# Thermal Coal — company-by-company sector analysis

> Thermal Coal: Core Natural Resources, Inc. owns the largest revenue base AND the fastest current growth.

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

## Bottom line

Thermal Coal has outperformed S&P 500 by 0.1% over 52 weeks and 10.1% over 13 weeks. 0 of 5 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 5 beat the sector itself. Core Natural Resources, Inc. leads with revenue of $4,231 million, based on 4 of 5 comparable companies through Mar 2026.

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

Thermal Coal has outperformed S&P 500 by 0.1% over 52 weeks and 10.1% over 13 weeks. 0 of 5 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 5 beat the sector itself.

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

Core Natural Resources, Inc. leads with revenue of $4,231 million, based on 4 of 5 comparable companies through Mar 2026.

### Which Thermal Coal company is growing fastest?

Core Natural Resources, Inc. has the fastest current revenue growth at 60.6%, across 4 of 5 comparable companies.

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

Alliance Resource Partners, L.P. ranks first at 60/100 with 52% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Peabody Energy Corporation reports the largest latest CAPEX at $123 million, with 5 of 5 companies comparable.

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

Core Natural Resources, Inc. has the lowest comparable gross debt at $43 million. Alliance Resource Partners, L.P. has the highest at $508 million.

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

NACCO Industries, Inc. has the lowest comparable Guarded PEG at 0.14, among 2 of 5 companies that pass the metric’s comparability rules.

### How much history does this Thermal 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

Thermal Coal has outperformed S&P 500 by 0.1% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 10.1%. 0 of 5 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Alliance Resource Partners, L.P. is the strongest against the sector itself at +8.2%.

13-week sector return versus NIFTY 500: -10%
52-week sector return versus NIFTY 500: 0.1%
Stocks leading NIFTY: 0/5
Stocks leading sector: 2/5

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 5
Combined market value: ₹11.9K 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. Alliance Resource Partners, L.P. (ARLP): 60/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 18.4/35 | Capital efficiency 11.5/25 | Valuation 11.5/20 | Relative strength 18.6/20
   - Exact sum: 18.4 + 11.5 + 11.5 + 18.6 = 60
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. NACCO Industries, Inc. (NC): 55/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 15.6/35 | Capital efficiency 12.2/25 | Valuation 14.3/20 | Relative strength 12.7/20
   - Exact sum: 15.6 + 12.2 + 14.3 + 12.7 = 54.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
3. Core Natural Resources, Inc. (CNR): 54/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 25.8/35 | Capital efficiency 11.0/25 | Valuation 8.5/20 | Relative strength 8.3/20
   - Exact sum: 25.8 + 11 + 8.5 + 8.3 = 53.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Natural Resource Partners L.P. (NRP): 45/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 6.7/35 | Capital efficiency 18.2/25 | Valuation 15.0/20 | Relative strength 5.4/20
   - Exact sum: 6.7 + 18.2 + 15 + 5.4 = 45.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Peabody Energy Corporation (BTU): 25/100 — Adverse evidence; evidence 70%
   - Growth & earnings 4.1/35 | Capital efficiency 6.7/25 | Valuation 10.8/20 | Relative strength 3.0/20
   - Exact sum: 4.1 + 6.7 + 10.8 + 3 = 24.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Core Natural Resources, Inc. is the scale leader at $4,231 million, 8.6% ahead of Peabody Energy Corporation. Core Natural Resources, Inc.'s growth is 60.6% from a $4,231 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: Core Natural Resources, Inc. is the scale benchmark; Core Natural Resources, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Core Natural Resources, Inc.'s growth falls below Core Natural Resources, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Core Natural Resources, Inc. · $4,231 million | 8.6% versus #2 · Peabody Energy Corporation | 5/8 recent comparable periods | 4/5 companies · 87 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. Core Natural Resources, Inc. (CNR): ₹4.2K Cr
2. Peabody Energy Corporation (BTU): ₹3.9K Cr
3. NACCO Industries, Inc. (NC): ₹275 Cr
4. Natural Resource Partners L.P. (NRP): ₹193 Cr

### Revenue growth — fastest growers
1. Core Natural Resources, Inc. (CNR): 61%
2. NACCO Industries, Inc. (NC): 10%
3. Peabody Energy Corporation (BTU): -7.0%
4. Natural Resource Partners L.P. (NRP): -16%

### 20-quarter Revenue history
- CNR: Jun 2021 ₹287 Cr | Sep 2021 ₹149 Cr | Dec 2021 ₹481 Cr | Mar 2022 ₹359 Cr | Jun 2022 ₹545 Cr | Sep 2022 ₹562 Cr | Dec 2022 ₹637 Cr | Mar 2023 ₹689 Cr | Jun 2023 ₹661 Cr | Sep 2023 ₹570 Cr | Dec 2023 ₹587 Cr | Mar 2024 ₹547 Cr | Jun 2024 ₹491 Cr | Sep 2024 ₹553 Cr | Dec 2024 ₹574 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr
- ARLP: Jun 2021 — | Sep 2021 — | Dec 2021 ₹473 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹704 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹625 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹590 Cr | Mar 2025 ₹540 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹536 Cr | Mar 2026 ₹516 Cr
- BTU: Jun 2021 ₹723 Cr | Sep 2021 ₹679 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹691 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹984 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹937 Cr | Jun 2025 ₹890 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹973 Cr
- NRP: Jun 2021 ₹36 Cr | Sep 2021 ₹50 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹47 Cr
- NC: Jun 2021 ₹46 Cr | Sep 2021 ₹52 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹63 Cr

