At a glance
Warrior Met Coal Inc is worth $4.41B, about 77 times its fiscal 2025 earnings. Revenue fell 14.1% to $1.31B in fiscal 2025, with 4.4% kept as profit; over 5 years it has grown 10.8% a year. It pays a 0.38% dividend yield, and returned $212.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +29.9% over the past year with dividends reinvested and +30.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.5% in the 2020 crash (S&P 500: 33.7%) and 35.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 8 months after the lows.
The business in plain English
Warrior Met Coal, based in Brookwood, Alabama, mines metallurgical (met) coal, also called steelmaking or hard coking coal. Steelmakers bake it into coke, the fuel blast furnaces use to turn iron ore into steel. It is not the thermal coal that power plants burn. Warrior runs three underground mines in Alabama (Mine No. 4, Mine No. 7 and Blue Creek) and produced a record 9.3 million metric tons in 2025. Revenue that year was about $1.31 billion.
Its customers are blast-furnace steelmakers, mainly in Europe, South America and Asia. Coal moves by rail and barge about 300 miles to Warrior's main export terminal in Mobile, Alabama. Contracts usually run one to three years, and prices are tied to coal-price indexes, so revenue swings with global prices. Mine No. 7 coal sells near or above the S&P Global Platts benchmark. Coal from the other two mines usually sells for less. Warrior also sells natural gas drained from its coal seams.
Warrior reports as a single segment. Its growth project is Blue Creek, where longwall mining began in October 2025, eight months ahead of schedule. In longwall mining, a large machine shears coal along a long underground face. Warrior expects Blue Creek to lift its nameplate (maximum designed) capacity by 88%, from 7.3 to 13.7 million metric tons a year. Actual output will depend on market conditions.
Price history
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HCC +29.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $509.7M, up 71.3% from a year earlier, and net income was $87.4M (+1459.6%).
- For fiscal 2025, revenue was $1.31B (-14.1% year over year; +10.8% a year from FY2020 to FY2025) with a 4.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.8% good |
|---|---|
| Operating margin | 3.5% weak |
| Free cash flow margin | -6.9% weak |
| Return on equity (FY2025) | 2.7% weak |
| Return on assets (FY2025) | 2% weak |
| Net cash (cash minus debt) | $147.8M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $782.7M | $-35.8M | $25.1M |
| FY2021 | $1.06B | $150.9M | $293.6M |
| FY2022 | $1.74B | $641.3M | $636.7M |
| FY2023 | $1.68B | $478.6M | $209.4M |
| FY2024 | $1.53B | $250.6M | $-89.8M |
| FY2025 | $1.31B | $57.0M | $-91.0M |
Valuation snapshot
| Market value | $4.41B |
|---|---|
| P/E ratio | 77.3 |
| Dividend yield | 0.38% |
Rank among 1514 US companies
Market value at each year end
Warrior Met Coal’s market value went from $1.34B at the end of 2017 to $4.41B on Oct 28, 2026, about 3.3 times as much; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.41B | -5.0% |
| 2025 | $4.64B | +63.4% |
| 2024 | $2.84B | -10.5% |
| 2023 | $3.17B | +77.3% |
| 2022 | $1.79B | +35.4% |
| 2021 | $1.32B | +21.1% |
| 2020 | $1.09B | +1.1% |
| 2019 | $1.08B | -15.2% |
| 2018 | $1.27B | -5.4% |
| 2017 | $1.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HCC price data to Oct 28, 2026 | -5.1% | +29.9% | +21.1% | +30.5% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -5.1% |
| 2025 | +63.5% |
| 2024 | -9.8% |
| 2023 | +81.4% |
| 2022 | +41.0% |
| 2021 | +21.9% |
| 2020 | +2.3% |
| 2019 | +2.0% |
| 2018 | +24.2% |
| 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 | Lost 43.5% over that stretch · deepest drop along the way 43.5%, back to its old high 5.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 37.9% over that stretch · deepest drop along the way 35.6%, back to its old high 7.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($13.8M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 24, 2026 | Walter J Scheller CHIEF EXECUTIVE OFFICER, Director | sell (plan) | $5.5M |
| Aug 19, 2026 | Walter J Scheller CHIEF EXECUTIVE OFFICER, Director | sell (plan) | $5.3M |
| Jun 2, 2026 | Kelli K. Gant See remarks | sell (plan) | $2.2M |
| Aug 19, 2026 | Stephen D. Williams Director | sell | $500K |
| Aug 19, 2026 | Brian M Chopin CHIEF ACCOUNTING OFFICER | sell | $336K |
Who owns it
Large shareholders (13G filings)
| SSGA FUNDS MANAGEMENT, INC. | 7.8% | Jun 30, 2025 |
| First Eagle Investment Management, LLC | 7.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.22% | Mar 31, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
| FMR LLC | 4% | Jun 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.9% | Dec 31, 2025 |
| T. Rowe Price Associates, Inc. | 2.5% | Mar 31, 2026 |
ETFs with the most weight in HCC
| COAL Range Global Coal Index ETF | 10.56% |
| SLX VanEck Steel ETF | 4.8% |
| PSCM Invesco S&P SmallCap Materials ETF | 4.14% |
| XME SPDR S&P Metals & Mining ETF | 3.8% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 1.39% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.78% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.7% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.67% |
What could go wrong
- Blue Creek ramp-up could disappoint. Much of Warrior's growth depends on Blue Creek reaching full production. Delays, operating problems or a lack of capital during its remaining development and ramp-up could limit growth and weaken results.
