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CNR, Core Natural Resources Inc.

Coal & Consumable Fuels capital-intensive Distress / turnaroundCyclical

We are a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and thermal coals.

We play an essential role in meeting the world's growing need for energy, steel, cement and other infrastructure solutions.

Our products have global access due to our ownership interests in two marine export terminals and access to several other third-party owned terminals.

Latest annual: FY2025 10-K

CNR · Core Natural Resources Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$4.2B

+92.4% YoY · 36% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $4.2B 5-yr avg $2.5B

Operating margin −2.3% 5-yr avg 15.9%

ROIC −2% 5-yr avg 24%

Owner-earnings margin 6% 5-yr avg 15%

Free cash flow margin 6% 5-yr avg 15%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is High CV Thermal (53%), Metallurgical (29%) and PRB (17%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 3.1% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The margin is cyclical, swinging between −17% and 33% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 4%, above 15% in 3 of 10 years). By owner earnings: roughly 14% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 4 segments, the largest High CV Thermal at 53%.

Revenue by reportable segment, FY2025

High CV Thermal53%$2.2B
Metallurgical29%$1.2B
PRB17%$719M
Core Marine Terminal1%$21M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.1B	$1.3B	$1.5B	$1.4B	$879M	$1.3B	$2.3B	$2.5B	$2.2B	$4.2B	$4.2B	RevenueRevenue
4%	6%	4%	5%	8%	7%	5%	4%	5%	5%	4%	SG&A / revenueSG&A/rev
($22M)	$79M	$128M	$43M	($151M)	$37M	$747M	$803M	$351M	($182M)	($95M)	Operating incomeOp. inc.
−2.0%	6.0%	8.7%	3.1%	−17.2%	3.0%	32.7%	32.0%	16.2%	−4.4%	−2.3%	Operating marginOp. mgn
$41M	$68M	$153M	$76M	($10M)	$34M	$467M	$656M	$286M	($153M)	($63M)	Net incomeNet inc.
26%	56%	5%	6%	—	4%	18%	16%	13%	—	—	Effective tax rateTax rate
											Cash flow & returns
$329M	$248M	$414M	$245M	$129M	$306M	$651M	$858M	$476M	$306M	$535M	Operating cash flowOp. cash
$178M	$172M	$201M	$207M	$211M	$225M	$227M	$241M	$224M	$621M	$646M	DepreciationDeprec.
$97M	($14M)	$49M	($51M)	($83M)	$40M	($51M)	($49M)	($45M)	($195M)	($51M)	Working capital & otherWC & other
$54M	$81M	$146M	$170M	$86M	$133M	$172M	$168M	$178M	$285M	$293M	CapexCapex
4.7%	6.2%	9.9%	12.3%	9.8%	10.5%	7.5%	6.7%	8.2%	6.8%	6.9%	Capex / revenueCapex/rev
$276M	$167M	$268M	$75M	$43M	$173M	$479M	$690M	$298M	$21M	$242M	Owner earningsOwner earn.
24.1%	12.6%	18.2%	5.4%	4.9%	13.7%	21.0%	27.5%	13.8%	0.5%	5.7%	Owner earnings marginOE mgn
$276M	$167M	$268M	$75M	$43M	$173M	$479M	$690M	$298M	$21M	$242M	Free cash flowFCF
24.1%	12.6%	18.2%	5.4%	4.9%	13.7%	21.0%	27.5%	13.8%	0.5%	5.7%	Free cash flow marginFCF mgn
—	—	—	—	$0	$0	$71M	$75M	$16M	$26M	$21M	Dividends paidDiv. paid
$0	$0	$26M	$33M	$0	$0	$0	$399M	$71M	$224M	—	BuybacksBuybacks
-2%	4%	12%	4%	-11%	3%	49%	51%	23%	-4%	-2%	ROICROIC
6%	33%	37%	17%	-2%	5%	40%	49%	18%	-4%	-2%	Return on equityROE
—	—	—	—	−2%	5%	34%	43%	17%	−5%	−2%	Retained to equityRetained/eq
											Balance sheet
$13M	$154M	$236M	$80M	$51M	$150M	$273M	$281M	$460M	$432M	$465M	Cash & investmentsCash+inv
$96M	$132M	$88M	$132M	$118M	$104M	$158M	$148M	$137M	$349M	$370M	ReceivablesReceiv.
$50M	$53M	$49M	$54M	$56M	$63M	$66M	$88M	$96M	$375M	$369M	InventoryInvent.
$83M	$109M	$131M	$106M	$71M	$77M	$130M	$137M	$144M	$336M	$315M	Accounts payablePayables
$63M	$76M	$5M	$80M	$103M	$90M	$94M	$99M	$89M	$388M	$424M	Operating working capitalOper. WC
$200M	$399M	$474M	$338M	$293M	$386M	$598M	$601M	$786M	$1.3B	$1.3B	Current assetsCur. assets
$379M	$422M	$492M	$392M	$368M	$445M	$449M	$444M	$519M	$838M	$747M	Current liabilitiesCur. liab.
0.5×	0.9×	1.0×	0.9×	0.8×	0.9×	1.3×	1.4×	1.5×	1.6×	1.7×	Current ratioCurr. ratio
$2.7B	$2.7B	$2.8B	$2.7B	$2.5B	$2.6B	$2.7B	$2.7B	$2.9B	$6.1B	$6.1B	Total assetsAssets
$314M	$876M	$826M	$686M	$603M	$605M	$355M	$186M	$183M	$395M	$455M	Total debtDebt
$300M	$722M	$591M	$606M	$552M	$455M	$82M	($95M)	($277M)	($37M)	($10M)	Net debt / (cash)Net debt
-1.6×	3.0×	1.5×	0.6×	-2.5×	0.6×	14.2×	27.4×	15.8×	-4.5×	-2.2×	Interest coverageInt. cov.
$658M	$204M	$410M	$435M	$554M	$673M	$1.2B	$1.3B	$1.6B	$3.7B	$3.7B	Shareholders’ equityEquity
1.1%	1.7%	0.7%	0.9%	1.3%	0.5%	0.3%	0.4%	0.5%	0.8%	0.1%	Stock comp / revenueSBC/rev
											Per share
28.0M	28.2M	28.4M	27.1M	26.1M	35.4M	35.7M	33.1M	29.8M	51.4M	51.1M	Shares out (diluted)Shares
$40.89	$46.90	$51.82	$50.81	$33.74	$35.63	$63.83	$75.63	$72.61	$81.05	$82.88	Revenue / shareRev/sh
$1.48	$2.40	$5.38	$2.81	$-0.37	$0.96	$13.07	$19.79	$9.61	$-2.98	$-1.23	EPS (diluted)EPS
$9.85	$5.92	$9.42	$2.76	$1.66	$4.88	$13.42	$20.82	$10.01	$0.41	$4.74	Owner earnings / shareOE/sh
$9.85	$5.92	$9.42	$2.76	$1.66	$4.88	$13.42	$20.82	$10.01	$0.41	$4.74	Free cash flow / shareFCF/sh
—	—	—	—	$0.00	$0.00	$2.00	$2.28	$0.53	$0.51	$0.40	Dividends / shareDiv/sh
$1.92	$2.89	$5.13	$6.27	$3.30	$3.75	$4.80	$5.06	$5.97	$5.54	$5.74	Cap. spending / shareCapex/sh
$23.51	$7.25	$14.42	$16.08	$21.23	$19.01	$32.64	$40.54	$52.61	$71.58	$71.62	Book value / shareBVPS

