Core Natural Resources, Inc. (CNR) Balance Sheet
CNR balance sheet, 2025
December 31, 2025 · U.S. dollars$6.13B assets = $2.45B liabilities + $3.68B equity
Both columns are drawn to the same scale: what CNR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CNR financial health
Current ratio1.60
Comfortable · current assets cover current liabilities 1.60×
Debt / equity0.12
Low leverage · $0.12 of debt for each $1 of equity
Equity / assets60.0%
Equity-funded · of assets funded by shareholders
Cash / debt95.5%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
CNR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.05B2016 | $6.13B2025 | +21.7%/yr | |
| Total liabilities | $768.9M2016 | $2.45B2025 | +13.8%/yr | |
| Shareholders’ equity | $281.3M2016 | $3.68B2025 | +33.1%/yr | |
| Cash & short-term investments | $71.5M2016 | $432.2M2025 | +22.1%/yr | |
| Total debt | $404.6M2016 | $452.5M2025 | +1.3%/yr | |
| Net cash (debt) | −$333.1M2016 | −$20.3M2025 | +$312.8M | |
| Working capital | $178.3M2016 | $501.9M2025 | +$323.6M | |
| Book value per share | $3.862016 | $71.542025 | +38.3%/yr | |
| Current ratio | 1.552016 | 1.602025 | +0.05 | |
| Debt / equity | 1.442016 | 0.122025 | −1.32 | |
| Shares outstanding | 72.9M2016 | 51.4M2025 | −3.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CNR assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
CNR liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
CNR debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CNR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $432.2M | $460.2M | $281.3M | $273.1M | $149.9M | $50.9M | $80.3M | $235.7M | $154.0M | $71.5M |
| Cash & equivalents | $432.2M | $408.2M | $199.4M | $273.1M | $149.9M | $50.9M | $80.3M | $235.7M | $154.0M | $65.4M |
| Short-term investments | $0 | $52.0M | $81.9M | $0 | $2.8M | $2.3M | $3.8M | $5.3M | $6.5M | $5.7M |
| Receivables | $403.2M | $162.7M | $160.4M | $196.6M | $115.7M | $160.4M | $172.7M | $128.9M | $168.1M | $183.2M |
| Inventory | $374.8M | $96.2M | $88.2M | $66.3M | $62.9M | $56.2M | $54.1M | $48.6M | $53.4M | $186.8M |
| Other current assets | $130.1M | $66.9M | $71.2M | $62.5M | $57.8M | $25.4M | $30.9M | $60.7M | $23.7M | $63.3M |
| Total current assets | $1.34B | $786.0M | $601.0M | $598.5M | $386.3M | $292.9M | $338.0M | $474.0M | $399.2M | $504.9M |
| Property, plant & equipment (net) | $4.39B | $1.93B | $1.92B | $1.98B | $2.00B | $2.10B | $2.16B | $2.11B | $2.12B | $242.2M |
| Goodwill & intangible assets | $0 | $3.49B | $0 | $0 | $2.88B | $2.78B | $3.41B | $275.8M | $285.4M | $301.0M |
| Long-term investments | $0 | $12.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $402.9M | $0 | $156.2M | $126.0M | $0 | $0 | $0 | $0 | $0 | $2.1M |
| Total assets | $6.13B | $2.88B | $2.68B | $2.70B | $2.57B | $2.52B | $2.69B | $2.76B | $2.71B | $1.05B |
| Liabilities | ||||||||||
| Accounts payable | $335.6M | $143.6M | $137.2M | $130.2M | $76.6M | $71.2M | $106.2M | $130.9M | $109.1M | $326.1M |
| Short-term debt | $98.3M | $113.5M | $15.9M | $33.8M | $64.0M | $74.1M | $69.8M | $134.8M | $20.4M | $460,000 |
| Deferred revenue | — | −$43.5M | $9.5M | $966,000 | — | — | −$94.7M | $151,000 | $6.8M | $28.5M |
| Total current liabilities | $838.3M | $518.7M | $443.7M | $448.8M | $445.2M | $368.5M | $392.3M | $492.2M | $316.0M | $326.5M |
| Long-term debt | $354.2M | $94.8M | $186.1M | $355.3M | $3.01B | $3.56B | $3.16B | $403.1M | $387.3M | $404.1M |
| Lease obligations | $36.9M | $21.3M | $19.3M | $33.2M | $324.2M | $269.0M | $316.2M | — | — | — |
| Other long-term liabilities | $1.26B | $697.8M | $701.8M | $734.4M | $0 | $0 | $0 | $1.31B | $1.55B | $38.2M |
| Total liabilities | $2.45B | $1.31B | $1.33B | $1.54B | $1.90B | $1.97B | $2.12B | $2.21B | $2.36B | $768.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $510,000 | $294,000 | $299,000 | $347,000 | $345,000 | $340,000 | $259,000 | $274,000 | $280,000 | $715,000 |
| Retained earnings (deficit) | $818.5M | $1.16B | $944.3M | $668.9M | $281.0M | $246.8M | $259.9M | $182.1M | −$43.7M | −$302.7M |
| Treasury stock | — | — | — | — | −$424,000 | −$510,000 | −$1.1M | −$1.2M | −$2.1M | −$9.3M |
| Accumulated other comprehensive income | −$122.8M | −$134.6M | −$149.1M | −$149.6M | −$255.4M | −$336.6M | −$348.7M | −$323.5M | −$305.1M | −$11.0M |
| Total shareholders' equity | $3.68B | $1.57B | $1.34B | $1.17B | $672.8M | $553.5M | $435.2M | $409.9M | $204.3M | $281.3M |
| Key figures | ||||||||||
| Total debt | $452.5M | $213.7M | $212.3M | $404.2M | $673.9M | $712.8M | $788.0M | $869.0M | $890.9M | $404.6M |
| Net cash (debt) | −$20.3M | $246.5M | $69.0M | −$131.1M | −$524.0M | −$662.0M | −$707.7M | −$633.4M | −$737.0M | −$333.1M |
| Working capital | $501.9M | $267.3M | $157.3M | $149.7M | −$58.9M | −$75.5M | −$54.2M | −$18.2M | $83.2M | $178.3M |
| Tangible book value | $3.68B | −$1.93B | $1.34B | $1.17B | −$2.21B | −$2.23B | −$2.98B | $134.1M | −$81.2M | −$19.7M |
| Book value per share | $71.54 | $52.61 | $40.54 | $32.63 | $18.94 | $20.99 | $16.08 | $14.42 | $7.25 | $3.86 |
| Shares outstanding | 51.4M | 29.8M | 33.1M | 35.7M | 35.5M | 26.4M | 27.1M | 28.4M | 28.2M | 72.9M |
| Current ratio | 1.60 | 1.52 | 1.35 | 1.33 | 0.87 | 0.80 | 0.86 | 0.96 | 1.26 | 1.55 |
| Quick ratio | 1.00 | 1.20 | 1.00 | 1.05 | 0.60 | 0.57 | 0.64 | 0.74 | 1.02 | 0.78 |
| Debt / equity | 0.12 | 0.14 | 0.16 | 0.35 | 1.00 | 1.29 | 1.81 | 2.12 | 4.36 | 1.44 |
| Equity / assets | 60.0% | 54.5% | 50.2% | 43.1% | 26.1% | 21.9% | 16.2% | 14.8% | 7.5% | 26.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $473.2M | $450.4M | $432.2M | $444.7M | $171.3M | $388.5M | $460.2M | $416.0M | $122.3M | $255.1M | $281.3M | $248.6M |
| Cash & equivalents | $473.2M | $450.4M | $432.2M | $444.7M | $171.3M | $388.5M | $408.2M | $331.7M | $216.1M | $172.6M | $199.4M | $167.6M |
| Short-term investments | — | — | $0 | $0 | $0 | $0 | $52.0M | $84.3M | $83.3M | $82.6M | $81.9M | $81.0M |
| Receivables | $440.5M | $407.0M | $403.2M | $374.9M | $337.8M | $427.8M | $162.7M | $145.0M | $699.7M | $180.0M | $160.4M | $159.0M |
| Inventory | $381.2M | $369.1M | $374.8M | $407.5M | $702.6M | $388.0M | $96.2M | $116.6M | $619.2M | $109.5M | $88.2M | $98.4M |
| Other current assets | $79.8M | $44.4M | $130.1M | $173.4M | $460.5M | $128.4M | $66.9M | $67.0M | $77.6M | $69.1M | $71.2M | $73.4M |
| Total current assets | $1.37B | $1.27B | $1.34B | $1.40B | $1.67B | $1.33B | $786.0M | $744.6M | $1.52B | $613.7M | $601.0M | $579.4M |
| Property, plant & equipment (net) | $4.35B | $4.38B | $4.39B | $4.39B | $1.56B | $4.52B | $1.93B | $1.67B | $1.47B | $1.91B | $1.92B | $1.93B |
| Goodwill & intangible assets | $0 | $2.90B | $0 | $2.99B | $3.40B | $3.44B | $3.49B | $4.05B | $4.30B | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $12.1M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $395.4M | $0 | $402.9M | $0 | $52.3M | $0 | $0 | $0 | $83.0M | $158.3M | $156.2M | $147.6M |
| Total assets | $6.12B | $6.06B | $6.13B | $6.20B | $6.68B | $6.25B | $2.88B | $2.82B | $7.37B | $2.68B | $2.68B | $2.66B |
| Liabilities | ||||||||||||
| Accounts payable | $328.7M | $315.1M | $335.6M | $286.3M | $270.8M | $298.7M | $143.6M | $145.3M | $136.8M | $139.3M | $137.2M | $132.4M |
| Short-term debt | $42.5M | $43.4M | $98.3M | $83.8M | $57.3M | $37.4M | $113.5M | $112.7M | $10.2M | $13.0M | $15.9M | $20.5M |
| Deferred revenue | — | — | — | — | — | — | — | $3.8M | $4.3M | $7.1M | $9.5M | — |
| Total current liabilities | $753.0M | $747.0M | $838.3M | $769.8M | $713.8M | $703.9M | $518.7M | $540.0M | $400.1M | $417.3M | $443.7M | $454.2M |
| Long-term debt | $405.2M | $411.6M | $354.2M | $334.5M | $334.0M | $329.8M | $94.8M | $83.7M | $199.6M | $181.9M | $181.9M | $183.4M |
