# 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 2026-08-04. Not investment advice.

## Bottom line

Thermal Coal has underperformed S&P 500 by 4.2% over 52 weeks and 8.8% 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 3 of 5 comparable companies through Mar 2026.

## Sector relative strength

Thermal Coal has underperformed S&P 500 by 4.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 8.8%. 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 +8.7%.

13-week sector return versus NIFTY 500: -8.8%
52-week sector return versus NIFTY 500: -4.2%
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: ₹11.8K 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): 63/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 18.4/35 | Capital efficiency 15.2/25 | Valuation 11.5/20 | Relative strength 18.3/20
   - 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 0 of the last 12 weeks
   - Exact sum: 18.4 + 15.2 + 11.5 + 18.3 = 63.4
   - 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 75%
   - Growth & earnings 15.8/35 | Capital efficiency 11.8/25 | Valuation 14.3/20 | Relative strength 13.0/20
   - 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: 15.8 + 11.8 + 14.3 + 13 = 54.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Core Natural Resources, Inc. (CNR): 49/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 24.5/35 | Capital efficiency 6.4/25 | Valuation 8.5/20 | Relative strength 9.8/20
   - 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 0 of the last 12 weeks
   - Exact sum: 24.5 + 6.4 + 8.5 + 9.8 = 49.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Natural Resource Partners L.P. (NRP): 44/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 8.1/35 | Capital efficiency 15.8/25 | Valuation 15.0/20 | Relative strength 5.3/20
   - 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 0 of the last 12 weeks
   - Exact sum: 8.1 + 15.8 + 15 + 5.3 = 44.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Peabody Energy Corporation (BTU): 30/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 12.7/35 | Capital efficiency 3.9/25 | Valuation 10.8/20 | 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: 12.7 + 3.9 + 10.8 + 3 = 30.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Peabody Energy Corporation has the strongest one-year price move in Thermal Coal at +29.5%. Alliance Resource Partners, L.P. leads on Mansfield relative strength against the S&P 500 at -7.1%. 0 of 5 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Peabody Energy Corporation (BTU): 30%
2. NACCO Industries, Inc. (NC): 29%
3. Core Natural Resources, Inc. (CNR): 6.5%
4. Alliance Resource Partners, L.P. (ARLP): 1.7%
5. Natural Resource Partners L.P. (NRP): -6.1%

### Strongest relative strength versus NIFTY 500
1. Alliance Resource Partners, L.P. (ARLP): -7.1%
2. NACCO Industries, Inc. (NC): -10%
3. Core Natural Resources, Inc. (CNR): -16%
4. Natural Resource Partners L.P. (NRP): -20%
5. Peabody Energy Corporation (BTU): -28%

## Revenue Scale & Growth Durability

What the numbers say: Core Natural Resources, Inc. is the scale leader at $4,231 million, 15.4× the revenue of NACCO Industries, Inc.. Core Natural Resources, Inc.'s growth is 60.6% from a $4,231 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: 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 | 15.4× versus #2 · NACCO Industries, Inc. | 5/8 recent comparable periods | 3/5 companies · 83 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. NACCO Industries, Inc. (NC): ₹275 Cr
3. 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. Natural Resource Partners L.P. (NRP): -16%

### 20-quarter Revenue history
- CNR: 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 | Jun 2026 —
- ARLP: 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 | Jun 2026 —
- BTU: 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 | Jun 2026 —
- NRP: 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 | Jun 2026 —
- NC: 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 | Jun 2026 —

### 20-quarter Revenue growth history
- CNR: 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% | Jun 2026 —
- ARLP: 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% | Jun 2026 —
- BTU: 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% | Jun 2026 —
- NRP: 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% | Jun 2026 —
- NC: 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% | Jun 2026 —

## 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 · 83 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: 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% | Jun 2026 —
- ARLP: 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% | Jun 2026 —
- BTU: 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% | Jun 2026 —
- NRP: 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% | Jun 2026 —
- NC: 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% | Jun 2026 —

### 20-quarter Margin change history
- CNR: 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 | Jun 2026 —
- ARLP: 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 | Jun 2026 —
- BTU: 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 | Jun 2026 —
- NRP: 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 | Jun 2026 —
- NC: 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 | Jun 2026 —

## 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 | 3/5 companies · 83 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

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

### 20-quarter Net profit history
- CNR: 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 | Jun 2026 —
- ARLP: 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 | Jun 2026 —
- BTU: 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 | Jun 2026 —
- NRP: 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 | Jun 2026 —
- NC: 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 | Jun 2026 —