The diluted share count moved ×1.72 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.9%/yr	+19.2%/yr
Owner earnings / share	−29.7%/yr	−24.3%/yr
Capital spending / share	+12.5%/yr	+10.9%/yr
Book value / share	+13.2%/yr	+27.5%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

51Mpeak FY2025

ROIC

−4%low FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$21Mowner earningsvs.($153M)net incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $153M loss into $21M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($153M)	$286M	$656M	$467M	$34M
Depreciation & amortizationnon-cash charge added back	+$621M	+$224M	+$241M	+$227M	+$225M
Stock-based compensationreal costnon-cash, but a real cost	+$33M	+$11M	+$10M	+$8M	+$7M
Working capital & othertiming of cash in and out, other non-cash items	−$195M	−$45M	−$49M	−$51M	+$40M
Cash from operations	$306M	$476M	$858M	$651M	$306M
Capital expenditurecash put back in to keep running and to grow	−$285M	−$178M	−$168M	−$172M	−$133M
Owner earnings	$21M	$298M	$690M	$479M	$173M
Owner-earnings marginowner earnings ÷ revenue	1%	14%	28%	21%	14%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $33M), owner earnings is nearer ($12M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -4.5×

Does not cover its interest

Operating income ($182M) ÷ interest expense $40M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$89M

Net cash

Cash $432M + ST investments $52M − debt $395M

What this means
Cash and short-term investments exceed every dollar of debt by $89M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 4%

Below average through the cycle

10-yr median, range -11%–51%; -4% latest = NOPAT ($144M) ÷ invested capital $3.6B

Industry peers: median 15%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -4% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 14%

Solid through the cycle

10-yr median margin, range 1%–28%; latest $21M = operating cash $306M − maintenance capex $285M

Industry peers: median 21%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 1% of revenue this year, a 14% median across 10 years. Treating stock comp as the real expense it is (less $33M of SBC) leaves ($12M).
Are earnings backed by cash? $306M

Loss, but cash-generative

Net income ($153M) · cash from operations $306M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 1183%

Returned more than it generated

Dividends + buybacks $251M ÷ Owner Earnings $21M

What this means
The company returned more than it generated: against $21M of Owner Earnings, $251M (1183%) went back to shareholders, $26M dividends, $224M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $33M stock comp, the real buyback was about $191M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.46×

Harvesting

Capex $285M ÷ depreciation $621M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $4.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.60×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $395M vs $502M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 4 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +201%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $5.22/share (latest year $-3.04), the averaged base the calculator's gate runs on, and book value is $72.97/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 10

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 4% → 15% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 4% early to 15% lately, median 3% — pricing power intact or improving.
Reinvestment, incremental ROIC 20%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Owner earnings growth −4%/yr

What this means
Owner earnings shrank about 4% a year over the record.
Worst year 2020 · −17.2% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Dividend record paid

What this means
Paid a dividend in 4 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.3B

Cash & short-term investments$465M
Receivables$370M
Inventory$369M
Other current assets$67M

Current liabilities$747M

Debt due within a year$78M
Accounts payable$315M
Other current liabilities$354M

Current ratio1.70×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.21×stricter: inventory excluded

Cash ratio0.62×strictest: cash alone against what's due

Working capital$524Mthe cushion left after near-term bills

Debt due this year vs. cash$78M due · $465M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+6.6%the freshest read on whether the business is still growing

Current ratio, recent quarters1.6× → 1.7×

Deeper floors

Tangible book value$3.7Bequity stripped of goodwill & intangibles

Net current asset value($1.1B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$408M$13M of it operating leases

Deferred revenue$151Kcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $4.0B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.5B · 37%
Dividends$189M · 5%
Buybacks$753M · 19%
Retained (debt / cash)$1.5B · 39%

Returned to owners$942M
38% of the owner earnings the business produced over the span, $189M as dividends and $753M as buybacks.
Average price paid for buybacks$78.06
Across the years where the filing reports a share count, 9M shares were bought for $720M, about $78.06 each. Year to year the price paid ranged from $72.61 (2025) to $153.84 (2018); its heaviest year, 2023, paid $76.45 ($399M).
Net change in share count82.6%
The diluted count rose from 28M to 51M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.51/sh
Paid in 4 of the years on record. It was cut at least once along the way.
Return on what it retained15%
Of the earnings it kept rather than paid out ($676M over the span), annual owner earnings (first three years vs last three) grew $100M, so each retained $1 added about 0.15 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	James A. Brock	$7.1M	$20.1M	$173M
2022	James A. Brock	$10.0M	$33.8M	$479M
2023	James A. Brock	$13.2M	$20.5M	$690M
2024	James A. Brock	$13.1M	$13.7M	$298M
2025	James A. Brock	$19.4M	$10.4M	$21M
2025	Paul A. Lang	$27.2M	$20.4M	$21M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio148:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$33M
The slice of the business handed to employees in shares this year, 1% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Core Natural Resources Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

3 of the 5 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?13.9% vs 18.3%
The owner-earnings margin averaged 18.3% early in the record and 13.9% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?82.6%
Diluted shares grew 82.6% over 2016–2025, even as the company spent $753M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid receivables and inventory outpace sales?13% → 17% of sales
Receivables and inventory grew from $146M to $739M while revenue grew 270%: working capital is climbing faster than sales (13% of revenue then, 17% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Did debt outgrow the business?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Coal & Consumable Fuels

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CNRCore Natural Resources Inc.	$4.2B	—	4.6%	4%	14%
BTUPeabody Energy Corporation Common Stock	$3.9B	—	5.9%	17%	6%
ARLPAlliance Resource Partners L.P. Common	$2.2B	—	18.0%	—	21%
AMRAlpha Metallurgical Resources Inc.	$2.1B	—	9.6%	15%	4%
HCCWarrior Met Coal Inc.	$1.3B	46%	30.2%	35%	29%
METCRamaco Resources Inc.	$537M	21%	6.5%	14%	9%
NCNACCO Industries Inc.	$277M	13%	21.3%	12%	21%
NRPNatural Resource Partners LP	$232M	—	82.8%	—	87%
Group median	—	—	13.8%	15%	17%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Core Natural Resources Inc. has delivered.

Today’s price $

Through the cycle, Core Natural Resources Inc. earns about $572M on its 13.7% median owner-earnings margin. This year’s 0.5% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($572M) Net of stock comp (−$3M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−16%/yr

Owner-earnings growth · ’16→’25−4%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $242M on 50M shares outstanding, per the 10-Q cover, as of 2026-04-30; net cash $10M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CNR against another business →

Cite: Owner Scorecard, "Core Natural Resources Inc. (CNR), the owner's record," https://ownerscorecard.com/c/CNR, data as of 2026-07-09.

Manual order: ← CNP its page in the Manual CNS →

Industry order: ← CCJ the Coal & Consumable Fuels chapter DNN →