# 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 2026-08-04. Not investment advice.

## Bottom line

Coking Coal has underperformed S&P 500 by 9.1% over 52 weeks and 15.7% 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 4 of 5 comparable companies through Mar 2026.

## Sector relative strength

Coking Coal has underperformed S&P 500 by 9.1% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 15.7%. 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 +32.8%.

13-week sector return versus NIFTY 500: -16%
52-week sector return versus NIFTY 500: -9.1%
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: ₹8.3K 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 74%
   - Growth & earnings 25.6/35 | Capital efficiency 15.3/25 | Valuation 12.7/20 | Relative strength 14.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 25.6 + 15.3 + 12.7 + 14.7 = 68.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. SunCoke Energy, Inc. (SXC): 58/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 17.4/35 | Capital efficiency 9.6/25 | Valuation 10.8/20 | Relative strength 20.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 17.4 + 9.6 + 10.8 + 20 = 57.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Alpha Metallurgical Resources, Inc. (AMR): 38/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 17.8/35 | Capital efficiency 6.3/25 | Valuation 9.3/20 | Relative strength 4.6/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 17.8 + 6.3 + 9.3 + 4.6 = 38
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ramaco Resources, Inc. (METCB): 26/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 10.5/35 | Capital efficiency 4.4/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 10.5 + 4.4 + 8.5 + 3 = 26.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. American Resources Corporation (AREC): 42/100 — Thin evidence · provisional; evidence 39%
   - Growth & earnings 12.4/35 | Capital efficiency 12.4/25 | Valuation 11.5/20 | Relative strength 5.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 12.4 + 12.4 + 11.5 + 5.3 = 41.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Warrior Met Coal, Inc. has the strongest one-year price move in Coking Coal at +34.2%. SunCoke Energy, Inc. leads on Mansfield relative strength against the S&P 500 at +5.4%. 1 of 5 covered companies is above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Warrior Met Coal, Inc. (HCC): 34%
2. American Resources Corporation (AREC): 26%
3. SunCoke Energy, Inc. (SXC): 18%
4. Alpha Metallurgical Resources, Inc. (AMR): -6.2%
5. Ramaco Resources, Inc. (METCB): -51%

### Strongest relative strength versus NIFTY 500
1. SunCoke Energy, Inc. (SXC): 5.4%
2. Warrior Met Coal, Inc. (HCC): -9.6%
3. Alpha Metallurgical Resources, Inc. (AMR): -29%
4. American Resources Corporation (AREC): -31%
5. Ramaco Resources, Inc. (METCB): -52%

## Revenue Scale & Growth Durability

What the numbers say: Alpha Metallurgical Resources, Inc. is the scale leader at $2,122 million, 44.4% ahead of Warrior Met Coal, Inc.. Warrior Met Coal, Inc.'s growth is 11.2% from a $1,470 million base, with 19 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 | 44.4% versus #2 · Warrior Met Coal, Inc. | 0/8 recent comparable periods | 4/5 companies · 94 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. Warrior Met Coal, Inc. (HCC): ₹1.5K Cr
3. Ramaco Resources, Inc. (METCB): ₹574 Cr
4. American Resources Corporation (AREC): ₹0 Cr — older report

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

### 20-quarter Revenue history
- HCC: 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 | Jun 2026 —
- AMR: 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 | Jun 2026 —
- METCB: 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 | Jun 2026 —
- SXC: 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 | Jun 2026 —
- AREC: 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 — | Jun 2026 —

### 20-quarter Revenue growth history
- HCC: 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% | Jun 2026 —
- AMR: 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% | Jun 2026 —
- METCB: 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% | Jun 2026 —
- SXC: 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% | Jun 2026 —
- AREC: 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 — | Jun 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 · 83 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 — older report

### 20-quarter OPM history
- HCC: 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% | Jun 2026 —
- AMR: 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% | Jun 2026 —
- METCB: 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% | Jun 2026 —
- SXC: 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% | Jun 2026 —
- AREC: 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 — | Jun 2026 —

### 20-quarter Margin change history
- HCC: 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 | Jun 2026 —
- AMR: 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 | Jun 2026 —
- METCB: 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 | Jun 2026 —
- SXC: 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 | Jun 2026 —
- AREC: 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 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Warrior Met Coal, Inc. leads net profit at $138 million; the second comparison lacks enough current evidence.

