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Data as of Q3 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $86.93 today, the market must believe free cash flow compounds -0.5%/yr for a decade (off $336.6M on the 3-yr avg basis).
On the basis ($318.5M) the requirement is 0.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -0.5% is more optimistic than its 9-yr track record.
Default is 8.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.05B shares (market data) · net debt -$37.4M
mean 30.8% · volatility σ 131% · implied rate exceeded in 4/9 yrs
Central path = implied -0.5%/yr growth; shaded band = ±1σ (131%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (124%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $26.3M dividends + $224.3M buybacks = $250.5M returned on $21.2M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $432.2M covers all $401.4M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~10.2% on $394.8M of debt.
Cash of $432.2M fully covers short-term debt of $77.6M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.16B 100.0% | $2.24B 100.0% | $2.57B 100.0% | $2.10B 100.0% | $1.26B 100.0% | $1.02B 100.0% | $1.43B 100.0% | $1.53B 100.0% | $1.41B 100.0% | $1.23B 100.0% |
| Selling, General & Admin | $214.9M 5.2% | $115.2M 5.2% | $103.5M 4.0% | $116.7M 5.6% | $87.2M 6.9% | $72.1M 7.1% | $67.1M 4.7% | $65.3M 4.3% | $83.6M 5.9% | $50.0M 4.1% |
| Total Operating Expenses | $4.35B 104.4% | $1.81B 81.1% | $1.70B 66.3% | $1.53B 73.0% | $1.22B 97.2% | $1.03B 100.9% | $1.33B 93.1% | $1.34B 87.8% | $886.7M 62.8% | $877.2M 71.3% |
| Operating Income | -$182.1M -4.4% | $351.0M 15.7% | $803.3M 31.3% | — | — | — | — | — | — | — |
| Interest Expense | $40.1M 1.0% | $22.2M 1.0% | $29.3M 1.1% | $52.6M 2.5% | $63.3M 5.0% | $61.2M 6.0% | $66.5M 4.6% | $83.8M 5.5% | $26.1M 1.8% | $14.1M 1.1% |
| Interest & Investment Income | $25.9M 0.6% | $19.2M 0.9% | $13.6M 0.5% | $6.0M 0.3% | $3.3M 0.3% | $1.2M 0.1% | $2.9M 0.2% | $2.1M 0.1% | $2.6M 0.2% | $1.2M 0.1% |
| Other Income (Expense), net | -$34.0M -0.8% | $80.7M 3.6% | $53.3M 2.1% | $24.4M 1.2% | $38.4M 3.0% | $126.9M 12.4% | $53.3M 3.7% | — | — | — |
| Pretax Income | -$233.7M -5.6% | $330.6M 14.8% | $777.9M 30.3% | $568.4M 27.0% | $35.4M 2.8% | -$9.2M -0.9% | $98.1M 6.9% | $187.6M 12.2% | — | — |
| Income Tax Expense | -$80.5M -1.9% | $44.2M 2.0% | $122.0M 4.7% | $101.5M 4.8% | $1.3M 0.1% | $4.0M 0.4% | $4.5M 0.3% | $8.8M 0.6% | $87.2M 6.2% | $14.6M 1.2% |
| Net Income | -$153.2M -3.7% | $286.4M 12.8% | $655.9M 25.5% | $467.0M 22.2% | $34.1M 2.7% | -$9.8M -1.0% | $76.0M 5.3% | $153.0M 10.0% | $67.6M 4.8% | $41.5M 3.4% |
| Per Share | ||||||||||
| EPS (Basic) | -$2.98 | $9.65 | $19.91 | $13.41 | $0.99 | -$0.37 | $2.82 | $5.48 | $2.42 | $1.48 |
| EPS (Diluted) | -$2.98 | $9.61 | $19.79 | $13.07 | $0.96 | -$0.37 | $2.81 | $5.38 | $2.40 | $1.48 |
| Weighted Avg Shares (Basic) | 51.4M | 29.7M | 32.9M | 34.8M | 34.4M | 26.1M | 26.9M | 27.9M | 28.0M | 28.0M |
| Weighted Avg Shares (Diluted) | 51.4M | 29.8M | 33.1M | 35.7M | 35.4M | 26.1M | 27.1M | 28.4M | 28.2M | 28.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 6 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HCC | $4.5B | 79.6× | 18.8× | 3.5× | -14.1% | 25.0% | 4.4% | 2.7% | 2.5% | -0.6× | 67 |
| CNR | $4.3B | — | 9.7× | 1.0× | 86.2% | — | -3.7% | -4.2% | -3.8% | -0.1× | 65 |
| BTU | $2.7B | — | 7.0× | 0.7× | -8.9% | — | -1.1% | -1.2% | -1.2% | -1.9× | 67 |
| AMR | $2.0B | — | 14.7× | 0.9× | -28.0% | — | -2.9% | -4.0% | -4.0% | -3.2× | 47 |
| CODQL | $1.9B | — | — | 1.0× | -22.2% | 21.8% | -22.2% | -66.5% | -32.3% | — | — |
| METC | $468M | — | 40.6× | 0.9× | -19.5% | 15.5% | -9.6% | -10.6% | -5.4% | 2.2× | 34 |
| NC | $270M | 15.2× | 6.8× | 1.0× | 16.6% | 13.9% | 6.3% | 4.1% | 3.3% | 1.1× | 12 |
Peers = companies sharing CNR's sector (Silver Ores) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-30
Where each multiple sits in its own 9-yr range · 57th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 9-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -4% against ROIC -4% — -0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -5.8% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 4.3 | 4.7 | 7.1 | 6.9 | 5.6 | 4.0 | 5.2 | 5.2 |
| Operating Income | — | — | — | — | — | 31.3 | 15.7 | -4.4 |
| Income Tax | 0.6 | 0.3 | 0.4 | 0.1 | 4.8 | 4.7 | 2.0 | -1.9 |
| Net Income | 10.0 | 5.3 | -1.0 | 2.7 | 22.2 | 25.5 | 12.8 | -3.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CNR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -12.97pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 3.2% | 8.9% (today's — no rate published for this year) | -5.7pts |
| FY2020 | -9.3% | 8.9% (today's — no rate published for this year) | -18.2pts |
| FY2021 | -0.2% | 5.0% | -5.3pts |
| FY2022 | 34.9% | 7.8% | 27.1pts |
| FY2023 | 48.5% | 7.6% | 40.8pts |
| FY2024 | 21.0% | 8.7% | 12.3pts |
| FY2025 | -4.1% | 9.6% | -13.7pts |
| Now | -3.8% | 8.9% | -12.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | not reported | 3.4% |
| FY2017 | not reported | not reported | 4.8% |
| FY2018 | not reported | not reported | 10.0% |
| FY2019 | not reported | 3.1% | 5.3% |
| FY2020 | not reported | -13.3% | -1.0% |
| FY2021 | not reported | -0.2% | 2.7% |
| FY2022 | not reported | 25.9% | 22.2% |
| FY2023 | not reported | 31.3% | 25.5% |
| FY2024 | not reported | 15.7% | 12.8% |
| FY2025 | not reported | -4.4% | -3.7% |
Return on equity (-4%) and return on invested capital (-4%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
ROIC ex-goodwill is -4.05% against -4.05% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.83x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $21M; after share-based compensation it is -$12M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to -3.2x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -4.54x |
| 5% | -4.31x |
| 10% | -4.08x |
| 15% | -3.86x |
| 20% | -3.63x |
| 25% | -3.40x |
| 30% | -3.18x |
| 35% | -2.95x |
| 40% | -2.72x |
| 45% | -2.50x |
| 50% | -2.27x |
| 55% | -2.04x |
| 60% | -1.81x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $86.93, free cash flow must compound -0.39%/yr for 10 years. It has done -18.98%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −42.1% | −0.4% |
| FY2021 | 298.9% | −0.4% |
| FY2022 | 177.5% | −0.4% |
| FY2023 | 43.9% | −0.4% |
| FY2024 | −56.8% | −0.4% |
| FY2025 | −92.9% | −0.4% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 3 of the last 6 years.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$153M | −$153M |
| Share-based comp | $33M | −$120M |
| Other non-cash & working capital | $426M | $306M |
| Operating cash flow | $306M | $306M |
| Capex | −$285M | $21M |
| Free cash flow | $21M | $21M |
| FCF after SBC | −$12M | −$12M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -28.6% | -10.2% | 18.4 points |
| FY2021 | 23.2% | -12.0% | -35.2 points |
| FY2022 | 67.0% | 51.9% | -15.1 points |
| FY2023 | 22.2% | -6.7% | -28.9 points |
| FY2024 | -12.9% | -7.4% | 5.6 points |
| FY2025 | 86.2% | 155.4% | 69.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 33.6 days | not reported | not reported | not reported |
| FY2020 | 42.3 days | not reported | not reported | not reported |
| FY2021 | 30.2 days | not reported | not reported | not reported |
| FY2022 | 27.5 days | not reported | not reported | not reported |
| FY2023 | 21 days | not reported | not reported | not reported |
| FY2024 | 22.3 days | not reported | not reported | not reported |
| FY2025 | 30.6 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -6.3 percent |
| FY2020 | -5.5 percent |
| FY2021 | -10.6 percent |
| FY2022 | -6.8 percent |
| FY2023 | -7.5 percent |
| FY2024 | -6.6 percent |
| FY2025 | -7.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider |
|---|
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
| What it was |
|---|
| Shares |
|---|
| Price |
|---|
| Value |
|---|
| 2026-04-30 | Doheny Edward L Ii Director | Grant | 1,390 | $0.00 | $0 |
| 2026-04-30 | Keating Ronald C Director | Grant | 1,390 | $0.00 | $0 |
| 2026-03-24 | 2 co-filers Executive Chair and CEO | Giftindirect | 24,440 | $0.00 | $0 |
| 2026-03-24 | 2 co-filers Executive Chair and CEO | Gift | 24,440 | $0.00 | $0 |
| 2026-03-19 | 2 co-filers SVP, CLO & Corp. Sec. | Open-market sale | 10,000 | $105.00 | $1.1m |
| 2026-03-19 | 2 co-filers SVP, CLO & Corp. Sec. | Open-market sale | 5,000 | $110.62 | $553k |
| 2026-03-18 | Brock James A Executive Chair and CEO | Open-market saleindirect | 40,760 | $101.15 | $4.1m |
| 2026-03-17 | Rothka John Chief Accounting Officer | Open-market sale | 1,000 | $97.66 | $98k |
| 2026-03-10 | Rothka John Chief Accounting Officer | Open-market sale | 3,800 | $91.62 | $348k |
| 2026-03-10 | Navarre Richard A Director | Open-market sale | 6,000 | $91.70 | $550k |
| 2026-02-18 | Rothka John Chief Accounting Officer | Tax withholding | 79 | $88.96 | $7k |
| 2026-02-18 | Brock James A Executive Chair and CEO | Tax withholding | 2,960 | $88.96 | $263k |
| 2025-11-13 | 2 co-filers Executive Chair and CEO | Giftindirect | 140,760 | $0.00 | $0 |
| 2025-11-13 | 2 co-filers Executive Chair and CEO | Giftindirect | 140,760 | $0.00 | $0 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.