Warrior Met Coal HCC

NYSE HCC

$104.31 -1.27 (-1.20%)

As of: Sep 9, 2026 · 3:59 PM EDT

Key Stats

Market Cap5.51 Bn

P/E26.83

P/S3.28

Div. Yield0.00

Total Debt (Qtr)160.06 Mn

Revenue Growth (1y) (Qtr)71.31

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About

Warrior Met Coal, Inc. is a U. S.-based supplier to the global steel industry focused on mining non-thermal steelmaking coal used as a critical component of steel production by metal manufacturers in Europe, South America and Asia. The company is a large-scale low-cost producer and exporter of premium quality steelmaking coal also known as hard coking coal operating highly-efficient longwall operations in its underground mines based in Alabama. Warrior Met Coal, Inc. sells substantially all of its steelmaking coal production to steel producers outside of the United States. Steelmaking coal is converted to coke and is a critical input in the steel production process. Demand for the company's coal is highly correlated to conditions in the global steelmaking industry which is affected by cyclical nature technological developments and availability of substitutes for steel such as aluminum composites and plastics. A significant reduction in demand for steel products would reduce demand for steelmaking coal and have a material adverse effect on the business. Similarly if alternative ingredients are used in substitution for steelmaking coal in the integrated steel mill process demand for steelmaking coal would materially decrease which could also materially adversely affect demand for the company's steelmaking coal.

Warrior Met Coal, Inc. generates revenue primarily from the sale of steelmaking coal to international steel producers. The company's steelmaking coal is characterized by low sulfur low-to-medium ash and Low Vol to High Vol qualities making it ideally suited as a coking coal for the manufacture of steel. Warrior Met Coal, Inc. sells its steelmaking coal on a delivered basis when negotiating contract and spot transactions with global customers and the burden of ocean freight may be borne entirely by the supplier shared between both partners or assumed entirely by the customer depending on market dynamics. When the company is responsible for freight the freight costs reduce net sales revenues and impact net selling price realizations. Revenue is also derived from natural gas operations gains on sales and disposals of property plant and equipment and land changes in the fair value of natural gas swap contracts and earned royalty revenue. The company's average net selling price per metric ton represents coal net sales revenue divided by total metric tons of coal sold and is net of demurrage and quality specification adjustments. Warrior Met Coal, Inc. evaluates its operations based on the volume of coal it can safely produce and sell in compliance with regulatory standards and the prices it receives for its steelmaking coal.

The company operates through the following segments: Mining.

The Mining segment consists of Mine No. 4 Mine No. 7 and the Blue Creek mine. Warrior Met Coal, Inc. commenced longwall operations at the Blue Creek mine eight months ahead of schedule and on budget in October 2025. As of December 31 2024 based on a reserve report prepared by Marshall Miller & Associates Inc. Mine No. 4 and Mine No. 7 had approximately 82.4 million metric tons of recoverable reserves and the Blue Creek mine contained 69.0 million metric tons of recoverable reserves and 39.7 million metric tons of coal resources exclusive of reserves which total 108.7 million metric tons. The company's Mine No. 7 steelmaking coal realized price has historically been in line with or at a slight discount to the Platts Premium Low Volatility Free-On-Board Australia Index Price. Mine No. 4 and Blue Creek steelmaking coal are a High Volatility A quality that typically trades at a larger discount to the price of coal from Mine No. 7. Warrior Met Coal, Inc. now primarily targets the LV hard coking coal indices price for its Mine No. 4 and Blue Creek mine coal. The steelmaking coal mined from the Southern Appalachian portion of the Blue Creek coal seam is characterized by low sulfur low-to-medium ash and Low Vol to High Vol. These qualities make the coal ideally suited as a coking coal for the manufacture of steel. The company has the ability to increase its overall nameplate capacity to 83% or an additional 0.6 million metric tons to 6.0 million metric tons per year by adding an additional continuous miner unit. Warrior Met Coal, Inc. expects the addition of Blue Creek to enhance its already advantageous position on the global cost curve improve profitability and cash flow generation and cement its position as a leading pure play steelmaking coal producer. The company commenced longwall operations at the Blue Creek mine eight months ahead of schedule and on budget in October 2025 and expects the commissioning towards full production to be completed in early 2026. Due to the accelerated startup of the longwall Warrior Met Coal, Inc. expects to produce approximately 1.6 million metric tons in 2025 of which it has produced 702 thousand metric tons as of September 30 2025 and expects to produce approximately 4.1 to 4.4 million metric tons in 2026 which is an increase from the original estimated 2.7 million metric tons. Other significant milestones achieved in the development of the Blue Creek project were the completion and installation of the Blue Creek overland clean coal belt along with the remaining modules of the preparation plant in October 2025 and made significant progress on the barge loadout facility. Warrior Met Coal, Inc. has invested approximately $887.7 million in the project to date including $64.2 million in the third quarter of 2025 and $171.2 million year-to-date. The company remains on budget and expects to spend a total of $225 to $250 million in 2025 on the continued development of Blue Creek. The baseline total project cost estimate ranges from $995 million to $1.075 billion. Warrior Met Coal, Inc. expects to have largely spent any remaining amounts for Blue Creek after the end of the fiscal year by the end of the first quarter of 2026. At the end of the third quarter of 2025 the company was the successful bidder in a federal coal lease sale administered by the Bureau of Land Management. The coal leases include approximately 14,050 acres in Tuscaloosa County Alabama with an estimated 53 million metric tons of high-quality steelmaking coal reserves. The total bid for the leases was $46.8 million and the acquisition of these leases represents a significant step in the company's long-term growth strategy enhancing its reserve base and extending the life of its core mining operations. During the third quarter of 2025 Warrior Met Coal, Inc. made the first deposit payment of $9.4 million of the total $46.8 million which is refundable if the transaction does not close. Once the acquisition is closed the newly leased areas will be adjacent to existing infrastructure allowing for efficient integration into current operations and capital planning.

