MeritValue

CNX Resources Corp

CNXdata completeness 100%19 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

CNX Resources Corp earns about 7% on equity, and has bought back 26% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$756.8M1$1.26B2$3.43B3$1.27B3$2.24B3
Net income−$498.6M4−$142.1M5$1.72B6−$90.5M6$633.2M6
Operating cash flow$926.4M7$1.24B8$814.6M9$815.8M9$1.03B9
Capital expenditure$465.9M10$565.8M11$679.4M12$540.3M12$495M12
Free cash flow (derived)$460.5M7$669.3M8$135.2M9$275.4M9$534M9
Total debt$4.43B13$4.41B14$4.43B15$4.33B16$4.84B16
Cash & equivalents$3.57M17$21.3M18$443,00019$17.2M20$779,00020
Diluted shares216.0M189.5M192.0M151.3M160.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$270.47
your share of equity
Profit it earned you last year
$39.49
Free cash flow it threw off
$33.3
Debt you’d be carrying
$302

10 shares is a claim on $270.47 of net worth that earned you $39.49 and generated $33.3 of cash last year, against $302 of debt.

iii. Is this a good business?
Moat signal · return on equity
7% avg · 5y
FY21 -13%FY22 -5%FY23 39%FY24 -2%FY25 15%

It earned an average 7% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−26% shares · 5y

Share count is down 26% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$275.4M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$275.4M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$49.21
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001070412-24-000015 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001070412-25-000049 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001070412-26-000038 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001070412-24-000015 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001070412-25-000049 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001070412-26-000038 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001070412-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001070412-25-000049 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001070412-26-000038 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001070412-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001070412-25-000049 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001070412-26-000038 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001070412-23-000015 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001070412-24-000015 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001070412-25-000049 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001070412-26-000038 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001070412-23-000015 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001070412-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001070412-25-000049 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001070412-26-000038 (CashAndCashEquivalentsAtCarryingValue)