At a glance
Core Natural Resources, Inc. is worth $4.39B. Revenue grew 92.4% to $4.16B in fiscal 2025, at a loss; over 5 years it has grown 36.5% a year. It pays a 0.45% dividend yield, and returned $883.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +10.5% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Core Natural Resources mines and sells coal. It produces two main kinds: thermal coal, which power plants burn to make electricity, and metallurgical coal, which is used to make steel. Its customers are power plant operators, steelmakers and industrial users in the US and abroad. Its operations are anchored by long-lived longwall mines, where a large machine shears coal along a wide underground face. The company took its name after CONSOL Energy completed an all-stock merger with Arch on January 14, 2025.
In fiscal 2025, which ended December 31, 2025, revenue was $4.16 billion. The High CV Thermal segment (coal with high heat content) brought in 53%, Metallurgical 28.9% and the Powder River Basin (PRB) segment 17.3%. By customer type, power generation made up 44.7% of revenue, metallurgical buyers 31.9% and industrial users 22.6%. The company also has ownership interests in two East Coast export terminals; its Core Marine Terminal added 0.5% of revenue.
After the merger, 72% of 2025 sales tons went to domestic customers and 28% to export markets. Contracted thermal coal sales give steadier revenue, while export and metallurgical sales offer more upside in strong markets and more exposure to price swings. The company is also exploring carbon products made from coal and, at an early research stage, rare earth recovery.
Price history
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CNR +10.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Power Generation | $1.86B | 44.7% |
| Metallurgical | $1.33B | 31.9% |
| Industrial | $940.2M | 22.6% |
| Terminal Revenue | $21.5M | 0.5% |
| Other Revenue | $13.8M | 0.3% |
By business segment
| High CV Thermal | $2.21B | 53% |
| Metallurgical | $1.20B | 28.9% |
| PRB | $718.8M | 17.3% |
| Core Marine Terminal | $21.5M | 0.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.14B, up 3.5% from a year earlier, and net income was $126.5M.
- For fiscal 2025, revenue was $4.16B (+92.4% year over year; +36.5% a year from FY2020 to FY2025) with a -3.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +36.5% good |
|---|---|
| Operating margin | -4.4% weak |
| Free cash flow margin | 0.5% watch |
| Return on equity (FY2025) | -4.2% weak |
| Return on assets (FY2025) | -2.5% weak |
| Net cash (cash minus debt) | $25.6M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $879.5M | $-9.8M | $43.3M |
| FY2021 | $1.26B | $34.1M | $172.8M |
| FY2022 | $2.28B | $467.0M | $479.5M |
| FY2023 | $2.51B | $655.9M | $690.2M |
| FY2024 | $2.16B | $286.4M | $298.4M |
| FY2025 | $4.16B | $-153.2M | $21.2M |
Valuation snapshot
| Market value | $4.39B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0.45% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CNR price data to Oct 28, 2026 | +0.2% | +10.5% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.2% |
| 2025 | -10.7% |
| 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 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (22 read): 0 open-market purchases and 6 sales ($6.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 18, 2026 | James A Brock Executive Chair and CEO, Director | sell | $4.1M |
| Mar 19, 2026 | Rosemary L Klein SVP, CLO & Corp. Sec. | sell | $1.1M |
| Mar 19, 2026 | Rosemary L Klein SVP, CLO & Corp. Sec. | sell | $553K |
| Mar 10, 2026 | Richard A Navarre Director | sell | $550K |
| Mar 10, 2026 | John Rothka Chief Accounting Officer | sell | $348K |
Who owns it
Large shareholders (13G filings)
| STATE STREET CORPORATION | 7.8% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.88% | Mar 31, 2026 |
| FMR LLC | 5.7% | Jun 30, 2026 |
| Vanguard Capital Management | 5.06% | Mar 31, 2026 |
| DME Capital Management, LP | 4.8% | Dec 31, 2024 |
| Dimensional Fund Advisors LP | 4.6% | Jun 30, 2025 |
ETFs with the most weight in CNR
| PSCE Invesco S&P SmallCap Energy ETF | 7.3% |
| XME SPDR S&P Metals & Mining ETF | 4.85% |
| ZIG Acquirers Fund | 3.65% |
| MGMT Ballast Small/Mid Cap ETF | 1.89% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 1.04% |
| FSGS First Trust SMID Growth Strength ETF | 0.83% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.78% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.74% |
What could go wrong
- Reliance on key mines and terminals. Long downtime of major longwall equipment, a mine accident, rail disruptions or damage to the Core Marine Terminal or Dominion Terminal could stop the company from delivering coal to customers.