### 20-quarter Revenue growth history
- CNR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 90% | Sep 2022 277% | Dec 2022 32% | Mar 2023 92% | Jun 2023 21% | Sep 2023 1.4% | Dec 2023 -7.9% | Mar 2024 -21% | Jun 2024 -26% | Sep 2024 -3.0% | Dec 2024 -2.2% | Mar 2025 86% | Jun 2025 124% | Sep 2025 81% | Dec 2025 82% | Mar 2026 6.6%
- ARLP: Jun 2021 — | Sep 2021 — | Dec 2021 29% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 49% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -5.6% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -9.2% | Mar 2026 -4.4%
- BTU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 98% | Dec 2022 29% | Mar 2023 97% | Jun 2023 -4.0% | Sep 2023 -20% | Dec 2023 -24% | Mar 2024 -28% | Jun 2024 -18% | Sep 2024 0.8% | Dec 2024 -9.1% | Mar 2025 -4.8% | Jun 2025 -15% | Sep 2025 -7.0% | Dec 2025 -9.0% | Mar 2026 3.8%
- NRP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 136% | Sep 2022 74% | Dec 2022 11% | Mar 2023 6.7% | Jun 2023 -25% | Sep 2023 -16% | Dec 2023 -6.2% | Mar 2024 -11% | Jun 2024 -11% | Sep 2024 -29% | Dec 2024 -14% | Mar 2025 -21% | Jun 2025 -18% | Sep 2025 -1.9% | Dec 2025 -26% | Mar 2026 -16%
- NC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 19% | Dec 2022 31% | Mar 2023 -9.1% | Jun 2023 0.0% | Sep 2023 -24% | Dec 2023 -11% | Mar 2024 6.0% | Jun 2024 -15% | Sep 2024 32% | Dec 2024 23% | Mar 2025 25% | Jun 2025 31% | Sep 2025 24% | Dec 2025 -4.3% | Mar 2026 -4.6%

## Operating Economics & Margin Trend

What the numbers say: Natural Resource Partners L.P. leads opm at 60.2%; Core Natural Resources, Inc. leads margin change at +8.4 percentage points.

Investor read: Natural Resource Partners L.P. 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: Natural Resource Partners L.P. · 60.2% | 244% versus #2 · NACCO Industries, Inc. | 3/8 recent comparable periods | 5/5 companies · 87 observations

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

### OPM — highest
1. Natural Resource Partners L.P. (NRP): 60%
2. NACCO Industries, Inc. (NC): 18%
3. Alliance Resource Partners, L.P. (ARLP): 4.2%
4. Core Natural Resources, Inc. (CNR): 1.2%
5. Peabody Energy Corporation (BTU): -4.5%

### Margin change — fastest expanders
1. Core Natural Resources, Inc. (CNR): +8.4 pp
2. NACCO Industries, Inc. (NC): +5.8 pp
3. Peabody Energy Corporation (BTU): −7.9 pp
4. Natural Resource Partners L.P. (NRP): −8.2 pp
5. Alliance Resource Partners, L.P. (ARLP): −13.2 pp

### 20-quarter OPM history
- CNR: Jun 2021 4.0% | Sep 2021 -93% | Dec 2021 37% | Mar 2022 2.4% | Jun 2022 30% | Sep 2022 36% | Dec 2022 39% | Mar 2023 41% | Jun 2023 32% | Sep 2023 23% | Dec 2023 86% | Mar 2024 19% | Jun 2024 14% | Sep 2024 18% | Dec 2024 28% | Mar 2025 -7.2% | Jun 2025 -0.8% | Sep 2025 -0.8% | Dec 2025 -15% | Mar 2026 1.2%
- ARLP: Jun 2021 — | Sep 2021 — | Dec 2021 13% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 31% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.6% | Mar 2025 17% | Jun 2025 — | Sep 2025 — | Dec 2025 18% | Mar 2026 4.2%
- BTU: Jun 2021 -0.6% | Sep 2021 -6.5% | Dec 2021 41% | Mar 2022 -10% | Jun 2022 34% | Sep 2022 31% | Dec 2022 36% | Mar 2023 30% | Jun 2023 21% | Sep 2023 15% | Dec 2023 20% | Mar 2024 5.2% | Jun 2024 22% | Sep 2024 11% | Dec 2024 3.6% | Mar 2025 3.4% | Jun 2025 -4.3% | Sep 2025 -8.0% | Dec 2025 0.8% | Mar 2026 -4.5%
- NRP: Jun 2021 62% | Sep 2021 65% | Dec 2021 75% | Mar 2022 78% | Jun 2022 75% | Sep 2022 77% | Dec 2022 68% | Mar 2023 79% | Jun 2023 73% | Sep 2023 74% | Dec 2023 68% | Mar 2024 76% | Jun 2024 74% | Sep 2024 66% | Dec 2024 70% | Mar 2025 68% | Jun 2025 71% | Sep 2025 67% | Dec 2025 70% | Mar 2026 60%
- NC: Jun 2021 19% | Sep 2021 53% | Dec 2021 22% | Mar 2022 27% | Jun 2022 48% | Sep 2022 16% | Dec 2022 25% | Mar 2023 3.6% | Jun 2023 2.9% | Sep 2023 -14% | Dec 2023 -119% | Mar 2024 8.9% | Jun 2024 14% | Sep 2024 32% | Dec 2024 5.5% | Mar 2025 12% | Jun 2025 -0.1% | Sep 2025 8.8% | Dec 2025 11% | Mar 2026 18%

