# Coking Coal — company-by-company sector analysis

> Coking Coal: Alpha Metallurgical Resources, Inc. owns the largest revenue base; Warrior Met Coal, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Coking Coal has outperformed S&P 500 by 8.5% over 52 weeks and 14.3% over 13 weeks. 1 of 5 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 5 beat the sector itself. Alpha Metallurgical Resources, Inc. leads with revenue of $2,122 million, based on 5 of 5 comparable companies through Mar 2026.

### Is the Coking Coal sector outperforming S&P 500?

Coking Coal has outperformed S&P 500 by 8.5% over 52 weeks and 14.3% over 13 weeks. 1 of 5 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 5 beat the sector itself.

### Which Coking Coal company is largest by revenue?

Alpha Metallurgical Resources, Inc. leads with revenue of $2,122 million, based on 5 of 5 comparable companies through Mar 2026.

### Which Coking Coal company is growing fastest?

Warrior Met Coal, Inc. has the fastest current revenue growth at 11.2%, across 4 of 5 comparable companies.

### Which Coking Coal company has the strongest 4-Factor Sector Score?

Warrior Met Coal, Inc. ranks first at 68.2/100 with 77.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Coking Coal company reports the most CAPEX?

Warrior Met Coal, Inc. reports the largest latest CAPEX at $80 million, with 5 of 5 companies comparable.

### Which Coking Coal company has the least gross debt?

Alpha Metallurgical Resources, Inc. has the lowest comparable gross debt at $12 million. SunCoke Energy, Inc. has the highest at $662 million.

### Which Coking Coal company has the lowest comparable PEG?

Warrior Met Coal, Inc. has the lowest comparable Guarded PEG at 1.17, among 1 of 5 companies that pass the metric’s comparability rules.

### How much history does this Coking Coal comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Coking Coal has outperformed S&P 500 by 8.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 14.3%. 1 of 5 covered companies currently beats the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. SunCoke Energy, Inc. is the strongest against the sector itself at +39.9%.

13-week sector return versus NIFTY 500: -14%
52-week sector return versus NIFTY 500: 8.5%
Stocks leading NIFTY: 1/5
Stocks leading sector: 2/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 5
Combined market value: ₹8.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Warrior Met Coal, Inc. (HCC): 68/100 — Favorable setup; evidence 78%
   - Growth & earnings 26.7/35 | Capital efficiency 16.4/25 | Valuation 12.7/20 | Relative strength 12.4/20
   - Exact sum: 26.7 + 16.4 + 12.7 + 12.4 = 68.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. SunCoke Energy, Inc. (SXC): 46/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 7.0/35 | Capital efficiency 8.3/25 | Valuation 10.8/20 | Relative strength 20.0/20
   - Exact sum: 7 + 8.3 + 10.8 + 20 = 46.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 13.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Alpha Metallurgical Resources, Inc. (AMR): 42/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 17.5/35 | Capital efficiency 10.4/25 | Valuation 9.3/20 | Relative strength 4.6/20
   - Exact sum: 17.5 + 10.4 + 9.3 + 4.6 = 41.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ramaco Resources, Inc. (METCB): 28/100 — Adverse evidence; evidence 62%
   - Growth & earnings 11.2/35 | Capital efficiency 5.7/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - Exact sum: 11.2 + 5.7 + 8.5 + 3 = 28.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. American Resources Corporation (AREC): 40/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 9.6/35 | Capital efficiency 13.1/25 | Valuation 11.5/20 | Relative strength 5.3/20
   - Exact sum: 9.6 + 13.1 + 11.5 + 5.3 = 39.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Alpha Metallurgical Resources, Inc. is the scale leader at $2,122 million, 14.3% ahead of SunCoke Energy, Inc.. Warrior Met Coal, Inc.'s growth is 11.2% from a $1,470 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Alpha Metallurgical Resources, Inc. is the scale benchmark; Warrior Met Coal, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Alpha Metallurgical Resources, Inc.'s growth falls below Warrior Met Coal, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Alpha Metallurgical Resources, Inc. · $2,122 million | 14.3% versus #2 · SunCoke Energy, Inc. | 0/8 recent comparable periods | 5/5 companies · 99 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Alpha Metallurgical Resources, Inc. (AMR): ₹2.1K Cr
2. SunCoke Energy, Inc. (SXC): ₹1.9K Cr
3. Warrior Met Coal, Inc. (HCC): ₹1.5K Cr
4. Ramaco Resources, Inc. (METCB): ₹574 Cr
5. American Resources Corporation (AREC): ₹0 Cr

### Revenue growth — fastest growers
1. Warrior Met Coal, Inc. (HCC): 11%
2. SunCoke Energy, Inc. (SXC): -1.4%
3. Ramaco Resources, Inc. (METCB): -8.6%
4. Alpha Metallurgical Resources, Inc. (AMR): -19%

