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what it is
CNX drills for natural gas in Appalachia, moves it through its own systems, and sells the molecules that heat homes and power plants.
how it gets paid
Last year Cnx Resources made $2.2B in revenue.
why it's growing
Revenue grew 76.8% last year. The $1.27 actual EPS versus a $0.60 estimate in the last reported surprise matters most because it shows analysts were nowhere near the operating leverage.
what just happened
CNX posted quarterly EPS of $2.57 on $1.6B of revenue, far ahead of the $0.60 estimate.
At a glance
B+ balance sheet — decent shape, but not bulletproof
5/100 earnings predictability — expect surprises
12.7x trailing p/e — the market's not buying it — or you found a deal
8.0% return on capital — nothing to write home about
xvary composite: 54/100 — below average
What they do
CNX drills for natural gas in Appalachia, moves it through its own systems, and sells the molecules that heat homes and power plants.
CNX wins by staying in one neighborhood and knowing every inch of it. It produced 550.8 bcfe in 2024 and sits on 7.6 trillion cubic feet of proved reserves, so your bet is less about finding gas and more about pulling known gas out cheaply. That focus shows up in a 41.5% operating margin versus an 8.0% return on capital, which is finance-speak for solid current profits but only average efficiency on the money invested.
How they make money
$2.2B
annual revenue · their business grew +76.8% last year
total revenue
$2.2B
+76.8%
The products that matter
drills and sells natural gas
Natural Gas Production
$2.2B revenue · 100% of sales
it generated the company’s full $2.2B in revenue last year, and that total rose 76.8% from a year ago. That makes CNX simple to understand and hard to diversify.
entire business
Key numbers
41.5%
operating margin
That is the share of revenue left after running the business. In plain English, CNX keeps a lot more of each sales dollar than most cyclical producers.
$2.2B
long-term debt
Debt is real leverage. When gas prices cooperate, it helps. When they do not, it becomes the loudest line item.
7.6 Tcf
proved reserves
Proved reserves are energy the company is confident it can produce. So what: CNX has a long runway, not a one-season story.
12.7x
trailing p/e
P/E means price-to-earnings, plain English for how many dollars investors pay for one dollar of profit, so what: CNX is not priced like a hype stock.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $2.2B (29% of capital)
- net profit margin 13.9% — keeps 14 cents of every dollar in revenue
- return on equity 8% — $0.08 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in CNX 3 years ago → it's now worth $24,170.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
CNX posted quarterly EPS of $2.57 on $1.6B of revenue, far ahead of the $0.60 estimate.
Revenue jumped 179% vs. prior year to $1.6B, while EPS rose 112% to $2.57. The quiet part out loud: this business can look broken one quarter and brilliant the next because commodity pricing does that.
$1.6B
revenue
$2.57
eps
46.8%
gross margin
the number that mattered
The $1.27 actual EPS versus a $0.60 estimate in the last reported surprise matters most because it shows analysts were nowhere near the operating leverage here.
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cnx resources’ shares have held up better than most industry peers of late.the stock dipped briefly in early january before surging back toward multi-year high territory in recent sessions.
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and, since our last report in late november, the equity has appreciated about 10% in value.
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that said, we do not suggest that short-term-minded accounts attempt to chase the stock.cnx shares are ranked to merely mirror the broader market averages over the coming six to 12 months (timeliness: 3).
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the company concluded 2025 on a decent note.
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indeed, cnx’s latest financial performance probably helped drive favorable investor sentiment.the natural gas explorer and producer posted sales of $538 million and earnings of $0.67 per share in the fourth quarter, supported by steady natural gas prices and resilient drilling and production volumes, particularly in the utica shale.
source: company earnings report, 2026
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What could go wrong
the #1 risk is appalachian natural gas price volatility.
high
natural gas price volatility
100% of CNX's $2.2B in revenue comes from natural gas production. If realized prices fall, revenue, margins, and sentiment usually fall together.
full revenue base exposed to one commodity
med
balance sheet pressure in a weaker tape
Long-term debt is $2.2B, or 29% of capital. That looks manageable today. It looks less comfortable if gas prices cool while profitability normalizes.
debt load matches one full year of revenue
med
regulatory and emissions scrutiny
CNX operates in a business where permitting, methane rules, and environmental compliance can raise costs or slow activity. The snapshot data does not give a clean dollar estimate, so we are not pretending otherwise.
higher costs and slower development are the practical risk
100% of CNX's $2.2B revenue is tied to natural gas, and long-term debt is another $2.2B. That is a lot of exposure to one market.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
realized pricing in the next quarter
CNX's numbers look great when gas prices cooperate. Watch the revenue line first, because this is still a one-commodity story.
trend
whether 76.8% growth starts to normalize
Last year's growth rate is too high to assume forever. If it slows sharply, the valuation story changes from "cyclical upswing" to "already peaked."
risk
institutional selling staying in place
There were 125 buyers versus 203 sellers in 3q2025. If that imbalance persists, you should assume big money is not in a hurry to underwrite a higher multiple.
calendar
the next earnings print
After a $0.80 quarter, the next report matters more than usual. You're looking for confirmation that stronger earnings were not just one clean quarter in a noisy cycle.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts do not see a strong short-term edge either way.
risk profile
average
stability score 3 — typical risk on the ranking system, even if the business itself is tied to a volatile commodity.
chart momentum
average
technical score 3 — the chart is fine, not screaming. That fits a stock already near its 52-week high.
earnings predictability
5 / 100
earnings predictability of 5 / 100 means exactly what it sounds like: expect the quarterly numbers to swing around.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 125 buyers vs. 203 sellers in 3q2025. total institutional holdings: 0.1B shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$30
$64
$39
current price
$47
target midpoint · +21% from current · 3-5yr high: $45 (+15% · 4% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive