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We are a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and thermal coals. We play an essential role in meeting the world s growing need for energy, steel, cement and other infrastructure solutions.
The business is unprofitable at the operating level (-4.37% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 86.2%, still solid. Margins contracted 20.1pp, which offsets some of the top-line progress.
Free cash flow declined 93% versus the prior year, cash generation momentum has weakened. ROIC dropped from 18.28% to -4.83%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$4.23B
▲ +86.2% YoY
Net Income (TTM)
-$63M
▼ -153.5% YoY
Op. Margin
-2.26%
▼ -20.1pp YoY
ROIC
-1.80%
▼ -23.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$242M
▼ -92.9% YoY
Op. Cash Flow (TTM)
$535M
▼ -35.8% YoY
Net Debt
$174M
Cash & Equiv.
$413M
5Y CAGR: +32.5%
5Y CAGR: -13.3%
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