At a glance
CNX Resources Corp is worth $5.44B, about 10 times its fiscal 2025 earnings. Revenue grew 76.8% to $2.24B in fiscal 2025, with 28.3% kept as profit; over 5 years it has grown 12.2% a year. It pays no dividend; it spent $1.84B buying back its shares over FY2021–FY2025. The stock returned +19.3% over the past year with dividends reinvested and +20.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.1% in the 2020 crash (S&P 500: 33.7%) and 37.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 18 months after the lows.
The business in plain English
CNX Resources produces natural gas in the Appalachian Basin and owns midstream assets, the gathering pipelines that carry gas away from its wells. Most of its wells tap shale, a dense rock layer, in the Marcellus and Utica formations of Pennsylvania, Ohio and West Virginia. As of December 31, 2025, it held about 557,000 net Marcellus acres and 612,000 net Utica acres (net of partners' shares). It also produces coalbed methane, gas trapped in coal seams, from about 283,000 net acres in Virginia.
CNX earns money by selling that gas, so its results rise and fall with gas prices. Demand comes from power plants, industry and homes, and shifts with the weather. In 2025, output was 92% natural gas and 8% liquids. Of $2.24 billion in revenue for the year ended December 31, 2025, natural gas sales made up 77.6%, natural gas liquids (NGLs, such as ethane and propane) 7.5%, resold gas bought from others 2%, and oil and condensate 0.4%.
CNX reports three segments: Shale, Coalbed Methane and Other Gas. Shale is the main one, supplying 94% of 2025 output. On January 27, 2025, CNX bought the gas production and pipeline business of Apex Energy II for about $518 million. One drawback: Appalachia produces more gas than the region uses, so local gas often sells below Henry Hub, the main US price benchmark.
Price history
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CNX +19.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Natural Gas Revenue | $1.74B | 77.6% |
| NGL Revenue | $168.6M | 7.5% |
| Purchased Gas Revenue | $45.3M | 2% |
| Oil/Condensate Revenue | $8.5M | 0.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $580.0M, down 0.7% from a year earlier, and net income was $165.2M (-18.2%).
- For fiscal 2025, revenue was $2.24B (+76.8% year over year; +12.2% a year from FY2020 to FY2025) with a 28.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.2% good |
|---|---|
| Free cash flow margin | 23.8% good |
| Return on equity (FY2025) | 14.6% watch |
| Return on assets (FY2025) | 7% watch |
| Net cash (cash minus debt) | $-2.28B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.26B | $-483.8M | $307.8M |
| FY2021 | $756.8M | $-498.6M | $460.5M |
| FY2022 | $1.26B | $-142.1M | $669.3M |
| FY2023 | $3.43B | $1.72B | $135.2M |
| FY2024 | $1.27B | $-90.5M | $275.4M |
| FY2025 | $2.24B | $633.2M | $534.0M |
Valuation snapshot
| Market value | $5.44B |
|---|---|
| P/E ratio | 9.6 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
CNX Resources’s market value went from $3.49B at the end of 2016 to $5.44B on Oct 28, 2026, up 56%; since the end of 2025 it is up 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.44B | +9.6% |
| 2025 | $4.96B | -9.4% |
| 2024 | $5.47B | +72.3% |
| 2023 | $3.18B | +4.5% |
| 2022 | $3.04B | +4.7% |
| 2021 | $2.90B | +19.8% |
| 2020 | $2.42B | +46.8% |
| 2019 | $1.65B | -29.0% |
| 2018 | $2.33B | -30.9% |
| 2017 | $3.37B | -3.4% |
| 2016 | $3.49B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CNX price data to Oct 28, 2026 | +3.5% | +19.3% | +21.5% | +20.0% | +10.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.5% |
| 2025 | +0.3% |
| 2024 | +83.3% |
| 2023 | +18.8% |
| 2022 | +22.5% |
| 2021 | +27.3% |
| 2020 | +22.0% |
| 2019 | -22.5% |
| 2018 | -21.9% |
| 2017 | -2.1% |
| 2016 | +131.1% |
| 2015 | -76.5% |
| 2014 | -10.6% |
| 2013 | +19.9% |
| 2012 | -10.8% |
| 2011 | -24.0% |
| 2010 | -1.2% |
| 2009 | +76.2% |
| 2008 | -59.8% |
| 2007 | +124.2% |
| 2006 | -0.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 47.6% over that stretch · deepest drop along the way 83.9%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 14.5% over that stretch · deepest drop along the way 39.1%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 27.6% over that stretch · deepest drop along the way 37.3%, back to its old high 18.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 4 sales ($3.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 19, 2026 | Bernard Jr Lanigan Director | sell | $1.9M |
| May 4, 2026 | William N Jr Thorndike Director | sell | $1.1M |
| Mar 23, 2026 | Maureen Lally-Green Director | sell | $929K |
| Mar 23, 2026 | Maureen Lally-Green Director | sell | $4K |
Who owns it
Large shareholders (13G filings)
| Dimensional Fund Advisors LP | 6% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.13% | Mar 31, 2026 |
| Vanguard Capital Management | 5.06% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Mar 31, 2026 |
| Neuberger Berman Group LLC | 4.9% | Feb 27, 2026 |
ETFs with the most weight in CNX
| PXE Invesco Energy Exploration & Production ETF | 3.27% |
| FCG First Trust Natural Gas ETF | 3.21% |
| XOP SPDR S&P Oil & Gas Exploration & Production ETF | 3.09% |
| NBSM Neuberger Berman Small-Mid Cap ETF | 2.51% |
| PXI Invesco Dorsey Wright Energy Momentum ETF | 2.39% |
| SRHQ SRH U.S. Quality GARP ETF | 2.04% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 1.89% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.41% |
What could go wrong
- Appalachian gas sells at a discount. CNX's wells are concentrated in Appalachia, where output exceeds local demand. Its gas usually sells below the Henry Hub benchmark, and that gap could widen if pipelines out of the region are delayed or canceled.
