Core Natural Resources, Inc. (CNR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1350.0%

$1,235.62

vs $85.22 price

Levered DCF

$1,208.57

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.13

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-29.7×	11.03×	5.08×	4.85×	22.94×	-19.49×	5.15×	5.79×
P/B	1.24×	2.02×	2.48×	1.94×	1.16×	0.34×	0.9×	2.16×
P/S	1.09×	1.47×	1.33×	0.99×	0.62×	0.22×	0.28×	0.6×
EV / EBITDA	10.69×	5.16×	3.19×	2.82×	4.04×	3.24×	2.96×	3.21×
Gross margin	-0.0%	76.8%	78.6%	82.0%	74.0%	71.5%	83.5%	83.4%
Operating margin	-5.2%	12.3%	29.8%	35.3%	7.9%	-12.7%	9.7%	14.7%
Net margin	-3.7%	13.3%	26.2%	20.5%	2.7%	-1.1%	5.5%	10.4%
Current ratio	1.6×	1.52×	1.35×	1.33×	0.87×	0.8×	0.86×	0.96×
Debt / equity	0.12×	0.14×	0.16×	0.35×	1×	1.29×	1.81×	2.12×
Interest coverage	-5.38×	11.95×	25.5×	15.29×	1.58×	-1.82×	2.01×	2.58×
Dividend yield	0.6%	0.5%	2.3%	3.2%	0.0%	0.0%	0.0%	2.1%
Payout ratio	-17.1%	5.5%	11.5%	15.3%	0.0%	0.0%	0.0%	11.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.2%	18.3%	48.8%	40.1%	5.1%	-1.8%	17.5%	37.3%
Return on invested capital	-2.6%	9.3%	28.1%	28.9%	4.4%	-5.0%	5.4%	8.6%
Return on assets	-2.5%	9.9%	24.5%	17.3%	1.3%	-0.4%	2.8%	5.5%
Free cash flow yield	0.5%	9.4%	20.7%	21.2%	22.1%	22.8%	19.1%	30.2%
Earnings yield	-3.4%	9.0%	19.7%	20.6%	4.4%	-5.1%	19.4%	17.3%
Enterprise value	$4.6B	$3B	$3.3B	$2.4B	$1.3B	$852M	$1.1B	$1.5B
Net debt / EBITDA	0.05×	-0.34×	0.01×	0.15×	1.62×	2.52×	1.9×	1.34×
Cash conversion cycle (days)	39	-7	-10	-26	18	45	-38	-91