Alpha Metallurgical Resources, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Alpha Metallurgical Resources, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,650	2,031	2,001	1,416	2,259	4,102	3,471	2,957	2,129
Cost of revenue	1,327	1,661	1,668	1,281	1,678	2,286	2,356	2,452	1,925
Gross profit	323	370	334	135	581	1,816	1,115	506	205
Selling, general and administrative	67.5	59.3	79	57.4	63.9	71.6	82.4	74	60.2
Operating income	182	194	-169	-171	359	1,581	863	228	-61.4
Interest expense	36	38.8	67.5	74.5	69.7	21.8	6.92	3.81	3.02
Interest income	0.21	1.95	7.25	7.03	0.34	3.19	11.9	18.2	15.5
Other non-operating income	-76.6	-56.3	-104	-72.9	-67	-26.1	-17.6	-17.1	-26.1
Pre-tax income	106	137	-273	-244	292	1,555	845	211	-87.5
Income tax	-68	-165	-53.3	-2.16	3.41	106	124	23.2	-25.8
Income from continuing operations	174	303	-220	-241	289	1,449	722
Net income	155	299	-316	-447	289	1,449	722	188	-61.7
EBITDA					469	1,688	1,000	395	113
EPS, basic	15.12	27.28	-16.82	-24.42	15.66	82.82	51.18	14.41	-4.75
EPS, diluted	14.35	25.54	-16.82	-24.42	15.30	79.49	49.30	14.28	-4.75
Shares, basic (weighted)	10.2	11	18.8	18.3	18.4	17.5	14.1	13	13
Shares, diluted (weighted)	10.8	11.7	18.8	18.3	18.9	18.2	14.6	13.1	13
Dividend per share						6.19	1.94

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	142	234	213	139	81.2	302	268	482	366
Short-term investments					0	46.1	0	0	49.6
Receivables	127	293	224	146	489	407	510	362	279
Inventory	69.6	122	151	108	129	201	231	169	193
Other current assets	83.8	159	77.7	106	35.8	49.4	39.1	23.7	31.1
Total current assets	463	830	711	510	748	1,114	1,048	1,037	918
Property, plant and equipment	180	700	583	364	362	443	589	635	622
Lease right-of-use assets		0	7.3	5.67	5	4.49	4.04	3.56	5.34
Goodwill	0	95.6	0		0	10.7	11.1	11.1	11.1
Intangible assets	18.5	155	124	88.2	74.2	55.1	46.6	39.9	34.5
Other non-current assets	31.6	184	189	149	109	103	106	112	120
Total assets	837	2,746	2,303	1,680	1,858	2,312	2,406	2,439	2,281
Accounts payable	76.3	115	82.7	58.4	90.1	106	129	96.6	66.2
Accrued liabilities	58.8	149	139	140	53.6	69.5	62.8	48.6	46.7
Deferred revenue			0	13.2	0
Short-term debt		42.7	28.5	28.8	2.99	3.08	3.58	2.92	3.58
Total current liabilities	242	355	315	259	296	403	310	251	206
Long-term debt	362	545	564	554	446	7.9	6.79	2.87	9.84
Lease liabilities		0	5.9	5.08	4.46	3.88	3.47	2.97	4.65
Other non-current liabilities	17.6	52.4	26.8	28.1	26.2	20.2	18.6	21.4	21.3
Total liabilities	744	1,675	1,607	1,480	1,311	883	832	789	735
Total debt	362	633	623	600	455	6.18	5.1	1.79	3.86
Paid-in capital	40.6	761	776	779	785	815	834	840	852
Retained earnings	104	403	86.8	-361	-71.7	1,275	1,970	2,156	2,095
Treasury stock	-50.1	-70.4	-108	-107	-108	-649	-1,190	-1,297	-1,341
Other comprehensive income	-1.95	-23.1	-58.6	-112	-58.5	-12.2	-40.6	-50.1	-60.4
Shareholders' equity	92.6	1,071	696	200	547	1,430	1,574	1,649	1,545
Total equity	92.6	1,071	696	200	547	1,430	1,574	1,649	1,545
Total liabilities and equity	837	2,746	2,303	1,680	1,858	2,312	2,406	2,439	2,281
Shares outstanding	9.9	19.1	18.2	18.3	18.4	15.6	12.9	13	12.8