- One product, priced by the market. Almost all revenue comes from steelmaking coal sold at index-linked prices, so a long slump in coal prices or steel demand hits hard. In fiscal 2025, revenue fell 14.1% and net income 77.3%.
- All mines in one state. All three mines are in Alabama and ship mainly through one export terminal in Mobile. A regional problem or a disruption to rail, barge or port service could cut sales.
- Union labor and strike risk. Warrior uses union-represented labor. A United Mine Workers of America strike ran from April 2021 to February 2023, and future work stoppages or higher labor costs could hurt output and margins.
- Underground mining accidents and equipment breakdowns. Underground coal mining is hazardous. A serious accident or a long outage of major mining equipment could stop production, and insurance may not cover all the losses.
- Steelmakers may need less coking coal. Customers are evaluating other ways of making steel that could reduce demand for met coal. Tighter greenhouse gas rules could also raise Warrior's costs and cut demand and prices for its coal.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
Warrior's dividend is small and has not risen steadily. Dividends per share climbed from $0.20 in fiscal 2020 to $1.54 in fiscal 2022, then fell each year to $0.32 in fiscal 2025, tracking earnings. The yield was 0.38% as of October 28, 2026, so the stock pays income seekers little cash. Dividends took about 31% of fiscal 2025 earnings, but free cash flow (operating cash minus capital spending) was negative in fiscal 2024 and 2025. Warrior made no buybacks from fiscal 2021 to 2025, and its share count rose 2.7% from October 2021 to August 2026.
The shares swing hard. They fell 43.5% in the 2020 COVID crash and recovered in about six months. In the 2022 bear market they rose 37.9% while the broad market fell, but they still dropped 35.6% between March and July 2022. The deepest decline in about 9.6 years of trading was 80.1%. Like any single stock, Warrior carries more risk than a diversified fund.
Questions investors ask
How does Warrior Met Coal make money?
Warrior makes money by mining and selling steelmaking coal. Its three underground mines in Alabama produced a record 9.3 million metric tons in 2025. The coal is shipped through Mobile, Alabama, to blast-furnace steelmakers, mainly in Europe, South America and Asia. Prices are tied to coal-price indexes, so revenue moves with global coal prices. Fiscal 2025 revenue was about $1.31 billion. Warrior also sells natural gas captured from its coal seams, but almost all of its revenue comes from coal.
Does Warrior Met Coal raise its dividend every year?
No. Warrior has no streak of yearly dividend increases. Dividends per share rose from $0.20 in fiscal 2020 to $1.54 in fiscal 2022. They then fell to $1.16, $0.82 and $0.32 over the next three years. The yield was 0.38% as of October 28, 2026. The board decides on dividends, and Warrior's debt agreements can limit them, so payouts have tended to follow earnings.
What is Warrior Met Coal's Blue Creek mine?
Blue Creek is Warrior's newest mine and its main growth project. Longwall mining began there in October 2025, eight months ahead of schedule and on budget. It mines a high-volatility grade of steelmaking coal and has an estimated life of about 40 years with one longwall. The company says it has already lowered cash costs. Warrior expects it to raise annual nameplate capacity by 88%, to 13.7 million metric tons, though actual volumes will depend on market conditions.
Is Warrior Met Coal profitable?
Yes, but its profits swing widely. In fiscal 2025, net income fell 77.3% to about $57.0 million on revenue of $1.31 billion. In fiscal 2022 it was $641.3 million. In the quarter ended June 30, 2026, revenue rose 71.3% from a year earlier to $509.7 million, and net income was $87.4 million. As of October 28, 2026, the shares traded at about 77 times fiscal 2025 earnings.
Does Warrior Met Coal have a lot of debt?
Not on a net basis. As of June 30, 2026, Warrior held about $302.3 million in cash and investments and had $154.6 million of total debt. That left roughly $147.8 million in net cash. It says it has no pension or other retiree-benefit legacy liabilities, unlike other U.S. coal producers in its peer group. Even so, its 10-K lists its debt as a risk, partly because loan terms can limit dividends and flexibility.