### 20-quarter Margin change history
- CNR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +26.1 pp | Sep 2022 +128.9 pp | Dec 2022 +2.1 pp | Mar 2023 +38.8 pp | Jun 2023 +2.1 pp | Sep 2023 −13.8 pp | Dec 2023 +46.8 pp | Mar 2024 −21.8 pp | Jun 2024 −17.9 pp | Sep 2024 −4.2 pp | Dec 2024 −58.2 pp | Mar 2025 −26.6 pp | Jun 2025 −15.1 pp | Sep 2025 −19.2 pp | Dec 2025 −43.0 pp | Mar 2026 +8.4 pp
- ARLP: Jun 2021 — | Sep 2021 — | Dec 2021 +0.5 pp | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +18.3 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −12.7 pp | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 −15.9 pp | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +15.6 pp | Mar 2026 −13.2 pp
- BTU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +34.6 pp | Sep 2022 +37.8 pp | Dec 2022 −5.4 pp | Mar 2023 +39.9 pp | Jun 2023 −13.4 pp | Sep 2023 −16.6 pp | Dec 2023 −15.5 pp | Mar 2024 −24.5 pp | Jun 2024 +1.8 pp | Sep 2024 −3.7 pp | Dec 2024 −16.7 pp | Mar 2025 −1.8 pp | Jun 2025 −26.7 pp | Sep 2025 −19.0 pp | Dec 2025 −2.8 pp | Mar 2026 −7.9 pp
- NRP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.9 pp | Sep 2022 +12.3 pp | Dec 2022 −7.0 pp | Mar 2023 +0.5 pp | Jun 2023 −2.4 pp | Sep 2023 −2.6 pp | Dec 2023 +0.7 pp | Mar 2024 −2.2 pp | Jun 2024 +0.7 pp | Sep 2024 −8.0 pp | Dec 2024 +1.8 pp | Mar 2025 −8.0 pp | Jun 2025 −2.4 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −8.2 pp
- NC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +29.5 pp | Sep 2022 −37.4 pp | Dec 2022 +2.5 pp | Mar 2023 −23.6 pp | Jun 2023 −45.5 pp | Sep 2023 −29.4 pp | Dec 2023 −143.3 pp | Mar 2024 +5.3 pp | Jun 2024 +11.2 pp | Sep 2024 +45.4 pp | Dec 2024 +124.3 pp | Mar 2025 +2.8 pp | Jun 2025 −14.2 pp | Sep 2025 −23.1 pp | Dec 2025 +5.8 pp | Mar 2026 +5.8 pp

## Profit Scale & Acceleration

What the numbers say: Natural Resource Partners L.P. leads with $116 million of TTM profit, 452.4% above NACCO Industries, Inc.. Natural Resource Partners L.P. shows -30.9% growth from a $116 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Natural Resource Partners L.P. 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: Natural Resource Partners L.P. · $116 million | 452.4% versus #2 · NACCO Industries, Inc. | 0/8 recent comparable periods | 4/5 companies · 87 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. Natural Resource Partners L.P. (NRP): ₹116 Cr
2. NACCO Industries, Inc. (NC): ₹21 Cr
3. Core Natural Resources, Inc. (CNR): ₹-63 Cr
4. Peabody Energy Corporation (BTU): ₹-106 Cr

### Profit growth — fastest growers
1. Natural Resource Partners L.P. (NRP): -31%
2. NACCO Industries, Inc. (NC): -40%
3. Peabody Energy Corporation (BTU): -127%

### 20-quarter Net profit history
- CNR: Jun 2021 ₹4 Cr | Sep 2021 ₹-114 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹230 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹-69 Cr | Jun 2025 ₹-37 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹-79 Cr | Mar 2026 ₹21 Cr
- ARLP: Jun 2021 — | Sep 2021 — | Dec 2021 ₹52 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹218 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹117 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹18 Cr | Mar 2025 ₹76 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹84 Cr | Mar 2026 ₹11 Cr
- BTU: Jun 2021 ₹-23 Cr | Sep 2021 ₹-60 Cr | Dec 2021 ₹508 Cr | Mar 2022 ₹-120 Cr | Jun 2022 ₹411 Cr | Sep 2022 ₹384 Cr | Dec 2022 ₹642 Cr | Mar 2023 ₹284 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹199 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹211 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹-67 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹-25 Cr
- NRP: Jun 2021 ₹15 Cr | Sep 2021 ₹29 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹20 Cr
- NC: Jun 2021 ₹7 Cr | Sep 2021 ₹25 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-44 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹9 Cr

### 20-quarter Profit growth history
- CNR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3,050% | Sep 2022 — | Dec 2022 65% | Mar 2023 — | Jun 2023 33% | Sep 2023 -34% | Dec 2023 -19% | Mar 2024 -56% | Jun 2024 -65% | Sep 2024 -5.0% | Dec 2024 -80% | Mar 2025 -168% | Jun 2025 -164% | Sep 2025 -67% | Dec 2025 -355% | Mar 2026 —
- ARLP: Jun 2021 — | Sep 2021 — | Dec 2021 49% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 319% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -46% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -85% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 367% | Mar 2026 -86%
- BTU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 26% | Mar 2023 — | Jun 2023 -50% | Sep 2023 -66% | Dec 2023 -69% | Mar 2024 -84% | Jun 2024 3.4% | Sep 2024 -12% | Dec 2024 -81% | Mar 2025 -17% | Jun 2025 -112% | Sep 2025 -159% | Dec 2025 -68% | Mar 2026 -166%
- NRP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 347% | Sep 2022 159% | Dec 2022 13% | Mar 2023 23% | Jun 2023 4.5% | Sep 2023 -15% | Dec 2023 3.2% | Mar 2024 -29% | Jun 2024 -34% | Sep 2024 -39% | Dec 2024 -34% | Mar 2025 -29% | Jun 2025 -26% | Sep 2025 -21% | Dec 2025 -28% | Mar 2026 -50%
- NC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 429% | Sep 2022 -56% | Dec 2022 75% | Mar 2023 -54% | Jun 2023 -92% | Sep 2023 -136% | Dec 2023 -414% | Mar 2024 -17% | Jun 2024 100% | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 -50% | Sep 2025 -19% | Dec 2025 -150% | Mar 2026 80%

## Capacity Spending & Returns On It

What the numbers say: Peabody Energy Corporation reports $123 million of CAPEX; NACCO Industries, Inc. has the highest covered intensity at 52.4%. Coverage is only 5 of 5 companies and 64 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: Peabody Energy Corporation · $123 million | 33.7% versus #2 · Alliance Resource Partners, L.P. | 8/8 recent comparable periods | 5/5 companies · 64 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. Peabody Energy Corporation (BTU): ₹123 Cr
2. Alliance Resource Partners, L.P. (ARLP): ₹92 Cr
3. Core Natural Resources, Inc. (CNR): ₹73 Cr
4. NACCO Industries, Inc. (NC): ₹33 Cr
5. Natural Resource Partners L.P. (NRP): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. NACCO Industries, Inc. (NC): 52%
2. Alliance Resource Partners, L.P. (ARLP): 18%
3. Peabody Energy Corporation (BTU): 13%
4. Core Natural Resources, Inc. (CNR): 6.7%
5. Natural Resource Partners L.P. (NRP): 0.0%

### 20-quarter CAPEX history
- CNR: Jun 2021 ₹44 Cr | Sep 2021 ₹46 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹73 Cr
- ARLP: 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 ₹93 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹92 Cr
- BTU: Jun 2021 ₹36 Cr | Sep 2021 ₹29 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹68 Cr | Dec 2023 — | Mar 2024 ₹68 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹92 Cr | Dec 2024 — | Mar 2025 ₹109 Cr | Jun 2025 — | Sep 2025 ₹109 Cr | Dec 2025 — | Mar 2026 ₹123 Cr
- NRP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- NC: Jun 2021 ₹11 Cr | Sep 2021 ₹19 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹33 Cr

### 20-quarter CAPEX intensity history
- CNR: Jun 2021 15% | Sep 2021 31% | Dec 2021 6.0% | Mar 2022 10% | Jun 2022 7.2% | Sep 2022 10% | Dec 2022 5.8% | Mar 2023 4.9% | Jun 2023 6.4% | Sep 2023 7.4% | Dec 2023 8.5% | Mar 2024 7.7% | Jun 2024 11% | Sep 2024 7.1% | Dec 2024 7.1% | Mar 2025 6.4% | Jun 2025 8.1% | Sep 2025 4.9% | Dec 2025 7.8% | Mar 2026 6.7%
- ARLP: 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 17% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 18%
- BTU: Jun 2021 5.0% | Sep 2021 4.3% | Dec 2021 3.9% | Mar 2022 5.4% | Jun 2022 2.7% | Sep 2022 3.0% | Dec 2022 6.8% | Mar 2023 4.2% | Jun 2023 5.5% | Sep 2023 6.3% | Dec 2023 — | Mar 2024 6.9% | Jun 2024 11% | Sep 2024 8.5% | Dec 2024 — | Mar 2025 12% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 13%
- NRP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- NC: Jun 2021 24% | Sep 2021 37% | Dec 2021 8.2% | Mar 2022 9.1% | Jun 2022 33% | Sep 2022 27% | Dec 2022 1.6% | Mar 2023 16% | Jun 2023 9.8% | Sep 2023 51% | Dec 2023 14% | Mar 2024 26% | Jun 2024 15% | Sep 2024 13% | Dec 2024 34% | Mar 2025 14% | Jun 2025 4.4% | Sep 2025 29% | Dec 2025 21% | Mar 2026 52%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Core Natural Resources, Inc. has the clearest covered balance-sheet capacity with $370 million net cash and gross debt of $43 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: Core Natural Resources, Inc. · $43 million | 28.3% versus #2 · Natural Resource Partners L.P. | 7/8 recent comparable periods | 5/5 companies · 91 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. Core Natural Resources, Inc. (CNR): ₹43 Cr
2. Natural Resource Partners L.P. (NRP): ₹60 Cr
3. NACCO Industries, Inc. (NC): ₹134 Cr
4. Peabody Energy Corporation (BTU): ₹430 Cr
5. Alliance Resource Partners, L.P. (ARLP): ₹508 Cr

### Net debt — lowest net debt
1. Core Natural Resources, Inc. (CNR): ₹-370 Cr
2. Peabody Energy Corporation (BTU): ₹-63 Cr
3. Natural Resource Partners L.P. (NRP): ₹28 Cr
4. NACCO Industries, Inc. (NC): ₹81 Cr
5. Alliance Resource Partners, L.P. (ARLP): ₹479 Cr