### 20-quarter Revenue history
- HCC: Jun 2021 ₹227 Cr | Sep 2021 ₹202 Cr | Dec 2021 ₹416 Cr | Mar 2022 ₹379 Cr | Jun 2022 ₹625 Cr | Sep 2022 ₹390 Cr | Dec 2022 ₹345 Cr | Mar 2023 ₹510 Cr | Jun 2023 ₹380 Cr | Sep 2023 ₹423 Cr | Dec 2023 ₹364 Cr | Mar 2024 ₹504 Cr | Jun 2024 ₹397 Cr | Sep 2024 ₹328 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹300 Cr | Jun 2025 ₹298 Cr | Sep 2025 ₹329 Cr | Dec 2025 ₹384 Cr | Mar 2026 ₹459 Cr
- AMR: Jun 2021 ₹395 Cr | Sep 2021 ₹649 Cr | Dec 2021 ₹828 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹870 Cr | Dec 2022 ₹823 Cr | Mar 2023 ₹911 Cr | Jun 2023 ₹858 Cr | Sep 2023 ₹742 Cr | Dec 2023 ₹960 Cr | Mar 2024 ₹864 Cr | Jun 2024 ₹804 Cr | Sep 2024 ₹672 Cr | Dec 2024 ₹617 Cr | Mar 2025 ₹532 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹527 Cr | Dec 2025 ₹520 Cr | Mar 2026 ₹525 Cr
- METCB: Jun 2021 ₹76 Cr | Sep 2021 ₹76 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹137 Cr | Dec 2022 ₹135 Cr | Mar 2023 ₹166 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹187 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹155 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹171 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹122 Cr
- SXC: Jun 2021 ₹364 Cr | Sep 2021 ₹367 Cr | Dec 2021 ₹365 Cr | Mar 2022 ₹440 Cr | Jun 2022 ₹502 Cr | Sep 2022 ₹517 Cr | Dec 2022 ₹514 Cr | Mar 2023 ₹488 Cr | Jun 2023 ₹534 Cr | Sep 2023 ₹520 Cr | Dec 2023 ₹521 Cr | Mar 2024 ₹488 Cr | Jun 2024 ₹471 Cr | Sep 2024 ₹490 Cr | Dec 2024 ₹486 Cr | Mar 2025 ₹436 Cr | Jun 2025 ₹434 Cr | Sep 2025 ₹487 Cr | Dec 2025 ₹480 Cr | Mar 2026 ₹455 Cr
- AREC: Jun 2021 ₹0 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 —

### 20-quarter Revenue growth history
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 175% | Sep 2022 93% | Dec 2022 -17% | Mar 2023 35% | Jun 2023 -39% | Sep 2023 8.5% | Dec 2023 5.5% | Mar 2024 -1.2% | Jun 2024 4.5% | Sep 2024 -22% | Dec 2024 -18% | Mar 2025 -40% | Jun 2025 -25% | Sep 2025 0.3% | Dec 2025 29% | Mar 2026 53%
- AMR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 238% | Sep 2022 34% | Dec 2022 -0.6% | Mar 2023 -15% | Jun 2023 -36% | Sep 2023 -15% | Dec 2023 17% | Mar 2024 -5.2% | Jun 2024 -6.3% | Sep 2024 -9.4% | Dec 2024 -36% | Mar 2025 -38% | Jun 2025 -32% | Sep 2025 -22% | Dec 2025 -16% | Mar 2026 -1.3%
- METCB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 80% | Dec 2022 53% | Mar 2023 7.1% | Jun 2023 -1.4% | Sep 2023 37% | Dec 2023 50% | Mar 2024 4.2% | Jun 2024 13% | Sep 2024 -11% | Dec 2024 -16% | Mar 2025 -22% | Jun 2025 -1.3% | Sep 2025 2.4% | Dec 2025 -25% | Mar 2026 -9.6%
- SXC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 41% | Dec 2022 41% | Mar 2023 11% | Jun 2023 6.4% | Sep 2023 0.6% | Dec 2023 1.4% | Mar 2024 0.0% | Jun 2024 -12% | Sep 2024 -5.8% | Dec 2024 -6.7% | Mar 2025 -11% | Jun 2025 -7.9% | Sep 2025 -0.6% | Dec 2025 -1.2% | Mar 2026 4.4%
- AREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 233% | Dec 2022 — | Mar 2023 0.0% | Jun 2023 -88% | Sep 2023 -40% | Dec 2023 — | Mar 2024 -100% | Jun 2024 -100% | Sep 2024 -100% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Operating Economics & Margin Trend

What the numbers say: Warrior Met Coal, Inc. leads both opm at 17.3% and margin change at +23.1 percentage points.

Investor read: Warrior Met Coal, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Warrior Met Coal, Inc. · 17.3% | 17.3× versus #2 · SunCoke Energy, Inc. | 2/8 recent comparable periods | 4/5 companies · 87 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Warrior Met Coal, Inc. (HCC): 17%
2. SunCoke Energy, Inc. (SXC): 1.0%
3. Alpha Metallurgical Resources, Inc. (AMR): -2.0%
4. Ramaco Resources, Inc. (METCB): -20%

### Margin change — fastest expanders
1. Warrior Met Coal, Inc. (HCC): +23.1 pp
2. Alpha Metallurgical Resources, Inc. (AMR): +5.6 pp
3. SunCoke Energy, Inc. (SXC): −5.9 pp
4. Ramaco Resources, Inc. (METCB): −11.1 pp
5. American Resources Corporation (AREC): −30,439.3 pp

### 20-quarter OPM history
- HCC: Jun 2021 -1.2% | Sep 2021 25% | Dec 2021 44% | Mar 2022 49% | Jun 2022 60% | Sep 2022 32% | Dec 2022 34% | Mar 2023 41% | Jun 2023 24% | Sep 2023 25% | Dec 2023 37% | Mar 2024 30% | Jun 2024 18% | Sep 2024 12% | Dec 2024 -1.4% | Mar 2025 -5.8% | Jun 2025 2.6% | Sep 2025 6.3% | Dec 2025 9.0% | Mar 2026 17%
- AMR: Jun 2021 -0.6% | Sep 2021 15% | Dec 2021 34% | Mar 2022 42% | Jun 2022 49% | Sep 2022 30% | Dec 2022 26% | Mar 2023 35% | Jun 2023 25% | Sep 2023 16% | Dec 2023 22% | Mar 2024 16% | Jun 2024 8.8% | Sep 2024 0.8% | Dec 2024 1.6% | Mar 2025 -7.6% | Jun 2025 0.5% | Sep 2025 -0.5% | Dec 2025 -4.1% | Mar 2026 -2.0%
- METCB: Jun 2021 9.2% | Sep 2021 12% | Dec 2021 26% | Mar 2022 34% | Jun 2022 31% | Sep 2022 27% | Dec 2022 13% | Mar 2023 19% | Jun 2023 7.3% | Sep 2023 8.6% | Dec 2023 18% | Mar 2024 1.9% | Jun 2024 3.5% | Sep 2024 1.0% | Dec 2024 3.7% | Mar 2025 -8.9% | Jun 2025 -9.1% | Sep 2025 -8.5% | Dec 2025 -12% | Mar 2026 -20%
- SXC: Jun 2021 9.3% | Sep 2021 11% | Dec 2021 7.7% | Mar 2022 11% | Jun 2022 6.9% | Sep 2022 9.2% | Dec 2022 4.5% | Mar 2023 6.5% | Jun 2023 7.0% | Sep 2023 5.7% | Dec 2023 5.0% | Mar 2024 7.1% | Jun 2024 7.4% | Sep 2024 9.6% | Dec 2024 7.3% | Mar 2025 6.9% | Jun 2025 2.3% | Sep 2025 2.8% | Dec 2025 -20% | Mar 2026 1.0%
- AREC: Jun 2021 — | Sep 2021 -279% | Dec 2021 — | Mar 2022 -44% | Jun 2022 -26% | Sep 2022 -49% | Dec 2022 — | Mar 2023 -30% | Jun 2023 -367% | Sep 2023 -32% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Margin change history
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +60.8 pp | Sep 2022 +6.6 pp | Dec 2022 −10.2 pp | Mar 2023 −8.2 pp | Jun 2023 −35.8 pp | Sep 2023 −6.5 pp | Dec 2023 +2.6 pp | Mar 2024 −11.5 pp | Jun 2024 −5.9 pp | Sep 2024 −13.5 pp | Dec 2024 −38.1 pp | Mar 2025 −35.4 pp | Jun 2025 −15.3 pp | Sep 2025 −5.6 pp | Dec 2025 +10.4 pp | Mar 2026 +23.1 pp
- AMR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +49.1 pp | Sep 2022 +14.8 pp | Dec 2022 −7.2 pp | Mar 2023 −7.8 pp | Jun 2023 −23.1 pp | Sep 2023 −14.4 pp | Dec 2023 −4.1 pp | Mar 2024 −18.1 pp | Jun 2024 −16.6 pp | Sep 2024 −15.0 pp | Dec 2024 −20.6 pp | Mar 2025 −24.0 pp | Jun 2025 −8.3 pp | Sep 2025 −1.3 pp | Dec 2025 −5.7 pp | Mar 2026 +5.6 pp
- METCB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +21.6 pp | Sep 2022 +15.3 pp | Dec 2022 −12.3 pp | Mar 2023 −14.9 pp | Jun 2023 −23.5 pp | Sep 2023 −18.2 pp | Dec 2023 +5.0 pp | Mar 2024 −17.3 pp | Jun 2024 −3.8 pp | Sep 2024 −7.6 pp | Dec 2024 −14.7 pp | Mar 2025 −10.8 pp | Jun 2025 −12.6 pp | Sep 2025 −9.5 pp | Dec 2025 −15.9 pp | Mar 2026 −11.1 pp
- SXC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.4 pp | Sep 2022 −2.1 pp | Dec 2022 −3.2 pp | Mar 2023 −4.6 pp | Jun 2023 +0.1 pp | Sep 2023 −3.5 pp | Dec 2023 +0.5 pp | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 +3.9 pp | Dec 2024 +2.3 pp | Mar 2025 −0.2 pp | Jun 2025 −5.1 pp | Sep 2025 −6.8 pp | Dec 2025 −27.7 pp | Mar 2026 −5.9 pp
- AREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +56,055.4 pp | Jun 2022 +1,395.1 pp | Sep 2022 +230.0 pp | Dec 2022 −24,583.8 pp | Mar 2023 +14.2 pp | Jun 2023 −341.9 pp | Sep 2023 +16.8 pp | Dec 2023 +59,357.6 pp | Mar 2024 −7,128.6 pp | Jun 2024 −2,05,563.6 pp | Sep 2024 −3,718.2 pp | Dec 2024 +15,515.8 pp | Mar 2025 −8,450.5 pp | Jun 2025 +1,54,855.0 pp | Sep 2025 −26,52,989.9 pp | Dec 2025 −30,439.3 pp | Mar 2026 —

## Profit Scale & Acceleration

What the numbers say: Warrior Met Coal, Inc. leads with $138 million of TTM profit, 1085.7% above American Resources Corporation. SunCoke Energy, Inc. shows -160.4% growth from a $61 million net cash profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Warrior Met Coal, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Warrior Met Coal, Inc. · $138 million | 1085.7% versus #2 · American Resources Corporation | 1/8 recent comparable periods | 5/5 companies · 99 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Warrior Met Coal, Inc. (HCC): ₹138 Cr
2. American Resources Corporation (AREC): ₹-14 Cr
3. Alpha Metallurgical Resources, Inc. (AMR): ₹-39 Cr
4. Ramaco Resources, Inc. (METCB): ₹-60 Cr
5. SunCoke Energy, Inc. (SXC): ₹-61 Cr

### Profit growth — fastest growers
1. SunCoke Energy, Inc. (SXC): -160%

### 20-quarter Net profit history
- HCC: Jun 2021 ₹-5 Cr | Sep 2021 ₹38 Cr | Dec 2021 ₹138 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹297 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹72 Cr
- AMR: Jun 2021 ₹-19 Cr | Sep 2021 ₹84 Cr | Dec 2021 ₹256 Cr | Mar 2022 ₹401 Cr | Jun 2022 ₹574 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹271 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-34 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-11 Cr
- METCB: Jun 2021 ₹10 Cr | Sep 2021 ₹7 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹-18 Cr
- SXC: Jun 2021 ₹-8 Cr | Sep 2021 ₹24 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹-86 Cr | Mar 2026 ₹-3 Cr
- AREC: Jun 2021 ₹-7 Cr | Sep 2021 ₹-9 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹10 Cr | Mar 2026 —

