# CNX Resources (CNX.US)

Canonical: https://gigainvestors.com/s/CNX

Analysis as of: 2026-10-16T07:27:35.590Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $34.62 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 5

- Operating margin variation: 0.58×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.31×

- FY2019: 0.17×

- FY2020: 0.47×

- FY2021: 0.48×

- FY2022: 0.66×

- FY2023: 0.21×

- FY2024: 0.12×

- FY2025: 0.37×

- LTM to Jun 2026: 0.42×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.8%

- ROIC, second-lowest year: 2.2%

- Typical minus recent gross margin: -7.7 pp

- Typical gross margin (annual median): 39.5%

- Recent gross margin (lower of latest and 3-year median): 47.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 41.2%

- ROIC including acquisitions, ten-year median: -2.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 0.4%

- FY2018: 7.5%

- FY2019: 2.7%

- FY2020: 6.1%

- FY2021: 16.2%

- FY2022: 41.2%

- FY2023: 3.8%

- FY2024: 2.2%

- FY2025: 9.6%

- LTM to Jun 2026: 12.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $1.6B

- Return on incremental invested capital: 49.4%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -2.5 pp

- Working capital / revenue, final three-year average: 5.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.90×

- FY2022: 1.00×

- FY2023: 0.86×

- FY2024: 1.60×

- FY2025: 1.12×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 0.4% vs 3.8%

- Per-share earnings: -1.64 to 3.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.5%

- Ordinary dilution, 5-year annual growth: -4.2%

- Market cap gain: $1.1B

- Cumulative retained earnings: $256M

- Diluted shares, 10-year annual growth: -3.5%

- Diluted shares, 5-year annual growth: -4.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $5.58

- Per-share value, starting three-year median: -$1.64

- Per-share value, ending three-year median: $3.95

- Buybacks concentrated in cheaper years (correlation): 0.56

- Average buyback yield: 8.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $900M

- Cumulative net income, 10 years: $1.4B

- ROIC, first three-year median: 0.4%

- ROIC, last three-year median: 3.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$3.70

- FY2017: $1.65

- FY2018: $3.71

- FY2019: -$0.42

- FY2020: -$2.43

- FY2021: -$2.31

- FY2022: -$0.75

- FY2023: $8.96

- FY2024: -$0.60

- FY2025: $3.95

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.3%

- FY2017: -3.9%

- FY2018: -1.0%

- FY2019: -11.7%

- FY2020: -15.9%

- FY2021: -17.6%

- FY2022: -16.2%

- FY2023: 10.5%

- FY2024: -10.6%

- FY2025: -4.4%

## Holders

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 59% since Oct 2023 · sales +11.6%

Story as of 2026-10-16T09:58:32.415Z; price observation 2026-10-15.

- 2025-10-31: CNX Resources Tops Q3 Earnings Estimates, Ups '25 Production Volume ([finance.yahoo.com](https://finance.yahoo.com/news/cnx-resources-tops-q3-earnings-174300791.html))

- 2026-01-30: CNX Resources Q4 Earnings and Sales Beat Estimates, Production Up Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/cnx-resources-q4-earnings-sales-164100404.html))

### Sales · FY2025–2026

sales +11.6%; source https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm; observed 2026-02-10.

- FY2017: $1.2B 

- FY2018: $1.8B 

- FY2019: $1.5B 

- FY2020: $1.1B 

- FY2021: $2.4B 

- FY2022: $3.9B 

- FY2023: $1.5B 

- FY2024: $1.4B 

- FY2025: $2.1B 

- FY2026: $2.4B 

### Gross margin · FY2026

gross margin 49.9%; source https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm; observed 2026-02-10.

- FY2017: 22.6% 

- FY2018: 43.8% 

- FY2019: 33.9% 

- FY2020: 12.2% 

- FY2021: 56.8% 

- FY2022: 71.3% 

- FY2023: 35.2% 

- FY2024: 28.8% 

- FY2025: 47.2% 

- FY2026: 49.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas e&p; annual sales are USD 2.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm (filed 2026-02-10); FY2025: revenue 2142473000; grossProfit 1011992000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CNX.US: CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers. The company owns rights to extract natural gas from shale formations in Pennsylvania, West Virginia, and Ohio, as well as rights to extract natural gas from other Shale and shallow oil and gas formations primarily in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia. In addition, the company designs, builds, and operates natural gas gathering systems to move natural gas from the wellhead to interstate pipelines or other local sales points; owns or operates approximately 2,600 miles of natural gas gathering pipelines as well as various natural gas processing facilities. Further, it offers turn-key solutions for water sourcing, delivery and disposal for its natural gas operations and supplies solutions for water sourcing as well as delivery and disposal for third parties. The company was formerly known as CONSOL Energy Inc. and changed its name to CNX Resources Corporation in November 2017. CNX Resources Corporation was founded in 1860 and is based in Canonsburg, Pennsylvania.

### Why customers stay

Margins ranged from 28.8% to 47.2% during 2023–25; it earns 6.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); FY2023: grossProfit / revenue = 35.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); FY2024: grossProfit / revenue = 28.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm (filed 2026-02-10); FY2025: grossProfit / revenue = 47.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); 10-year return on capital observations [[2017,0.004464801042934704],[2018,0.07505891065238579],[2019,0.02652975592242954],[2020,0.06086469020200113],[2021,0.1615640181370552],[2022,0.4118265730574557],[2023,0.03798703148650428],[2024,0.022110723898213277],[2025,0.09605997351741381],[2026,0.12097144700324577]]; median 0.06796180042719346. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back USD 523.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); FY2017: growth capex 220810000; upkeep 412036000; owner earnings 380747000. Growth capex / owner earnings = 0.579938909564619.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); FY2018: growth capex 622974000; upkeep 493423000; owner earnings 796533000. Growth capex / owner earnings = 0.7821069560206545.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); FY2023: growth capex 0; upkeep 679404000; owner earnings 1474898000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm (filed 2026-02-10); FY2025: growth capex 0; upkeep 494988000; owner earnings 712288000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); Dividend observations: [[2016,2294000],[2017,31903000],[2018,940500000],[2019,776750000],[2020,1200444000],[2021,426200000],[2022,0],[2023,1921925000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm (filed 2026-02-10); FY2025: cash repurchases 523561000 USD.

