At a glance
Alpha Metallurgical Resources Inc is worth $2.07B. Revenue fell 28.0% to $2.13B in fiscal 2025, at a loss; over 5 years it has grown 8.5% a year. It pays a dividend, and returned $566.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.9% over the past year with dividends reinvested and +22.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The business in plain English
Alpha Metallurgical Resources is a Tennessee-based coal miner with mines in Virginia and West Virginia. Its main product is metallurgical ("met") coal, which is baked into coke and used to make steel. Its buyers are steel and coke producers in the US and abroad. It also produces thermal coal, the kind burned for electricity, as a byproduct and sells it mainly to utilities and industrial customers.
As of December 31, 2025, it had 14 active underground mines, five active surface mines and eight active preparation plants, where coal is cleaned before it is shipped by rail. By tons sold in 2025, its largest mining complexes were Marfork and McClure/Toms Creek. It owns 65% of Dominion Terminal Associates, an export terminal in Newport News, Virginia, where it blends and stores coal for overseas buyers. Its proven and probable reserves (coal it expects to mine profitably) totaled 294.5 million tons, 282.8 million of them met coal.
In the year ended December 31, 2025, met coal made up 96% of coal revenues and exports about 73%. Total revenue fell 28% to about $2.1 billion. The 10-K does not clearly split revenue by segment or region. The main drawback is concentration: the company relies on one product whose price follows global steel demand. With met coal prices soft in 2025, it cut output at its Jerry Fork and Black Eagle mines and temporarily idled its Long Branch surface mine.
Price history
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AMR -0.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $492.9M, down 10.4% from a year earlier, and net income was $-12.3M.
- For fiscal 2025, revenue was $2.13B (-28.0% year over year; +8.5% a year from FY2020 to FY2025) with a -2.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.5% good |
|---|---|
| Operating margin | -2.9% weak |
| Free cash flow margin | 0.8% watch |
| Return on equity (FY2025) | -4% weak |
| Return on assets (FY2025) | -2.7% weak |
| Net cash (cash minus debt) | $335.5M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.42B | $-446.9M | $9.7M |
| FY2021 | $2.26B | $288.8M | $91.6M |
| FY2022 | $4.10B | $1.45B | $1.32B |
| FY2023 | $3.47B | $722.0M | $605.8M |
| FY2024 | $2.96B | $187.6M | $381.1M |
| FY2025 | $2.13B | $-61.7M | $17.8M |
Valuation snapshot
| Market value | $2.07B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Alpha Metallurgical Resources’s market value went from $1.12B at the end of 2021 to $2.07B on Oct 28, 2026, up 84%; since the end of 2025 it is down 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.07B | -19.5% |
| 2025 | $2.57B | -1.3% |
| 2024 | $2.60B | -42.1% |
| 2023 | $4.50B | +92.9% |
| 2022 | $2.33B | +107.8% |
| 2021 | $1.12B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMR price data to Oct 28, 2026 | -18.3% | -0.9% | -9.5% | +22.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.3% |
| 2025 | -0.1% |
| 2024 | -41.0% |
| 2023 | +133.8% |
| 2022 | +150.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 144.6% over that stretch · deepest drop along the way 40%, back to its old high 7.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 61 open-market purchases ($28.0M) and 6 sales ($1.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 21, 2026 | Kenneth S. Courtis Director | buy | $2.1M |
| Aug 21, 2026 | Michael Gorzynski Director, 10% owner | buy | $2.1M |
| Mar 9, 2026 | Kenneth S. Courtis Director | buy | $1.6M |
| Mar 9, 2026 | Kenneth S. Courtis Director | buy | $1.6M |
| Mar 10, 2026 | Kenneth S. Courtis Director | buy | $1.4M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.4% | Mar 31, 2025 |
| STATE STREET CORPORATION | 7.7% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.78% | Jun 30, 2026 |
| Renaissance Technologies LLC | 4.78% | Oct 1, 2025 |
| MOHNISH PABRAI | 4.76% | Jun 30, 2026 |
| Pacer US Small Cap Cash Cows ETF | 1.09% | Mar 31, 2025 |
ETFs with the most weight in AMR
| COAL Range Global Coal Index ETF | 8.35% |
| PSCM Invesco S&P SmallCap Materials ETF | 2.24% |
| XME SPDR S&P Metals & Mining ETF | 2.16% |
| ECML Euclidean Fundamental Value ETF | 0.92% |
| FSGS First Trust SMID Growth Strength ETF | 0.7% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.64% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.46% |
| CALF Pacer US Small Cap Cash Cows ETF | 0.36% |
What could go wrong
- Coal prices rise and fall with steel. Metallurgical coal, used in steelmaking, made up 96% of 2025 coal revenues. Its price follows global steel demand. Soft 2025 prices led the company to cut output at two mines and idle a third.
