7% | +16.6% | — |
| Cash + short-term investments | $86.0M | $111M | $85.1M | $72.8M | $49.7M | — |
| Total debt | $20.4M | $18.9M | $35.8M | $99.4M | $101M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 15.1x · P/E ex non-operating (est.) ≈9.4x · P/S 0.9x · P/B 0.6x · Earnings yield 6.61% · Dividend yield (paid, TTM) 2.92% · Buyback yield (TTM) 0.70%
P/E at fiscal year-ends: Dec 2025 20.9x, Dec 2024 6.5x.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -19.5% | +26.1% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | -19.5% | +4.8% |
| Volatility (annualized) | 39.7% | 41.4% |
| Max drawdown | -44.2% (Mar 2026→Oct 2026) | -52.5% (May 2022→Sep 2024) |

## Peers (Thermal Coal)
BTU (Peabody Energy Corporation) USD 23.03 +2.65% · ARLP (Alliance Resource Partners, L.P) USD 26.15 +1.16% · CNR (Core Natural Resources, Inc.) USD 92.4 +4.58% · HAL (Halliburton Company) USD 35.2 +6.06% · TS (Tenaris S.A.) USD 58.31 +3.44% · PBA (Pembina Pipeline Corp.) USD 50.42 +2.13%

## More
Full page: https://nexqual.com/NC · 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 NC's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/789933/000078993326000070/nacco-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | LITHIUM AMERICAS CORP. (LAC) | "Thacker Pass is owned by a joint venture between Lithium Americas Corp. (TSX:LAC) (NYSE: LAC) and General Motors Holdings LLC." |
| Partner | General Motors (GM) | "Thacker Pass is owned by a joint venture between Lithium Americas Corp. (TSX:LAC) (NYSE: LAC) and General Motors Holdings LLC." |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | LITHIUM AMERICAS CORP. (LAC) | 10-K 2026-03-19 | "In 2019, LN entered into a mine design, consulting and mining operations agreement with Sawtooth Mining, LLC ("Sawtooth Mining"), a subsidiary of NACCO Industries Inc. and North American Coal." |

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

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Contract Mining | $36.9M | 51.1% | +20.2% | $3.8M | 10.2% |
| Utility Coal Mining | $21.5M | 29.7% | -25.0% | $6.3M | 29.2% |
| Minerals and Royalties | $10.6M | 14.7% | +46.1% | $6.7M | 63.6% |
| Corporate costs (not allocated) | — | — | — | -$19.1M | — |
| Total revenue | $72.3M | 100% | — | -$2.3M | -3.1% |
The lines above cover 95.4% of total revenue.

## Customer concentration

Period ended 2025-12-31: 32%, 25%, 10% of revenue from unnamed direct customers (10-K, filed 2026-03-04).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |