Core Natural Financials

CNR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Core Natural (CNR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$2.2B

YoY+77.6%

5Y CAGR+9.6%

Core Natural generated $2.2B in revenue in fiscal year 2024. This represents an increase of 77.6% from the prior year.

EBITDA

N/A

Free Cash Flow

$298.4M

YoY+72.7%

5Y CAGR+12.4%

Core Natural generated $298.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 72.7% from the prior year.

Net Income

$286.4M

YoY+739.7%

5Y CAGR+33.5%

Core Natural reported $286.4M in net income in fiscal year 2024. This represents an increase of 739.7% from the prior year.

EPS (Diluted)

$9.61

YoY+901.0%

5Y CAGR+32.0%

Core Natural earned $9.61 per diluted share (EPS) in fiscal year 2024. This represents an increase of 901.0% from the prior year.

Cash & Debt

$408.2M

YoY+172.3%

5Y CAGR+21.5%

Core Natural held $408.2M in cash against $79.5M in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.50

Core Natural paid $0.50 per share in dividends in fiscal year 2024.

Shares Outstanding

29M

YoY-14.7%

5Y CAGR+1.0%

Core Natural had 29M shares outstanding in fiscal year 2024. This represents a decrease of 14.7% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

12.8%

YoY+10.1pp

5Y CAGR+8.0pp

Core Natural's net profit margin was 12.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 10.1 percentage points from the prior year.

Return on Equity

18.3%

YoY+13.2pp

5Y CAGR-1.4pp

Core Natural's ROE was 18.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 13.2 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$70.9M

Core Natural spent $70.9M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$178.0M

YoY+34.1%

5Y CAGR+16.9%

Core Natural invested $178.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 34.1% from the prior year.

CNR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.2B+77.6%	$1.3B+23.2%	$1.0B-28.6%	$1.4B-6.6%	$1.5B+8.5%	$1.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$115.2M+32.2%	$87.2M+20.9%	$72.1M+7.4%	$67.1M+2.7%	$65.3M-21.8%	$83.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$22.2M-65.0%	$63.3M+3.5%	$61.2M-7.9%	$66.5M-20.7%	$83.8M+221.3%	$26.1M
Income Tax	$44.2M+3311.1%	$1.3M-67.3%	$4.0M-12.5%	$4.5M-48.6%	$8.8M-89.9%	$87.2M
Net Income	$286.4M+739.7%	$34.1M+449.7%	-$9.8M-112.8%	$76.0M-50.3%	$153.0M+126.2%	$67.6M
EPS (Diluted)	$9.61+901.0%	$0.96+359.5%	$-0.37-113.2%	$2.81-47.8%	$5.38+124.2%	$2.40

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Revenue	$1.0B-9.1%	$1.1B+8.4%	$1.0B+56.7%	$649.4M+14.0%	$569.9M-13.8%	$661.0M-4.0%	$688.6M+22.6%	$561.6M
Cost of Revenue	$827.5M-9.3%	$912.6M+4.9%	$870.3M	N/A	N/A	N/A	N/A	N/A
Gross Profit	$175.1M-7.8%	$189.8M+29.0%	$147.1M	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$34.1M-2.0%	$34.8M-13.2%	$40.1M+69.3%	$23.7M-36.5%	$37.3M+48.4%	$25.1M+45.4%	$17.3M-43.1%	$30.4M
Operating Income	-$11.8M+38.7%	-$19.3M+64.3%	-$53.9M	N/A	N/A	N/A	N/A	N/A
Interest Expense	$10.6M+190.6%	$3.6M+114.6%	$1.7M-67.6%	$5.2M-21.1%	$6.6M-7.1%	$7.2M-30.4%	$10.3M-14.1%	$12.0M
Income Tax	-$53.0M-844.8%	$7.1M+268.8%	-$4.2M-119.4%	$21.8M+3.6%	$21.0M-44.0%	$37.6M-9.7%	$41.6M+5.5%	$39.4M
Net Income	$31.6M+186.4%	-$36.6M+47.2%	-$69.3M-144.1%	$157.1M+55.9%	$100.7M-39.9%	$167.7M-27.2%	$230.4M+51.4%	$152.1M
EPS (Diluted)	$0.61+187.1%	$-0.70+49.3%	$-1.38-126.6%	$5.19+66.9%	$3.11-37.0%	$4.94-24.6%	$6.55+54.1%	$4.25

