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what it is
SunCoke makes coke for blast furnaces and runs terminals that move bulk materials for steel and energy customers.
how it gets paid
Last year Suncoke Energy made $1.8B in revenue.
why growth slowed
Revenue fell 5.1% last year. $1.4 billion mattered most because scale is the whole point in this business.
what just happened
Revenue hit $1.4B, up 179% vs. prior year, while EPS reached $0.48.
At a glance
B balance sheet — gets the job done, barely
20/100 earnings predictability — expect surprises
9.2x trailing p/e — the market's not buying it — or you found a deal
8.0% dividend yield — cash in your pocket every quarter
9.2% return on capital — nothing to write home about
xvary composite: 46/100 — below average
What they do
SunCoke makes coke for blast furnaces and runs terminals that move bulk materials for steel and energy customers.
The moat is contracts and hard-to-replace assets. SunCoke runs five U.S. coke plants with 4.2 million tons of annual capacity, plus terminals customers already use. Asset-heavy → expensive to replicate → so what: if your blast furnace needs feedstock every day, reliability beats shopping around.
How they make money
$1.8B
annual revenue · revenue declined -5.1% last year
total revenue
$1.8B
5.1%
The products that matter
metallurgical coke production
Domestic Coke
$1.5B · 83% of revenue
it is the core business, and management expects to sell 3.4 million tons in 2026. if this segment keeps sliding, the rest of the story does not matter much.
core cash engine
bulk logistics and handling
Industrial Services
$0.3B · 17% of revenue
this is the smaller segment, but it grew 5% last year and is projected to add $28M in EBITDA in 2026. it has to do more of the lifting from here.
only growth pocket
Key numbers
$696M
long-term debt
Debt is larger than the roughly $510 million market cap. That means your upside works only if the cycle stays cooperative.
8.0%
dividend yield
You are getting paid to wait, but high yield usually means the market wants proof first.
9.2x
trailing p/e
P/E → stock price divided by earnings → so what: the market is pricing SunCoke like profits may not be steady.
2.4%
operating margin
Negative operating margin on a $1.8 billion business is the deadpan fact bomb here.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $696M (58% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SXC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $1.4B, up 179% vs. prior year, while EPS reached $0.48.
That is a loud top-line rebound against a weak prior-year comparison. The quieter issue is still profitability, because shows a full-year operating margin of -2.4%.
$1.4B
revenue
$0.48
eps
2.4%
operating margin
the number that mattered
$1.4 billion mattered most because scale is the whole point in this business, and a 179% vs. prior year jump changes the near-term mood fast.
source: company earnings report, 2026
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What could go wrong
the top risk here is blast-furnace steel demand staying weak while the coke business still pays the bills.
high
core demand keeps fading
Domestic Coke generated $1.5B of revenue and declined 5% last year. if blast-furnace steel demand keeps cooling, the biggest segment keeps shrinking.
the larger segment is about five times the size of Industrial Services, so it can overwhelm smaller wins fast.
high
leverage tightens the box
long-term debt is $696M, or 58% of capital. operating cash flow covers only 15.9% of that debt.
that limits flexibility if another bad quarter hits or refinancing conditions worsen.
med
2026 turnaround misses the numbers
management is guiding to $230M–$250M of adjusted EBITDA and 3.4 million tons of domestic coke sales in 2026. that is a measurable plan, which is good. it is also a measurable place to fail.
if either number slips, the low multiple stops looking like a bargain and starts looking accurate.
low
finance leadership changes during the reset
Mark Marinko is being succeeded by Shantanu Agrawal in March 2026. that does not create the operating problem, but it can complicate the cleanup.
you get extra execution risk at the same time management is asking the market to trust a recovery.
Domestic Coke is roughly 83% of revenue and Industrial Services is roughly 17%. if the core business weakens again, the smaller growth engine does not have enough scale to hide it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 adjusted EBITDA lands inside $230M–$250M
this is the cleanest scoreboard item on the page. if management misses its own cash-earnings target, the turnaround case gets thinner fast.
volume
domestic coke sales hold near 3.4M tons
the core segment still pays the bills. stabilization here matters more than almost any presentation slide about strategy.
debt
long-term debt starts moving down from $696M
management says 2026 cash flow should help pay down debt. if the balance does not improve, the balance-sheet story has not really improved either.
segment mix
Industrial Services keeps adding growth instead of just adding hope
the segment grew 5% last year and is expected to add $28M in EBITDA in 2026. you want to see that smaller engine keep gaining relevance.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts do not view these earnings as stable. expect surprises, and not always the fun kind.
balance sheet
B
that means functional, not fortress-like. the company can operate, but the debt load leaves little space for another ugly year.
source: institutional data
Institutional activity
institutional ownership data for SXC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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