A Business at a Glance
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CNX Resources Corp
CNX
$5.5B
Mkt Cap
$34.29
-0.49%
CNX Resources Corp (CNX) has a current P/E ratio of 8.6, compared to its historical median P/E of 6.1. The stock is currently considered Fair based on its historical valuation range.
CNX Resources Corp (CNX) has a 5-year average return on invested capital (ROIC) of 7.3%. This is below average and may indicate limited pricing power.
CNX Resources Corp (CNX) has a market capitalization of $4.9B. It is classified as a mid-cap stock.
CNX Resources Corp (CNX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 9.30%.
Based on historical P/E analysis, CNX Resources Corp (CNX) appears fair. The current P/E of 8.6 is 41% above its historical median of 6.1. The estimated fair value CAGR (P/E method) is 15.1%.
CNX Resources Corp (CNX) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
CNX Resources Corp (CNX) reported annual revenue of $2.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
CNX Resources Corporation is an independent natural gas development, production, midstream and technology company centered in the Appalachian Basin, with operations primarily focused on unconventional shale formations—the Marcellus Shale and Utica Shale in Pennsylvania, Ohio and West Virginia—and Coalbed Methane properties in Virginia. The company's business model centers on developing and producing natural gas and liquids from held-by-production acreage, with 92% of 2025 production from natural gas and 8% from liquids, distributed across 94% shale and 6% coalbed methane operations. CNX's competitive advantages include its extensive acreage position (approximately 557,000 net Marcellus acres and 612,000 net Utica acres), substantial development inventory, regional operating expertise, low-cost operations, and midstream infrastructure ownership. The company operates as a capital-efficient producer optimizing free cash flow per share, with proved reserves of 9.7 Tcfe at year-end 2025 (89.5% natural gas, 72.2% proved developed, 99.1% operated). CNX's customer base comprises energy consumers and utilities in North America, with geographic operations concentrated in the Appalachian Basin, one of the world's largest and most efficient natural gas sources.
【Maintenance-mode production focus】 Management expects to maintain production levels in 2026 while remaining responsive to material changes in natural gas prices, with the possibility of adding a frac crew in the second half of 2026 if market conditions warrant. The company is focused on driving down well costs through operational efficiency, with current Utica wells performing in line with or slightly above expectations and a long runway for repeatable results across the field. CNX is awaiting final rulemaking on the 45Z tax credit program, which could generate approximately $30 million annually on a run-rate basis once eligibility begins, with initial guidance expected in early 2026. The company plans to continue developing the recently acquired Apex Energy acreage in the Utica while maintaining disciplined capital allocation and monitoring broader macroeconomic conditions and AI-driven energy demand trends.
| Metric | Target | Period |
|---|---|---|
| Capital expenditures | $556 million to $586 million | 2026 |
| 45Z tax credit run-rate | $30 million per year | 2026 onwards (upon final guidance and eligibility) |
Capital expenditures (2026): “In 2026, CNX expects capital expenditures to be between $556 million and $586 million.”
