CNX Resources Corp (CNX) intrinsic value & 10-year financials
CNX Resources Corp (CNX) has a Graham intrinsic value of $84.13 per share. At $35.91 on Oct 17, 2026, the stock trades 57% below that value. Over the last 10 fiscal years revenue grew 1.1% a year to $2.2B, with an average return on invested capital of 2.5%.
- Graham intrinsic value
- $84.13
- Share price (Oct 17, 2026)
- $35.91
- Price vs Graham value
- 57% below
- Market cap
- $5.8B
- Revenue (FY2025)
- $2.2B
- Revenue growth (10-yr CAGR)
- 1.1%
- ROIC (10-yr avg)
- 2.5%
- Free cash flow (FY2025)
- $534.0M
CNX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.2B | $633.2M | $3.98 | $534.0M | — | 9.6% |
| FY2024 | $1.3B | -$90.5M | -$0.60 | $275.4M | — | -1.4% |
| FY2023 | $3.4B | $1.7B | $8.99 | $135.2M | — | 28.8% |
| FY2022 | $1.3B | -$142.1M | -$0.75 | $669.3M | — | -2.5% |
| FY2021 | $756.8M | -$498.6M | -$2.31 | $460.5M | — | -7.8% |
| FY2020 | $1.3B | -$483.8M | -$2.43 | $307.8M | — | -7.0% |
| FY2019 | $1.9B | -$80.7M | -$0.42 | -$212.0M | — | -1.2% |
| FY2018 | $1.7B | $796.5M | $3.71 | -$230.6M | — | 12.9% |
| FY2017 | $1.5B | $380.7M | $1.65 | $15.8M | — | 6.3% |
| FY2016 | $2.0B | -$848.1M | -$3.70 | $242.5M | — | -13.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CNX Resources Corp has demonstrated mature, steady growth, with revenue compounding at 1.1% annually over the past decade.
CNX Resources Corp has historically struggled to out-earn its cost of capital, averaging just 2.5% ROIC.
Over the decade, CNX Resources Corp shows that management has aggressively returned capital to shareholders by retiring 30.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CNX Resources Corp is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $84.13 per share.