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 | 4/5 companies · 94 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 — older report
3. Alpha Metallurgical Resources, Inc. (AMR): ₹-39 Cr
4. Ramaco Resources, Inc. (METCB): ₹-60 Cr

### Profit growth — fastest growers

### 20-quarter Net profit history
- HCC: 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 | Jun 2026 —
- AMR: 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 | Jun 2026 —
- METCB: 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 | Jun 2026 —
- SXC: 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 | Jun 2026 —
- AREC: 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 — | Jun 2026 —

### 20-quarter Profit growth history
- HCC: 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 — | Jun 2026 —
- AMR: 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 — | Jun 2026 —
- METCB: 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 — | Jun 2026 —
- SXC: 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% | Jun 2026 —
- AREC: 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 — | Jun 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% — older report
2. Warrior Met Coal, Inc. (HCC): 3.2%
3. SunCoke Energy, Inc. (SXC): 1.9%
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. SunCoke Energy, Inc. (SXC): +1.2 pp
4. Ramaco Resources, Inc. (METCB): −1.0 pp
5. American Resources Corporation (AREC): −14.1 pp — older report

### 20-quarter ROCE history
- HCC: 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% | Jun 2026 —
- AMR: 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% | Jun 2026 —
- METCB: 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% | Jun 2026 —
- SXC: 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% | Jun 2026 1.9%
- AREC: 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 — | Jun 2026 —

### 20-quarter ROCE change history
- HCC: 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 | Jun 2026 —
- AMR: 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 | Jun 2026 —
- METCB: 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 | Jun 2026 —
- SXC: 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 | Jun 2026 +1.2 pp
- AREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | 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 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Warrior Met Coal, Inc. has the lowest comparable PEG at 1.17×. Only 1 of 5 companies have earnings and growth steady enough for the ratio to mean anything, 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 · 7 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

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

### P/E — lowest P/E
1. American Resources Corporation (AREC): 3.9 — older report
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): 90.7

### 20-quarter PEG history
- HCC: 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 | Jun 2026 —
- METCB: 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 — | Jun 2026 —
- SXC: 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 — | Jun 2026 —

### 20-quarter P/E history
- HCC: 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 | Jun 2026 —
- AMR: 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 — | Jun 2026 —
- METCB: Sep 2021 72.3 | Dec 2021 19.5 | Mar 2022 13.0 | Jun 2022 7.8 | Sep 2022 4.4 | Dec 2022 4.2 | Mar 2023 5.1 | Jun 2023 7.2 | Sep 2023 18.7 | Dec 2023 16.2 | Mar 2024 15.7 | Jun 2024 11.9 | Sep 2024 21.8 | Dec 2024 90.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SXC: 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 — | Jun 2026 —
- AREC: 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 — | Jun 2026 —


## 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.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Warrior Met Coal, Inc. (HCC) — market value ₹4.3K 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 ₹753 Cr; latest fundamentals Jun 2026
- American Resources Corporation (AREC) — market value ₹217 Cr; latest fundamentals Dec 2025

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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

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

Coking Coal has underperformed S&P 500 by 9.1% over 52 weeks and 15.7% 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 4 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 3 of 5 comparable companies.

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

Warrior Met Coal, Inc. ranks first at 68.3/100 with 73.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Warrior Met Coal, Inc. has the lowest comparable PEG at 1.17, among 1 of 5 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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.

### 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 Warrior Met Coal, Inc. at $1,470 million. That covers 4 of 5 companies with comparable reporting through Mar 2026.

### 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 4 of 5 comparable companies.

### 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 PEG — where a LOWER number is cheaper — Warrior Met Coal, Inc. screens cheapest at 1.17×. Only 1 of 5 companies have earnings and growth steady enough for the ratio to mean anything, 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.

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

Coking Coal has underperformed S&P 500 by 9.1% over the last 52 weeks and 15.7% 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 68.3 out of 100 with 73.6% evidence confidence, from 25.6 points on growth and earnings, 15.3 on capital efficiency, 12.7 on valuation and 14.7 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, ending Jun 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 $8,320 million of combined market value. Warrior Met Coal, Inc. is the largest at $4,303 million, about 52% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 2026-08-04.

### 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 9.1% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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 Jun 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.