### 20-quarter Gross debt history
- CNR: Jun 2021 ₹726 Cr | Sep 2021 ₹706 Cr | Dec 2021 ₹674 Cr | Mar 2022 ₹642 Cr | Jun 2022 ₹529 Cr | Sep 2022 ₹475 Cr | Dec 2022 ₹404 Cr | Mar 2023 ₹306 Cr | Jun 2023 ₹251 Cr | Sep 2023 ₹221 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹208 Cr | Jun 2024 ₹206 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹367 Cr | Jun 2025 ₹391 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹452 Cr | Mar 2026 ₹43 Cr
- ARLP: Jun 2021 — | Sep 2021 ₹451 Cr | Dec 2021 ₹451 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹434 Cr | Dec 2022 ₹434 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹351 Cr | Dec 2023 ₹351 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹487 Cr | Dec 2024 ₹487 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹465 Cr | Dec 2025 ₹465 Cr | Mar 2026 ₹508 Cr
- BTU: Jun 2021 ₹1.5K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹883 Cr | Dec 2022 ₹345 Cr | Mar 2023 ₹343 Cr | Jun 2023 ₹346 Cr | Sep 2023 ₹355 Cr | Dec 2023 ₹382 Cr | Mar 2024 ₹399 Cr | Jun 2024 ₹426 Cr | Sep 2024 ₹433 Cr | Dec 2024 ₹435 Cr | Mar 2025 ₹402 Cr | Jun 2025 ₹394 Cr | Sep 2025 ₹408 Cr | Dec 2025 ₹424 Cr | Mar 2026 ₹430 Cr
- NRP: Jun 2021 ₹453 Cr | Sep 2021 ₹454 Cr | Dec 2021 ₹434 Cr | Mar 2022 ₹417 Cr | Jun 2022 ₹298 Cr | Sep 2022 ₹239 Cr | Dec 2022 ₹168 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹155 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹210 Cr | Sep 2024 ₹197 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹60 Cr
- NC: Jun 2021 ₹42 Cr | Sep 2021 ₹27 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹134 Cr

### 20-quarter Net debt history
- CNR: Jun 2021 ₹579 Cr | Sep 2021 ₹544 Cr | Dec 2021 ₹524 Cr | Mar 2022 ₹419 Cr | Jun 2022 ₹267 Cr | Sep 2022 ₹206 Cr | Dec 2022 ₹131 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹-39 Cr | Sep 2023 ₹-28 Cr | Dec 2023 ₹-69 Cr | Mar 2024 ₹-47 Cr | Jun 2024 ₹-93 Cr | Sep 2024 ₹-214 Cr | Dec 2024 ₹-252 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹-370 Cr
- ARLP: Jun 2021 — | Sep 2021 ₹329 Cr | Dec 2021 ₹329 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹138 Cr | Dec 2022 ₹138 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹291 Cr | Dec 2023 ₹291 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹350 Cr | Dec 2024 ₹350 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹394 Cr | Dec 2025 ₹394 Cr | Mar 2026 ₹479 Cr
- BTU: Jun 2021 ₹905 Cr | Sep 2021 ₹773 Cr | Dec 2021 ₹211 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹-50 Cr | Sep 2022 ₹-472 Cr | Dec 2022 ₹-962 Cr | Mar 2023 ₹-549 Cr | Jun 2023 ₹-735 Cr | Sep 2023 ₹-634 Cr | Dec 2023 ₹-587 Cr | Mar 2024 ₹-457 Cr | Jun 2024 ₹-196 Cr | Sep 2024 ₹-340 Cr | Dec 2024 ₹-265 Cr | Mar 2025 ₹-295 Cr | Jun 2025 ₹-192 Cr | Sep 2025 ₹-195 Cr | Dec 2025 ₹-151 Cr | Mar 2026 ₹-63 Cr
- NRP: Jun 2021 ₹355 Cr | Sep 2021 ₹335 Cr | Dec 2021 ₹298 Cr | Mar 2022 ₹281 Cr | Jun 2022 ₹239 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹155 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹28 Cr
- NC: Jun 2021 ₹-43 Cr | Sep 2021 ₹-61 Cr | Dec 2021 ₹-56 Cr | Mar 2022 ₹-47 Cr | Jun 2022 ₹-69 Cr | Sep 2022 ₹-66 Cr | Dec 2022 ₹-84 Cr | Mar 2023 ₹-82 Cr | Jun 2023 ₹-86 Cr | Sep 2023 ₹-97 Cr | Dec 2023 ₹-40 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹81 Cr

## Return On Capital Employed

What the numbers say: Natural Resource Partners L.P. leads ROCE at 3.8%, 2 percentage points above NACCO Industries, Inc.. Alliance Resource Partners, L.P. has the strongest latest improvement at +3.1 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: Natural Resource Partners L.P. 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: Natural Resource Partners L.P. · 3.8% | 111.1% versus #2 · NACCO Industries, Inc. | 0/8 recent comparable periods | 5/5 companies · 87 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. Natural Resource Partners L.P. (NRP): 3.8%
2. NACCO Industries, Inc. (NC): 1.8%
3. Alliance Resource Partners, L.P. (ARLP): 1.7%
4. Core Natural Resources, Inc. (CNR): 0.2%
5. Peabody Energy Corporation (BTU): -0.9%

### ROCE change — fastest improvers
1. Alliance Resource Partners, L.P. (ARLP): +3.1 pp
2. Core Natural Resources, Inc. (CNR): +2.1 pp
3. NACCO Industries, Inc. (NC): +0.3 pp
4. Natural Resource Partners L.P. (NRP): −1.3 pp
5. Peabody Energy Corporation (BTU): −1.5 pp