- Debt and a credit line tied to reserves. CNX had $2.22 billion of debt and $6.2 million of cash as of June 30, 2026. Lower gas prices or smaller reserves could cut its $2.4 billion bank borrowing base, the limit lenders set.
- Convertible notes could dilute shareholders. CNX has issued convertible notes, a type of debt that can turn into stock. Conversion could shrink existing owners' stake or weigh on the share price, and CNX might need cash to settle them.
- Hedges can limit gains when prices rise. CNX uses hedges, which are contracts that lock in future sale prices, to protect against falling gas prices. The trade-off is that hedges can keep it from benefiting when prices climb.
- Buybacks are not guaranteed. Since it pays no dividend, buybacks are how CNX returns cash. It spent $1.84 billion on them over FY2021–FY2025. The board can scale them back or stop them at its discretion.
- Volatile natural gas prices. Natural gas prices swing widely, and US oversupply has kept them low for most of the period since 2012. A long slump could force reserve write-downs (cuts to their booked value) and idle wells.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Executive or board change
For income and retirement investors
CNX pays no dividend. It paid nothing per share in fiscal 2020 through 2025, and its yield was 0% as of October 28, 2026. An income investor would have to sell shares to draw cash. Instead, CNX buys back stock: $1.84 billion over FY2021–FY2025, including $524 million in fiscal 2025. Shares outstanding fell 30%, from 211.2 million in October 2021 to 147.9 million in July 2026, so each remaining share claims a larger slice of profits. CNX says there is no guarantee buybacks will continue.
Past downturns hit hard. The stock fell 83.9% from June to November 2008 and had not regained that peak by October 28, 2026. It dropped 39.1% between March 17 and 23, 2020, then recovered by April 8. In 2022 it rose 27.6% from the market's January peak to its October low. But it slid 37.3% from June to September and took about 18 months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
Does CNX Resources pay a dividend?
No. CNX paid no dividend in any fiscal year from 2020 through 2025, and its dividend yield was 0% as of October 28, 2026. Instead, the company returns cash by buying back its own stock. It spent $1.84 billion on buybacks over FY2021–FY2025, which helped cut the share count 30% between October 2021 and July 2026. Buybacks don't pay cash to shareholders who keep their shares, and CNX says there's no guarantee they will continue.
How does CNX Resources make money?
Mainly by producing and selling natural gas. CNX drills the Marcellus and Utica shales in Pennsylvania, Ohio and West Virginia and produces coalbed methane in Virginia. Natural gas brought in 77.6% of its $2.24 billion of revenue in fiscal 2025, and natural gas liquids such as propane added 7.5%. It also owns midstream pipelines and facilities. Its results depend heavily on gas prices, and Appalachian gas usually sells below the Henry Hub benchmark.
Why do CNX Resources' earnings swing so much?
Largely because natural gas prices are volatile. CNX posted net losses in fiscal 2020, 2021, 2022 and 2024, but earned $1.72 billion in 2023 and $633 million in 2025. Its hedges, which are contracts that lock in gas prices, also change in value as prices move, and that can swing reported profit. Free cash flow is the cash left after capital spending. It was positive in every year from 2020 through 2025, ranging from $135 million to $669 million.
How much debt does CNX Resources have?
CNX had about $2.22 billion of total debt as of June 30, 2026. It held just $6.2 million of cash and investments and had $4.84 billion of shareholders' equity. Its bank credit line has a $2.4 billion borrowing base, the limit lenders set, which can shrink if gas prices or reserves fall. CNX has also issued convertible notes. These are debt that can turn into shares, which would reduce existing owners' slice of the company.
What is CNX Resources' P/E ratio?
About 9.6 as of October 28, 2026, based on fiscal 2025 diluted earnings of $3.98 per share. The P/E, or price-to-earnings ratio, divides the share price by earnings per share. CNX's market value was roughly $5.63 billion on that date. Because its profits have swung between losses and large gains, one year's P/E can mislead. In the quarter ended June 30, 2026, net income fell 53.1% from a year earlier, to $203 million.