CNX
CNX Resources Corporation
CNX's fundamentals are strong: revenue grew 47% and its operating margin rose 21 points to 43%, though free cash flow fell 16%. At 5.9x earnings, it's trading above its usual 5.2x. Analysts expect that strong growth to continue, though they disagree widely on how much.
CNX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Healthy |
CNX's revenue, profitability, cash flow and balance sheet are all currently healthy.
CNX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.2x | $13.80 | -62% |
| Fair | 5.2x | $32.21 | -12% |
| Current | 5.9x | $36.40 | — |
| Forward | 9.7x | $36.40 | — |
| Expensive | 13x | $82.63 | +127% |
Historical ranges are pointers, not guarantees.
CNX's PE is in its fair range at 5.9x. On analysts' estimates for next year's earnings, today's price would be 9.7x, in its expensive range.
CNX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CNX, with profitability improving. However, they disagree widely on these estimates.
CNX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.74 | -40% |
| Q3 2026 | $6.20 | +311% |
| Q2 2026 | $6.29 | +839% |
| Q1 2026 | $7.50 | +$9.48 |
| Q4 2025 | $3.98 | +$4.58 |
| Q3 2025 | $1.51 | -51% |
| Q2 2025 | $0.67 | -76% |
| Q1 2025 | -$1.98 | -137% |
| Q4 2024 | -$0.60 | -107% |
CNX's earnings per share have fallen from their peak: $6.20 over the past year, against $12.20 in late 2023.
CNX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $580M | -0.7% |
| Q2 2026 | $618.5M | -36% |
| Q1 2026 | $786.7M | +855% |
| Q4 2025 | $610.5M | +347% |
| Q3 2025 | $583.8M | +38% |
| Q2 2025 | $962.4M | +199% |
| Q1 2025 | $82.4M | -79% |
| Q4 2024 | $136.6M | -86% |
CNX's revenue is growing: $580M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 38% | -7.7 points |
| Q2 2026 | 38% | -23 points |
| Q1 2026 | 54% | +386 points |
| Q4 2025 | 37% | +179 points |
| Q3 2025 | 46% | +26 points |
| Q2 2025 | 61% | +66 points |
| Q1 2025 | -331% | -333 points |
| Q4 2024 | -142% | -208 points |
CNX's operating margin was 38% last quarter, down 7.7 points from the same quarter a year ago.
CNX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $114.4M | -28% |
| Q2 2026 | $137.5M | -19% |
| Q1 2026 | $107.6M | +28% |
| Q4 2025 | $122.6M | -25% |
| Q3 2025 | $158.2M | +186% |
| Q2 2025 | $168.9M | +324% |
| Q1 2025 | $84.2M | +399% |
| Q4 2024 | $163.3M | +206% |
CNX generated $482M in free cash flow over the past year, down 16% from the year before.
CNX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -4.1% | -6.3M shares |
| 1 year | -12% | -20M shares |
| 3 years | -24% | -45.4M shares |
| 5 years | -26% | -51.1M shares |
CNX has 148M diluted shares, down 12% from a year ago, with $535M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $180.2M |
| Q2 2026 | $200.4M |
| Q1 2026 | $54M |
| Q4 2025 | $100.3M |
| Q3 2025 | $182.4M |
| Q2 2025 | $115.7M |
| Q1 2025 | $125.1M |
| Q4 2024 | $25M |
CNX spent $535M buying back its own shares over the past year, up 19% from the year before.
CNX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.1x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 2.7x | Moderate |
| Q2 2025 | 3.6x | Elevated |
| Q1 2025 | 28.3x | High |
| Q4 2024 | 5.9x | High |
CNX's net debt is about 1.4 years of its operating earnings (EBITDA), down from 2.7 years a year ago.
CNX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.1 | Neutral |
| Stochastic | 66.8 | Neutral |
CNX's weekly RSI is 53 (neutral) and its Stochastic is 67 (neutral).
CNX PE vs Energy Sector
| Metric | CNX | Sector median | Relative |
|---|---|---|---|
| PE | 5.9x | 13x | 55% below |
| PE % | 59 | 61 | 2 pts below |
CNX is trading at 5.9x earnings, a 55% discount to the Energy sector's median of 13x.
CNX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $35.0 | 4.1% above |
| 20 week MA | $34.9 | 4.2% above |
| 50 week MA | $36.6 | 0.5% below |
| 100 week MA | $34.1 | 6.7% above |
| 200 week MA | $28.5 | 28% above |
CNX's trend is mixed: it's above four of its five weekly moving averages, and 28% above its 200-week average.
CNX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.32 | $11.5 | +38% |
| 2021 | $11.5 | $14.0 | +22% |
| 2022 | $14.0 | $17.1 | +22% |
| 2023 | $17.1 | $20.0 | +17% |
| 2024 | $20.0 | $36.6 | +83% |
| 2025 | $36.6 | $36.6 | 0% |
| 2026 YTD | $36.6 | $36.4 | -0.6% |
CNX has finished higher in five of the last six years. It's down 0.6% so far in 2026.