### 20-quarter Profit growth history
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 158% | Dec 2022 -28% | Mar 2023 25% | Jun 2023 -72% | Sep 2023 -13% | Dec 2023 29% | Mar 2024 -25% | Jun 2024 -13% | Sep 2024 -51% | Dec 2024 -99% | Mar 2025 -106% | Jun 2025 -92% | Sep 2025 -12% | Dec 2025 2,200% | Mar 2026 —
- AMR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 201% | Dec 2022 -14% | Mar 2023 -32% | Jun 2023 -68% | Sep 2023 -63% | Dec 2023 -20% | Mar 2024 -53% | Jun 2024 -67% | Sep 2024 -96% | Dec 2024 -101% | Mar 2025 -127% | Jun 2025 -108% | Sep 2025 -250% | Dec 2025 — | Mar 2026 —
- METCB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 230% | Sep 2022 286% | Dec 2022 -26% | Mar 2023 -39% | Jun 2023 -76% | Sep 2023 -30% | Dec 2023 114% | Mar 2024 -92% | Jun 2024 -25% | Sep 2024 -100% | Dec 2024 -87% | Mar 2025 -550% | Jun 2025 -333% | Sep 2025 — | Dec 2025 -475% | Mar 2026 —
- SXC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 79% | Dec 2022 -7.1% | Mar 2023 -42% | Jun 2023 16% | Sep 2023 -79% | Dec 2023 15% | Mar 2024 17% | Jun 2024 4.6% | Sep 2024 267% | Dec 2024 73% | Mar 2025 -9.5% | Jun 2025 -83% | Sep 2025 -27% | Dec 2025 -431% | Mar 2026 -116%
- AREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 18% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -23% | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Warrior Met Coal, Inc. reports $80 million of CAPEX; Warrior Met Coal, Inc. has the highest covered intensity at 17.4%. Coverage is only 5 of 5 companies and 97 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Warrior Met Coal, Inc. · $80 million | 95.1% versus #2 · Alpha Metallurgical Resources, Inc. | 8/8 recent comparable periods | 5/5 companies · 97 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Warrior Met Coal, Inc. (HCC): ₹80 Cr
2. Alpha Metallurgical Resources, Inc. (AMR): ₹41 Cr
3. Ramaco Resources, Inc. (METCB): ₹17 Cr
4. SunCoke Energy, Inc. (SXC): ₹17 Cr
5. American Resources Corporation (AREC): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. Warrior Met Coal, Inc. (HCC): 17%
2. Ramaco Resources, Inc. (METCB): 14%
3. Alpha Metallurgical Resources, Inc. (AMR): 7.8%
4. SunCoke Energy, Inc. (SXC): 3.7%
5. American Resources Corporation (AREC): 0.0%

### 20-quarter CAPEX history
- HCC: Jun 2021 ₹15 Cr | Sep 2021 ₹10 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹80 Cr
- AMR: Jun 2021 ₹18 Cr | Sep 2021 ₹22 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹41 Cr
- METCB: Jun 2021 ₹5 Cr | Sep 2021 ₹9 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹17 Cr
- SXC: Jun 2021 ₹14 Cr | Sep 2021 ₹18 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹17 Cr
- AREC: Jun 2021 ₹0 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 — | Dec 2024 ₹2 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 —

### 20-quarter CAPEX intensity history
- HCC: Jun 2021 6.6% | Sep 2021 5.0% | Dec 2021 5.8% | Mar 2022 5.3% | Jun 2022 13% | Sep 2022 14% | Dec 2022 28% | Mar 2023 16% | Jun 2023 39% | Sep 2023 27% | Dec 2023 50% | Mar 2024 20% | Jun 2024 31% | Sep 2024 38% | Dec 2024 48% | Mar 2025 26% | Jun 2025 32% | Sep 2025 38% | Dec 2025 27% | Mar 2026 17%
- AMR: Jun 2021 4.6% | Sep 2021 3.4% | Dec 2021 2.8% | Mar 2022 2.6% | Jun 2022 3.1% | Sep 2022 3.8% | Dec 2022 7.4% | Mar 2023 8.1% | Jun 2023 6.4% | Sep 2023 7.4% | Dec 2023 6.5% | Mar 2024 7.4% | Jun 2024 7.6% | Sep 2024 5.5% | Dec 2024 6.0% | Mar 2025 7.1% | Jun 2025 6.4% | Sep 2025 5.1% | Dec 2025 5.2% | Mar 2026 7.8%
- METCB: Jun 2021 6.6% | Sep 2021 12% | Dec 2021 14% | Mar 2022 13% | Jun 2022 25% | Sep 2022 28% | Dec 2022 24% | Mar 2023 15% | Jun 2023 18% | Sep 2023 9.1% | Dec 2023 8.9% | Mar 2024 11% | Jun 2024 14% | Sep 2024 10% | Dec 2024 7.0% | Mar 2025 15% | Jun 2025 11% | Sep 2025 9.9% | Dec 2025 9.4% | Mar 2026 14%
- SXC: Jun 2021 3.8% | Sep 2021 4.9% | Dec 2021 13% | Mar 2022 3.0% | Jun 2022 4.2% | Sep 2022 4.3% | Dec 2022 3.9% | Mar 2023 4.7% | Jun 2023 5.2% | Sep 2023 6.5% | Dec 2023 4.8% | Mar 2024 3.3% | Jun 2024 3.8% | Sep 2024 3.1% | Dec 2024 5.1% | Mar 2025 1.1% | Jun 2025 3.0% | Sep 2025 5.3% | Dec 2025 5.0% | Mar 2026 3.7%
- AREC: Jun 2021 — | Sep 2021 67% | Dec 2021 — | Mar 2022 11% | Jun 2022 0.0% | Sep 2022 50% | Dec 2022 — | Mar 2023 11% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Alpha Metallurgical Resources, Inc. has the clearest covered balance-sheet capacity with $355 million net cash and gross debt of $12 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Alpha Metallurgical Resources, Inc. · $12 million | 40% versus #2 · American Resources Corporation | 8/8 recent comparable periods | 5/5 companies · 99 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Alpha Metallurgical Resources, Inc. (AMR): ₹12 Cr
2. American Resources Corporation (AREC): ₹20 Cr
3. Warrior Met Coal, Inc. (HCC): ₹234 Cr
4. Ramaco Resources, Inc. (METCB): ₹469 Cr
5. SunCoke Energy, Inc. (SXC): ₹662 Cr