45Z tax credit run-rate (2026 onwards (upon final guidance and eligibility)): “current production levels we're able to generate on a run rate basis about $30 million a year with the initial proposed guidance”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.9B | 2.2B | 1.3B | 3.4B | 1.3B | 757M |
| Net Income | 1.2B | 633M | -90M | 1.7B | -142M | -499M |
| EPS | $8.36 | $3.98 | $-0.60 | $8.99 | $-0.75 | $-2.31 |
| Free Cash Flow | 557M | 534M | 275M | 135M | 669M | 460M |
| ROIC | 0.0% | 11.7% | 1.9% | 30.4% | 0.3% | -7.8% |
| Gross Margin | - | 43.5% | 9.9% | 68.9% | 1.4% | -64.1% |
| Debt/Equity | 0.51 | 0.59 | 0.55 | 0.54 | 0.87 | 0.62 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Income | 0 | 974M | 125M | 2.4B | 18M | -485M |
| Operating Margin | 0.0% | 43.5% | 9.9% | 68.9% | 1.4% | -64.1% |
| ROE | 25.5% | 15.0% | -2.1% | 47.1% | -4.3% | -12.3% |
| Shares Outstanding | 142M | 159M | 151M | 191M | 189M | 216M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.2B | 1.2B | 760M | 1.5B | 1.7B | 1.9B | 1.3B | 757M | 1.3B | 3.4B | 1.3B | 2.2B | 2.9B |
| Gross Margin | 14.7% | 8.8% | 11.4% | 4.8% | N/A | 0.7% | -38.7% | -64.1% | 1.4% | 68.9% | 9.9% | 43.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 69M | 41M | 38M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 402M | 64M | 64M | 69M | 1.2B | 14M | -487M | -485M | 18M | 2.4B | 125M | 974M | 0 |
| Op. Margin | 12.5% | 5.4% | 8.5% | 4.8% | 66.9% | 0.7% | -38.7% | -64.1% | 1.4% | 68.9% | 9.9% | 43.5% | 0.0% |
| Net Income | 163M | -364M | -848M | 381M | 797M | -81M | -484M | -499M | -142M | 1.7B | -90M | 633M | 1.2B |
| Net Margin | 5.1% | -30.4% | -111.6% | 26.2% | 46.0% | -4.2% | -38.5% | -65.9% | -11.3% | 50.1% | -7.1% | 28.3% | 40.1% |
| Non-Recurring | 43M | 61M | 14M | 188M | 157M | 36M | 494M | 42M | 9.0M | 132M | 25M | 97M | 97M |
| Returns on Capital | |||||||||||||
| ROIC | 4.6% | 0.8% | 1.0% | 6.2% | 14.5% | 0.1% | -7.0% | -7.8% | 0.3% | 30.4% | 1.9% | 11.7% | 0.0% |
| ROE | 3.2% | -7.3% | -20.0% | 9.9% | 19.4% | -1.9% | -11.3% | -12.3% | -4.3% | 47.1% | -2.1% | 15.0% | 25.5% |
| ROA | 1.4% | -3.2% | -8.4% | 4.7% | 10.3% | -0.9% | -5.7% | -6.2% | -1.7% | 20.1% | -1.1% | 7.2% | 12.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 937M | 512M | 464M | 649M | 886M | 981M | 795M | 926M | 1.2B | 815M | 816M | 1.0B | 1.1B |
| Free Cash Flow | -523M | -329M | 292M | 16M | -231M | -212M | 308M | 460M | 669M | 135M | 275M | 534M | 557M |
| Owner Earnings | 362M | 125M | 25M | 220M | 371M | 434M | 279M | 395M | 757M | 361M | 310M | 431M | 489M |
| CapEx | 1.5B | 840M | 173M | 633M | 1.1B | 1.2B | 487M | 466M | 566M | 679M | 540M | 495M | 533M |
| Maint. CapEx | 533M | 372M | 420M | 412M | 493M | 508M | 502M | 515M | 461M | 434M | 486M | 574M | 582M |
| Growth CapEx | 927M | 469M | 0 | 221M | 623M | 684M | 0 | 0 | 105M | 246M | 55M | 0 | 0 |
| D&A | 533M | 372M | 420M | 412M | 493M | 508M | 502M | 515M | 461M | 434M | 486M | 574M | 582M |