CNR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.9B+11.9%	$2.6B+2.0%	$2.5B-6.3%	$2.7B-2.4%	$2.8B+2.0%	$2.7B
Current Assets	$786.0M+103.4%	$386.3M+31.9%	$292.9M-13.3%	$338.0M-28.7%	$474.0M+18.7%	$399.2M
Cash & Equivalents	$408.2M+172.3%	$149.9M+194.8%	$50.9M-36.7%	$80.3M-65.9%	$235.7M+53.1%	$154.0M
Inventory	$96.2M+53.0%	$62.9M+11.9%	$56.2M+3.8%	$54.1M+11.3%	$48.6M-8.9%	$53.4M
Accounts Receivable	$136.8M+31.4%	$104.1M-12.0%	$118.3M-10.2%	$131.7M+50.3%	$87.6M-33.4%	$131.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.3B-31.0%	$1.9B-3.5%	$2.0B-7.1%	$2.1B-4.0%	$2.2B-6.5%	$2.4B
Current Liabilities	$518.7M+16.5%	$445.2M+20.8%	$368.5M-6.1%	$392.3M-20.3%	$492.2M+16.6%	$422.2M
Long-Term Debt	$79.5M-86.0%	$568.1M+0.2%	$566.9M-13.3%	$653.8M-7.7%	$708.5M-17.3%	$856.6M
Total Equity	$1.6B+133.1%	$672.8M+21.6%	$553.5M-3.3%	$572.4M+3.8%	$551.6M+60.5%	$343.6M
Retained Earnings	$1.2B+313.6%	$281.0M+13.8%	$246.8M-5.0%	$259.9M+42.7%	$182.1M+516.7%	-$43.7M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Total Assets	$6.2B-0.2%	$6.2B-0.7%	$6.3B+133.7%	$2.7B+0.6%	$2.7B-0.7%	$2.7B-0.6%	$2.7B-1.0%	$2.7B
Current Assets	$1.4B+10.1%	$1.3B-4.5%	$1.3B+121.7%	$601.0M+3.7%	$579.4M+0.2%	$578.4M-5.5%	$612.0M+9.6%	$558.3M
Cash & Equivalents	$444.7M+7.6%	$413.2M+6.4%	$388.5M+94.9%	$199.4M+19.0%	$167.6M-11.6%	$189.5M-1.7%	$192.8M-28.3%	$268.9M
Inventory	$407.5M+8.1%	$377.1M-2.8%	$388.0M+340.1%	$88.2M-10.4%	$98.4M+0.7%	$97.7M+2.1%	$95.6M+27.6%	$75.0M
Accounts Receivable	$328.6M+5.6%	$311.3M-22.3%	$400.8M+171.5%	$147.6M0.0%	$147.7M+29.7%	$113.8M-23.8%	$149.4M+40.1%	$106.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.4B-1.0%	$2.4B+3.6%	$2.4B+76.9%	$1.3B-1.4%	$1.4B+0.6%	$1.3B-5.0%	$1.4B-21.7%	$1.8B
Current Liabilities	$769.8M+7.8%	$713.8M+1.4%	$703.9M+58.6%	$443.7M-2.3%	$454.2M+9.8%	$413.7M-6.5%	$442.5M-14.1%	$515.0M
Long-Term Debt	$313.2M0.0%	$313.2M0.0%	$313.3M+72.2%	$181.9M-0.8%	$183.4M-11.6%	$207.5M-18.0%	$253.0M-38.8%	$413.6M
Total Equity	$3.8B+0.3%	$3.8B-3.3%	$3.9B+190.0%	$1.3B+2.6%	$1.3B-2.0%	$1.3B+4.2%	$1.3B+39.8%	$916.4M
Retained Earnings	$919.6M+1.3%	$908.1M-10.2%	$1.0B+7.1%	$944.3M+5.9%	$891.8M+0.1%	$890.8M+9.3%	$815.0M+57.0%	$519.1M

CNR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$476.4M+55.9%	$305.6M+136.3%	$129.3M-47.1%	$244.6M-40.9%	$413.5M+66.7%	$248.1M
Capital Expenditures	$178.0M+34.1%	$132.8M+54.4%	$86.0M-49.3%	$169.7M+16.5%	$145.7M+79.0%	$81.4M
Free Cash Flow	$298.4M+72.7%	$172.8M+298.9%	$43.3M-42.1%	$74.8M-72.1%	$267.8M+60.6%	$166.7M
Investing Cash Flow	-$165.0M-29.6%	-$127.4M-66.8%	-$76.3M+55.8%	-$172.5M-12.3%	-$153.6M-170.4%	-$56.8M
Financing Cash Flow	-$107.1M-247.1%	-$30.9M+62.6%	-$82.4M+67.9%	-$256.7M-72.3%	-$148.9M-194.3%	-$50.6M
Dividends Paid	$15.9M	$0	$0	N/A	N/A	N/A
Share Buybacks	$70.9M	$0	$0-100.0%	$32.7M+26.7%	$25.8M	$0

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Operating Cash Flow	N/A	N/A	-$109.6M	N/A	N/A	N/A	$248.5M	N/A
Capital Expenditures	N/A	N/A	$64.8M+29.5%	$50.0M+20.1%	$41.7M-1.6%	$42.3M+25.4%	$33.8M-42.2%	$58.4M
Free Cash Flow	N/A	N/A	-$174.5M	N/A	N/A	N/A	$214.8M	N/A
Investing Cash Flow	N/A	N/A	$283.0M	N/A	N/A	N/A	-$102.8M	N/A
Financing Cash Flow	N/A	N/A	-$41.6M	N/A	N/A	N/A	-$225.9M	N/A
Dividends Paid	N/A	N/A	$10.7M	N/A	N/A	N/A	$38.3M	N/A
Share Buybacks	N/A	N/A	$101.3M	N/A	N/A	N/A	$75.1M	N/A

