CNX Resources Corporation

CNX

Oil & Gas Exploration & Production · Energy

Price

$33.28

-0.18 (-0.54%)

Market Cap

$4.71B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−25.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 216.0M (2021) → 160.4M (2025)

CNX Resources is a natural gas company based in the Appalachian region of the United States, primarily in Pennsylvania and West Virginia. It drills for and produces natural gas from underground shale formations, mainly the Marcellus and Utica shales. The company sells that gas to utilities, industrial customers, and energy marketers who distribute it for heating, electricity generation, and manufacturing.

CNX makes money by selling the natural gas it produces, and it also has a midstream business that moves gas through pipelines — sometimes for other producers too. It operates almost entirely in the Appalachian Basin, which keeps its operations focused but also concentrated in one region. The company has relatively low production costs compared to many peers, which helps protect profits when gas prices fall. The biggest risk CNX faces is the price of natural gas itself, which swings based on weather, supply levels, and competition from other energy sources like renewables and oil.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+28.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+291.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.8%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$6M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

CNX Resources Corporation is growing revenue at 28% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

63.7%

Premium pricing power — 63.7% gross margin

Operating Margin

60.2%

Excellent — 60.2% operating margin

ROCE

6.7%

Weak — 6.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+46.5%

Fast-growing sales (46.5% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

93%

Modest — 93% of profit becomes cash

FCF Margin

24.1%

Converts sales into free cash efficiently (24.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.52

Conservative — low debt load (0.52)

Interest Cover

5.60x

Adequate interest coverage (5.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

3.9x

Attractive valuation — P/E 3.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-3.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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