Warrior Met Coal, Inc. holds a leading position as a pure play steelmaking coal producer in the global market. The company competes with other major producers of metallurgical coal including those based in Australia Canada the United States China and Russia. Warrior Met Coal, Inc.'s competitive advantages stem from its high-quality coal reserves low-cost production structure and efficient longwall operations. The company's Mine No. 7 steelmaking coal has historically realized prices in line with or at a slight discount to the Platts Premium Low Volatility Index providing a benchmark for its product quality. Warrior Met Coal, Inc. benefits from its strategic location in Alabama which provides access to infrastructure and transportation networks facilitating exports to global steel producers. The company's focus on non-thermal steelmaking coal distinguishes it from thermal coal producers and aligns its business with the specific needs of the steel industry. Warrior Met Coal, Inc.'s ability to maintain low cash costs of sales per metric ton while increasing production volumes supports its position on the global cost curve. The commencement of Blue Creek longwall operations ahead of schedule and the acquisition of federal coal leases further strengthen its reserve base and operational flexibility. These factors collectively enhance Warrior Met Coal, Inc.'s ability to generate consistent cash flow and maintain profitability amid fluctuating market conditions in the steelmaking coal industry.

Warrior Met Coal, Inc. serves steel producers outside of the United States primarily in Europe South America and Asia. The company's geographic customer sales volume mix for the three months ended September 30 2025 was 43% in Europe 38% in Asia 18% in South America and 1% in the United States. For the nine months ended September 30 2025 the geographic customer sales volume mix was 44% in Asia 39% in Europe 16% in South America and 1% in the United States. Warrior Met Coal, Inc.'s customer base consists of international steel manufacturers that require steelmaking coal as a critical input in their integrated steel mill processes. The company sells substantially all of its steelmaking coal production to these steel producers who use the coal to produce coke for steelmaking. Warrior Met Coal, Inc.'s sales are largely dependent upon the terms of its annual steelmaking coal sales contracts for which prices are generally set on daily index averages on a quarterly basis. The volume of steelmaking coal sold is also a function of the pricing environment in the international steelmaking coal markets and the amounts of LV and HVA coal that the company sells.

