Latest Ratios: P/E Ratio 8.4x · EV/EBITDA 5.3x · ROE 15.0%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.7B | $5.9B | $5.5B | $3.8B | $3.2B | $3.0B | $2.2B | $1.7B | $2.5B | $3.4B | $4.2B |
| Enterprise Value | $7.2B | $8.3B | $7.8B | $6.2B | $5.6B | $5.2B | $4.7B | $4.6B | $4.8B | $5.1B | $6.9B |
| P/E Ratio → | 8.35 | 9.24 | — | 2.22 | — | — | — | 52.06 | 3.08 | 8.87 | — |
| P/S Ratio | 2.20 | 2.75 | 4.12 | 2.63 | 0.81 | 1.25 | 1.98 | 1.09 | 1.40 | 2.82 | 4.93 |
| P/B Ratio | 1.23 | 1.36 | 1.35 | 0.88 | 1.08 | 0.80 | 0.49 | 0.34 | 0.48 | 0.87 | 1.06 |
| P/FCF | 8.84 | 11.04 | 20.14 | 28.41 | 4.77 | 6.45 | 6.99 | — | — | 213.30 | 17.25 |
| P/OCF | 4.59 | 5.73 | 6.80 | 4.71 | 2.58 | 3.21 | 2.71 | 1.72 | 2.77 | 5.21 | 8.91 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.90 | 5.81 | 4.24 | 1.42 | 2.20 | 4.30 | 2.99 | 2.75 | 4.24 | 8.13 |
| EV / EBITDA | 5.27 | 6.13 | 6.87 | 5.11 | 1.55 | 2.33 | 4.35 | 2.57 | 3.01 | 4.83 | 11.38 |
| EV / EBIT | 9.11 | 8.57 | 2087.37 | 2.77 | — | — | 137.60 | 25.09 | 9.33 | 105.73 | — |
| EV / FCF | — | 15.63 | 28.40 | 45.90 | 8.30 | 11.38 | 15.19 | — | — | 320.95 | 28.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.2% | 47.2% | 59.9% | 62.5% | 83.0% | 78.3% | 58.4% | 66.7% | 71.8% | 53.8% | 35.8% |
| Operating Margin | 36.8% | 36.8% | 48.5% | 53.4% | 79.7% | 72.7% | 47.0% | 54.5% | 63.5% | 42.0% | 21.9% |
| Net Profit Margin | 29.6% | 29.6% | -6.7% | 117.6% | -3.6% | -20.9% | -44.6% | -5.2% | 45.4% | 31.8% | -100.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.0% | 15.0% | -2.1% | 47.1% | -4.3% | -12.3% | -10.3% | -1.6% | 17.7% | 9.7% | -19.3% |
| ROA | 7.2% | 7.2% | -1.1% | 20.1% | -1.7% | -6.2% | -5.7% | -0.9% | 10.3% | 4.7% | -8.4% |
| ROIC | 9.0% | 9.0% | 7.5% | 9.7% | 41.6% | 20.1% | 5.2% | 8.2% | 12.8% | 6.2% | 1.8% |
| ROCE | 10.3% | 10.3% | 8.6% | 10.4% | 43.6% | 23.5% | 6.3% | 10.1% | 15.3% | 6.8% | 2.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.57 | 0.57 | 0.56 | 0.54 | 0.81 | 0.61 | 0.57 | 0.59 | 0.47 | 0.57 | 0.70 |
| Debt / EBITDA | 1.80 | 1.80 | 2.01 | 1.95 | 0.67 | 1.01 | 2.36 | 1.64 | 1.49 | 2.10 | 4.58 |
| Net Debt / Equity | — | 0.57 | 0.56 | 0.54 | 0.80 | 0.61 | 0.57 | 0.59 | 0.47 | 0.44 | 0.69 |
| Net Debt / EBITDA | 1.80 | 1.80 | 2.00 | 1.95 | 0.66 | 1.01 | 2.35 | 1.63 | 1.48 | 1.62 | 4.48 |
| Debt / FCF | — | 4.59 | 8.26 | 17.49 | 3.54 | 4.93 | 8.19 | — | — | 107.65 | 11.19 |
| Interest Coverage | 5.71 | 5.71 | 0.02 | 15.63 | -0.48 | -3.20 | 0.20 | 1.21 | 3.55 | 0.30 | -2.41 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.44 | 0.44 | 0.33 | 0.51 | 0.44 | 0.48 | 0.62 | 0.94 | 0.96 | 1.93 | 0.67 |
| Quick Ratio | 0.41 | 0.41 | 0.32 | 0.49 | 0.42 | 0.48 | 0.60 | 0.93 | 0.94 | 1.91 | 0.60 |
| Cash Ratio | 0.00 | 0.00 | 0.02 | 0.00 | 0.02 | 0.00 | 0.04 | 0.03 | 0.03 | 1.15 | 0.06 |
| Asset Turnover | — | 0.24 | 0.16 | 0.17 | 0.46 | 0.29 | 0.14 | 0.17 | 0.20 | 0.17 | 0.09 |
| Inventory Turnover | 43.15 | 43.15 | 37.03 | 27.67 | 24.55 | 84.22 | 46.72 | 73.60 | 51.02 | 51.54 | 8.32 |
| Days Sales Outstanding | — | 55.52 | 53.54 | 33.44 | 32.99 | 51.93 | 50.51 | 49.54 | 85.88 | 72.26 | 75.62 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 0.1% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.0% | 10.8% | — | 45.0% | — | — | — | 1.9% | 32.5% | 11.3% | — |
| FCF Yield | 11.3% | 9.1% | 5.0% | 3.5% | 21.0% | 15.5% | 14.3% | — | — | 0.5% | 5.8% |
| Buyback Yield | 11.1% | 8.9% | 3.3% | 8.3% | 17.7% | 8.3% | 1.8% | 7.3% | 15.8% | 3.3% | 0.0% |
| Total Shareholder Yield | 11.1% | 8.9% | 3.3% | 8.3% | 17.7% | 8.3% | 1.8% | 7.3% | 15.8% | 3.3% | 0.1% |
| Shares Outstanding | — | $160M | $151M | $192M | $190M | $216M | $199M | $191M | $215M | $231M | $229M |
Thin liquidity buffer