### 20-quarter ROCE history
- CNR: Jun 2021 — | Sep 2021 -6.5% | Dec 2021 8.3% | Mar 2022 0.4% | Jun 2022 7.6% | Sep 2022 9.5% | Dec 2022 11% | Mar 2023 13% | Jun 2023 9.7% | Sep 2023 5.8% | Dec 2023 23% | Mar 2024 4.7% | Jun 2024 3.1% | Sep 2024 4.5% | Dec 2024 6.9% | Mar 2025 -1.9% | Jun 2025 -0.2% | Sep 2025 -0.2% | Dec 2025 -4.1% | Mar 2026 0.2%
- ARLP: Jun 2021 — | Sep 2021 0.0% | Dec 2021 3.1% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 9.9% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 4.6% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.6% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 3.7% | Mar 2026 1.7%
- BTU: Jun 2021 — | Sep 2021 -1.4% | Dec 2021 13% | Mar 2022 -1.8% | Jun 2022 11% | Sep 2022 11% | Dec 2022 13% | Mar 2023 8.9% | Jun 2023 5.6% | Sep 2023 3.5% | Dec 2023 5.2% | Mar 2024 1.0% | Jun 2024 4.7% | Sep 2024 2.4% | Dec 2024 0.8% | Mar 2025 0.6% | Jun 2025 -0.8% | Sep 2025 -1.6% | Dec 2025 0.2% | Mar 2026 -0.9%
- NRP: Jun 2021 — | Sep 2021 3.7% | Dec 2021 6.2% | Mar 2022 6.7% | Jun 2022 7.6% | Sep 2022 8.2% | Dec 2022 6.4% | Mar 2023 7.5% | Jun 2023 5.9% | Sep 2023 7.1% | Dec 2023 6.7% | Mar 2024 7.1% | Jun 2024 5.5% | Sep 2024 4.6% | Dec 2024 6.1% | Mar 2025 5.1% | Jun 2025 4.5% | Sep 2025 4.6% | Dec 2025 4.6% | Mar 2026 3.8%
- NC: Jun 2021 — | Sep 2021 6.3% | Dec 2021 2.4% | Mar 2022 3.3% | Jun 2022 6.3% | Sep 2022 2.0% | Dec 2022 3.2% | Mar 2023 0.4% | Jun 2023 0.3% | Sep 2023 -1.2% | Dec 2023 -14% | Mar 2024 0.9% | Jun 2024 1.5% | Sep 2024 3.8% | Dec 2024 0.7% | Mar 2025 1.5% | Jun 2025 0.0% | Sep 2025 1.2% | Dec 2025 1.3% | Mar 2026 1.8%

### 20-quarter ROCE change history
- CNR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +16.0 pp | Dec 2022 +3.1 pp | Mar 2023 +12.7 pp | Jun 2023 +2.1 pp | Sep 2023 −3.7 pp | Dec 2023 +11.1 pp | Mar 2024 −8.4 pp | Jun 2024 −6.6 pp | Sep 2024 −1.3 pp | Dec 2024 −15.6 pp | Mar 2025 −6.6 pp | Jun 2025 −3.3 pp | Sep 2025 −4.7 pp | Dec 2025 −11.0 pp | Mar 2026 +2.1 pp
- ARLP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +6.8 pp | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 −5.3 pp | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 −4.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 +3.1 pp | Mar 2026 —
- BTU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.3 pp | Dec 2022 +0.2 pp | Mar 2023 +10.7 pp | Jun 2023 −5.7 pp | Sep 2023 −7.4 pp | Dec 2023 −8.2 pp | Mar 2024 −7.9 pp | Jun 2024 −0.9 pp | Sep 2024 −1.1 pp | Dec 2024 −4.4 pp | Mar 2025 −0.4 pp | Jun 2025 −5.5 pp | Sep 2025 −4.0 pp | Dec 2025 −0.6 pp | Mar 2026 −1.5 pp
- NRP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.5 pp | Dec 2022 +0.2 pp | Mar 2023 +0.8 pp | Jun 2023 −1.7 pp | Sep 2023 −1.1 pp | Dec 2023 +0.3 pp | Mar 2024 −0.4 pp | Jun 2024 −0.4 pp | Sep 2024 −2.5 pp | Dec 2024 −0.6 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.5 pp | Mar 2026 −1.3 pp
- NC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.3 pp | Dec 2022 +0.8 pp | Mar 2023 −2.9 pp | Jun 2023 −6.0 pp | Sep 2023 −3.2 pp | Dec 2023 −16.8 pp | Mar 2024 +0.5 pp | Jun 2024 +1.2 pp | Sep 2024 +5.0 pp | Dec 2024 +14.3 pp | Mar 2025 +0.6 pp | Jun 2025 −1.5 pp | Sep 2025 −2.6 pp | Dec 2025 +0.6 pp | Mar 2026 +0.3 pp

## Valuation Against Growth & Quality

What the numbers say: NACCO Industries, Inc. has the lowest comparable Guarded PEG at 0.14×, 0% below Natural Resource Partners L.P.. Only 2 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: NACCO Industries, Inc. · 0.14× | 0% versus #2 · Natural Resource Partners L.P. | 0/8 recent comparable periods | 2/5 companies · 3 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. NACCO Industries, Inc. (NC): 0.1
2. Natural Resource Partners L.P. (NRP): 0.1

