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

Core Natural (CNR) reported diluted earnings per share of $-2.98 for fiscal year 2025. This represents a -131.0% 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.

Core Natural Financials

CNR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 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 11 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).

Financial Health Signals

Financial Profile 45/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Core Natural has an operating margin of -4.4%, meaning the company retains $-4 of operating profit per $100 of revenue. This below-average margin results in a low score of 13/100, suggesting thin profitability after operating expenses. This is down from 15.7% the prior year.

Growth

100

Core Natural's revenue surged 86.2% year-over-year to $4.2B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Core Natural carries a low D/E ratio of 0.09, meaning only $0.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Core Natural's current ratio of 1.60 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 28/100, which could limit financial flexibility.

Cash Flow

While Core Natural generated $305.8M in operating cash flow, capex of $284.6M consumed most of it, leaving $21.2M in free cash flow. This results in a low score of 26/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Core Natural generates a -4.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 2/100. This is down from 18.3% the prior year.

Piotroski F-Score Neutral

4/9

Core Natural passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-2.00x

For every $1 of reported earnings, Core Natural generates $-2.00 in operating cash flow ($305.8M OCF vs -$153.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-4.5x

Core Natural earns $-4.5 in operating income for every $1 of interest expense (-$182.1M vs $40.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$4.2B

YoY+86.2%

5Y CAGR+32.5%

10Y CAGR+11.3%

Core Natural generated $4.2B in revenue in fiscal year 2025. This represents an increase of 86.2% from the prior year.

EBITDA

$439.0M

YoY-23.6%

Core Natural's EBITDA was $439.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 23.6% from the prior year.

Net Income

-$153.2M

YoY-153.5%

Core Natural reported -$153.2M in net income in fiscal year 2025. This represents a decrease of 153.5% from the prior year.

EPS (Diluted)

$-2.98

YoY-131.0%

Core Natural earned $-2.98 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 131.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$21.2M

YoY-92.9%

5Y CAGR-13.3%

10Y CAGR-17.7%

Core Natural generated $21.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 92.9% from the prior year.

Cash & Debt

$432.2M

YoY+5.9%

5Y CAGR+53.4%

10Y CAGR+51.8%

Core Natural held $432.2M in cash against $317.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.40

YoY-20.0%

Core Natural paid $0.40 per share in dividends in fiscal year 2025. This represents a decrease of 20.0% from the prior year.

Shares Outstanding

51M

YoY-5.6%

5Y CAGR+8.4%

Core Natural had 51M shares outstanding in fiscal year 2025. This represents a decrease of 5.6% from the prior year.

Margins & Returns

Gross Margin

14.9%

YoY-21.1pp

Core Natural's gross margin was 14.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 21.1 percentage points from the prior year.

Operating Margin

-4.4%

YoY-20.1pp

Core Natural's operating margin was -4.4% in fiscal year 2025, reflecting core business profitability. This is down 20.1 percentage points from the prior year.

Net Margin

-3.7%

YoY-16.5pp

5Y CAGR-2.7pp

10Y CAGR-25.3pp

Core Natural's net profit margin was -3.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 16.5 percentage points from the prior year.

Return on Equity

-4.2%

YoY-22.4pp

5Y CAGR-2.4pp

10Y CAGR-33.1pp

Core Natural's ROE was -4.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 22.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$224.3M

YoY+216.4%

Core Natural spent $224.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 216.4% from the prior year.

Capital Expenditures

$284.6M

YoY+59.9%

5Y CAGR+27.0%

10Y CAGR+7.1%

Core Natural invested $284.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 59.9% from the prior year.

CNR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.2B+86.2%	$2.2B-12.9%	$2.6B+22.2%	$2.1B+67.0%	$1.3B+23.2%	$1.0B
Cost of Revenue	$3.5B+147.6%	$1.4B+3.9%	$1.4B	N/A	N/A	N/A
Gross Profit	$620.0M-23.0%	$804.9M-32.4%	$1.2B	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$214.9M+86.5%	$115.2M+11.4%	$103.5M-11.3%	$116.7M+33.9%	$87.2M+20.9%	$72.1M
Operating Income	-$182.1M-151.9%	$351.0M-56.3%	$803.3M	N/A	N/A	N/A
Interest Expense	$40.1M+80.8%	$22.2M-24.3%	$29.3M-44.3%	$52.6M-16.9%	$63.3M+3.5%	$61.2M
Income Tax	-$80.5M-281.9%	$44.2M-63.7%	$122.0M+20.2%	$101.5M+7722.5%	$1.3M-67.3%	$4.0M
Net Income	-$153.2M-153.5%	$286.4M-56.3%	$655.9M+40.5%	$467.0M+1269.0%	$34.1M+449.7%	-$9.8M
EPS (Diluted)	$-2.98-131.0%	$9.61-51.4%	$19.79+51.4%	$13.07+1261.5%	$0.96+359.5%	$-0.37

