Latest Ratios: P/E Ratio 20.1x · EV/EBITDA N/A · ROE 4.2%. (1996–2025 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 | $353M | $367M | $221M | $273M | $280M | $261M | $186M | $328M | $236M | $259M | $142M |
| Enterprise Value | $414M | $428M | $259M | $233M | $197M | $205M | $155M | $243M | $162M | $215M | $196M |
| P/E Ratio → | 20.14 | 20.87 | 6.55 | — | 3.78 | 5.42 | 12.52 | 8.27 | 6.78 | 8.54 | 4.79 |
| P/S Ratio | 1.27 | 1.32 | 0.93 | 1.27 | 1.16 | 1.36 | 1.45 | 2.33 | 1.74 | 2.47 | 0.17 |
| P/B Ratio | 0.83 | 0.85 | 0.55 | 0.71 | 0.66 | 0.74 | 0.62 | 1.13 | 0.94 | 1.18 | 0.64 |
| P/FCF | — | — | — | — | 11.11 | 7.32 | — | 11.67 | 7.00 | 10.11 | 1.82 |
| P/OCF | 6.93 | 7.21 | 9.92 | 5.01 | 4.14 | 3.48 | — | 6.22 | 4.32 | 6.26 | 1.51 |
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 | — | 1.55 | 1.09 | 1.08 | 0.81 | 1.07 | 1.21 | 1.72 | 1.19 | 2.05 | 0.23 |
| EV / EBITDA | — | — | 4.29 | — | 2.03 | 2.62 | 4.90 | 4.41 | 2.77 | 4.72 | 3.58 |
| EV / EBIT | — | — | 6.60 | — | 2.19 | 3.51 | 9.92 | 5.48 | — | 6.62 | — |
| EV / FCF | — | — | — | — | 7.80 | 5.76 | — | 8.63 | 4.80 | 8.41 | 2.52 |
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 | 13.9% | 13.9% | 12.5% | 6.8% | 28.1% | 22.6% | 13.2% | 22.1% | 22.1% | 16.1% | 24.0% |
| Operating Margin | -14.5% | -14.5% | 15.0% | -32.7% | 29.0% | 28.9% | 10.5% | 27.5% | 32.2% | 31.3% | 4.9% |
| Net Profit Margin | 6.3% | 6.3% | 14.2% | -18.4% | 30.7% | 25.1% | 11.5% | 28.1% | 25.7% | 29.0% | 3.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.2% | 4.2% | 8.6% | -9.8% | 19.0% | 14.7% | 5.0% | 14.7% | 14.8% | 13.8% | 14.1% |
| ROA | 2.7% | 2.7% | 5.8% | -7.1% | 13.8% | 9.8% | 3.2% | 9.6% | 9.1% | 5.7% | 4.5% |
| ROIC | -6.4% | -6.4% | 6.8% | -15.3% | 16.4% | 14.7% | 4.3% | 15.3% | 18.6% | 10.9% | 10.6% |
| ROCE | -6.9% | -6.9% | 6.9% | -14.1% | 14.2% | 12.5% | 3.3% | 10.8% | 13.0% | 8.4% | 9.2% |
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 | 0.26 | 0.26 | 0.27 | 0.12 | 0.06 | 0.09 | 0.19 | 0.13 | 0.04 | 0.26 | 0.61 |
| Debt / EBITDA | — | — | 1.83 | — | 0.28 | 0.39 | 1.83 | 0.68 | 0.19 | 1.28 | 2.46 |
| Net Debt / Equity | — | 0.14 | 0.09 | -0.11 | -0.20 | -0.16 | -0.10 | -0.30 | -0.30 | -0.20 | 0.25 |
| Net Debt / EBITDA | — | — | 0.62 | — | -0.86 | -0.71 | -0.98 | -1.55 | -1.27 | -0.95 | 0.99 |
| Debt / FCF | — | — | — | — | -3.31 | -1.56 | — | -3.04 | -2.20 | -1.70 | 0.70 |
| Interest Coverage | -6.97 | -6.97 | 7.04 | -25.08 | 44.13 | 34.07 | 11.53 | 50.77 | -11.43 | 9.46 | -0.55 |
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 | 3.09 | 3.09 | 4.08 | 3.31 | 5.88 | 4.41 | 3.60 | 3.24 | 3.89 | 3.28 | 1.72 |
| Quick Ratio | 2.17 | 2.17 | 2.62 | 2.21 | 4.27 | 3.24 | 2.69 | 2.59 | 3.15 | 2.72 | 1.01 |
| Cash Ratio | 0.71 | 0.71 | 1.12 | 1.22 | 2.50 | 1.87 | 1.69 | 1.98 | 2.02 | 1.88 | 0.36 |
| Asset Turnover | — | 0.42 | 0.38 | 0.40 | 0.43 | 0.38 | 0.27 | 0.32 | 0.36 | 0.27 | 1.28 |
| Inventory Turnover | 3.75 | 3.75 | 2.20 | 2.60 | 2.43 | 2.74 | 2.34 | 2.71 | 3.38 | 2.93 | 4.13 |
| Days Sales Outstanding | — | 65.61 | 85.22 | 76.96 | 91.00 | 88.14 | 117.30 | 56.58 | 77.69 | 120.29 | 8.86 |
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 | 2.1% | 2.0% | 3.0% | 2.4% | 2.1% | 2.2% | 2.9% | 1.6% | 1.9% | 2.6% | 5.1% |
| Payout Ratio | 41.7% | 41.7% | 19.6% | — | 8.1% | 11.7% | 36.3% | 12.9% | 13.2% | 22.0% | 24.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 4.8% | 15.3% | — | 26.5% | 18.4% | 8.0% | 12.1% | 14.7% | 11.7% | 20.9% |
| FCF Yield | — | — | — | — | 9.0% | 13.7% | — | 8.6% | 14.3% | 9.9% | 54.8% |
| Buyback Yield | 0.7% | 0.7% | 4.5% | 1.1% | 0.0% | 0.0% | 0.5% | 0.9% | 0.5% | 0.0% | 4.3% |
| Total Shareholder Yield | 2.8% | 2.7% | 7.5% | 3.5% | 2.1% | 2.2% | 3.4% | 2.5% | 2.5% | 2.6% | 9.4% |
| Shares Outstanding | — | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M |
Contractual and regulatory dependency