| Lease obligations | — | — | $36.9M | $21.3M | $20.8M | $16.5M | $21.3M | $10.7M | $17.6M | $17.5M | $19.3M | $21.5M |
| Other long-term liabilities | $1.25B | $1.24B | $1.26B | $1.31B | $5.49B | $1.32B | $697.8M | $670.9M | $4.89B | $692.1M | $706.0M | $713.2M |
| Total liabilities | $2.40B | $2.40B | $2.45B | $2.42B | $6.65B | $2.36B | $1.31B | $1.29B | $1.27B | $1.29B | $1.33B | $1.35B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $498,000 | $506,000 | $510,000 | $512,000 | $515,000 | $526,000 | $294,000 | $294,000 | $294,000 | $294,000 | $299,000 | $312,000 |
| Retained earnings (deficit) | $871.6M | $800.7M | $818.5M | $919.6M | −$1.50B | $1.01B | $1.16B | −$741.8M | −$264.8M | $1.00B | $944.3M | $891.8M |
| Accumulated other comprehensive income | −$120.5M | −$122.3M | −$122.8M | −$132.9M | −$4.1M | −$134.5M | −$134.6M | −$147.8M | −$148.4M | −$148.8M | −$149.1M | −$152.4M |
| Total shareholders' equity | $3.72B | $3.66B | $3.68B | $3.78B | $35.0M | $3.90B | $1.57B | $1.53B | $1.44B | $1.39B | $1.34B | $1.31B |
| Key figures | ||||||||||||
| Total debt | $447.6M | $455.0M | $452.5M | $418.3M | $391.3M | $367.1M | $213.7M | $202.0M | $209.8M | $208.0M | $212.3M | $220.5M |
| Net cash (debt) | $25.6M | −$4.7M | −$20.3M | $26.4M | −$220.0M | $21.4M | $246.5M | $214.0M | −$87.5M | $47.1M | $69.0M | $28.1M |
| Working capital | $621.6M | $523.8M | $501.9M | $630.7M | $958.4M | $628.8M | $267.3M | $204.6M | $1.12B | $196.4M | $157.3M | $125.2M |
| Tangible book value | $3.72B | $754.0M | $3.68B | $790.3M | −$3.36B | $453.7M | −$1.93B | −$2.52B | −$2.86B | $1.39B | $1.34B | $1.31B |
| Book value per share | $73.69 | $71.62 | $71.72 | $73.23 | $0.67 | $131.46 | $52.92 | $51.49 | $48.45 | $46.18 | $43.19 | $40.40 |
| Shares outstanding | 50.5M | 51.1M | 51.3M | 51.6M | 52.4M | 29.6M | 29.6M | 29.7M | 29.7M | 30.1M | 31.1M | 32.4M |
| Current ratio | 1.83 | 1.70 | 1.60 | 1.82 | 2.34 | 1.89 | 1.52 | 1.38 | 3.80 | 1.47 | 1.35 | 1.28 |
| Quick ratio | 1.21 | 1.15 | 1.00 | 1.06 | 0.71 | 1.16 | 1.20 | 1.04 | 2.05 | 1.04 | 1.00 | 0.90 |
| Debt / equity | 0.12 | 0.12 | 0.12 | 0.11 | 11.17 | 0.09 | 0.14 | 0.13 | 0.15 | 0.15 | 0.16 | 0.17 |
| Equity / assets | 60.7% | 60.4% | 60.0% | 61.0% | 0.5% | 62.3% | 54.5% | 54.2% | 19.5% | 51.8% | 50.2% | 49.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
CNR financial position
At the end of fiscal 2025 (December 31, 2025), Core Natural Resources had total assets of $6.1 billion (up 112.9% from a year earlier), total liabilities of $2.5 billion and shareholders' equity of $3.7 billion. It held $432.2 million in cash and short-term investments against $452.5 million of debt, net debt of $20.3 million. Its current ratio was 1.60. In the latest quarter (ended June 30, 2026) total assets were $6.1 billion and equity $3.7 billion.
Related: CNR income statement, CNR cash flow statement, CNR key metrics. See the CNR stock overview for the latest quote and news.
CNR balance sheet FAQ
What are Core Natural Resources's total assets?
Core Natural Resources reported total assets of $6.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.9 billion a year earlier.
How much debt does Core Natural Resources have?
Core Natural Resources had $452.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.12.
How much cash does Core Natural Resources have?
Core Natural Resources held $432.2 million in cash and short-term investments at the end of fiscal 2025; with $452.5 million of debt that is net debt of $20.3 million.
What is Core Natural Resources's book value?
Core Natural Resources's shareholders' equity (book value) was $3.7 billion at the end of fiscal 2025, or $71.54 per share.
What is Core Natural Resources's current ratio?
Core Natural Resources had current assets of $1.3 billion and current liabilities of $838.3 million, a current ratio of 1.60 (it can cover its short-term obligations).