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.0B+4.0%	$1.0B-9.1%	$1.1B+8.4%	$1.0B+57.6%	$645.5M+16.6%	$553.4M+12.8%	$490.7M-10.2%	$546.7M
Cost of Revenue	$934.5M+12.9%	$827.5M-9.3%	$912.6M+4.9%	$870.3M+129.7%	$378.9M+6.9%	$354.4M+3.0%	$344.0M-2.8%	$354.0M
Gross Profit	$108.0M-38.3%	$175.1M-7.8%	$189.8M+29.0%	$147.1M-44.8%	$266.5M+33.9%	$199.0M+35.7%	$146.7M-23.9%	$192.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$105.8M+209.8%	$34.1M-2.0%	$34.8M-13.2%	$40.1M+6.9%	$37.6M+3.9%	$36.2M+73.1%	$20.9M+1.2%	$20.6M
Operating Income	-$97.1M-722.1%	-$11.8M+38.7%	-$19.3M+64.3%	-$53.9M-242.3%	$37.9M-67.7%	$117.2M+63.1%	$71.9M-42.1%	$124.0M
Interest Expense	$24.2M+127.9%	$10.6M+190.6%	$3.6M+114.6%	$1.7M-89.5%	$16.3M+248.6%	$4.7M+1174.3%	$366K-59.5%	$904K
Income Tax	-$30.4M+42.7%	-$53.0M-844.8%	$7.1M+268.8%	-$4.2M-606.1%	$833K-95.3%	$17.5M+94.3%	$9.0M-46.4%	$16.8M
Net Income	-$79.0M-350.0%	$31.6M+186.4%	-$36.6M+47.2%	-$69.3M-324.8%	$30.8M-67.8%	$95.6M+64.7%	$58.1M-43.0%	$101.9M
EPS (Diluted)	N/A	$0.61+187.1%	$-0.70+49.3%	$-1.38	N/A	$3.22+64.3%	$1.96-42.2%	$3.39

CNR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.1B+112.9%	$2.9B+7.6%	$2.7B-1.1%	$2.7B+5.1%	$2.6B+2.0%	$2.5B
Current Assets	$1.3B+70.5%	$786.0M+30.8%	$601.0M+0.4%	$598.5M+54.9%	$386.3M+31.9%	$292.9M
Cash & Equivalents	$432.2M+5.9%	$408.2M+104.8%	$199.4M-27.0%	$273.1M+82.2%	$149.9M+194.8%	$50.9M
Inventory	$374.8M+289.6%	$96.2M+9.1%	$88.2M+33.0%	$66.3M+5.4%	$62.9M+11.9%	$56.2M
Accounts Receivable	$349.2M+155.4%	$136.8M-7.4%	$147.6M-6.6%	$158.1M+51.9%	$104.1M-12.0%	$118.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.5B+87.0%	$1.3B-1.5%	$1.3B-13.5%	$1.5B-19.1%	$1.9B-3.5%	$2.0B
Current Liabilities	$838.3M+61.6%	$518.7M+16.9%	$443.7M-1.1%	$448.8M+0.8%	$445.2M+20.8%	$368.5M
Long-Term Debt	$317.3M+299.0%	$79.5M-56.3%	$181.9M-46.8%	$342.1M-39.8%	$568.1M+0.2%	$566.9M
Total Equity	$3.7B+134.5%	$1.6B+16.7%	$1.3B+15.2%	$1.2B+73.3%	$672.8M+21.6%	$553.5M
Retained Earnings	$818.5M-29.6%	$1.2B+23.1%	$944.3M+41.2%	$668.9M+138.1%	$281.0M+13.8%	$246.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$6.1B-1.1%	$6.2B-0.2%	$6.2B-0.7%	$6.3B+117.1%	$2.9B+2.0%	$2.8B+4.2%	$2.7B+1.1%	$2.7B
Current Assets	$1.3B-4.3%	$1.4B+10.1%	$1.3B-4.5%	$1.3B+69.6%	$786.0M+5.6%	$744.6M+19.9%	$621.2M+1.2%	$613.7M
Cash & Equivalents	$432.2M-2.8%	$444.7M+7.6%	$413.2M+6.4%	$388.5M-4.8%	$408.2M+23.1%	$331.7M+53.5%	$216.1M+25.2%	$172.6M
Inventory	$374.8M-8.0%	$407.5M+8.1%	$377.1M-2.8%	$388.0M+303.3%	$96.2M-17.5%	$116.6M+19.6%	$97.5M-10.9%	$109.5M
Accounts Receivable	$349.2M+6.3%	$328.6M+5.6%	$311.3M-22.3%	$400.8M+193.1%	$136.8M+4.0%	$131.5M-8.6%	$143.9M-12.0%	$163.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.5B+1.4%	$2.4B-1.0%	$2.4B+3.6%	$2.4B+79.7%	$1.3B+1.3%	$1.3B+1.8%	$1.3B-1.5%	$1.3B
Current Liabilities	$838.3M+8.9%	$769.8M+7.8%	$713.8M+1.4%	$703.9M+35.7%	$518.7M-4.0%	$540.0M+35.0%	$400.1M-4.1%	$417.3M
Long-Term Debt	$317.3M+1.3%	$313.2M0.0%	$313.2M0.0%	$313.3M+293.9%	$79.5M+0.2%	$79.3M-56.4%	$182.0M0.0%	$181.9M
Total Equity	$3.7B-2.7%	$3.8B+0.3%	$3.8B-3.3%	$3.9B+148.4%	$1.6B+2.5%	$1.5B+6.3%	$1.4B+3.6%	$1.4B
Retained Earnings	$818.5M-11.0%	$919.6M+1.3%	$908.1M-10.2%	$1.0B-13.0%	$1.2B+2.0%	$1.1B+8.4%	$1.1B+4.9%	$1.0B

