NACCO Industries, Inc. (NC) 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

-271.4%

-$59.97

vs $35.00 price

Levered DCF

$73.08

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.21

Grey zone

Rating

B+

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	20.69×	6.51×	-6.9×	3.75×	5.39×	12.46×	8.24×	6.75×
P/B	0.85×	0.54×	0.71×	0.65×	0.74×	0.61×	1.13×	0.94×
P/S	1.31×	0.92×	1.27×	1.15×	1.35×	1.44×	2.32×	1.73×
EV / EBITDA	9.58×	4.03×	-7.2×	1.67×	2.5×	4.57×	3.98×	-19.7×
Gross margin	13.6%	12.5%	6.8%	28.1%	22.6%	13.2%	22.1%	22.1%
Operating margin	-14.5%	15.0%	-32.7%	29.0%	28.9%	10.5%	27.5%	32.2%
Net margin	6.3%	14.2%	-18.4%	30.7%	25.1%	11.5%	28.1%	25.7%
Current ratio	3.09×	4.08×	3.31×	5.88×	4.41×	3.6×	3.24×	3.89×
Debt / equity	0.25×	0.27×	0.12×	0.06×	0.09×	0.19×	0.13×	0.04×
Interest coverage	-6.97×	6.41×	-28.51×	34.41×	32.23×	9.93×	44.52×	21.83×
Dividend yield	2.0%	3.0%	2.4%	2.2%	2.2%	2.9%	1.6%	2.0%
Payout ratio	41.7%	19.6%	-16.3%	8.1%	11.7%	36.3%	12.9%	13.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.1%	8.3%	-10.4%	17.4%	13.7%	4.9%	13.7%	13.9%
Return on invested capital	-6.7%	6.2%	-8.9%	11.2%	10.1%	3.0%	9.1%	10.6%
Return on assets	2.7%	5.3%	-7.3%	13.1%	9.5%	3.1%	8.9%	9.2%
Free cash flow yield	0.6%	-14.8%	3.3%	9.1%	13.7%	-17.7%	8.6%	14.4%
Earnings yield	4.8%	15.4%	-14.5%	26.7%	18.6%	8.0%	12.1%	14.8%
Enterprise value	$423.2M	$257.3M	$232.6M	$194.3M	$203.8M	$154M	$241.1M	$160.5M
Net debt / EBITDA	1.34×	0.59×	1.25×	-0.72×	-0.68×	-0.91×	-1.41×	9.11×
Cash conversion cycle (days)	137	220	185	213	189	255	158	153