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Silver · Basic Materials · Fiscal year ends Dec 31
Warrior Met Coal reported revenue of $1.3B in the fiscal year ended Dec 2025, down 14.1% from the year before. Operating income was $46M, an operating margin of 3.5%, and net income was $57M. It held more cash than debt (net cash $146M).
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,059 | 1,739 | 1,677 | 1,525 | 1,310 |
| Cost of revenue | 554 | 711 | 910 | 1,007 | 982 |
| Gross profit | 505 | 1,028 | 766 | 518 | 328 |
| Selling, general & admin | 35.6 | 48.8 | 51.8 | 63.1 | 65.7 |
| Operating income | 244 | 801 | 541 | 255 | 45.7 |
| Interest expense | – | 31.4 | 18.0 | 4.3 | 9.7 |
| Pre-tax income | 200 | 783 | 551 | 284 | 54.4 |
| Income tax | 49.1 | 142 | 72.8 | 33.1 | −2.6 |
| Net income | 151 | 641 | 479 | 251 | 57.0 |
| Diluted EPS | 2.93 | 12.40 | 9.20 | 4.79 | 1.08 |
| Diluted shares | 51.4 | 51.7 | 52.0 | 52.3 | 52.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 396 | 829 | 738 | 492 | 300 |
| Receivables | 122 | 152 | 98.2 | 141 | 182 |
| Inventory | 59.6 | 154 | 184 | 208 | 236 |
| Current assets | 627 | 1,173 | 1,069 | 887 | 820 |
| Net PP&E | 603 | 739 | 1,180 | 1,549 | 1,817 |
| Total assets | 1,464 | 2,028 | 2,357 | 2,592 | 2,784 |
| Payables | 33.8 | 39.0 | 36.2 | 40.2 | 66.1 |
| Current liabilities | 122 | 153 | 148 | 170 | 257 |
| Short-term debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 340 | 303 | 153 | 154 | 154 |
| Total liabilities | 592 | 581 | 483 | 501 | 642 |
| Shareholders' equity | 872 | 1,448 | 1,874 | 2,091 | 2,141 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 352 | 842 | 701 | 367 | 229 |
| Capital expenditure | 57.9 | 205 | – | – | – |
| Free cash flow | 294 | 637 | – | – | – |
| Depreciation & amortisation | 141 | 115 | 127 | 154 | 189 |
| Stock-based compensation | 9.4 | 17.6 | 18.2 | 22.1 | 20.0 |
| Acquisitions | 0.0 | −2.5 | 2.4 | 0.0 | 0.0 |
| Share buybacks | 0.0 | – | – | – | – |
| Dividends paid | 10.5 | 79.7 | 61.1 | 43.8 | 17.8 |
| Dividend per share | 0.20 | 1.54 | 1.16 | 0.82 | 0.32 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 64.2% | −3.6% | −9.0% | −14.1% |
| Operating income growth (YoY) | – | 228.8% | −32.4% | −52.9% | −82.1% |
| EPS growth (YoY) | – | 323.2% | −25.8% | −47.9% | −77.5% |
| Gross margin | 47.7% | 59.1% | 45.7% | 34.0% | 25.0% |
| Operating margin | 23.0% | 46.1% | 32.3% | 16.7% | 3.5% |
| Net margin | 14.2% | 36.9% | 28.5% | 16.4% | 4.4% |
| Return on equityBlank when equity is negative | 17.3% | 44.3% | 25.5% | 12.0% | 2.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 18.2% | 42.7% | 24.5% | 10.5% | 1.8% |
| Free cash flow margin | 27.7% | 36.6% | – | – | – |
| Cash conversion (CFO ÷ net income) | 2.33x | 1.31x | 1.46x | 1.47x | 4.02x |
| Receivable days | 42 | 32 | 21 | 34 | 51 |
| Inventory days | 39 | 79 | 74 | 75 | 88 |
| Payable days | 22 | 20 | 15 | 15 | 25 |
| Interest cover | – | 25.5x | 30.1x | 59.7x | 4.69x |
| Debt ÷ equity | 0.39x | 0.21x | 0.08x | 0.07x | 0.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −56.0 | −527 | −585 | −338 | −146 |
| Current ratio | 5.14x | 7.66x | 7.24x | 5.20x | 3.19x |
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.