CNR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.8%+10.1pp	2.7%+3.7pp	-0.9%-6.3pp	5.3%-4.7pp	10.0%+5.2pp	4.8%
Return on Equity	18.3%+13.2pp	5.1%	N/A	13.3%-14.4pp	27.7%+8.0pp	19.7%
Return on Assets	10.0%+8.6pp	1.3%+1.7pp	-0.4%-3.2pp	2.8%-2.7pp	5.5%+3.0pp	2.5%
Current Ratio	1.52+0.6	0.87+0.1	0.80-0.1	0.86-0.1	0.96+0.0	0.95
Debt-to-Equity	0.05-0.8	0.84-0.2	1.02-0.1	1.14-0.1	1.28-1.2	2.49
FCF Margin	13.3%-0.4pp	13.7%+9.5pp	4.2%-1.0pp	5.2%-12.3pp	17.5%+5.7pp	11.8%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Gross Margin	17.5%+0.2pp	17.2%+2.8pp	14.5%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1.2%+0.6pp	-1.8%+3.5pp	-5.3%	N/A	N/A	N/A	N/A	N/A
Net Margin	3.1%+6.5pp	-3.3%+3.5pp	-6.8%-31.0pp	24.2%+6.5pp	17.7%-7.7pp	25.4%-8.1pp	33.5%+6.4pp	27.1%
Return on Equity	0.8%-3.2pp	4.0%-3.3pp	7.3%-4.3pp	11.7%+4.0pp	7.7%-4.9pp	12.6%-5.4pp	18.0%+1.4pp	16.6%
Return on Assets	0.5%+1.1pp	-0.6%+0.5pp	-1.1%-7.0pp	5.9%+2.1pp	3.8%-2.5pp	6.3%-2.3pp	8.6%+3.0pp	5.6%
Current Ratio	1.82+0.0	1.78-0.1	1.89+0.5	1.35+0.1	1.28-0.1	1.40+0.0	1.38+0.3	1.08
Debt-to-Equity	0.080.0	0.080.0	0.08-0.1	0.140.0	0.14-0.0	0.16-0.0	0.20-0.3	0.45
FCF Margin	N/A	N/A	-17.2%	N/A	N/A	N/A	31.2%	N/A

Financial Health Signals

Financial Profile 76/100

Profitability

N/A

Growth

100

Leverage

100

Liquidity

Cash Flow

Returns

Based on FY2024 annual data. Scores normalized against common benchmarks.

Piotroski F-Score Strong

8/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

1.66x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

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Frequently Asked Questions

What is Core Natural's annual revenue?

Core Natural (CNR) reported $2.2B in total revenue for fiscal year 2024. This represents a 77.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Core Natural's revenue growing?

Core Natural (CNR) revenue grew by 77.6% year-over-year, from $1.3B to $2.2B in fiscal year 2024.

Is Core Natural profitable?

Yes, Core Natural (CNR) reported a net income of $286.4M in fiscal year 2024, with a net profit margin of 12.8%.

What is Core Natural's earnings per share (EPS)?

Core Natural (CNR) reported diluted earnings per share of $9.61 for fiscal year 2024. This represents a 901.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Core Natural have?

As of fiscal year 2024, Core Natural (CNR) had $408.2M in cash and equivalents against $79.5M in long-term debt.

What is Core Natural's net profit margin?

Core Natural (CNR) had a net profit margin of 12.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Core Natural pay dividends?

Yes, Core Natural (CNR) paid $0.50 per share in dividends during fiscal year 2024.

What is Core Natural's return on equity (ROE)?

Core Natural (CNR) has a return on equity of 18.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Core Natural's free cash flow?

Core Natural (CNR) generated $298.4M in free cash flow during fiscal year 2024. This represents a 72.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Core Natural's operating cash flow?

Core Natural (CNR) generated $476.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Core Natural's total assets?

Core Natural (CNR) had $2.9B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Core Natural's capital expenditures?

Core Natural (CNR) invested $178.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Core Natural buy back shares?

Yes, Core Natural (CNR) spent $70.9M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Core Natural have outstanding?

Core Natural (CNR) had 29M shares outstanding as of fiscal year 2024.

What is Core Natural's current ratio?

Core Natural (CNR) had a current ratio of 1.52 as of fiscal year 2024, which is generally considered healthy.

What is Core Natural's debt-to-equity ratio?

Core Natural (CNR) had a debt-to-equity ratio of 0.05 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Core Natural's return on assets (ROA)?

Core Natural (CNR) had a return on assets of 10.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Core Natural's Piotroski F-Score?

Core Natural (CNR) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Core Natural's earnings high quality?

Core Natural (CNR) has an earnings quality ratio of 1.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

How financially healthy is Core Natural?

Core Natural (CNR) scores 76 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.