Investment Thesis

▲ Bull case

Warrior Met Coal's Blue Creek mine is proving to be a transformative asset that is delivering results ahead of expectations, creating significant operational leverage that the market is underestimating. The mine was completed ahead of schedule and within the $1 billion capital expenditure guidance, fully funded by cash flow from operations without adding debt. This achievement not only eliminated project execution risk but also established a low-cost foundation that is already driving margin expansion. In Q1 FY26, the company reported a 38% increase in sales volumes and a 55% increase in production volumes, directly attributable to Blue Creek's ramp-up. The mine's inherently low-cost structure contributed to a 14% reduction in cash cost per ton despite higher sales volumes, which was further enhanced by the $8.4 million benefit from the 45X production tax credit under the One Big Beautiful Bill Act. This combination of volume growth, cost efficiency, and tax advantages is generating operating leverage that is not fully reflected in current valuations, as the market appears focused on near-term working capital dynamics rather than the sustainable, scalable profitability Blue Creek enables. With Blue Creek now fully operational and production continuing to exceed internal plans, the company is positioned to generate significantly higher free cash flow as inventory normalizes and working capital converts in subsequent quarters, a transition management expects to begin in Q2 FY26 and accelerate through the year.
The company's strategic positioning in the premium steelmaking coal market, particularly its exposure to growing demand from India and structural advantages in the Pacific Basin, represents an underappreciated catalyst for sustained pricing power and volume growth. Warrior Met Coal highlighted that India demonstrated a 3.1% increase in pig iron production during the first two months of 2026, contrasting with declines in China (-2.7%) and global averages (-2.1%), positioning it as a resilient demand anchor for high-quality steelmaking coal. Despite the company's sales mix shifting toward Higher Vol A (HVA) coal—which has lower price realizations—the underlying demand in India remains firm due to domestic steel price strength, improving mill margins, and growing steel production, all of which support consistent off-take for Warrior's exports. Furthermore, the Middle East conflict, while introducing freight cost volatility, has not disrupted demand flows to key markets like India and South America, where Warrior allocated 14% of its Q1 FY26 sales. The company's ability to maintain sales volumes into Asia (61% of total) despite these headwinds underscores the structural demand for its product. Crucially, Warrior's premium quality (PLV) product experienced strong demand driven by Australian supply constraints, with the PLV FOB Australia index averaging $213 per short ton in Q1 FY26—27% higher than the 2025 average—indicating that tightness in the premium segment could persist beyond temporary weather-related disruptions. The market may be underestimating the durability of this demand dynamic, particularly as Indian steel production continues to grow and global decarbonization efforts in steelmaking remain nascent, keeping metallurgical coal as a critical input for the foreseeable future.
Warrior Met Coal's capital allocation strategy and balance sheet strength provide a hidden catalyst for shareholder returns that the market is overlooking due to the current negative free cash flow profile, which is viewed as temporary and project-related. Despite negative operating and free cash flow in Q1 FY26—driven by the timing of 43% of sales volume occurring in March and the final $66 million in Blue Creek capital expenditures—the company maintains robust liquidity of $363.7 million, including $202.6 million in cash and equivalents and $140.5 million available under its ABL facility. This liquidity position, combined with the near completion of the Blue Creek project, removes a significant overhang and positions the company to shift rapidly from investment to return mode. Management explicitly stated that once cash flow turns positive—expected in the second half of FY26—they will pursue a shareholder return framework consisting of a rising fixed quarterly dividend supplemented by special dividends and selective stock buybacks, a strategy that has historically delivered one of the highest payable yield ratios (PSRs) in the sector over the last decade. The company's low first-quartile cost structure, now fully operational with Blue Creek, ensures that incremental volume will flow through to EBITDA at high conversion rates, as evidenced by the 31.3% adjusted EBITDA margin in Q1 FY26 versus 13.2% in the prior year. With sustaining capital expenditures guided at $105–$115 million annually and Blue Creek capex winding down to $50–$75 million for FY26, the company is poised to generate substantial free cash flow in FY26 and beyond, enabling meaningful shareholder returns that are not yet priced into the stock given the market's focus on the transitional Q1 results.

