Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Core Natural Resources, Inc. (CNR)
A forensic read on Core Natural Resources, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.4
Altman Z-score
Watch
Earnings quality
6
Forensic signals
-1.7%
ROE
$4.1B
Market cap
0.49%
Dividend yield
Core Natural Resources, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 2.4, placing it in the Grey zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+92.2%Accruals ratio.Net operating assets grew +92.2% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -18% of net operating assets.
31d DSOReceivables vs revenue.Days sales outstanding moved from 22 to 31 days FY2024→FY2025 (receivables +155% vs revenue +86%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
33dInventory days.Days inventory outstanding moved from 16 to 33 FY2024→FY2025 (against revenue (COGS not disclosed); inventory +290% vs +86% in revenue). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-3%Return on invested capital.Return on invested capital is -3% and slipping from 23% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+14.6%/yrShare-count dilution.Diluted share count changed +44% over the last 3 years to FY2025 (+14.6%/yr). The count is GROWING — existing holders are being diluted. That's ~14.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~44%.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 155% of free cash flow in FY2025 — about $0.64 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-3.7%
Debt / Equity0.11x
Free Cash Flow$21.2M
Latest Revenue$4.16B
Return on Equity-4.2%
Revenue Growth YoY+86.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Core Natural Resources, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CNR's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown