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Silver · Basic Materials · Fiscal year ends Dec 31
Core Natural Resources reported revenue of $4.2B in the fiscal year ended Dec 2025, up 92.4% from the year before. Operating income was −$182M, an operating margin of −4.4%, and net income was −$153M. Operating cash flow of $306M less capital expenditure of $285M left free cash flow of $21M. It held more cash than debt (net cash $37M).
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,261 | 2,280 | 2,507 | 2,164 | 4,165 |
| Cost of revenue | – | – | 1,378 | 1,431 | 3,545 |
| Gross profit | – | – | 1,129 | 733 | 620 |
| Selling, general & admin | 87.2 | 117 | 103 | 115 | – |
| Operating incomederived: revenue − total costs | 37.5 | 747 | 803 | 351 | −182 |
| Interest expense | 63.3 | 52.6 | 29.3 | 22.2 | 40.1 |
| Pre-tax income | 35.4 | 568 | 778 | 331 | −234 |
| Income tax | 1.3 | 101 | 122 | 44.2 | −80.5 |
| Net income | 34.1 | 467 | 656 | 286 | −153 |
| Diluted EPS | 0.96 | 13.07 | 19.79 | 9.61 | −2.98 |
| Diluted shares | 35.4 | 35.7 | 33.1 | 29.8 | 51.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 150 | 273 | 199 | 408 | 432 |
| Receivables | 104 | 158 | 148 | 137 | 349 |
| Inventory | 62.9 | 66.3 | 88.2 | 96.2 | 375 |
| Current assets | 386 | 598 | 601 | 786 | 1,340 |
| Net PP&E | 1,979 | 1,960 | 1,903 | 1,922 | 4,387 |
| Total assets | 2,574 | 2,704 | 2,675 | 2,880 | 6,130 |
| Payables | 76.6 | 130 | 137 | 144 | 336 |
| Deferred revenue | – | 1.0 | 9.5 | – | – |
| Current liabilities | 445 | 449 | 444 | 519 | 838 |
| Short-term debt | 36.6 | 4.7 | 1.6 | 104 | 77.6 |
| Long-term debt | 568 | 342 | 182 | 79.5 | 317 |
| Total liabilities | 1,901 | 1,539 | 1,332 | 1,311 | 2,452 |
| Shareholders' equity | 673 | 1,166 | 1,343 | 1,568 | 3,678 |
| Backlog (remaining obligations) | – | – | – | – | 3,500 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 306 | 651 | 858 | 476 | 306 |
| Capital expenditure | 133 | 172 | 168 | 178 | 285 |
| Free cash flow | 173 | 479 | 690 | 298 | 21.2 |
| Depreciation & amortisation | 225 | 227 | 241 | 224 | 621 |
| Stock-based compensation | 6.6 | 7.9 | 10.0 | 11.4 | 32.9 |
| Share buybacks | 0.0 | 0.0 | 399 | 70.9 | 224 |
| Dividends paid | 0.0 | 71.5 | 75.5 | 15.9 | 26.3 |
| Dividend per share | 0.00 | 2.05 | 2.20 | 0.50 | 0.40 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 80.8% | 9.9% | −13.7% | 92.4% |
| Operating income growth (YoY) | – | 1891.0% | 7.6% | −56.3% | −151.9% |
| EPS growth (YoY) | – | 1261.5% | 51.4% | −51.4% | −131.0% |
| Gross margin | – | – | 45.0% | 33.9% | 14.9% |
| Operating margin | 3.0% | 32.7% | 32.0% | 16.2% | −4.4% |
| Net margin | 2.7% | 20.5% | 26.2% | 13.2% | −3.7% |
| Return on equityBlank when equity is negative | 5.1% | 40.1% | 48.8% | 18.3% | −4.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.8% | 33.1% | 36.0% | 14.9% | −3.4% |
| Free cash flow margin | 13.7% | 21.0% | 27.5% | 13.8% | 0.5% |
| Cash conversion (CFO ÷ net income) | 8.96x | 1.39x | 1.31x | 1.66x | −2.00x |
| Receivable days | 30 | 25 | 21 | 23 | 31 |
| Inventory days | – | – | 23 | 25 | 39 |
| Payable days | – | – | 36 | 37 | 35 |
| Interest cover | 0.59x | 14.2x | 27.4x | 15.8x | −4.54x |
| Debt ÷ equity | 0.90x | 0.30x | 0.14x | 0.12x | 0.11x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 455 | 73.8 | −15.9 | −225 | −37.4 |
| Current ratio | 0.87x | 1.33x | 1.35x | 1.52x | 1.60x |
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.