CNR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$305.8M-35.8%	$476.4M-44.5%	$857.9M+31.8%	$651.0M+113.0%	$305.6M+136.3%	$129.3M
Capital Expenditures	$284.6M+59.9%	$178.0M+6.1%	$167.8M-2.2%	$171.5M+29.2%	$132.8M+54.4%	$86.0M
Free Cash Flow	$21.2M-92.9%	$298.4M-56.8%	$690.2M+43.9%	$479.5M+177.5%	$172.8M+298.9%	$43.3M
Investing Cash Flow	$47.7M+128.9%	-$165.0M+36.4%	-$259.4M-82.5%	-$142.2M-11.6%	-$127.4M-66.8%	-$76.3M
Financing Cash Flow	-$199.8M-86.6%	-$107.1M+84.3%	-$682.2M-79.5%	-$380.1M-1131.9%	-$30.9M+62.6%	-$82.4M
Dividends Paid	$26.3M+65.6%	$15.9M-79.0%	$75.5M+5.6%	$71.5M	$0	$0
Share Buybacks	$224.3M+216.4%	$70.9M-82.3%	$399.4M	$0	$0	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$107.3M+22.1%	$87.9M-60.1%	$220.2M+300.8%	-$109.6M-190.4%	$121.3M-24.8%	$161.3M+38.8%	$116.3M+50.0%	$77.5M
Capital Expenditures	$81.3M+64.9%	$49.3M-44.7%	$89.2M+37.6%	$64.8M+58.7%	$40.8M+3.7%	$39.4M-28.9%	$55.4M+30.8%	$42.4M
Free Cash Flow	$26.0M-32.6%	$38.6M-70.5%	$131.0M+175.1%	-$174.5M-316.8%	$80.5M-34.0%	$121.9M+100.4%	$60.9M+73.2%	$35.1M
Investing Cash Flow	-$83.9M-64.0%	-$51.2M+48.9%	-$100.2M-135.4%	$283.0M+1033.1%	-$30.3M+22.6%	-$39.2M+33.8%	-$59.2M-63.1%	-$36.3M
Financing Cash Flow	-$33.8M-5.4%	-$32.0M+65.3%	-$92.4M-122.1%	-$41.6M-218.6%	-$13.1M-39.7%	-$9.3M+45.1%	-$17.0M+74.9%	-$67.7M
Dividends Paid	$5.2M+1.6%	$5.1M-1.7%	$5.2M-51.2%	$10.7M+44.4%	$7.4M+0.8%	$7.4M+1325.0%	$516K-11.3%	$582K
Share Buybacks	$21.7M+11.5%	$19.4M-76.3%	$81.9M-19.1%	$101.3M	$0	$0-100.0%	$13.0M-77.5%	$57.9M