Based on current market data, CNX trades at a TTM P/E of 8.47 and an EV/EBITDA of 5.32, suggesting that investors are applying a discount to the company's integrated model compared to broader Appalachian peers like EQT Corporation and Range Resources.
The lack of a reported PEG ratio and the forward P/E of 10.78 indicate that the market remains skeptical of the company's long-term earnings trajectory amidst volatile natural gas pricing. This valuation appears to reflect a cautious stance on the sustainability of current margins rather than a premium for the company's unique midstream and methane abatement assets.
As reported in recent quarterly filings, CNX's ROIC has struggled to gain traction, hovering near 2.1% in 2025Q4, which suggests that the company's massive investment in gathering infrastructure has yet to yield the compounding returns typically expected from a vertically integrated energy producer.
The persistent gap between ROIC and the company's cost of capital warrants further investigation into whether the high DD&A associated with its legacy asset base is permanently depressing returns. Investors should monitor whether the shift toward methane abatement can eventually drive a structural improvement in capital efficiency.
According to the provided financial data, the company's cash conversion cycle has shown extreme volatility, swinging from negative 68 days in 2023Q4 to 10 days in 2025Q4, reflecting a highly aggressive approach to managing payables and receivables within its integrated midstream and production segments.
The rapid fluctuation in the CCC suggests that CNX may be utilizing its supplier leverage to manage short-term cash needs, which may not be sustainable over the long term. This operational variability complicates the assessment of true working capital efficiency compared to more stable, pure-play E&P peers.
Based on the most recent quarterly balance sheet, CNX maintains a current ratio of 0.44 and a nominal cash balance of $779,000, which appears exceptionally low for an industrial energy firm and leaves the company with minimal margin for error during unexpected operational or market-driven liquidity events.
This liquidity position is likely a deliberate outcome of aggressive share repurchases, which may prioritize short-term per-share metrics over balance sheet resilience. Such a strategy warrants close monitoring, as any sudden margin call on commodity hedges could force the company to rely on external financing or asset divestitures.
The P/E ratio is the most commonly misapplied metric for CNX, as it fails to account for the non-cash DD&A charges and mark-to-market hedging adjustments that significantly distort reported earnings in an integrated midstream and production business model.
Analysts should instead focus on EV/EBITDA or a sum-of-the-parts valuation to better capture the value of the company's 2,600 miles of gathering pipelines. Relying on P/E likely leads to an undervaluation of the stable, fee-like cash flows generated by the midstream assets, which deserve a higher multiple than volatile commodity production.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying CNX stock.
CNX Resources Corporation's current P/E ratio is 8.4x. The historical average is 22.9x. This places it at the 10th percentile of its historical range.
CNX Resources Corporation's current EV/EBITDA is 5.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.1x.
CNX Resources Corporation's return on equity (ROE) is 15.0%. The historical average is 24.6%.
Based on historical data, CNX Resources Corporation is trading at a P/E of 8.4x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CNX Resources Corporation has 47.2% gross margin and 36.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CNX Resources Corporation's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.