### Are managers owners

Insiders own 4.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CNX.US SharesStats.PercentInsiders = 4.316 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); Closing price 34.62 USD; reporting-to-trading FX 1; FY2025 annual sales per share 13.36101850247805; price multiple 2.5911198306909817. FY2025 cash earnings/share 4.442013106859729. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $16.97 per share

- 2016-11: $20.60 per share

- 2016-12: $18.25 per share

- 2017-01: $16.96 per share

- 2017-02: $15.58 per share

- 2017-03: $16.80 per share

- 2017-04: $15.19 per share

- 2017-05: $14.52 per share

- 2017-06: $14.95 per share

- 2017-07: $16.78 per share

- 2017-08: $14.56 per share

- 2017-09: $16.96 per share

- 2017-10: $16.14 per share

- 2017-11: $13.95 per share

- 2017-12: $14.63 per share

- 2018-01: $14.01 per share

- 2018-02: $16.07 per share

- 2018-03: $15.43 per share

- 2018-04: $14.86 per share

- 2018-05: $16.16 per share

- 2018-06: $17.78 per share

- 2018-07: $16.28 per share

- 2018-08: $15.94 per share

- 2018-09: $14.31 per share

- 2018-10: $15.65 per share

- 2018-11: $13.84 per share

- 2018-12: $11.42 per share

- 2019-01: $12.14 per share

- 2019-02: $10.60 per share

- 2019-03: $10.77 per share

- 2019-04: $8.96 per share

- 2019-05: $7.72 per share

- 2019-06: $7.31 per share

- 2019-07: $8.22 per share

- 2019-08: $7.97 per share

- 2019-09: $7.26 per share

- 2019-10: $8.43 per share

- 2019-11: $6.91 per share

- 2019-12: $8.85 per share

- 2020-01: $7.23 per share

- 2020-02: $5.31 per share

- 2020-03: $5.32 per share

- 2020-04: $10.60 per share

- 2020-05: $10.19 per share

- 2020-06: $8.65 per share

- 2020-07: $9.65 per share

- 2020-08: $10.96 per share

- 2020-09: $9.44 per share

- 2020-10: $9.70 per share

- 2020-11: $9.41 per share

- 2020-12: $10.80 per share

- 2021-01: $12.67 per share

- 2021-02: $12.61 per share

- 2021-03: $14.70 per share

- 2021-04: $13.42 per share

- 2021-05: $13.62 per share

- 2021-06: $13.66 per share

- 2021-07: $12.10 per share

- 2021-08: $11.36 per share

- 2021-09: $12.62 per share

- 2021-10: $14.61 per share

- 2021-11: $13.64 per share

- 2021-12: $13.75 per share

- 2022-01: $14.83 per share

- 2022-02: $16.34 per share

- 2022-03: $20.72 per share

- 2022-04: $20.55 per share

- 2022-05: $21.72 per share

- 2022-06: $16.46 per share

- 2022-07: $17.27 per share

- 2022-08: $17.67 per share

- 2022-09: $15.53 per share

- 2022-10: $16.81 per share

- 2022-11: $17.37 per share

- 2022-12: $16.84 per share

- 2023-01: $16.73 per share

- 2023-02: $15.35 per share

- 2023-03: $16.02 per share

- 2023-04: $15.53 per share

- 2023-05: $15.45 per share

- 2023-06: $17.72 per share

- 2023-07: $20.40 per share

- 2023-08: $22.35 per share

- 2023-09: $22.58 per share

- 2023-10: $21.72 per share

- 2023-11: $20.86 per share

- 2023-12: $20.00 per share

- 2024-01: $20.20 per share

- 2024-02: $20.95 per share

- 2024-03: $23.72 per share

- 2024-04: $23.52 per share

- 2024-05: $26.30 per share

- 2024-06: $24.30 per share

- 2024-07: $26.47 per share

- 2024-08: $27.67 per share

- 2024-09: $32.57 per share

- 2024-10: $34.03 per share

- 2024-11: $40.52 per share

- 2024-12: $36.67 per share

- 2025-01: $27.38 per share

- 2025-02: $28.90 per share

- 2025-03: $31.48 per share

- 2025-04: $29.43 per share

- 2025-05: $32.28 per share

- 2025-06: $33.68 per share

- 2025-07: $30.31 per share

- 2025-08: $29.20 per share

- 2025-09: $32.12 per share

- 2025-10: $33.66 per share

- 2025-11: $38.84 per share

- 2025-12: $36.77 per share

- 2026-01: $38.80 per share

- 2026-02: $41.78 per share

- 2026-03: $38.55 per share

- 2026-04: $38.91 per share

- 2026-05: $33.69 per share

- 2026-06: $33.93 per share

- 2026-07: $35.80 per share

- 2026-08: $36.38 per share

- 2026-09: $31.17 per share

- 2026-10: $34.62 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm); period 2025-12-31, filed 2026-02-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.