Warrior Met Coal's Blue Creek mine is proving to be a transformative asset that is delivering results ahead of expectations, creating significant operational leverage that the market is underestimating. The mine was completed ahead of schedule and within the $1 billion capital expenditure guidance, fully funded by cash flow from operations without adding debt. This achievement not only eliminated project execution risk but also established a low-cost foundation that is already driving margin expansion. In Q1 FY26, the company reported a 38% increase in sales volumes and a 55% increase in production volumes, directly attributable to Blue Creek's ramp-up. The mine's inherently low-cost structure contributed to a 14% reduction in cash cost per ton despite higher sales volumes, which was further enhanced by the $8.4 million benefit from the 45X production tax credit under the One Big Beautiful Bill Act. This combination of volume growth, cost efficiency, and tax advantages is generating operating leverage that is not fully reflected in current valuations, as the market appears focused on near-term working capital dynamics rather than the sustainable, scalable profitability Blue Creek enables. With Blue Creek now fully operational and production continuing to exceed internal plans, the company is positioned to generate significantly higher free cash flow as inventory normalizes and working capital converts in subsequent quarters, a transition management expects to begin in Q2 FY26 and accelerate through the year.
The company's strategic positioning in the premium steelmaking coal market, particularly its exposure to growing demand from India and structural advantages in the Pacific Basin, represents an underappreciated catalyst for sustained pricing power and volume growth. Warrior Met Coal highlighted that India demonstrated a 3.1% increase in pig iron production during the first two months of 2026, contrasting with declines in China (-2.7%) and global averages (-2.1%), positioning it as a resilient demand anchor for high-quality steelmaking coal. Despite the company's sales mix shifting toward Higher Vol A (HVA) coal—which has lower price realizations—the underlying demand in India remains firm due to domestic steel price strength, improving mill margins, and growing steel production, all of which support consistent off-take for Warrior's exports. Furthermore, the Middle East conflict, while introducing freight cost volatility, has not disrupted demand flows to key markets like India and South America, where Warrior allocated 14% of its Q1 FY26 sales. The company's ability to maintain sales volumes into Asia (61% of total) despite these headwinds underscores the structural demand for its product. Crucially, Warrior's premium quality (PLV) product experienced strong demand driven by Australian supply constraints, with the PLV FOB Australia index averaging $213 per short ton in Q1 FY26—27% higher than the 2025 average—indicating that tightness in the premium segment could persist beyond temporary weather-related disruptions. The market may be underestimating the durability of this demand dynamic, particularly as Indian steel production continues to grow and global decarbonization efforts in steelmaking remain nascent, keeping metallurgical coal as a critical input for the foreseeable future.
Warrior Met Coal's capital allocation strategy and balance sheet strength provide a hidden catalyst for shareholder returns that the market is overlooking due to the current negative free cash flow profile, which is viewed as temporary and project-related. Despite negative operating and free cash flow in Q1 FY26—driven by the timing of 43% of sales volume occurring in March and the final $66 million in Blue Creek capital expenditures—the company maintains robust liquidity of $363.7 million, including $202.6 million in cash and equivalents and $140.5 million available under its ABL facility. This liquidity position, combined with the near completion of the Blue Creek project, removes a significant overhang and positions the company to shift rapidly from investment to return mode. Management explicitly stated that once cash flow turns positive—expected in the second half of FY26—they will pursue a shareholder return framework consisting of a rising fixed quarterly dividend supplemented by special dividends and selective stock buybacks, a strategy that has historically delivered one of the highest payable yield ratios (PSRs) in the sector over the last decade. The company's low first-quartile cost structure, now fully operational with Blue Creek, ensures that incremental volume will flow through to EBITDA at high conversion rates, as evidenced by the 31.3% adjusted EBITDA margin in Q1 FY26 versus 13.2% in the prior year. With sustaining capital expenditures guided at $105–$115 million annually and Blue Creek capex winding down to $50–$75 million for FY26, the company is poised to generate substantial free cash flow in FY26 and beyond, enabling meaningful shareholder returns that are not yet priced into the stock given the market's focus on the transitional Q1 results.