- Arch merger benefits may fall short. Combining CONSOL and Arch has brought significant costs. If integration takes longer or costs more than planned, or key staff leave, the expected benefits may not fully appear.
- Dependence on large customers and contracts. Losing a major coal customer, failing to renew multi-year contracts on good terms, or a customer's weakening finances could cut sales. Fixed-price contracts offer limited protection in a downturn.
- Legacy liabilities and hazardous dams. The company carries mine cleanup and long-term employee benefit obligations, may owe for some liabilities tied to Murray Energy's bankruptcy, and runs slurry impoundments (dams holding coal waste) where failure could be costly.
- Shrinking demand for coal. About 73% of 2025 sales tons went to power generation. Coal plant retirements, alternative fuels, weaker steel output or retaliatory tariffs abroad could reduce the volumes and prices the company gets.
- Climate rules and lawsuits. Rules on greenhouse gas emissions could raise operating costs, lower the value of coal assets and push customers toward other fuels. The company also faces lawsuits seeking to hold energy companies accountable for climate change.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Item 1.04
- Quarterly results released; Investor presentation or announcement
- Item 1.04
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Item 1.04
- Investor presentation or announcement
For income and retirement investors
Core Natural Resources pays a small dividend with no streak of increases. The yield was 0.45% as of October 28, 2026. Dividends per share went from nothing in fiscal 2021 to $2.20 in 2023, then fell to $0.50 in 2024 and $0.40 in 2025. In fiscal 2025 the company lost money, and dividends paid were 124% of free cash flow (cash left after capital spending). Buybacks have mattered more: $694.5 million over fiscal 2021–2025, against $189.1 million in dividends. The share count still rose 44% between October 2021 and July 2026, a span that included the all-stock Arch merger. The 10-K says future dividends and buybacks are not guaranteed.
Price history under the CNR ticker covers only about 1.8 years, missing the 2008 crisis, 2020 COVID crash and 2022 bear market. Through October 28, 2026, its deepest drop in that span was 37.4%. As a single stock, CNR carries more risk than a diversified fund.
Questions investors ask
How does Core Natural Resources make money?
Core Natural Resources makes money by mining and selling coal. Power plants burn thermal coal to make electricity, and metallurgical coal is used in steelmaking. In fiscal 2025, revenue was $4.16 billion: power generation customers made up 44.7%, metallurgical buyers 31.9% and industrial users 22.6%. Terminal revenue from its Core Marine Terminal added 0.5%. By tonnage, 72% of 2025 sales went to domestic customers and 28% to export markets, partly shipped through two East Coast terminals in which it holds ownership interests.
Is Core Natural Resources the same company as CONSOL Energy?
Largely, yes. Core Natural Resources is the former CONSOL Energy (ticker CEIX), combined with Arch. The all-stock merger of equals closed on January 14, 2025. The company took its new name and began trading on the New York Stock Exchange as CNR on January 15, 2025. CONSOL became an independent public company in November 2017, when its former parent split its coal and natural gas businesses. Its predecessors have mined coal, mainly in the Appalachian Basin, since 1864.
Does Core Natural Resources pay a dividend?
Yes, but the dividend is small and has not grown steadily. Dividends per share were $0.40 in fiscal 2025, down from $0.50 in 2024 and $2.20 in 2023, and the yield was 0.45% as of October 28, 2026. In fiscal 2025, the company paid out more in dividends than it generated in free cash flow, a 124% payout. It spent $224.3 million on buybacks that year. The 10-K says future dividends and buybacks are not guaranteed.
Was Core Natural Resources profitable in 2025?
No. In fiscal 2025, the first year after the Arch merger, revenue rose 92.4% to $4.16 billion, but the company posted a net loss of $153.2 million, or $2.98 per diluted share. Results improved in the quarter ended June 30, 2026, with net income of $126.5 million on revenue of $1.14 billion. On that date, cash and investments of $473.2 million were slightly more than total debt of $447.6 million.
Is Core Natural Resources getting into rare earth minerals?
Only at an early stage. Core Natural Resources is evaluating ways to take part in the rare earth supply chain, such as recovering elements like neodymium and dysprosium from coal-related materials or waste streams, possibly with partners. These elements go into permanent magnets, electric vehicles and defense technologies. The work is in early research, and the company has not recognized any material rare earth reserves or resources under SEC standards. Its 10-K lists new lines of business, including rare earths, as a risk.