### P/E — lowest P/E
1. Alliance Resource Partners, L.P. (ARLP): 9.7
2. Peabody Energy Corporation (BTU): 12.9
3. Natural Resource Partners L.P. (NRP): 14.2
4. NACCO Industries, Inc. (NC): 18.1
5. Core Natural Resources, Inc. (CNR): 32.0

### 20-quarter Guarded PEG history
- CNR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- NRP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- NC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- CNR: Jun 2021 — | Sep 2021 — | Dec 2021 23.7 | Mar 2022 — | Jun 2022 14.5 | Sep 2022 5.9 | Dec 2022 5.0 | Mar 2023 3.0 | Jun 2023 3.2 | Sep 2023 5.3 | Dec 2023 5.1 | Mar 2024 5.1 | Jun 2024 7.6 | Sep 2024 7.7 | Dec 2024 11.1 | Mar 2025 15.9 | Jun 2025 32.0 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ARLP: Jun 2021 — | Sep 2021 — | Dec 2021 9.3 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 9.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 9.7 | Mar 2026 —
- BTU: Jun 2021 — | Sep 2021 — | Dec 2021 3.4 | Mar 2022 10.2 | Jun 2022 4.1 | Sep 2022 3.1 | Dec 2022 3.2 | Mar 2023 2.5 | Jun 2023 2.4 | Sep 2023 3.5 | Dec 2023 4.9 | Mar 2024 6.8 | Jun 2024 5.8 | Sep 2024 7.0 | Dec 2024 7.8 | Mar 2025 5.0 | Jun 2025 12.9 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- NRP: Jun 2021 — | Sep 2021 10.4 | Dec 2021 7.0 | Mar 2022 5.9 | Jun 2022 3.8 | Sep 2022 3.5 | Dec 2022 4.1 | Mar 2023 3.9 | Jun 2023 4.1 | Sep 2023 6.6 | Dec 2023 7.1 | Mar 2024 6.8 | Jun 2024 6.7 | Sep 2024 7.9 | Dec 2024 9.8 | Mar 2025 10.0 | Jun 2025 9.0 | Sep 2025 9.6 | Dec 2025 10.4 | Mar 2026 14.2
- NC: Jun 2021 — | Sep 2021 6.1 | Dec 2021 5.4 | Mar 2022 5.5 | Jun 2022 3.4 | Sep 2022 5.1 | Dec 2022 3.8 | Mar 2023 4.0 | Jun 2023 7.9 | Sep 2023 14.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 6.6 | Mar 2025 7.3 | Jun 2025 10.4 | Sep 2025 10.8 | Dec 2025 20.9 | Mar 2026 18.1

## Enterprise Value & Book Value

What the numbers say: Alliance Resource Partners, L.P. leads ev/ebitda at 4.96×; NACCO Industries, Inc. leads p/bv at 0.9×.

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: Alliance Resource Partners, L.P. · 4.96× | 51.4% versus #2 · Core Natural Resources, Inc. | 0/8 recent comparable periods | 5/5 companies · 77 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. Alliance Resource Partners, L.P. (ARLP): 5.0
2. Core Natural Resources, Inc. (CNR): 10.2
3. Natural Resource Partners L.P. (NRP): 12.6
4. Peabody Energy Corporation (BTU): 16.3
5. NACCO Industries, Inc. (NC): 18.7

### P/BV — lowest P/BV
1. NACCO Industries, Inc. (NC): 0.9
2. Peabody Energy Corporation (BTU): 1.2
3. Core Natural Resources, Inc. (CNR): 1.5
4. Alliance Resource Partners, L.P. (ARLP): 2.0
5. Natural Resource Partners L.P. (NRP): 2.5

### 20-quarter EV/EBITDA history
- CNR: Jun 2021 — | Sep 2021 5.3 | Dec 2021 4.4 | Mar 2022 6.2 | Jun 2022 4.5 | Sep 2022 3.1 | Dec 2022 2.8 | Mar 2023 1.8 | Jun 2023 1.8 | Sep 2023 2.9 | Dec 2023 2.9 | Mar 2024 1.1 | Jun 2024 1.4 | Sep 2024 1.4 | Dec 2024 4.4 | Mar 2025 7.4 | Jun 2025 6.3 | Sep 2025 7.5 | Dec 2025 12.2 | Mar 2026 10.2
- ARLP: Jun 2021 — | Sep 2021 — | Dec 2021 4.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 5.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.0 | Mar 2026 —
- BTU: Jun 2021 — | Sep 2021 10.1 | Dec 2021 2.3 | Mar 2022 5.4 | Jun 2022 2.6 | Sep 2022 1.9 | Dec 2022 1.7 | Mar 2023 1.5 | Jun 2023 1.2 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 2.5 | Jun 2024 2.6 | Sep 2024 3.0 | Dec 2024 3.0 | Mar 2025 1.8 | Jun 2025 2.9 | Sep 2025 9.2 | Dec 2025 11.5 | Mar 2026 16.3
- NRP: Jun 2021 — | Sep 2021 7.4 | Dec 2021 6.2 | Mar 2022 5.3 | Jun 2022 3.8 | Sep 2022 3.4 | Dec 2022 3.7 | Mar 2023 3.4 | Jun 2023 3.6 | Sep 2023 5.2 | Dec 2023 5.8 | Mar 2024 6.2 | Jun 2024 6.1 | Sep 2024 7.2 | Dec 2024 8.1 | Mar 2025 8.4 | Jun 2025 8.8 | Sep 2025 8.6 | Dec 2025 8.9 | Mar 2026 12.6
- NC: Jun 2021 — | Sep 2021 4.2 | Dec 2021 2.6 | Mar 2022 3.9 | Jun 2022 2.5 | Sep 2022 4.3 | Dec 2022 2.0 | Mar 2023 3.3 | Jun 2023 6.0 | Sep 2023 12.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.2 | Mar 2025 7.6 | Jun 2025 12.3 | Sep 2025 19.1 | Dec 2025 9.0 | Mar 2026 18.7