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	155	299	-316	-447	289	1,449	722	188	-61.7
Depreciation and amortization					110	108	137	167	175
Stock-based compensation	20.4	13.4	12.4	4.9	5.32	7.48	19	12.3	13.6
Deferred income tax	-78.7	-66.7	-12.1	33.1	-0.16	-14.5	39.7	5.56	-23.7
Change in receivables	34.8	-84.1	47.4	91.2	-336	82.8	-102	145	83.4
Change in inventory	0.44	33.2	-40.7	48.7	-21.3	-63.2	-27.9	64.2	-21.5
Change in payables	6.1	-7.08	-28.1	-28.6	25.2	3.72	15.7	-19.3	-29.1
Cash from operations	314	158	132	129	175	1,484	851	580	145
Capital expenditures	-72.7	-81.9	-160	-120	-83.3	-164	-245	-199	-127
Acquisitions				0	0	-24.9	-11.9	0	0
Purchases of investments	-0.41	-3.28	-92.9	-21.1	-18	-269	-207	-48.7	-106
Sales and maturities of investments	0	3.36	100	16.7	13.3	149	321	48	67.2
Cash from investing	-121	102	-192	-210	-89.9	-329	-166	-231	-204
Debt issued	396	538	545	57.5	0	0
Debt repaid	-370	-472	-553	-76.5	-119	-451	-2.31	-2.24	-1.97
Share buybacks	-49.9	-20.3	-37.6	-0.21	-0.79	-522
Dividends paid	-101	0	0	0	0	-13.4	-26.8	-3.08	-0.42
Cash from financing	-170	22.7	-69.7	-22.4	-147	-982	-656	-129	-52.2
Net change in cash	22.7	283	-130	-103	-62	173	28.7	220	-111
Free cash flow	242	76.5	-28.6	9.66	91.6	1,320	606	381	17.8
Interest paid	40.6	27.3	51.9	49.3	63.1	25.9	5.21	2.66	1.87
Income taxes paid	13.3	0.04	3.04	0.01	0.18	140	79.2	8.38	2.12

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $174.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	10.0%	Gross profit / revenue.
Operating margin	-2.2%	Operating income / revenue.
EBITDA margin	5.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.4%	Pre-tax income / revenue.
Net margin	-2.2%	Net income / revenue.
FCF margin	-0.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.7%	Cash from operations / revenue.
Return on equity (ROE)	-3.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.0%	Net income / average total assets.
Return on invested capital (ROIC)	-3.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.8%	Capital expenditures / revenue.
D&A / revenue	7.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-28.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-19.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-59.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-51.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-126.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-71.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-59.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-132.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-133.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-75.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-53.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-95.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-76.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	50.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-10.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.41x	Current assets / current liabilities.
Quick ratio	2.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.34x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.1%	Total debt / total assets.
Liabilities / assets	33.6%	Total liabilities / total assets.
Net debt	-$335.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.87x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-13.6x	Operating income / interest expense.
Working capital	$609.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.47B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.92x	Revenue / average total assets.
Fixed asset turnover	3.24x	Revenue / average property, plant and equipment.
Inventory turnover	7.08x	Cost of revenue / average inventory.
Days inventory	52 days	365 x average inventory / cost of revenue.
Receivables turnover	8.96x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	75 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	101.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$162.43	Revenue / diluted weighted shares.
FCF per share	-$0.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.89	Cash from operations / diluted weighted shares.
Book value per share	$118.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$115.57	Tangible book value / shares outstanding.
Cash per share	$26.68	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.21B	Share price x shares outstanding.
Enterprise value	$1.88B	Market cap + total debt - cash - short-term investments.
P/S	1.07x	Market cap / revenue.
P/B	1.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.51x	Market cap / tangible book value, when positive.
P/OCF	16.0x	Market cap / cash from operations, when positive.
EV/Sales	0.91x	Enterprise value / revenue.
EV/EBITDA	16.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.1%	Free cash flow / market cap.
Earnings yield	-2.1%	Net income / market cap (the inverse of P/E).

What was Alpha Metallurgical Resources, Inc.'s revenue in fiscal 2025?

Alpha Metallurgical Resources, Inc. reported revenue of $2.13B for fiscal 2025, 28% lower than the year before.

Was Alpha Metallurgical Resources, Inc. profitable in fiscal 2025?

No. It reported a net loss of $61.7M.

How much free cash flow did Alpha Metallurgical Resources, Inc. generate in fiscal 2025?

Cash from operations of $144.9M minus capital expenditures of $127.2M left free cash flow of $17.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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