### Net debt — lowest net debt
1. Alpha Metallurgical Resources, Inc. (AMR): ₹-355 Cr
2. American Resources Corporation (AREC): ₹-52 Cr
3. Warrior Met Coal, Inc. (HCC): ₹1 Cr
4. Ramaco Resources, Inc. (METCB): ₹114 Cr
5. SunCoke Energy, Inc. (SXC): ₹558 Cr

### 20-quarter Gross debt history
- HCC: Jun 2021 ₹444 Cr | Sep 2021 ₹398 Cr | Dec 2021 ₹392 Cr | Mar 2022 ₹387 Cr | Jun 2022 ₹381 Cr | Sep 2022 ₹342 Cr | Dec 2022 ₹336 Cr | Mar 2023 ₹326 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹173 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹171 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹236 Cr | Sep 2025 ₹237 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹234 Cr
- AMR: Jun 2021 ₹580 Cr | Sep 2021 ₹505 Cr | Dec 2021 ₹449 Cr | Mar 2022 ₹251 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹12 Cr
- METCB: Jun 2021 ₹13 Cr | Sep 2021 ₹49 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹469 Cr | Mar 2026 ₹469 Cr
- SXC: Jun 2021 ₹653 Cr | Sep 2021 ₹601 Cr | Dec 2021 ₹614 Cr | Mar 2022 ₹628 Cr | Jun 2022 ₹598 Cr | Sep 2022 ₹565 Cr | Dec 2022 ₹532 Cr | Mar 2023 ₹532 Cr | Jun 2023 ₹496 Cr | Sep 2023 ₹496 Cr | Dec 2023 ₹490 Cr | Mar 2024 ₹491 Cr | Jun 2024 ₹491 Cr | Sep 2024 ₹492 Cr | Dec 2024 ₹493 Cr | Mar 2025 ₹493 Cr | Jun 2025 ₹493 Cr | Sep 2025 ₹696 Cr | Dec 2025 ₹688 Cr | Mar 2026 ₹662 Cr
- AREC: Jun 2021 ₹23 Cr | Sep 2021 ₹22 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹205 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹225 Cr | Sep 2025 ₹229 Cr | Dec 2025 ₹20 Cr | Mar 2026 —

### 20-quarter Net debt history
- HCC: Jun 2021 ₹169 Cr | Sep 2021 ₹121 Cr | Dec 2021 ₹-12 Cr | Mar 2022 ₹-56 Cr | Jun 2022 ₹-272 Cr | Sep 2022 ₹-412 Cr | Dec 2022 ₹-502 Cr | Mar 2023 ₹-545 Cr | Jun 2023 ₹-512 Cr | Sep 2023 ₹-520 Cr | Dec 2023 ₹-574 Cr | Mar 2024 ₹-531 Cr | Jun 2024 ₹-547 Cr | Sep 2024 ₹-423 Cr | Dec 2024 ₹-333 Cr | Mar 2025 ₹-316 Cr | Jun 2025 ₹-195 Cr | Sep 2025 ₹-156 Cr | Dec 2025 ₹-115 Cr | Mar 2026 ₹1 Cr
- AMR: Jun 2021 ₹508 Cr | Sep 2021 ₹427 Cr | Dec 2021 ₹368 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹-157 Cr | Sep 2022 ₹-399 Cr | Dec 2022 ₹-337 Cr | Mar 2023 ₹-211 Cr | Jun 2023 ₹-301 Cr | Sep 2023 ₹-285 Cr | Dec 2023 ₹-258 Cr | Mar 2024 ₹-260 Cr | Jun 2024 ₹-327 Cr | Sep 2024 ₹-478 Cr | Dec 2024 ₹-476 Cr | Mar 2025 ₹-443 Cr | Jun 2025 ₹-443 Cr | Sep 2025 ₹-403 Cr | Dec 2025 ₹-403 Cr | Mar 2026 ₹-355 Cr
- METCB: Jun 2021 ₹-6 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹-19 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹-58 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹114 Cr
- SXC: Jun 2021 ₹601 Cr | Sep 2021 ₹546 Cr | Dec 2021 ₹550 Cr | Mar 2022 ₹548 Cr | Jun 2022 ₹535 Cr | Sep 2022 ₹506 Cr | Dec 2022 ₹442 Cr | Mar 2023 ₹449 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹370 Cr | Dec 2023 ₹350 Cr | Mar 2024 ₹371 Cr | Jun 2024 ₹409 Cr | Sep 2024 ₹327 Cr | Dec 2024 ₹303 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹307 Cr | Sep 2025 ₹616 Cr | Dec 2025 ₹599 Cr | Mar 2026 ₹558 Cr
- AREC: Jun 2021 ₹-5 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹203 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹217 Cr | Dec 2024 ₹220 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹223 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹-52 Cr | Mar 2026 —