### 20-quarter P/BV history
- CNR: Jun 2021 — | Sep 2021 1.9 | Dec 2021 1.2 | Mar 2022 2.0 | Jun 2022 2.2 | Sep 2022 2.5 | Dec 2022 1.9 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 2.5 | Dec 2023 2.2 | Mar 2024 1.8 | Jun 2024 2.1 | Sep 2024 2.0 | Dec 2024 2.0 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.5
- ARLP: Jun 2021 — | Sep 2021 1.1 | Dec 2021 1.3 | Mar 2022 — | Jun 2022 — | Sep 2022 1.7 | Dec 2022 1.5 | Mar 2023 — | Jun 2023 — | Sep 2023 1.6 | Dec 2023 1.5 | Mar 2024 — | Jun 2024 — | Sep 2024 1.8 | Dec 2024 1.8 | Mar 2025 — | Jun 2025 — | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 2.0
- BTU: Jun 2021 — | Sep 2021 1.8 | Dec 2021 0.8 | Mar 2022 1.9 | Jun 2022 1.4 | Sep 2022 1.4 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 1.2
- NRP: Jun 2021 — | Sep 2021 1.3 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 2.0 | Dec 2023 2.2 | Mar 2024 2.4 | Jun 2024 2.3 | Sep 2024 2.5 | Dec 2024 2.6 | Mar 2025 2.4 | Jun 2025 2.1 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 2.5
- NC: Jun 2021 — | Sep 2021 0.6 | Dec 2021 0.7 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.6 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.6 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.9 | Mar 2026 0.9

## Market action

Peabody Energy Corporation has the strongest one-year price move in Thermal Coal at +44.6%. Alliance Resource Partners, L.P. leads on Mansfield relative strength against the S&P 500 at -2.9%. 0 of 5 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Peabody Energy Corporation (BTU): 45%
2. NACCO Industries, Inc. (NC): 30%
3. Core Natural Resources, Inc. (CNR): 9.5%
4. Alliance Resource Partners, L.P. (ARLP): -2.6%
5. Natural Resource Partners L.P. (NRP): -3.1%

### Strongest relative strength versus NIFTY 500
1. Alliance Resource Partners, L.P. (ARLP): -2.9%
2. NACCO Industries, Inc. (NC): -6.8%
3. Core Natural Resources, Inc. (CNR): -14%
4. Natural Resource Partners L.P. (NRP): -15%
5. Peabody Energy Corporation (BTU): -22%

## 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
- Core Natural Resources, Inc. (CNR) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Alliance Resource Partners, L.P. (ARLP) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Peabody Energy Corporation (BTU) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Natural Resource Partners L.P. (NRP) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- NACCO Industries, Inc. (NC) — market value ₹359 Cr; latest fundamentals Mar 2026

## 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 Thermal Coal company is the biggest?

Core Natural Resources, Inc. is the largest, with trailing-twelve-month revenue of $4,231 million, ahead of Peabody Energy Corporation at $3,897 million. That covers 4 of 5 companies with comparable reporting through Mar 2026.

### Which Thermal Coal company is growing fastest?

Core Natural Resources, Inc. has the fastest revenue growth at 60.6% 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 Thermal Coal company has the best profit margins?

Natural Resource Partners L.P. has the highest operating margin at 60.2%, from 5 of 5 comparable companies. Core Natural Resources, Inc. shows the biggest recent improvement, at +8.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Natural Resource Partners L.P. earns the most, at $116 million of trailing-twelve-month net profit, from 4 of 5 comparable companies. Natural Resource Partners L.P. has the fastest profit growth at -30.9%, though growth off a small or recovering profit base overstates how much has actually changed.

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

Natural Resource Partners L.P. leads on return on capital employed at 3.8%, 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 Thermal Coal stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — NACCO Industries, Inc. screens cheapest at 0.14×. Only 2 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 Thermal Coal company has the strongest balance sheet?

Core Natural Resources, Inc. carries the lowest comparable gross debt at $43 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 Thermal Coal company is investing most in new capacity?

Peabody Energy Corporation reports the largest capital spending at $123 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 Thermal Coal sector beating the market?

Thermal Coal has outperformed S&P 500 by 0.1% over the last 52 weeks and 10.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Alliance Resource Partners, L.P. 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 Thermal Coal company scores highest for research priority?

Alliance Resource Partners, L.P. scores 60 out of 100 with 52% evidence confidence, from 18.4 points on growth and earnings, 11.5 on capital efficiency, 11.5 on valuation and 18.6 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 Thermal 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 Thermal Coal sector?

The 5 Thermal Coal companies on this page carry $11,862 million of combined market value. Core Natural Resources, Inc. is the largest at $4,020 million, about 34% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

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

The median price-to-earnings ratio across the 5 Thermal Coal companies on this page is 14.2×, 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 Thermal Coal sector performing?

0 of the 5 covered Thermal Coal companies are beating S&P 500 on Mansfield relative strength. The sector itself is 0.1% 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 Thermal Coal stocks are listed in the US?

This comparison covers 5 listed Thermal 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/thermal-coal