Core Natural Financials
Core Natural (CNR) reported $4.2B in revenue for fiscal year 2025, up 86.2% from the prior fiscal year. This page shows its 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).
A larger, more asset-heavy business generated much more sales in FY2025, but margin compression left free cash flow near zero.
Revenue nearly doubled by FY2025, yet gross margin fell to14.9% from36.0% in FY2024, showing that the added sales came with far less earnings power per dollar rather than with operating leverage. Operating cash flow remained positive at$305.8M despite a-$153.2M net loss, which points to heavy non-cash charges on a much larger asset base more than to an immediate cash shortfall.
The balance sheet still looks liquid and lightly levered: cash of
The business also became much more cash-hungry operationally: inventory plus receivables rose to
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Core Natural's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Core Natural scores 2.01, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($4.7B) relative to total liabilities ($2.5B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
Core Natural reported a net loss of $153.2M while generating $305.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Core Natural reported an operating loss of $182.1M against $40.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Core Natural generated $4.2B in revenue in fiscal year 2025. This represents an increase of 86.2% from the prior year.
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.
Core Natural reported -$153.2M in net income in fiscal year 2025. This represents a decrease of 153.5% from the prior year.
Cash & Balance Sheet
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.
Core Natural held $432.2M in cash against $317.3M in long-term debt as of fiscal year 2025.
Core Natural paid $0.40 per share in dividends in fiscal year 2025.
Margins & Returns
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.
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.
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.
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
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.
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.
Not reported for fiscal year 2025.
CNR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $4.2B+86.2% | $2.2B-12.9% | $2.6B+22.2% | $2.1B+67.0% | $1.3B+23.2% | $1.0B-28.6% | $1.4B-6.6% | $1.5B+8.5% | $1.4B+14.7% | $1.2B-13.4% | $1.4B |
| Cost of Revenue | $3.5B | $3.5B+147.6% | $1.4B+3.9% | $1.4B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $740.2M | $620.0M-23.0% | $804.9M-32.4% | $1.2B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $153.5M | $214.9M+86.5% | $115.2M+11.4% | $103.5M-11.3% | $116.7M+33.9% | $87.2M+20.9% | $72.1M+7.4% | $67.1M+2.7% | $65.3M-21.8% | $83.6M+67.1% | $50.0M-10.2% | $55.7M |
| Operating Income | $79.6M | -$182.1M-151.9% | $351.0M-56.3% | $803.3M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $57.6M | $40.1M+80.8% | $22.2M-24.3% | $29.3M-44.3% | $52.6M-16.9% | $63.3M+3.5% | $61.2M-7.9% | $66.5M-20.7% | $83.8M+221.3% | $26.1M+85.7% | $14.1M+86.3% | $7.5M |
| Income Tax | -$67.3M | -$80.5M-281.9% | $44.2M-63.7% | $122.0M+20.2% | $101.5M+7722.5% | $1.3M-67.3% | $4.0M-12.5% | $4.5M-48.6% | $8.8M-89.9% | $87.2M+498.9% | $14.6M-88.4% | $125.6M |
| Net Income | $100.1M | -$153.2M-153.5% | $286.4M-56.3% | $655.9M+40.5% | $467.0M+1269.0% | $34.1M+449.7% | -$9.8M-112.8% | $76.0M-50.3% | $153.0M+126.2% | $67.6M+63.0% | $41.5M-86.5% | $307.0M |
| EPS (Diluted) | — | -$2.98 | $9.61 | $19.79+51.4% | $13.07+1261.5% | $0.96+359.5% | -$0.37-113.2% | $2.81-47.8% | $5.38+124.2% | $2.40+62.2% | $1.48-86.5% | $10.98 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CNR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.1B+112.9% | $2.9B+7.6% | $2.7B-1.1% | $2.7B+5.1% | $2.6B+2.0% | $2.5B-6.3% | $2.7B-2.4% | $2.8B+2.0% | $2.7B+0.7% | $2.7B-6.3% | $2.9B |
| Current Assets | $1.3B+70.5% | $786.0M+30.8% | $601.0M+0.4% | $598.5M+54.9% | $386.3M+31.9% | $292.9M-13.3% | $338.0M-28.7% | $474.0M+18.7% | $399.2M+99.5% | $200.1M | N/A |
| Cash & Equivalents | $432.2M+5.9% | $408.2M+104.8% | $199.4M-27.0% | $273.1M+82.2% | $149.9M+194.8% | $50.9M-36.7% | $80.3M-65.9% | $235.7M+53.1% | $154.0M+1056.8% | $13.3M+100.5% | $6.6M |
| Inventory | $374.8M+289.6% | $96.2M+9.1% | $88.2M+33.0% | $66.3M+5.4% | $62.9M+11.9% | $56.2M+3.8% | $54.1M+11.3% | $48.6M-8.9% | $53.4M+6.5% | $50.2M | N/A |
| Accounts Receivable | $349.2M+155.4% | $136.8M-7.4% | $147.6M-6.6% | $158.1M+51.9% | $104.1M-12.0% | $118.3M-10.2% | $131.7M+50.3% | $87.6M-33.4% | $131.5M+37.4% | $95.7M | 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-7.1% | $2.1B-4.0% | $2.2B-6.5% | $2.4B+25.2% | $1.9B+4.5% | $1.8B |
| Current Liabilities | $838.3M+61.6% | $518.7M+16.9% | $443.7M-1.1% | $448.8M+0.8% | $445.2M+20.8% | $368.5M-6.1% | $392.3M-20.3% | $492.2M+16.6% | $422.2M+11.4% | $379.1M | N/A |
| 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-13.3% | $653.8M-7.7% | $708.5M-17.3% | $856.6M+183.8% | $301.8M | N/A |
| Total Equity | $3.7B+134.5% | $1.6B+16.7% | $1.3B+15.2% | $1.2B+73.3% | $672.8M+21.6% | $553.5M+27.2% | $435.2M+6.2% | $409.9M+100.7% | $204.3M-68.9% | $657.6M-38.1% | $1.1B |
| Retained Earnings | $818.5M-29.6% | $1.2B+23.1% | $944.3M+41.2% | $668.9M+138.1% | $281.0M+13.8% | $246.8M-5.0% | $259.9M+42.7% | $182.1M+516.7% | -$43.7M | $0 | N/A |
Not reported in any period shown, so not listed: Goodwill.
