BTU vs CNR: Peabody Energy and Core Natural Resources compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Core Natural Resources is the larger company, worth $4.5B, about 1.5 times Peabody Energy.
- Peabody Energy grew revenue faster over the last year (+12.7% vs +3.5%).
- Core Natural Resources keeps more of each dollar of revenue as operating profit (1.9% vs -5.6%).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BTU | CNR |
|---|---|---|
| Market cap | $3.0B | $4.5B |
| Share price | $25.13 | $88.46 |
| Revenue (last fiscal year) | $3.9B | $4.2B |
| Free cash flow (last fiscal year) | -$78M | $21M |
| Revenue growth, last year | +12.7% | +3.5% |
| Revenue growth per year, last 5 fiscal years | +3.9% | +34.8% |
| Operating margin | -5.6% | 1.9% |
| Net margin | -4.5% | 2.3% |
| Return on equity | -5.6% | 2.7% |
| P/E (trailing) | — | — |
| Price / free cash flow | 5.73x | 212.8x |
| EV / EBITDA | 11.9x | 6.42x |
| FCF growth the price implies | — | 37.0% |
| Dividend yield | 1.2% | 0.45% |
| Debt / equity | 0.66x | 0.65x |
| Fundamental grade | D | D |
| Superinvestors holding it | 3 | 2 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Peabody Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.3B | $237M | 13.0% |
| 2022 | $5.0B | $952M | 27.7% |
| 2023 | $4.9B | $687M | 21.7% |
| 2024 | $4.2B | $205M | 10.5% |
| 2025 | $3.9B | -$78M | -2.1% |
Core Natural Resources
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $173M | 3.0% |
| 2022 | $2.3B | $479M | 32.7% |
| 2023 | $2.5B | $690M | 32.0% |
| 2024 | $2.2B | $298M | 16.2% |
| 2025 | $4.2B | $21M | -4.4% |
Where the revenue comes from
Peabody Energy · by segments, 2025
Powder River Basin$1.2B30%
Seaborne Metallurgical$1.0B27%
Seaborne Thermal$908M24%
Other U.S. Thermal$707M18%
Corporate and Other (1)$56M1%
Core Natural Resources · by segments, 2025
High CV Thermal$2.2B52%
Metallurgical$1.2B29%
PRB$719M17%
Core Marine Terminal$88M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BTU in InvestinglyQuestions
Which is bigger, Peabody Energy or Core Natural Resources?
Core Natural Resources (CNR), at $4.5B against $3.0B.
Which grows faster, BTU or CNR?
Peabody Energy: revenue grew +12.7% over the last year, against +3.5%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.