▼ Bear case

Warrior Met Coal's increasing reliance on Higher Vol A (HVA) coal and Pacific Basin sales exposes the company to structural pricing headwinds and margin compression that the market is underestimating, despite management's emphasis on volume growth. In Q1 FY26, the company's sales mix shifted significantly toward HVA, with HVA representing 61% of total sales—a 10% increase over Q4 FY25 and an 11% year-over-year increase—driven by Blue Creek's output and stronger demand in Asia. This shift occurred while the relativity between the Australian LVHCC index (a benchmark for HVA) and the PLV index (premium low-vol) fell to an all-time low of 62% during the quarter and averaged 81% for Q1 FY26, down from 85% in Q4 FY25. Consequently, Warrior's gross price realization declined to 72% of the PLV index from 75% in 2025, directly reflecting the impact of selling more lower-priced HVA coal into the Pacific Basin at elevated freight rates due to the Middle East conflict. Although the company benefited from a 15% increase in average net selling price ($20 per ton) due to higher HVA mix and CFR sales, this was achieved at the cost of selling into a weaker pricing environment, as evidenced by the Australian LVHCC index averaging only $173 per short ton—30% higher than 2025 but significantly lagging the PLV index's 27% premium. The market may be misinterpreting the top-line growth from volume and nominal price increases as fundamental strength, when in reality, the margin expansion is being driven by a favorable but potentially temporary product mix shift that could reverse if premium coal supply from Australia normalizes or if Indian demand fails to sustain its current growth trajectory, leaving Warrior exposed to the structurally weaker HVA segment.
The company's working capital build and inventory accumulation signal potential demand softening or operational misalignment that management may be downplaying, creating downside risk to near-term cash flow conversion and profitability. Warrior Met Coal reported a $145.8 million increase in net working capital (excluding cash) in Q1 FY26, driven by $114.6 million in higher accounts receivable and $15.6 million in higher inventory, which rose to 1.9 million short tons from 1.6 million at year-end 2025. While management attributed the receivable buildup to the timing of 43% of sales volume occurring in March, the concurrent increase in inventory—despite record production of 3.5 million tons—suggests that sales may not be keeping pace with output, particularly as the company acknowledged that very little of its Blue Creek coal is moving into the spot market. This imbalance raises concerns about the sustainability of the current production run-rate, especially as Blue Creek's output continues to exceed internal plans. Furthermore, the company's reliance on extending payment terms or offering favorable CFR terms to move volume into the Pacific Basin could be masking weaker underlying demand, as higher accounts receivable may reflect delayed payments rather than pure timing. If global steel demand—particularly in key markets like India—falters due to slowing economic growth or overcapacity in steel production, Warrior could face prolonged inventory corrections and price concessions, undermining the margin expansion narrative. The market may be overlooking this risk because the company emphasizes Blue Creek's long-term potential, but the near-term working capital strain could persist if demand does not absorb the incremental supply, forcing production curtailments or inventory write-downs that would directly impact cash flow and earnings.
Inflationary cost pressures and supply chain vulnerabilities, particularly in critical inputs like diesel, tungsten bits, and steel roof supports, pose a persistent and underappreciated threat to Warrior Met Coal's cost advantage, which management acknowledged but failed to quantify despite ongoing supplier challenges. The company admitted to experiencing inflationary pressures on materials and supplies, including tungsten bits sourced from China and diesel fuel, with CEO Walter Scheller acknowledging that they are "seeing and hearing it from some other suppliers too on other materials and supplies" and are "working hard to look for alternative vendors." While Warrior noted that it is not a high diesel user due to its underground mining operations and barge load-out logistics, it remains exposed to pass-through surcharges and indirect cost increases through its supply chain. More critically, the One Big Beautiful Bill Act's 45X production tax credit, which provided an $8.4 million benefit ($3 per ton) in Q1 FY26, is subject to legislative risk and potential clawback or modification, as its longevity depends on future congressional action and interpretation of the Inflation Reduction Act framework. If the credit is reduced, eliminated, or deemed non-applicable to certain mining activities, the company would lose a meaningful tailwind that contributed directly to its 14% reduction in cash cost per ton. Combined with potential tariffs on imported mining equipment and rising costs for essential consumables, these factors could erode Warrior's low-cost position over time, particularly if inflation in industrial inputs outpaces the company's ability to mitigate through operational efficiencies or pricing power. The market may be assuming that the current cost advantage is structural and durable, but the company's own acknowledgment of unquantified inflationary pressures and reliance on temporary tax incentives suggests that this advantage is more fragile than portrayed, creating a hidden risk to sustained margin expansion.

