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Coal · Energy · Fiscal year ends Dec 31
Alpha Metallurgical Resources reported revenue of $2.1B in the fiscal year ended Dec 2025, down 28.0% from the year before. Operating income was −$61M, an operating margin of −2.9%, and net income was −$62M. Operating cash flow of $145M less capital expenditure of $127M left free cash flow of $18M. It held more cash than debt (net cash $362M).
Ranks among the 3 coal companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,253 | 4,093 | 3,457 | 2,947 | 2,123 |
| Cost of revenue | 1,678 | 2,286 | 2,356 | 2,452 | 1,925 |
| Gross profit | 575 | 1,807 | 1,100 | 495 | 198 |
| Selling, general & admin | 63.9 | 71.6 | 82.4 | 74.0 | 60.2 |
| Operating income | 359 | 1,581 | 863 | 228 | −61.4 |
| Interest expense | 69.7 | 21.8 | 6.9 | 3.8 | 3.0 |
| Pre-tax income | 292 | 1,555 | 845 | 211 | −87.5 |
| Income tax | 3.4 | 106 | 124 | 23.2 | −25.8 |
| Net income | 289 | 1,449 | 722 | 188 | −61.7 |
| Diluted EPS | 15.30 | 79.49 | 49.30 | 14.28 | −4.75 |
| Diluted shares | 18.9 | 18.2 | 14.6 | 13.1 | 13.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 81.2 | 302 | 268 | 482 | 366 |
| Receivables | 489 | 407 | 510 | 362 | 279 |
| Inventory | 129 | 201 | 231 | 169 | 193 |
| Current assets | 748 | 1,114 | 1,048 | 1,037 | 918 |
| Net PP&E | 362 | 443 | 589 | 635 | 622 |
| Goodwill | 0.0 | 10.7 | 11.1 | 11.1 | 11.1 |
| Total assets | 1,858 | 2,312 | 2,406 | 2,439 | 2,281 |
| Payables | 90.1 | 106 | 129 | 96.6 | 66.2 |
| Deferred revenue | 0.0 | – | – | – | – |
| Current liabilities | 296 | 403 | 310 | 251 | 206 |
| Long-term debt | 455 | 6.2 | 5.1 | 1.8 | 3.9 |
| Total liabilities | 1,311 | 883 | 832 | 789 | 735 |
| Shareholders' equity | 547 | 1,430 | 1,574 | 1,649 | 1,545 |
| Backlog (remaining obligations) | 80.0 | 166 | 125 | 24.9 | 95.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 175 | 1,484 | 851 | 580 | 145 |
| Capital expenditure | 83.3 | 164 | 245 | 199 | 127 |
| Free cash flow | 91.6 | 1,320 | 606 | 381 | 17.8 |
| Depreciation & amortisation | 110 | 108 | 137 | 167 | 175 |
| Stock-based compensation | 5.3 | 7.5 | 19.0 | 12.3 | 13.6 |
| Share buybacks | 0.8 | 522 | – | – | – |
| Dividends paid | 0.0 | 13.4 | 26.8 | 3.1 | 0.4 |
| Dividend per share | – | 6.18 | 1.94 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 81.7% | −15.5% | −14.8% | −28.0% |
| Operating income growth (YoY) | – | 340.1% | −45.4% | −73.6% | −126.9% |
| EPS growth (YoY) | – | 419.5% | −38.0% | −71.0% | −133.3% |
| Gross margin | 25.5% | 44.1% | 31.8% | 16.8% | 9.3% |
| Operating margin | 15.9% | 38.6% | 25.0% | 7.7% | −2.9% |
| Net margin | 12.8% | 35.4% | 20.9% | 6.4% | −2.9% |
| Return on equityBlank when equity is negative | 52.8% | 101.3% | 45.9% | 11.4% | −4.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 23.0% | 82.8% | 41.2% | 10.4% | −3.0% |
| Free cash flow margin | 4.1% | 32.2% | 17.5% | 12.9% | 0.8% |
| Cash conversion (CFO ÷ net income) | 0.61x | 1.02x | 1.18x | 3.09x | −2.35x |
| Receivable days | 79 | 36 | 54 | 45 | 48 |
| Inventory days | 28 | 32 | 36 | 25 | 37 |
| Payable days | 20 | 17 | 20 | 14 | 13 |
| Interest cover | 5.16x | 72.5x | 125x | 59.8x | −20.3x |
| Debt ÷ equity | 0.83x | 0.00x | 0.00x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 374 | −296 | −263 | −480 | −362 |
| Current ratio | 2.53x | 2.77x | 3.38x | 4.13x | 4.47x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.