## Return On Capital Employed

What the numbers say: American Resources Corporation leads ROCE at 4.2%, 1 percentage points above Warrior Met Coal, Inc.. Warrior Met Coal, Inc. has the strongest latest improvement at +3.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: American Resources Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: American Resources Corporation · 4.2% | 31.3% versus #2 · Warrior Met Coal, Inc. | 5/8 recent comparable periods | 5/5 companies · 95 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. American Resources Corporation (AREC): 4.2%
2. Warrior Met Coal, Inc. (HCC): 3.2%
3. SunCoke Energy, Inc. (SXC): 0.3%
4. Alpha Metallurgical Resources, Inc. (AMR): -0.5%
5. Ramaco Resources, Inc. (METCB): -3.2%

### ROCE change — fastest improvers
1. Warrior Met Coal, Inc. (HCC): +3.9 pp
2. Alpha Metallurgical Resources, Inc. (AMR): +1.4 pp
3. Ramaco Resources, Inc. (METCB): −1.0 pp
4. SunCoke Energy, Inc. (SXC): −1.8 pp
5. American Resources Corporation (AREC): −14.1 pp

### 20-quarter ROCE history
- HCC: Jun 2021 — | Sep 2021 4.2% | Dec 2021 14% | Mar 2022 14% | Jun 2022 25% | Sep 2022 8.3% | Dec 2022 7.3% | Mar 2023 12% | Jun 2023 4.7% | Sep 2023 5.6% | Dec 2023 6.5% | Mar 2024 6.9% | Jun 2024 3.1% | Sep 2024 1.7% | Dec 2024 -0.2% | Mar 2025 -0.7% | Jun 2025 0.3% | Sep 2025 0.8% | Dec 2025 1.4% | Mar 2026 3.2%
- AMR: Jun 2021 — | Sep 2021 6.6% | Dec 2021 19% | Mar 2022 29% | Jun 2022 40% | Sep 2022 16% | Dec 2022 13% | Mar 2023 17% | Jun 2023 11% | Sep 2023 5.9% | Dec 2023 11% | Mar 2024 6.8% | Jun 2024 3.3% | Sep 2024 0.3% | Dec 2024 0.5% | Mar 2025 -1.9% | Jun 2025 0.1% | Sep 2025 -0.1% | Dec 2025 -1.0% | Mar 2026 -0.5%
- METCB: Jun 2021 — | Sep 2021 3.7% | Dec 2021 9.3% | Mar 2022 20% | Jun 2022 15% | Sep 2022 11% | Dec 2022 5.1% | Mar 2023 7.8% | Jun 2023 2.2% | Sep 2023 3.5% | Dec 2023 8.0% | Mar 2024 0.6% | Jun 2024 1.0% | Sep 2024 0.3% | Dec 2024 1.2% | Mar 2025 -2.2% | Jun 2025 -2.5% | Sep 2025 -2.3% | Dec 2025 -2.0% | Mar 2026 -3.2%
- SXC: Jun 2021 — | Sep 2021 2.8% | Dec 2021 1.9% | Mar 2022 3.3% | Jun 2022 2.4% | Sep 2022 3.3% | Dec 2022 1.6% | Mar 2023 2.2% | Jun 2023 2.6% | Sep 2023 2.1% | Dec 2023 1.8% | Mar 2024 2.4% | Jun 2024 2.4% | Sep 2024 3.3% | Dec 2024 2.4% | Mar 2025 2.1% | Jun 2025 0.7% | Sep 2025 0.8% | Dec 2025 -6.4% | Mar 2026 0.3%
- AREC: Jun 2021 -36% | Sep 2021 -58% | Dec 2021 -41% | Mar 2022 -29% | Jun 2022 -14% | Sep 2022 -23% | Dec 2022 -41% | Mar 2023 -12% | Jun 2023 -13% | Sep 2023 -3.6% | Dec 2023 38% | Mar 2024 -5.9% | Jun 2024 -6.5% | Sep 2024 -6.5% | Dec 2024 18% | Mar 2025 -3.1% | Jun 2025 -4.6% | Sep 2025 -2.9% | Dec 2025 4.2% | Mar 2026 —

### 20-quarter ROCE change history
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.1 pp | Dec 2022 −7.1 pp | Mar 2023 −1.9 pp | Jun 2023 −20.4 pp | Sep 2023 −2.7 pp | Dec 2023 −0.8 pp | Mar 2024 −5.0 pp | Jun 2024 −1.6 pp | Sep 2024 −3.9 pp | Dec 2024 −6.7 pp | Mar 2025 −7.6 pp | Jun 2025 −2.8 pp | Sep 2025 −0.9 pp | Dec 2025 +1.6 pp | Mar 2026 +3.9 pp
- AMR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.3 pp | Dec 2022 −6.1 pp | Mar 2023 −12.3 pp | Jun 2023 −29.2 pp | Sep 2023 −10.0 pp | Dec 2023 −1.8 pp | Mar 2024 −9.8 pp | Jun 2024 −7.8 pp | Sep 2024 −5.6 pp | Dec 2024 −10.2 pp | Mar 2025 −8.7 pp | Jun 2025 −3.2 pp | Sep 2025 −0.4 pp | Dec 2025 −1.5 pp | Mar 2026 +1.4 pp
- METCB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.3 pp | Dec 2022 −4.2 pp | Mar 2023 −11.9 pp | Jun 2023 −12.3 pp | Sep 2023 −7.5 pp | Dec 2023 +2.9 pp | Mar 2024 −7.2 pp | Jun 2024 −1.2 pp | Sep 2024 −3.2 pp | Dec 2024 −6.8 pp | Mar 2025 −2.8 pp | Jun 2025 −3.5 pp | Sep 2025 −2.6 pp | Dec 2025 −3.2 pp | Mar 2026 −1.0 pp
- SXC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −0.3 pp | Mar 2023 −1.1 pp | Jun 2023 +0.2 pp | Sep 2023 −1.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.2 pp | Jun 2024 −0.2 pp | Sep 2024 +1.2 pp | Dec 2024 +0.6 pp | Mar 2025 −0.3 pp | Jun 2025 −1.7 pp | Sep 2025 −2.5 pp | Dec 2025 −8.8 pp | Mar 2026 −1.8 pp
- AREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +22.1 pp | Sep 2022 +34.8 pp | Dec 2022 −0.2 pp | Mar 2023 +16.7 pp | Jun 2023 +0.8 pp | Sep 2023 +19.2 pp | Dec 2023 +79.1 pp | Mar 2024 +6.0 pp | Jun 2024 +6.7 pp | Sep 2024 −2.9 pp | Dec 2024 −19.8 pp | Mar 2025 +2.8 pp | Jun 2025 +1.9 pp | Sep 2025 +3.6 pp | Dec 2025 −14.1 pp | Mar 2026 —