CNR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $565.1M | $305.8M-35.8% | $476.4M-44.5% | $857.9M+31.8% | $651.0M+113.0% | $305.6M+136.3% | $129.3M-47.1% | $244.6M-40.9% | $413.5M+66.7% | $248.1M-24.6% | $329.1M+12.8% | $291.7M |
| Capital Expenditures | $305.6M | $284.6M+59.9% | $178.0M+6.1% | $167.8M-2.2% | $171.5M+29.2% | $132.8M+54.4% | $86.0M-49.3% | $169.7M+16.5% | $145.7M+79.0% | $81.4M+51.9% | $53.6M-62.5% | $143.1M |
| Free Cash Flow | $259.5M | $21.2M-92.9% | $298.4M-56.8% | $690.2M+43.9% | $479.5M+177.5% | $172.8M+298.9% | $43.3M-42.1% | $74.8M-72.1% | $267.8M+60.6% | $166.7M-39.5% | $275.5M+85.4% | $148.6M |
| Investing Cash Flow | -$322.4M | $47.7M+128.9% | -$165.0M+36.4% | -$259.4M-82.5% | -$142.2M-11.6% | -$127.4M-66.8% | -$76.3M+55.8% | -$172.5M-12.3% | -$153.6M-170.4% | -$56.8M-24.2% | -$45.8M | N/A |
| Financing Cash Flow | -$204.6M | -$199.8M-86.6% | -$107.1M+84.3% | -$682.2M-79.5% | -$380.1M-1131.9% | -$30.9M+62.6% | -$82.4M+67.9% | -$256.7M-72.3% | -$148.9M-194.3% | -$50.6M+81.7% | -$276.7M | N/A |
| Dividends Paid | $20.5M | $26.3M+65.6% | $15.9M-79.0% | $75.5M+5.6% | $71.5M | $0 | $0 | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $146.1M | $224.3M+216.4% | $70.9M-82.3% | $399.4M | $0 | $0 | $0-100.0% | $32.7M+26.7% | $25.8M | $0 | $0 | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CNR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.9%-21.1pp | 36.0%-10.4pp | 46.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -4.4%-20.1pp | 15.7%-15.6pp | 31.3% | N/A | N/A | N/A | N/A | N/A | 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%-6.3pp | 5.3%-4.7pp | 10.0%+5.2pp | 4.8%+1.4pp | 3.4%-18.2pp | 21.6% |
| 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%-19.2pp | 17.5%-19.9pp | 37.3%+4.2pp | 33.1%+26.8pp | 6.3%-22.6pp | 28.9% |
| 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%-3.2pp | 2.8%-2.7pp | 5.5%+3.0pp | 2.5%+1.0pp | 1.5%-9.2pp | 10.7% |
| Current Ratio | 1.60+0.1x | 1.52+0.2x | 1.350.0x | 1.33+0.5x | 0.87+0.1x | 0.80-0.1x | 0.86-0.1x | 0.960.0x | 0.95+0.4x | 0.53 | N/A |
| Debt-to-Equity | 0.090.0x | 0.05-0.1x | 0.14-0.2x | 0.29-0.6x | 0.84-0.2x | 1.02-0.5x | 1.50-0.2x | 1.73-2.5x | 4.19+3.7x | 0.46-1.2x | 1.70 |
| FCF Margin | 0.5%-12.8pp | 13.3%-13.5pp | 26.9%+4.1pp | 22.8%+9.1pp | 13.7%+9.5pp | 4.2%-1.0pp | 5.2%-12.3pp | 17.5%+5.7pp | 11.8%-10.6pp | 22.4%+11.9pp | 10.4% |
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Where Core Natural Ranks
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.
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 Altman Z-Score?
Core Natural (CNR) has an Altman Z-Score of 2.01, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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 to 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) reported a net loss of $153.2M while generating $305.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $182.1M against $40.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 67 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.