CNX Resources Corp (NYSE: CNX)

Sector: Energy Industry: Oil & Gas E&P CIK: 0001070412
Market Cap 5.63 Bn
P/B 1.30
P/E 8.89
P/S 2.51
ROIC (Qtr) 11.09
Div Yield % 0.00
Rev 1y % (Qtr) 346.99
Total Debt (Qtr) 2.60 Bn
Debt/Equity (Qtr) 0.60
Add ratio to table...

About

Investment thesis

Bull case

  • Operating cash flow of 1.03B provides strong 43.45x coverage of stock compensation 23.68M, indicating sustainable incentive practices.
  • Strong tangible asset base of 8.71B provides 3.35x coverage of total debt 2.60B, indicating robust asset backing and low credit risk.
  • Strong operating cash flow of 1.03B provides 7.33x coverage of SG&A expenses 140.30M, showing efficient operational cost management.
  • Tangible assets of 8.71B provide robust 12.38x coverage of other current liabilities 703.92M, indicating strong asset backing.
  • Free cash flow of 533.97M provides robust 50.78x coverage of R&D expenses 10.52M, enabling sustainable innovation investment.

Bear case

  • Operating cash flow of 1.03B barely covers its investment activities of (900.91M), with a coverage ratio of -1.14, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (900.91M) provide weak support for R&D spending of 10.52M, which is -85.67x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 13.46M provide limited coverage of acquisition spending of (513.58M), which is -0.03x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • High receivables of 325.91M relative to inventory of 26.20M (12.44 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Operating earnings of 973.53M show weak coverage of depreciation charges of 574.11M, with a 1.70 ratio indicating high capital intensity and potential reinvestment needs.

Segments Breakdown of Revenue (2025)

Peer comparison

Companies in the Oil & Gas E&P
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 COP Conocophillips 136.62 Bn 17.10 2.22 23.44 Bn
2 CNQ Canadian Natural Resources Ltd 85.21 Bn 17.67 3.04 12.51 Bn
3 EOG Eog Resources Inc 66.33 Bn -60.48 8.67 8.13 Bn
4 FANG Diamondback Energy, Inc. 49.64 Bn -2,818.83 314.47 16.24 Bn
5 OXY Occidental Petroleum Corp /De/ 37.18 Bn 15.36 2.56 22.88 Bn
6 WDS Woodside Energy Group Ltd 34.64 Bn 11.73 2.51 -
7 TPL Texas Pacific Land Corp 29.74 Bn 126.16 78.66 0.02 Bn
8 DVN Devon Energy Corp/De 18.80 Bn 3.24 1.91 8.55 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.92 1.02
EV to Cash from Ops. EV/CFO 8.15 18.21
EV to Debt EV to Debt 3.22 54.57
EV to EBIT EV/EBIT 8.62 29.98
EV to EBITDA EV/EBITDA 5.78 19.64
EV to Free Cash Flow [EV/FCF] EV/FCF 15.71 39.33
EV to Market Cap EV to Market Cap 1.49 1.57
EV to Revenue EV/Rev 3.75 11.47
Price to Book Value [P/B] P/B 1.30 2.97
Price to Earnings [P/E] P/E 8.89 -25.98
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 26.80
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 31.86
Dividend per Basic Share Div per Share (Qtr) 0.00 0.78
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 1.05
Interest Coverage Int. cover (Qtr) 5.71 -4.97
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 8.39 -533.65
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -75.55 52.06
Dividend Growth (1y) % Div 1y % (Qtr) 0.00 -5.45
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 3,277.42 6.14
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 191.25 105.89
EBIT Growth (1y) % EBIT 1y % (Qtr) 3,120.21 75.94
EBT Growth (1y) % EBT 1y % (Qtr) 767.11 17.44
EPS Growth (1y) % EPS 1y % (Qtr) 846.67 3.07
FCF Growth (1y) % FCF 1y % (Qtr) 93.86 -43.36
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 131.07 149.32
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.25 0.33
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 0.01 1.32
Current Ratio Curr Ratio (Qtr) 0.44 2.37
Debt to Equity Ratio Debt/Equity (Qtr) 0.60 0.34
Interest Cover Ratio Int Coverage (Qtr) 5.71 -4.97
Times Interest Earned Times Interest Earned (Qtr) 5.71 -4.97
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 69.10 16.19
EBIT Margin % EBIT Margin % (Qtr) 43.48 -16.83
EBT Margin % EBT Margin % (Qtr) 35.86 -24.06
Gross Margin % Gross Margin % (Qtr) 75.20 58.92
Net Profit Margin % Net Margin % (Qtr) 28.30 -28.75