The business behind the dividend
| Measure | CNR | Median | Formula |
|---|---|---|---|
| Return on equity | -4.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -4.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $183.27m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $21.17m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -4.4% | 15.0% | Operating income ÷ revenue |
| Net margin | -3.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.11x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -4.54x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.60x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.63x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -4.2% | 18.3% | 48.8% | 40.1% | 5.1% | -1.8% | 17.5% | 37.3% | 33.1% | 6.3% | 17.5% |
| Return on capital employed | -4.5% | 20.0% | 52.6% | 37.6% | 2.8% | -0.8% | 8.8% | 15.2% | — | — | 15.2% |
| Operating margin | -4.4% | 16.2% | 32.0% | 24.9% | 2.8% | -1.1% | 7.1% | 12.7% | — | — | 12.7% |
| Net margin | -3.7% | 13.2% | 26.2% | 20.5% | 2.7% | -1.1% | 5.5% | 10.4% | 5.1% | 3.6% | 5.1% |
| Debt to equity | 0.11x | 0.12x | 0.14x | 0.30x | 0.90x | 1.09x | 1.58x | 2.02x | 4.29x | 0.46x | 0.46x |
| Current ratio | 1.60x | 1.52x | 1.35x | 1.33x | 0.87x | 0.80x | 0.86x | 0.96x | 0.95x | 0.53x | 0.95x |
| Cash conversion | — | 1.66x | 1.31x | 1.39x | 8.96x | — | 3.22x | 2.70x | 3.67x | 7.93x | 3.22x |
How it compares in energy
Among the 31 energy companies here measured on free cash flow, Core Natural Resources pays out less than 2 of them. The median for that group is 35.7%, against this company’s 124.1%.
Closest on free cash flow
- Chevron (CVX) 76.9%
- Murphy Oil (MUR) 82.0%
- Helmerich & Payne (HP) 86.4%
- CKX Lands (CKX) 125.2%
Same sector and same denominator, so the figures are comparable. All 40 in energy →