CNX Resources Corp (CNX) stock analysis
Close on Nov 11, 2026Market cap $5.19BP/E 5.9Yield 0.00%
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed14 of 30 checks passed
CNX Resources passes 14 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 5/6
- Growth
- 3/6
- Past performance
- 3/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 31.3% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $36.35 is below our fair value estimate of $52.89.
Revenue growing 10%+ a year
Revenue grew 21.1% a year over the last three fiscal years.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 48.6% of total debt.
What to watch
Return on equity under 15%
Return on equity was 20.4% over the last twelve months and averaged 8.7% over five years; we look for 15% on both.
High debt
Debt is 47.1% of shareholders' equity, above the 40% we consider low.
Elevated bankruptcy risk
The Altman Z-score is 1.37; above 3 is the safe zone and below 1.8 the distress zone.
No dividend
CNX Resources has not paid a dividend in the last twelve months.
Valuation5/6
P/E below its 5-year median
CNX Resources's P/E of 5.9 is below its own 5-year median of 9.6.
P/E below the industry
CNX Resources's P/E of 5.9 is below the Crude Petroleum and Natural Gas median of 10.4.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
CNX Resources's price-to-book of 1.07 is below the Crude Petroleum and Natural Gas median of 1.33.
Trading below fair value
The share price of $36.35 is below our fair value estimate of $52.89.
Margin of safety over 20%
The price is 31.3% below fair value, more than the 20% cushion we look for.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 21.1% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 47.0% over the last twelve months; the Crude Petroleum and Natural Gas median is 8.7%.
Guidance raised
CNX Resources raised its 2026E % of Natural Gas Hedged outlook on Jul 30, 2026.
Gross margin trend
This company does not report gross profit.
Past performance3/6
Return on equity under 15%
Return on equity was 20.4% over the last twelve months and averaged 8.7% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
CNX Resources's return on equity of 20.4% is above the Crude Petroleum and Natural Gas median of 5.5%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 35.2% over the last twelve months, against a 5-year average of -1.2%.
Net margin above the industry
CNX Resources's net margin of 35.2% is above the Crude Petroleum and Natural Gas median of 3.8%.
Financial health3/6
High debt
Debt is 47.1% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 54.8% five years ago to 47.1%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 48.6% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.08 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is 1.37; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
CNX Resources has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$52.89
The share price is 31% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 10.0× | 9.6× | 10.4× | $61.74 | 62% |
| P/B | 1.2× | 1.1× | 1.3× | $40.55 | 15% |
| Earnings power | 7.7% cost of equity | – | – | $37.50 | 23% |
| Fair value | $52.89 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 9.6
- Crude Petroleum and Natural Gas median 10.4
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $60.63M
- Value traded per 1% price move
- $43.51M
Downside
Low risk
- Typical loss in a bad month
- 14.6%
- Volatility (annualized)
- 29%
- Sharpe ratio, 1 year
- -0.17
- Beta to the S&P 500 (5Y)
- 0.57
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +76.8% | +21.1% | +12.2% | +6.4% | |
| Free cash flow | +93.9% | -7.3% | +11.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -20.0% | -11.3% | 15.0% | |
| Return on assets | -8.4% | -5.7% | 7.2% | |
| Current ratio | 0.67 | 0.62 | 0.44 | |
| Debt to equity | 0.64 | 0.55 | 0.56 | |
| Capex to revenue | 22.7% | 38.7% | 22.1% | |
| Diluted shares | 229M | 199M | 160M |
Where the cash went
Fiscal 2021 to 2025, five years combined
CNX Resources generated $4.82B from operations and spent $4.58B on capital expenditure, dividends and share buybacks. 60% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 28.3% | 0.25× | 2.09× | 15.0% |
| FY2024 | -7.1% | 0.15× | 2.03× | -2.1% |
| FY2023 | 50.1% | 0.40× | 2.34× | 47.1% |
| FY2022 | -11.3% | 0.15× | 2.50× | -4.3% |
| FY2021 | -65.9% | 0.09× | 1.99× | -12.3% |
| FY2020 | -38.5% | 0.15× | 1.99× | -11.3% |
| FY2019 | -4.2% | 0.22× | 2.08× | -1.9% |
| FY2018 | 46.0% | 0.22× | 1.89× | 19.4% |
| FY2017 | 26.2% | 0.18× | 2.09× | 9.9% |
| FY2016 | -111.6% | 0.08× | 2.37× | -20.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$633.16M
- Cash generatingOperating cash flow above zero$1.03B
- Return on assets improvedROA up on the prior year-1.0% → 7.4%
- Earnings backed by cashOperating cash flow above net income$1.03B vs $633.16M
- Less leverageLong-term debt to assets fell21.6% → 24.3%
- Better liquidityCurrent ratio rose0.33 → 0.44
- No dilutionShare count did not rise151M → 160M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.15 → 0.26
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