An industry chapter · Coal & Consumable Fuels

Coal & Consumable Fuels

13 members, AMR to UEC, A to Z by ticker.

Gross profitability: median 6% — gross profit as a share of total assets, each member's median across its readable years; read on 6 of 13 members
Capital intensity: median 7.5% — capital expenditure as a share of revenue, each member's median across its readable years; read on 12 of 13 members
Net cash: 7 of the 13 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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AMR Alpha Metallurgical Resources Inc.

We operate highly productive, cost-competitive coal mines across the CAPP coal basin.

Owner earnings 2017–2025 $242M$77M$34M$60M$92M$1.4B$714M$381M$18M

Retained capital Retained $1.5B of earnings over 2017–2025; annual owner earnings grew $254M, $0.17 per $1 retained.

Balance sheet Net cash, +$402M · dividend paid 5 of 9 yrs, cut at least once

ARLP Alliance Resource Partners L.P. Common

We are a diversified natural resource company that generates operating and royalty income from the production and marketing of coal to major domestic utilities, industrial users and international customers, as well as royalty income from oil & gas mineral interests located in key producing regions across the United States.

Owner earnings 2016–2025 $612M$411M$461M$209M$280M$309M$516M$556M$518M$388M

Retained capital Retained $3.4B of earnings over 2016–2025; annual owner earnings fell $8M, $-0.00 per $1 retained.

Balance sheet Modest net debt, $380M

BTU Peabody Energy Corporation Common Stock

Peabody is a leading producer of metallurgical and thermal coal.

Owner earnings 2015–2025 ($141M)($179M)$1.2B$392M($201M)$237M$952M$687M$205M($78M)

Retained capital Paid out $3.6B more than it earned over 2015–2025; annual owner earnings fell $18M.

Balance sheet Net cash, +$239M · buybacks at an average near $21.79 · dividend paid 6 of 10 yrs, cut at least once

CCJ Cameco Corporation

Revenue is led by WEC (99%) and U3O8 (83%), with 2 more segments behind.

Owner earnings 2016–2025 C$95MC$482MC$612MC$452M(C$21M)C$360MC$161MC$535MC$694MC$1.1B

Retained capital Retained C$269M of earnings over 2016–2025; annual owner earnings grew C$371M, C$1.38 per C$1 retained.

Balance sheet Net cash, +C$119M · dividend paid 10 of 10 yrs, cut at least once

CNR Core Natural Resources Inc.

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

Owner earnings 2016–2025 $276M$167M$268M$75M$43M$173M$479M$690M$298M$21M

Retained capital Retained $676M of earnings over 2016–2025; annual owner earnings grew $100M, $0.15 per $1 retained.

Balance sheet Net cash, +$89M · buybacks at an average near $78.06 · dividend paid 4 of 10 yrs, cut at least once

DNN DENISON MINES CORP.

Denison's Shares were added to the S&P/TSX Composite Index, the headline index for the Canadian equity market.

Owner earnings 2023–2025 (C$34M)(C$48M)(C$86M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$539M

EU enCore Energy Corp.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2022–2025 ($21M)($29M)($48M)($30M)

Retained capital not read

Balance sheet Net debt against an operating loss, $40M

HCC Warrior Met Coal Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2025 $342M$458M$426M$25M$294M$727M$574M$213M$41M

Retained capital Retained $1.3B of earnings over 2017–2025; annual owner earnings fell $132M, $-0.10 per $1 retained.

Balance sheet Net cash, +$146M · dividend paid 9 of 9 yrs, cut at least once

METC Ramaco Resources Inc.

We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming.

Owner earnings 2016–2025 ($4M)($12M)$24M$23M($11M)$24M$147M$107M$57M($61M)

Retained capital Retained $125M of earnings over 2016–2025; annual owner earnings grew $32M, $0.25 per $1 retained.

Balance sheet Net debt against an operating loss, $22M · dividend paid 5 of 10 yrs, never cut

METCB Ramaco Resources Inc.

Owner earnings 2016–2025 ($4M)($12M)$24M$23M($11M)$24M$147M$107M$57M($61M)

Retained capital Retained $125M of earnings over 2016–2025; annual owner earnings grew $32M, $0.25 per $1 retained.

Balance sheet Net debt against an operating loss, $22M · dividend paid 5 of 10 yrs, never cut

NC NACCO Industries Inc.

We operate under three reportable business segments: Utility Coal Mining, Contract Mining and Minerals and Royalties.

Owner earnings 2016–2025 $84M$26M$40M$37M($21M)$52M$41M$25M($2M)$26M

Retained capital Retained $195M of earnings over 2016–2025; annual owner earnings fell $34M, $-0.17 per $1 retained.

Balance sheet Meaningful net debt, $85M · dividend paid 10 of 10 yrs, cut at least once

NRP Natural Resource Partners LP

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2014–2024 $208M$108M$127M$189M$89M$122M$267M$311M$248M

Retained capital Retained $1.0B of earnings over 2014–2024; annual owner earnings grew $128M, $0.13 per $1 retained.

Balance sheet Heavy net debt, $837M

UEC Uranium Energy Corp.

In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.

Owner earnings 2014–2025 ($21M)($13M)($10M)($13M)($13M)($42M)($54M)$72M($108M)($70M)

Retained capital not read

Balance sheet Net cash, +$159M

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.