CNRCore Natural Resources, Inc.
Is the business good?
The checks split: earnings fully cash-backed (9.0×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CNR?
Core Natural Resources, Inc. earns 1.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 7.3 points below what the capital costs: growth destroys value
- Operating margin
- 1.9%
Operating margin · Energy median 12% · 12 months to Q2 2026
- Cash conversion
- 8.99×
Cash conversion · 6.07× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −3.6%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −0.90% |
| FY2021 | 2.8% |
| FY2022 | 27% |
| FY2023 | 31% |
| FY2024 | 16% |
| FY2025 | −4.4% |
Details›
- Gross margin12 months to Q2 2026
- 17%
- Operating margin12 months to Q2 2026
- 1.9%
- Net margin12 months to Q2 2026
- 2.3%
- Free cash flow margin
- 6.1%
- Revenue, trailing twelve months
- $4.27B
- Free cash flow, trailing twelve months
- $260M
- Net income, trailing twelve months
- $100M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 1.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.