Warrior Met Coal's increasing reliance on Higher Vol A (HVA) coal and Pacific Basin sales exposes the company to structural pricing headwinds and margin compression that the market is underestimating, despite management's emphasis on volume growth. In Q1 FY26, the company's sales mix shifted significantly toward HVA, with HVA representing 61% of total sales—a 10% increase over Q4 FY25 and an 11% year-over-year increase—driven by Blue Creek's output and stronger demand in Asia. This shift occurred while the relativity between the Australian LVHCC index (a benchmark for HVA) and the PLV index (premium low-vol) fell to an all-time low of 62% during the quarter and averaged 81% for Q1 FY26, down from 85% in Q4 FY25. Consequently, Warrior's gross price realization declined to 72% of the PLV index from 75% in 2025, directly reflecting the impact of selling more lower-priced HVA coal into the Pacific Basin at elevated freight rates due to the Middle East conflict. Although the company benefited from a 15% increase in average net selling price ($20 per ton) due to higher HVA mix and CFR sales, this was achieved at the cost of selling into a weaker pricing environment, as evidenced by the Australian LVHCC index averaging only $173 per short ton—30% higher than 2025 but significantly lagging the PLV index's 27% premium. The market may be misinterpreting the top-line growth from volume and nominal price increases as fundamental strength, when in reality, the margin expansion is being driven by a favorable but potentially temporary product mix shift that could reverse if premium coal supply from Australia normalizes or if Indian demand fails to sustain its current growth trajectory, leaving Warrior exposed to the structurally weaker HVA segment.
The company's working capital build and inventory accumulation signal potential demand softening or operational misalignment that management may be downplaying, creating downside risk to near-term cash flow conversion and profitability. Warrior Met Coal reported a $145.8 million increase in net working capital (excluding cash) in Q1 FY26, driven by $114.6 million in higher accounts receivable and $15.6 million in higher inventory, which rose to 1.9 million short tons from 1.6 million at year-end 2025. While management attributed the receivable buildup to the timing of 43% of sales volume occurring in March, the concurrent increase in inventory—despite record production of 3.5 million tons—suggests that sales may not be keeping pace with output, particularly as the company acknowledged that very little of its Blue Creek coal is moving into the spot market. This imbalance raises concerns about the sustainability of the current production run-rate, especially as Blue Creek's output continues to exceed internal plans. Furthermore, the company's reliance on extending payment terms or offering favorable CFR terms to move volume into the Pacific Basin could be masking weaker underlying demand, as higher accounts receivable may reflect delayed payments rather than pure timing. If global steel demand—particularly in key markets like India—falters due to slowing economic growth or overcapacity in steel production, Warrior could face prolonged inventory corrections and price concessions, undermining the margin expansion narrative. The market may be overlooking this risk because the company emphasizes Blue Creek's long-term potential, but the near-term working capital strain could persist if demand does not absorb the incremental supply, forcing production curtailments or inventory write-downs that would directly impact cash flow and earnings.
Inflationary cost pressures and supply chain vulnerabilities, particularly in critical inputs like diesel, tungsten bits, and steel roof supports, pose a persistent and underappreciated threat to Warrior Met Coal's cost advantage, which management acknowledged but failed to quantify despite ongoing supplier challenges. The company admitted to experiencing inflationary pressures on materials and supplies, including tungsten bits sourced from China and diesel fuel, with CEO Walter Scheller acknowledging that they are "seeing and hearing it from some other suppliers too on other materials and supplies" and are "working hard to look for alternative vendors." While Warrior noted that it is not a high diesel user due to its underground mining operations and barge load-out logistics, it remains exposed to pass-through surcharges and indirect cost increases through its supply chain. More critically, the One Big Beautiful Bill Act's 45X production tax credit, which provided an $8.4 million benefit ($3 per ton) in Q1 FY26, is subject to legislative risk and potential clawback or modification, as its longevity depends on future congressional action and interpretation of the Inflation Reduction Act framework. If the credit is reduced, eliminated, or deemed non-applicable to certain mining activities, the company would lose a meaningful tailwind that contributed directly to its 14% reduction in cash cost per ton. Combined with potential tariffs on imported mining equipment and rising costs for essential consumables, these factors could erode Warrior's low-cost position over time, particularly if inflation in industrial inputs outpaces the company's ability to mitigate through operational efficiencies or pricing power. The market may be assuming that the current cost advantage is structural and durable, but the company's own acknowledgment of unquantified inflationary pressures and reliance on temporary tax incentives suggests that this advantage is more fragile than portrayed, creating a hidden risk to sustained margin expansion.

Segments Breakdown of Revenue (2025)

Peer group

Peer Comparison

Companies in the Coal

S.No.	Ticker	Company	match	Market Cap	P/E	P/S	Total Debt (Qtr)
1	HCC	Warrior Met Coal, Inc.	primary	5.51 Bn	26.83	3.28	160.06 Mn
2	CNR	Core Natural Resources, Inc.	primary	5.01 Bn	49.99	1.17	447.65 Mn
3	BTU	Peabody Energy Corp	primary	3.59 Bn	-21.59	0.90	339.00 Mn
4	ARLP	Alliance Resource Partners Lp	primary	3.43 Bn	15.82	1.58	579.59 Mn
5	AMR	Alpha Metallurgical Resources, Inc.	primary	2.90 Bn	-62.86	1.40	11.40 Mn
6	METC	Ramaco Resources, Inc.	primary	0.80 Bn	-13.59	1.55	453.81 Mn
7	NC	Nacco Industries Inc	primary	0.31 Bn	17.68	1.10	103.60 Mn
8	AREC	American Resources Corp	primary	0.18 Bn	8.53	-575.41	0.97 Mn

Warrior Met Coal HCC

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Investment Thesis

Product and Service Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

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