CNX Resources Corporation (CNX) 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

+1.2%

$36.24

vs $35.80 price

Levered DCF

$46.38

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.81

Grey zone

Rating

Overall 4 / 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	8.21×	-61.12×	1.88×	-22.45×	-5.95×	-5.02×	-21.07×	3.05×
P/B	1.2×	1.35×	0.75×	1.08×	0.8×	0.49×	0.41×	0.56×
P/S	2.43×	3.86×	2.16×	0.81×	1.24×	1.98×	1.09×	1.38×
EV / EBITDA	4.94×	15.16×	2.01×	14.74×	176.02×	66.96×	6.41×	2.77×
Gross margin	47.2%	28.8%	35.2%	71.3%	56.8%	12.2%	33.9%	43.8%
Operating margin	36.8%	11.8%	20.9%	66.3%	48.3%	0.0%	16.6%	31.4%
Net margin	29.6%	-6.3%	114.2%	-3.6%	-20.9%	-44.6%	-5.2%	45.2%
Current ratio	0.44×	0.33×	0.51×	0.44×	0.48×	0.62×	0.94×	0.96×
Debt / equity	0.57×	0.56×	0.54×	0.81×	0.61×	0.57×	0.71×	0.55×
Interest coverage	4.62×	1.12×	2.19×	20.39×	7.64×	0×	1.7×	3.78×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.6%	-2.2%	39.5%	-4.8%	-13.5%	-10.9%	-1.9%	18.4%
Return on invested capital	7.6%	1.6%	3.0%	24.1%	12.6%	0.0%	1.6%	5.5%
Return on assets	7.0%	-1.1%	19.9%	-1.7%	-6.2%	-6.0%	-0.9%	9.3%
Free cash flow yield	10.3%	5.0%	4.2%	21.0%	15.5%	14.3%	-12.6%	-9.5%
Earnings yield	12.2%	-1.6%	52.9%	-4.5%	-16.8%	-22.5%	-4.8%	32.8%
Enterprise value	$7.7B	$7.8B	$5.6B	$5.6B	$5.2B	$4.7B	$4.6B	$4.8B
Net debt / EBITDA	1.58×	4.41×	0.84×	6.28×	76.24×	36.14×	4.07×	1.37×
Cash conversion cycle (days)	13	11	-15	-20	11	9	-20	4