Cnx Resources Corp

CNX

Crude Petroleum & Natural Gas

Mkt Cap

$3.87B

PE

3.80

Debt

$2.595B

Cash

$1.988M

EV

$6.463B

FCF

$73.36M

Market Cap

$3.87B

P/E Ratio

3.80

Debt

$2.595B

Cash

$1.988M

EV

$6.463B

FCF

$73.36M

Charts data: {"Earnings":[{"time":"2014-12-30","value":163090000},{"time":"2015-12-30","value":-374885000},{"time":"2016-12-30","value":-848102000},{"time":"2017-12-30","value":380747000},{"time":"2018-12-30","value":796533000},{"time":"2019-12-30","value":-80730000},{"time":"2020-12-30","value":-483775000},{"time":"2021-12-30","value":-498643000},{"time":"2022-12-30","value":-142077000},{"time":"2023-12-30","value":1720716000}],"Sales":[{"time":"2014-12-30","value":3726804000},{"time":"2015-12-30","value":3114401000},{"time":"2016-12-30","value":2026375000},{"time":"2017-12-30","value":1455131000},{"time":"2018-12-30","value":1730434000},{"time":"2019-12-30","value":1922449000},{"time":"2020-12-30","value":1257978000},{"time":"2021-12-30","value":756792000},{"time":"2022-12-30","value":1261211000},{"time":"2023-12-30","value":3434948000}],"Net Margins":[{"time":"2014-12-30","value":0.043761356916006314},{"time":"2015-12-30","value":-0.12037146147846729},{"time":"2016-12-30","value":-0.4185316143359447},{"time":"2017-12-30","value":0.2616582287093052},{"time":"2018-12-30","value":0.46030822325497533},{"time":"2019-12-30","value":-0.041993311656121954},{"time":"2020-12-30","value":-0.3845655488410767},{"time":"2021-12-30","value":-0.6588904216746477},{"time":"2022-12-30","value":-0.11265125343816379},{"time":"2023-12-30","value":0.5009438279706127}],"Assets":[{"time":"2014-12-30","value":11759530000},{"time":"2015-12-30","value":10929902000},{"time":"2016-12-30","value":9183981000},{"time":"2017-12-30","value":6931913000},{"time":"2018-12-30","value":8592170000},{"time":"2019-12-30","value":9060806000},{"time":"2020-12-30","value":8041764000},{"time":"2021-12-30","value":8100751000},{"time":"2022-12-30","value":8515773000},{"time":"2023-12-30","value":8626657000}],"Stockholders Equity":[{"time":"2014-12-30","value":5329458000},{"time":"2015-12-30","value":4855776000},{"time":"2016-12-30","value":3940888000},{"time":"2017-12-30","value":3899899000},{"time":"2018-12-30","value":5081743000},{"time":"2019-12-30","value":4962309000},{"time":"2020-12-30","value":4422437000},{"time":"2021-12-30","value":3700273000},{"time":"2022-12-30","value":2950461000},{"time":"2023-12-30","value":4361017000}],"ROE":[{"time":"2014-12-30","value":0.030601610895516954},{"time":"2015-12-30","value":-0.07720393197709285},{"time":"2016-12-30","value":-0.2152058114820822},{"time":"2017-12-30","value":0.09762996426317708},{"time":"2018-12-30","value":0.15674405415622158},{"time":"2019-12-30","value":-0.01626863623365655},{"time":"2020-12-30","value":-0.10939104389729011},{"time":"2021-12-30","value":-0.13475843539111845},{"time":"2022-12-30","value":-0.048154169806006585},{"time":"2023-12-30","value":0.39456759742050995}],"ROA":[]}

CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers. The company owns rights to extract natural gas in Pennsylvania, West Virginia, and Ohio, as well as rights to extract natural gas from other shale and shallow oil and gas positions in Illinois, Indiana, New York, and Virginia. It also owns rights to extract CBM in Virginia, West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico. In addition, the company designs, builds, and operates natural gas gathering systems to move gas from the wellhead to interstate pipelines or other local sales points; owns and operates approximately 2,600 miles of natural gas gathering pipelines, as well as various natural gas processing facilities. It also offers turn-key solutions for water sourcing, delivery, and disposal for its natural gas operations and for third parties. The company was formerly known as CONSOL Energy Inc. and changed its name to CNX Resources Corporation in November 2017. CNX Resources Corporation was founded in 1860 and is headquartered in Canonsburg, Pennsylvania.

Sector

10-Q
9/30/23
10-Q
6/30/23
10-Q
3/31/23
10-K
12/31/22
10-Q
9/30/22
10-Q
6/30/22
10-Q
3/31/22
10-K
12/31/21
10-Q
9/30/21
10-Q
6/30/21
10-Q
3/31/21
10-K
12/31/20
10-Q
9/30/20
10-Q
6/30/20
10-Q
3/31/20
10-K
12/31/19
10-Q
9/30/19
10-Q
6/30/19
10-Q
3/31/19
10-K
12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Cnx Resources Corp

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$73.36M	$86.11M	$99.91M	$114.5M	$129.7M	$145.1M	$160.4M	$175M	$188.6M	$200.6M	$210.7M	$2.107B
DCF		$74.88M	$75.54M	$75.31M	$74.17M	$72.16M	$69.34M	$65.81M	$61.66M	$57.04M	$52.08M	$520.8M
Value	$1.199B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 24%

Earnings Stability -40%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Data are missing

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-12%	-42%	26%	46%	-4.2%	-38%	-66%	-11%	50%	40%
ROA	-	-	-	-	-	-	-	-	-	-
ROE	-7.7%	-22%	9.8%	16%	-1.6%	-11%	-13%	-4.8%	39%	24%

What is the average Net Margin?

The average Net Margin over the past 5 years is -3.95%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -0.81%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +4.05%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +3.05%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-7.16	11.44	139.79	-10.40	-13.08	8.38	5.04	3.34	18.96	35.37
Debt Equity	0.76	0.70	0.57	0.47	0.56	0.58	0.63	0.76	0.59	0.60
MIN
Graham Stability	-	-	-	-	-74%	-130%	-640%	-	-	-640%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 35.37.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 5.51.

What is the Graham’s Stability?

Graham’s Stability measure stands at -6.45.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Data are missing

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	7.8%	15%	40%	170%	16%
Net Income	-	17%	-	-	-
Stockholders Equity	1.5%	-3%	-0.47%	48%	2.5%
FCF	-8%	-	-24%	-80%	12%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +14.7%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +16.39%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +16.65%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -3.01%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +2.51%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +11.57%.