Core Natural Resources, Inc. (CNR) intrinsic value & 10-year financials
Core Natural Resources, Inc. (CNR) has a Graham intrinsic value of $319.20 per share. At $90.35 on Oct 17, 2026, the stock trades 72% below that value. Over the last 10 fiscal years revenue grew 15.4% a year to $4.2B, with an average return on invested capital of 14.9%.
- Graham intrinsic value
- $319.20
- Share price (Oct 17, 2026)
- $90.35
- Price vs Graham value
- 72% below
- Market cap
- $4.6B
- Revenue (FY2025)
- $4.2B
- Revenue growth (10-yr CAGR)
- 15.4%
- ROIC (10-yr avg)
- 14.9%
- Free cash flow (FY2025)
- $21.2M
CNR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.2B | -$153.2M | -$2.98 | $21.2M | -4.4% | -4.8% |
| FY2024 | $2.2B | $286.4M | $9.61 | $298.4M | 16.2% | 23.5% |
| FY2023 | $2.5B | $655.9M | $19.79 | $690.2M | 32.0% | 52.5% |
| FY2022 | $2.3B | $467.0M | $13.07 | $479.5M | — | 39.5% |
| FY2021 | $1.3B | $34.1M | $0.96 | $172.8M | — | 3.1% |
| FY2020 | $879.5M | -$9.8M | -$0.37 | $43.3M | — | -0.9% |
| FY2019 | $1.4B | $76.0M | $2.81 | $74.8M | — | 7.9% |
| FY2018 | $1.5B | $153.0M | $5.38 | $267.8M | — | 16.8% |
| FY2017 | $1.3B | $67.6M | $0.00 | $166.7M | — | 7.2% |
| FY2016 | $1.1B | $41.5M | $0.00 | $275.5M | — | 4.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Core Natural Resources, Inc. is a consistent compounder, expanding top-line revenue at 15.4% annually over the past decade.
Core Natural Resources, Inc. returns on capital have been average, hovering around 14.9% ROIC over the decade.
Core Natural Resources, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Core Natural Resources, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $319.20 per share.