According to recent market data, NC trades at a forward P/E of 1.78, which, when compared to its TTM P/E of 22.00, suggests that investors are pricing in a significant, albeit potentially optimistic, recovery in earnings power that may not materialize given current operational volatility.
The extreme divergence between trailing and forward multiples indicates that the market is heavily discounting the company's current earnings profile in favor of future project-based contributions. Investors should monitor whether the current P/B of 0.90 reflects a genuine undervaluation of the asset base or a rational market skepticism regarding the long-term utility of these physical assets.
Based on reported figures, ROIC has fluctuated from a negative 3.0% in 2023Q4 to a positive 2.8% in 2026Q1, illustrating that the company is struggling to consistently generate returns on invested capital that exceed the cost of capital in its current industrial service-provider configuration.
The inconsistency in ROIC suggests that the company's capital allocation into new mining projects has yet to yield a stable compounding effect. This volatility warrants further investigation into whether the recent expansion into lithium and aggregates is diluting returns or if the legacy coal business is simply masking the potential of these newer, higher-growth segments.
As reported in financial statements, the cash conversion cycle remains elevated at 139 days in 2026Q1, a figure that highlights the significant time lag between initial service delivery and final cash collection, which is notably higher than typical industrial service peers.
The high DIO of 114 days suggests that the company may be carrying substantial inventory or that the nature of its mining contracts necessitates long-term asset commitments that tie up working capital. This inefficiency appears to be a structural drag on cash flow, requiring management to maintain higher liquidity buffers than would otherwise be necessary.
According to recent SEC filings, NC maintains a debt-to-equity ratio of 0.06, a conservative position that provides a significant buffer against the operational volatility observed in the company's coal mining and minerals management segments during periods of sector-wide energy price fluctuations.
The company's minimal reliance on debt appears to be a deliberate strategy to mitigate the risks associated with its lumpy, project-based revenue streams. This financial flexibility is a key differentiator, allowing the firm to navigate potential contract terminations or regulatory shocks without the immediate pressure of debt service obligations.
The most commonly misapplied metric for NC is the EV/EBITDA multiple, which fails to account for the company's unique cost-plus contract structure that artificially inflates revenue and obscures the true underlying profitability of its service-based business model compared to traditional commodity-extraction peers.
Using standard mining valuation metrics ignores the fact that NC acts more like a utility service provider than a resource extractor. Analysts should instead focus on segment-adjusted EBITDA or free cash flow to better understand the actual cash-generating capacity of the business, as traditional multiples likely lead to a fundamental mispricing of the firm's risk-adjusted earnings potential.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NC stock.
NACCO Industries, Inc.'s current P/E ratio is 20.1x. The historical average is 3.7x. This places it at the 96th percentile of its historical range.
NACCO Industries, Inc.'s return on equity (ROE) is 4.2%. The historical average is 8.1%.
Based on historical data, NACCO Industries, Inc. is trading at a P/E of 20.1x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NACCO Industries, Inc.'s current dividend yield is 2.07% with a payout ratio of 41.7%.
NACCO Industries, Inc. has 13.9% gross margin and -14.5% operating margin.