- Export sales exposed to tariff shifts. About 73% of 2025 coal revenues came from exports. Shifting tariff policies, such as the U.S. steel tariffs imposed in March 2025, could hurt the foreign steelmakers that are its customers.
- Complex, tightly regulated Central Appalachian mining. The company says mining in Central Appalachia is more complex and regulated than elsewhere in the U.S. Regulators can order sites closed, and denied or delayed permits could cut production.
- Reliance on railroads and ports. Its coal travels on CSX and Norfolk Southern rail lines and through ports, including the Newport News terminal it part-owns. Rail or port problems, or higher transport costs, could hold up deliveries.
- Lenders and insurers shying away from coal. Some banks and insurers limit services to carbon energy producers. That can make loans, insurance and surety bonds (guarantees backing mine cleanup duties) harder or costlier to get.
- Climate policy and new steelmaking methods. Efforts to cut carbon emissions, and alternative ways of making steel, could shrink long-term demand for coal and lower the value of the company's coal reserves.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Item 1.04
- Investor presentation or announcement
- Quarterly results released; Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Alpha Metallurgical Resources offers little income. Its dividend yield was 0% as of October 28, 2026, and it has no streak of dividend increases. Dividends per share fell from $6.19 in 2022 (apparently including a special dividend) to $1.94 in 2023, $0.23 in 2024 and about $0.03 in 2025. In loss-making 2025, dividends used 2.3% of free cash flow (cash left after capital spending). Buybacks dwarfed dividends: $523 million from 2021 through 2025, almost all in 2022. Shares outstanding fell 31.1% between October 2021 and July 2026.
With almost no dividend, returns depend on the share price, which has swung sharply. While the broad stock market fell from January to October 2022, the stock gained 144.6%, though it dropped 40% between June and July 2022 and did not recover until March 2023. Over the three years to October 28, 2026, its deepest fall was 77.5%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Alpha Metallurgical Resources make money?
It mines and sells metallurgical (met) coal, which is turned into coke for steelmaking. Met coal made up 96% of its coal revenues in 2025, and about 73% of coal revenues came from exports. Its mines are in Virginia and West Virginia, and it owns 65% of Dominion Terminal Associates, an export terminal in Newport News, Virginia. It also sells some thermal coal, a byproduct of mining, to utilities and industrial customers.
Does AMR pay a dividend?
Not in any meaningful way. The dividend yield was 0% as of October 28, 2026. Dividends per share fell from $6.19 in 2022, which appears to include a special dividend, to $1.94 in 2023, $0.23 in 2024 and about $0.03 in 2025. There is no streak of increases. The company returned far more through buybacks, about $523 million from 2021 through 2025, and its annual report notes the board is not required to declare dividends.
Is Alpha Metallurgical Resources profitable?
Not in 2025 or in the quarter ended June 30, 2026. It lost $61.7 million in 2025 as revenue fell 28% to $2.13 billion. In the June 2026 quarter it lost $12.3 million, with revenue down 10.4% from a year earlier. The annual report pointed to soft met coal prices, driven by weak global steel demand and extra U.S. production. Results swing widely with coal prices: in 2022 it earned $1.45 billion on $4.10 billion of revenue.
Does Alpha Metallurgical Resources have a lot of debt?
No. As of June 30, 2026, it reported about $3.0 million of total debt and $338.5 million of cash and investments, so it held about $335.5 million more cash than debt. It still relies on letters of credit and surety bonds, which are guarantees backing obligations such as mine cleanup. Its annual report warns these could become harder or costlier to obtain, and that its lending agreement places limits on its operations.
Have Alpha Metallurgical insiders been purchasing shares?
Yes, on balance. The insider filings reviewed for October 29, 2025 to October 29, 2026 (25 of the 35 filed) show 61 purchases worth about $28.0 million and 6 sales worth about $1.6 million. The largest single purchases, about $2.1 million each on August 21, 2026, came from director Kenneth S. Courtis and from Michael Gorzynski, a director and 10% owner. Insider purchases can reflect confidence, but insiders can be wrong.