| CapEx/OCF | 159.4% | 194.3% | 37.2% | 97.6% | 126.0% | 121.6% | 61.3% | 50.3% | 45.8% | 83.4% | 66.2% | 48.1% | 48.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 58M | 33M | 2.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 0.8% | 0.9% | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 72M | 0 | 103M | 382M | 117M | 37M | 245M | 565M | 320M | 184M | 524M | 452M |
| Buyback Yield | N/A | N/A | N/A | 3.0% | 15.2% | 7.3% | 1.8% | 7.9% | 18.0% | 8.2% | 3.3% | 9.0% | 9.3% |
| Stock-Based Comp | 42M | 14M | 19M | 17M | 21M | 38M | 14M | 17M | 16M | 20M | 20M | 24M | 21M |
| Debt Repayment | 22M | 4.3M | 952M | 0 | 21M | 11M | 500M | 161M | 192M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 3.0B | 3.6B | 1.4B | 1.7B | 3.0B | 3.0B | 3.0B | 2.3B | 2.6B | 2.4B | 2.2B | 2.6B | 2.4B |
| Cash & Equiv. | 176M | 65M | 46M | 509M | 17M | 16M | 16M | 3.6M | 21M | 443K | 17M | 779K | 3.7M |
| Long-Term Debt | 3.2B | 2.7B | 2.4B | 2.2B | 2.4B | 2.8B | 2.4B | 2.2B | 2.2B | 1.9B | 1.8B | 2.2B | 2.2B |
| Debt/Equity | 0.60 | 0.78 | 0.39 | 0.56 | 0.69 | 0.72 | 0.69 | 0.62 | 0.87 | 0.54 | 0.55 | 0.59 | 0.51 |
| Interest Coverage | 1.8 | 0.3 | 0.4 | 0.4 | 7.9 | 0.1 | -2.9 | -3.2 | 0.1 | 16.5 | 0.8 | 5.7 | 5.7 |
| Equity | 5.3B | 4.7B | 3.8B | 3.9B | 4.3B | 4.2B | 4.4B | 3.7B | 3.0B | 4.4B | 4.1B | 4.3B | 4.6B |
| Total Assets | 11.7B | 10.9B | 9.2B | 6.9B | 8.6B | 9.1B | 8.0B | 8.1B | 8.5B | 8.6B | 8.5B | 9.1B | 9.1B |
| Total Liabilities | 6.3B | 6.1B | 5.2B | 3.0B | 3.5B | 4.1B | 3.6B | 4.4B | 5.6B | 4.3B | 4.4B | 4.8B | 4.5B |
| Intangibles | N/A | N/A | N/A | 0 | 103M | 97M | 90M | 84M | 77M | 70M | 64M | 57M | 56M |
| Retained Earnings | 3.1B | 2.6B | 1.7B | 1.5B | 2.1B | 2.0B | 1.5B | 878M | 449M | 2.0B | 1.8B | 2.0B | 2.3B |
| Working Capital | -48M | -881M | -314M | 411M | -21M | -31M | -168M | -495M | -739M | -401M | -752M | -634M | -469M |
| Current Assets | 1.1B | 805M | 626M | 853M | 502M | 498M | 273M | 460M | 574M | 422M | 371M | 490M | 458M |
| Current Liabilities | 1.1B | 1.7B | 940M | 442M | 523M | 529M | 441M | 955M | 1.3B | 823M | 1.1B | 1.1B | 928M |
| Per Share Data | |||||||||||||
| EPS | 0.70 | -1.64 | -3.70 | 1.65 | 3.71 | -0.42 | -2.43 | -2.31 | -0.75 | 8.99 | -0.60 | 3.98 | 8.36 |
| Owner EPS | 1.55 | 0.56 | 0.11 | 0.95 | 1.73 | 2.26 | 1.40 | 1.83 | 4.00 | 1.88 | 2.05 | 2.71 | 3.44 |
| Book Value | 22.87 | 21.16 | 16.57 | 16.90 | 20.17 | 21.65 | 22.21 | 17.14 | 15.57 | 22.78 | 27.17 | 27.26 | 32.59 |
| Cash Flow/Share | 4.02 | 2.30 | 2.03 | 2.81 | 4.13 | 5.10 | 3.99 | 4.29 | 6.52 | 4.26 | 5.41 | 6.47 | 12.40 |
| Dividends/Share | 0.25 | 0.15 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 233.0M | 222.2M | 229.2M | 230.8M | 214.7M | 192.2M | 199.1M | 215.9M | 189.4M | 191.4M | 150.8M | 159.1M | 141.9M |
| Valuation | |||||||||||||
| P/E Ratio | 49.7 | N/A | N/A | 9.1 | 3.1 | N/A | N/A | N/A | N/A | 2.3 | N/A | 9.2 | 4.1 |
| P/FCF | N/A | N/A | 12.5 | 218.1 | N/A | N/A | 6.8 | 6.8 | 4.7 | 28.7 | 20.1 | 10.9 | 8.7 |
| EV/EBIT | 27.4 | N/A | 92.4 | 67.0 | 4.2 | 49.2 | 54.4 | 50.2 | 60.7 | 46.9 | 39.6 | 45.0 | N/A |
