Core Natural Financials
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).
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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 has an operating margin of -4.4%, meaning the company retains $-4 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is down from 15.7% the prior year.
Core Natural's revenue surged 86.2% year-over-year to $4.2B, reflecting rapid business expansion. This strong growth earns a score of 79/100.
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.
Core Natural's current ratio of 1.60 is below the typical benchmark, resulting in a score of 28/100. However, the company holds substantial cash reserves (52% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
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 49/100, reflecting heavy capital investment rather than weak cash generation.
Core Natural's ROE of -4.2% shows moderate profitability relative to equity, earning a score of 40/100. This is down from 18.3% the prior year.
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.
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.
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
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.
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
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. This represents a decrease of 20.0% from the prior year.
Core Natural had 51M shares outstanding in fiscal year 2025. This represents a decrease of 5.6% from the prior year.
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.
CNR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B+4.0% | $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 |
| Cost of Revenue | $879.2M-5.9% | $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 |
| Gross Profit | $205.1M+89.9% | $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 |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $36.1M-36.2% | $56.6M+65.7% | $34.1M-2.0% | $34.8M-61.0% | $89.3M+137.8% | $37.6M+3.9% | $36.2M+73.1% | $20.9M |
| Operating Income | $32.7M+133.7% | -$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 |
| Interest Expense | $11.2M-53.7% | $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 |
| Income Tax | -$427K+98.6% | -$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 |
| Net Income | $21.0M+126.6% | -$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 |
| EPS (Diluted) | $0.41 | N/A | $0.61+187.1% | $-0.70+49.3% | $-1.38 | N/A | $3.22+64.3% | $1.96 |
CNR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.1B-1.2% | $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 |
| Current Assets | $1.3B-5.2% | $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 |
| Cash & Equivalents | $412.7M-4.5% | $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 |
| Inventory | $369.1M-1.5% | $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 |
| Accounts Receivable | $369.9M+5.9% | $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 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.4B-2.2% | $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 |
| Current Liabilities | $747.0M-10.9% | $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 |
| Long-Term Debt | $411.6M+29.7% | $317.3M+1.3% | $313.2M0.0% | $313.2M0.0% | $313.3M+293.9% | $79.5M+0.2% | $79.3M-56.4% | $182.0M |
| Total Equity | $3.7B-0.6% | $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 |
| Retained Earnings | $800.7M-2.2% | $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 |
CNR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $119.4M+11.3% | $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 |
| Capital Expenditures | $73.1M-10.1% | $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 |
| Free Cash Flow | $46.3M+77.9% | $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 |
| Investing Cash Flow | -$79.8M+4.9% | -$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 |
| Financing Cash Flow | -$57.6M-70.5% | -$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 |
| Dividends Paid | $5.1M-2.1% | $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 |
| Share Buybacks | $41.9M+93.4% | $21.7M+11.5% | $19.4M-76.3% | $81.9M-19.1% | $101.3M | $0 | $0-100.0% | $13.0M |
CNR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.9%+8.6pp | 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% |
| Operating Margin | 3.0%+12.3pp | -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% |
| Net Margin | 1.9%+9.5pp | -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% |
| Return on Equity | 0.6%+2.7pp | -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% |
| Return on Assets | 0.4%+1.6pp | -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% |
| Current Ratio | 1.70+0.1 | 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 |
| Debt-to-Equity | 0.11+0.0 | 0.090.0 | 0.080.0 | 0.080.0 | 0.08+0.0 | 0.050.0 | 0.05-0.1 | 0.13 |
| FCF Margin | 4.3%+1.8pp | 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% |
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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.
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 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) 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 56 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.