## Valuation Against Growth & Quality

What the numbers say: Warrior Met Coal, Inc. has the lowest comparable Guarded PEG at 1.17×. Only 1 of 5 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Warrior Met Coal, Inc. · 1.17× | Not enough peers | 0/8 recent comparable periods | 1/5 companies · 6 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Warrior Met Coal, Inc. (HCC): 1.2

### P/E — lowest P/E
1. American Resources Corporation (AREC): 3.9
2. SunCoke Energy, Inc. (SXC): 10.7
3. Warrior Met Coal, Inc. (HCC): 35.6
4. Alpha Metallurgical Resources, Inc. (AMR): 62.0
5. Ramaco Resources, Inc. (METCB): 84.4

### 20-quarter Guarded PEG history
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.2
- SXC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.2 | Dec 2024 — | Mar 2025 0.2 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 8.8 | Mar 2022 6.0 | Jun 2022 2.6 | Sep 2022 2.2 | Dec 2022 2.8 | Mar 2023 2.8 | Jun 2023 4.4 | Sep 2023 5.9 | Dec 2023 6.6 | Mar 2024 7.3 | Jun 2024 7.8 | Sep 2024 8.8 | Dec 2024 11.3 | Mar 2025 23.7 | Jun 2025 59.5 | Sep 2025 95.0 | Dec 2025 81.6 | Mar 2026 35.6
- AMR: Jun 2021 — | Sep 2021 — | Dec 2021 4.0 | Mar 2022 3.5 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.8 | Mar 2023 2.1 | Jun 2023 2.9 | Sep 2023 5.3 | Dec 2023 6.9 | Mar 2024 8.0 | Jun 2024 8.4 | Sep 2024 8.7 | Dec 2024 14.0 | Mar 2025 62.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- METCB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.6 | Sep 2023 11.1 | Dec 2023 12.1 | Mar 2024 14.6 | Jun 2024 11.8 | Sep 2024 19.1 | Dec 2024 84.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SXC: Jun 2021 — | Sep 2021 20.9 | Dec 2021 12.7 | Mar 2022 13.5 | Jun 2022 7.0 | Sep 2022 4.8 | Dec 2022 7.3 | Mar 2023 8.7 | Jun 2023 7.4 | Sep 2023 15.6 | Dec 2023 15.8 | Mar 2024 15.9 | Jun 2024 13.6 | Sep 2024 8.7 | Dec 2024 9.6 | Mar 2025 8.4 | Jun 2025 10.0 | Sep 2025 10.7 | Dec 2025 — | Mar 2026 —
- AREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 196.0 | Sep 2023 27.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.9 | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: SunCoke Energy, Inc. leads both ev/ebitda at 11.4× and p/bv at 0.95×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: SunCoke Energy, Inc. · 11.4× | 21.9% versus #2 · Warrior Met Coal, Inc. | 0/8 recent comparable periods | 4/5 companies · 68 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. SunCoke Energy, Inc. (SXC): 11.4
2. Warrior Met Coal, Inc. (HCC): 14.6
3. Alpha Metallurgical Resources, Inc. (AMR): 16.3
4. Ramaco Resources, Inc. (METCB): 65.3

### P/BV — lowest P/BV
1. SunCoke Energy, Inc. (SXC): 1.0
2. Ramaco Resources, Inc. (METCB): 1.6
3. Alpha Metallurgical Resources, Inc. (AMR): 1.7
4. Warrior Met Coal, Inc. (HCC): 2.2
5. American Resources Corporation (AREC): 2.8

### 20-quarter EV/EBITDA history
- HCC: Jun 2021 — | Sep 2021 8.1 | Dec 2021 3.4 | Mar 2022 3.4 | Jun 2022 1.4 | Sep 2022 1.1 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 2.3 | Sep 2023 3.3 | Dec 2023 3.9 | Mar 2024 4.3 | Jun 2024 4.6 | Sep 2024 5.5 | Dec 2024 6.1 | Mar 2025 8.9 | Jun 2025 11.7 | Sep 2025 17.9 | Dec 2025 19.3 | Mar 2026 14.6
- AMR: Jun 2021 — | Sep 2021 10.9 | Dec 2021 3.2 | Mar 2022 2.7 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.4 | Jun 2023 1.8 | Sep 2023 3.2 | Dec 2023 4.1 | Mar 2024 4.8 | Jun 2024 4.7 | Sep 2024 4.3 | Dec 2024 5.4 | Mar 2025 5.5 | Jun 2025 6.8 | Sep 2025 12.0 | Dec 2025 19.1 | Mar 2026 16.3
- METCB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.7 | Sep 2023 5.5 | Dec 2023 5.0 | Mar 2024 5.9 | Jun 2024 5.2 | Sep 2024 5.6 | Dec 2024 6.9 | Mar 2025 6.7 | Jun 2025 10.8 | Sep 2025 30.3 | Dec 2025 65.3 | Mar 2026 —
- SXC: Jun 2021 — | Sep 2021 4.4 | Dec 2021 4.1 | Mar 2022 4.6 | Jun 2022 3.9 | Sep 2022 3.4 | Dec 2022 4.1 | Mar 2023 4.4 | Jun 2023 3.9 | Sep 2023 4.7 | Dec 2023 4.8 | Mar 2024 5.0 | Jun 2024 4.9 | Sep 2024 4.1 | Dec 2024 4.6 | Mar 2025 4.2 | Jun 2025 4.5 | Sep 2025 6.3 | Dec 2025 11.3 | Mar 2026 11.4

