/
SunCoke Energy, Inc. ( SunCoke Energy, SunCoke, Company, we, our and us ) is the largest independent producer of high-quality coke in the Americas, as measured by tons of coke produced each year, and has more than 65 years of coke production experience. Coke is produced by heating metallurgical coal in a refractory oven, which releases certain volatile components from the coal, thus tr…
The business is unprofitable at the operating level (-2.42% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.1% YoY. Margins deteriorated 10.3pp alongside, both lines moving the wrong way.
Free cash flow declined 56% versus the prior year, cash generation momentum has weakened. ROIC dropped from 11.04% to -2.82%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.86B
▼ -5.1% YoY
Net Income (TTM)
-$66M
▼ -146.1% YoY
Op. Margin
-3.78%
▼ -10.3pp YoY
ROIC
-4.33%
▼ -13.9pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$42M
▼ -55.9% YoY
Op. Cash Flow (TTM)
$156M
▼ -35.4% YoY
Net Debt
$563M
Cash & Equiv.
$104M
5Y CAGR: +6.6%
5Y CAGR: -12.8%
Continue Research