### 20-quarter Profit growth history
- CNR: 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 — | Jun 2026 —
- ARLP: 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% | Jun 2026 —
- BTU: 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% | Jun 2026 —
- NRP: 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% | Jun 2026 —
- NC: 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% | Jun 2026 —

## Return On Capital Employed

What the numbers say: Alliance Resource Partners, L.P. leads ROCE at 7.2%, 3.4 percentage points above Natural Resource Partners L.P.. 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: Alliance 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: Alliance Resource Partners, L.P. · 7.2% | 89.5% versus #2 · Natural Resource Partners L.P. | 3/8 recent comparable periods | 5/5 companies · 89 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. Alliance Resource Partners, L.P. (ARLP): 7.2%
2. Natural Resource Partners L.P. (NRP): 3.8%
3. NACCO Industries, Inc. (NC): 1.8%
4. Core Natural Resources, Inc. (CNR): 0.2%
5. Peabody Energy Corporation (BTU): -2.2%

### 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): −1.4 pp

### 20-quarter ROCE history
- CNR: 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% | Jun 2026 —
- ARLP: 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 3.9% | Dec 2025 3.7% | Mar 2026 1.7% | Jun 2026 7.2%
- BTU: 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% | Jun 2026 -2.2%
- NRP: 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% | Jun 2026 —
- NC: 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% | Jun 2026 —

### 20-quarter ROCE change history
- CNR: 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 | Jun 2026 —
- ARLP: 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 +3.9 pp | Dec 2025 +3.1 pp | Mar 2026 — | Jun 2026 —
- BTU: 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 | Jun 2026 −1.4 pp
- NRP: 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 | Jun 2026 —
- NC: 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 | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: NACCO Industries, Inc. has the lowest comparable PEG at 0.14×, 0% below Natural Resource Partners L.P.. Only 2 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: 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 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. 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): 11.7
2. Peabody Energy Corporation (BTU): 13.0
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 PEG history
- CNR: 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 — | Jun 2026 —
- NRP: 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 — | Jun 2026 —
- NC: 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 —

### 20-quarter P/E history
- CNR: 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 — | Jun 2026 —
- ARLP: 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 13.5 | Dec 2025 9.7 | Mar 2026 14.6 | Jun 2026 11.7
- BTU: 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 13.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NRP: 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 | Jun 2026 —
- NC: 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 | 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.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Core Natural Resources, Inc. (CNR) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Alliance Resource Partners, L.P. (ARLP) — market value ₹3.3K Cr; latest fundamentals Jun 2026
- Peabody Energy Corporation (BTU) — market value ₹2.7K Cr; latest fundamentals Jun 2026
- Natural Resource Partners L.P. (NRP) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- NACCO Industries, Inc. (NC) — market value ₹360 Cr; latest fundamentals Mar 2026

## 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 Thermal Coal sector outperforming S&P 500?

Thermal Coal has underperformed S&P 500 by 4.2% over 52 weeks and 8.8% 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 3 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 3 of 5 comparable companies.

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

Alliance Resource Partners, L.P. ranks first at 63.4/100 with 51% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

NACCO Industries, Inc. has the lowest comparable PEG at 0.14, among 2 of 5 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Thermal 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 Thermal Coal company is the biggest?

Core Natural Resources, Inc. is the largest, with trailing-twelve-month revenue of $4,231 million, ahead of NACCO Industries, Inc. at $275 million. That covers 3 of 5 companies with comparable reporting through Mar 2026.

### 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 3 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?

Alliance Resource Partners, L.P. leads on return on capital employed at 7.2%, 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 Thermal Coal stock is the cheapest?

On PEG — where a LOWER number is cheaper — NACCO Industries, Inc. screens cheapest at 0.14×. Only 2 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 Thermal Coal sector beating the market?

Thermal Coal has underperformed S&P 500 by 4.2% over the last 52 weeks and 8.8% 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 63.4 out of 100 with 51% evidence confidence, from 18.4 points on growth and earnings, 15.2 on capital efficiency, 11.5 on valuation and 18.3 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, 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 Thermal Coal sector?

The 5 Thermal Coal companies on this page carry $11,767 million of combined market value. Core Natural Resources, Inc. is the largest at $4,090 million, about 35% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 2026-08-04.

### 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 4.2% 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 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 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.