### 20-quarter P/BV history
- HCC: Jun 2021 — | Sep 2021 1.6 | Dec 2021 1.5 | Mar 2022 1.9 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.6 | Dec 2025 2.2 | Mar 2026 2.2
- AMR: Jun 2021 — | Sep 2021 3.7 | Dec 2021 2.1 | Mar 2022 2.6 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.5 | Sep 2023 2.2 | Dec 2023 2.8 | Mar 2024 2.7 | Jun 2024 2.2 | Sep 2024 1.9 | Dec 2024 1.6 | Mar 2025 1.0 | Jun 2025 0.9 | Sep 2025 1.4 | Dec 2025 1.7 | Mar 2026 1.7
- METCB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.6 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.8 | Jun 2024 1.5 | Sep 2024 1.5 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.3 | Sep 2025 2.1 | Dec 2025 1.6 | Mar 2026 1.6
- SXC: Jun 2021 — | Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.4 | Jun 2022 1.1 | Sep 2022 0.8 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.1 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.0
- AREC: Jun 2021 16.1 | Sep 2021 41.8 | Dec 2021 -50.0 | Mar 2022 -46.7 | Jun 2022 -20.7 | Sep 2022 -19.8 | Dec 2022 309.6 | Mar 2023 15.6 | Jun 2023 13.9 | Sep 2023 8.7 | Dec 2023 -2.6 | Mar 2024 -5.5 | Jun 2024 -1.3 | Sep 2024 -1.4 | Dec 2024 -1.0 | Mar 2025 -0.5 | Jun 2025 -0.8 | Sep 2025 -2.9 | Dec 2025 2.8 | Mar 2026 —

## Market action

Warrior Met Coal, Inc. has the strongest one-year price move in Coking Coal at +53.4%. SunCoke Energy, Inc. leads on Mansfield relative strength against the S&P 500 at +13.3%. 1 of 5 covered companies is above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Warrior Met Coal, Inc. (HCC): 53%
2. American Resources Corporation (AREC): 46%
3. SunCoke Energy, Inc. (SXC): 27%
4. Alpha Metallurgical Resources, Inc. (AMR): 26%
5. Ramaco Resources, Inc. (METCB): -44%

### Strongest relative strength versus NIFTY 500
1. SunCoke Energy, Inc. (SXC): 13%
2. Warrior Met Coal, Inc. (HCC): -8.6%
3. Alpha Metallurgical Resources, Inc. (AMR): -24%
4. American Resources Corporation (AREC): -39%
5. Ramaco Resources, Inc. (METCB): -48%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Warrior Met Coal, Inc. (HCC) — market value ₹4.2K Cr; latest fundamentals Mar 2026
- Alpha Metallurgical Resources, Inc. (AMR) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Ramaco Resources, Inc. (METCB) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- SunCoke Energy, Inc. (SXC) — market value ₹779 Cr; latest fundamentals Mar 2026
- American Resources Corporation (AREC) — market value ₹184 Cr; latest fundamentals Dec 2025

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Coking Coal company is the biggest?

Alpha Metallurgical Resources, Inc. is the largest, with trailing-twelve-month revenue of $2,122 million, ahead of SunCoke Energy, Inc. at $1,856 million. That covers 5 of 5 companies with comparable reporting through Mar 2026.

### Which Coking Coal company is growing fastest?

Warrior Met Coal, Inc. has the fastest revenue growth at 11.2% year on year, across 4 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Coking Coal company has the best profit margins?

Warrior Met Coal, Inc. has the highest operating margin at 17.3%, from 4 of 5 comparable companies. Warrior Met Coal, Inc. shows the biggest recent improvement, at +23.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Coking Coal company makes the most profit?

Warrior Met Coal, Inc. earns the most, at $138 million of trailing-twelve-month net profit, from 5 of 5 comparable companies. SunCoke Energy, Inc. has the fastest profit growth at -160.4%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Coking Coal company earns the highest return on capital?

American Resources Corporation leads on return on capital employed at 4.2%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Coking Coal stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Warrior Met Coal, Inc. screens cheapest at 1.17×. Only 1 of 5 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Coking Coal company has the strongest balance sheet?

Alpha Metallurgical Resources, Inc. carries the lowest comparable gross debt at $12 million, from 5 of 5 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Coking Coal company is investing most in new capacity?

Warrior Met Coal, Inc. reports the largest capital spending at $80 million, across 5 of 5 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Coking Coal sector beating the market?

Coking Coal has outperformed S&P 500 by 8.5% over the last 52 weeks and 14.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Coking Coal stock has the strongest price momentum?

SunCoke Energy, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Coking Coal company scores highest for research priority?

Warrior Met Coal, Inc. scores 68.2 out of 100 with 77.7% evidence confidence, from 26.7 points on growth and earnings, 16.4 on capital efficiency, 12.7 on valuation and 12.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Coking Coal companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Coking Coal sector?

The 5 Coking Coal companies on this page carry $8,238 million of combined market value. Warrior Met Coal, Inc. is the largest at $4,171 million, about 51% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Coking Coal sector's P/E ratio?

The median price-to-earnings ratio across the 5 Coking Coal companies on this page is 35.6×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Coking Coal sector performing?

1 of the 5 covered Coking Coal companies are beating S&P 500 on Mansfield relative strength. The sector itself is 8.5% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Coking Coal stocks are listed in the US?

This comparison covers 5 listed Coking Coal companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/coking-coal