| Price/Book | 1.5 | 0.4 | 1.0 | 0.9 | 0.6 | 0.4 | 0.5 | 0.8 | 1.1 | 0.9 | 1.3 | 1.3 | 1.1 |
| Price/Sales | 2.5 | 1.8 | 3.7 | 2.1 | 1.9 | 0.9 | 1.5 | 3.8 | 2.7 | 1.0 | 3.2 | 2.3 | 1.7 |
| FCF Yield | -6.5% | -18.3% | 8.1% | 0.5% | -9.2% | -13.3% | 14.8% | 14.8% | 21.4% | 3.5% | 5.0% | 9.2% | 11.5% |
| Market Cap | 8.1B | 1.8B | 3.6B | 3.5B | 2.5B | 1.6B | 2.1B | 3.1B | 3.1B | 3.9B | 5.5B | 5.8B | 4.9B |
| Avg. Price | 32.88 | 17.28 | 12.34 | 13.43 | 15.17 | 8.83 | 9.24 | 13.34 | 17.77 | 18.51 | 27.22 | 32.03 | 34.29 |
| Year-End Price | 28.98 | 6.55 | 15.94 | 14.97 | 11.66 | 8.32 | 10.47 | 14.40 | 16.54 | 20.26 | 36.62 | 36.61 | 34.29 |
CNX Resources Corp passes 3 of 9 quality checks, indicating weak fundamentals.
CNX Resources Corp trades at 8.6x trailing earnings, compared to its 15-year median P/E of 6.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.1x vs a median of 10.9x. The company's 5-year average ROIC is 7.3% with a gross margin of 11.9%. Total shareholder yield (buybacks) is 9.3%. At current prices, the estimated annualized return to fair value is +13.0%.
CNX Resources Corp (CNX) has a net profit margin of 28.3%. This is a strong margin indicating high profitability.
CNX Resources Corp (CNX) generated $534 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CNX Resources Corp (CNX) has a debt-to-equity ratio of 0.59. This indicates moderate leverage.
CNX Resources Corp (CNX) reported earnings per share (EPS) of $3.98 in its most recent fiscal year.
CNX Resources Corp (CNX) has a return on equity (ROE) of 15.0%. This indicates the company generates strong returns for shareholders.
CNX Resources Corp (CNX) has a 5-year average gross margin of 11.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for CNX Resources Corp (CNX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CNX Resources Corp (CNX) has a book value per share of $27.26, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to maintain production levels in 2026 while remaining responsive to material changes in natural gas prices, with the possibility of adding a frac crew in the second half of 2026 if market conditions warrant. The company is focused on driving down well costs through operational efficiency, with current Utica wells performing in line with or slightly above expectations and a long runway for repeatable results across the field. CNX is awaiting final rulemaking on the 45Z tax credit program, which could generate approximately $30 million annually on a run-rate basis once eligibility begins, with initial guidance expected in early 2026. The company plans to continue developing the recently acquired Apex Energy acreage in the Utica while maintaining disciplined capital allocation and monitoring broader macroeconomic conditions and AI-driven energy demand trends.
Based on recent SEC filings and earnings calls, CNX Resources Corp (CNX) has provided the following forward guidance: Capital expenditures: $556 million to $586 million (2026); 45Z tax credit run-rate: $30 million per year (2026 onwards (upon final guidance and eligibility)).