CNR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	14.9%-21.1pp	36.0%-10.4pp	46.4%	N/A	N/A	N/A
Operating Margin	-4.4%-20.1pp	15.7%-15.6pp	31.3%	N/A	N/A	N/A
Net Margin	-3.7%-16.5pp	12.8%-12.7pp	25.5%+3.3pp	22.2%+19.5pp	2.7%+3.7pp	-0.9%
Return on Equity	-4.2%-22.4pp	18.3%-30.6pp	48.8%+8.8pp	40.1%+35.0pp	5.1%+6.8pp	-1.8%
Return on Assets	-2.5%-12.4pp	10.0%-14.6pp	24.5%+7.3pp	17.3%+15.9pp	1.3%+1.7pp	-0.4%
Current Ratio	1.60+0.1	1.52+0.2	1.35+0.0	1.33+0.5	0.87+0.1	0.80
Debt-to-Equity	0.09+0.0	0.05-0.1	0.14-0.2	0.29-0.6	0.84-0.2	1.02
FCF Margin	0.5%-12.8pp	13.3%-13.5pp	26.9%+4.1pp	22.8%+9.1pp	13.7%+9.5pp	4.2%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	10.4%-7.1pp	17.5%+0.2pp	17.2%+2.8pp	14.5%-26.8pp	41.3%+5.3pp	36.0%+6.1pp	29.9%-5.3pp	35.2%
Operating Margin	-9.3%-8.1pp	-1.2%+0.6pp	-1.8%+3.5pp	-5.3%-11.2pp	5.9%-15.3pp	21.2%+6.5pp	14.6%-8.0pp	22.7%
Net Margin	-7.6%-10.7pp	3.1%+6.5pp	-3.3%+3.5pp	-6.8%-11.6pp	4.8%-12.5pp	17.3%+5.5pp	11.8%-6.8pp	18.6%
Return on Equity	-2.1%-3.0pp	0.8%+1.8pp	-1.0%+0.8pp	-1.8%-3.8pp	2.0%-4.3pp	6.3%+2.2pp	4.0%-3.3pp	7.3%
Return on Assets	-1.3%-1.8pp	0.5%+1.1pp	-0.6%+0.5pp	-1.1%-2.2pp	1.1%-2.3pp	3.4%+1.3pp	2.1%-1.7pp	3.8%
Current Ratio	1.60-0.2	1.82+0.0	1.78-0.1	1.89+0.4	1.52+0.1	1.38-0.2	1.55+0.1	1.47
Debt-to-Equity	0.090.0	0.080.0	0.080.0	0.08+0.0	0.050.0	0.05-0.1	0.130.0	0.13
FCF Margin	2.5%-1.3pp	3.9%-8.0pp	11.9%+29.0pp	-17.2%-29.6pp	12.5%-9.6pp	22.0%+9.6pp	12.4%+6.0pp	6.4%

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Frequently Asked Questions

What is Core Natural's annual revenue?

Core Natural (CNR) reported $4.2B in total revenue for fiscal year 2025. This represents a 86.2% 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 86.2% year-over-year, from $2.2B to $4.2B in fiscal year 2025.

Is Core Natural profitable?

No, Core Natural (CNR) reported a net income of -$153.2M in fiscal year 2025, with a net profit margin of -3.7%.

What is Core Natural's EBITDA?

Core Natural (CNR) had EBITDA of $439.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Core Natural have?

As of fiscal year 2025, Core Natural (CNR) had $432.2M in cash and equivalents against $317.3M in long-term debt.

What is Core Natural's gross margin?

Core Natural (CNR) had a gross margin of 14.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Core Natural's operating margin?

Core Natural (CNR) had an operating margin of -4.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Core Natural's net profit margin?

Core Natural (CNR) had a net profit margin of -3.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Core Natural pay dividends?

Yes, Core Natural (CNR) paid $0.40 per share in dividends during fiscal year 2025.

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

Core Natural (CNR) has a return on equity of -4.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Core Natural's free cash flow?

Core Natural (CNR) generated $21.2M in free cash flow during fiscal year 2025. This represents a -92.9% 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 $305.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Core Natural's total assets?

Core Natural (CNR) had $6.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Core Natural's capital expenditures?

Core Natural (CNR) invested $284.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Core Natural buy back shares?

Yes, Core Natural (CNR) spent $224.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Core Natural have outstanding?

Core Natural (CNR) had 51M shares outstanding as of fiscal year 2025.

What is Core Natural's current ratio?

Core Natural (CNR) had a current ratio of 1.60 as of fiscal year 2025, which is generally considered healthy.

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

Core Natural (CNR) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, 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 -2.5% for fiscal year 2025, 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 4 out of 9, indicating neutral 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. Learn more in our complete guide to financial health indicators.

Are Core Natural's earnings high quality?

Core Natural (CNR) has an earnings quality ratio of -2.00x, considered mixed 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. Learn more in our complete guide to financial health indicators.

Can Core Natural cover its interest payments?

Core Natural (CNR) has an interest coverage ratio of -4.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Core Natural?

Core Natural (CNR) scores 45 out of 100 on our Financial Profile, indicating moderate 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. Learn more in our complete guide to financial health indicators.