Cnx Resources Corp
CNXAbove valueExpectations · demandingHeld by 2 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +76.8%
- Net margin
- 28.3%
- ROE
- 14.6%
- FCF margin
- 23.8%
Valuation · value band
Above fair value
Zero-growth floor
$29
Central IV
$12
Optimistic top
$29
Cnx Resources Corp (CNX): A conservative value band $29 / sh (zero-growth floor to growth-capped optimistic top); central read about $12. Today’s price sits above that band (price $36 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 14.6% · Zero-growth downside $29
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $9.14 – $14.01 · Greenwald zero-growth $29.01 · zero-growth base $29.01 · reproduction $29.01
Moat Below asset base · terminal value 34% of present value · owner-earnings yield 4% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
Buffett owner-earnings value$8.68 – $10.01 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 11.1 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $4.47B = $29.01 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (No effective-rate data available; fell back to the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 11.1 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.
Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 13.16%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 27.1% a year in owner-earnings for the next few years. Revenue actually grew 16.8% a year.
The market wants it well ahead of its own track record.
Roughly, the price needs its historical revenue growth to run about 16 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
2 holders · $164.6M combined · this quarter +1 opened / -0 exited
- Value$158.2MWeight (prev→now)7.6% → 8.3% ▲
- Value$6.4MWeight (prev→now)New · 0.0%
SEC 13F · notes
Written summary
Written summary
Cnx Resources Corp (CNX) is held by 2 of the superinvestors tracked on Compounder, with a combined $164.6M in reported 13F value. The largest position belongs to Mason Hawkins, where it makes up 8.3% of the portfolio.
Other notable holders by value include Ray Dalio (0.0% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in CNX, 1 added to existing ones, 0 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Cnx Resources Corp (CNX) also commonly hold →
- Mattel IncMAT2 holders
- Regeneron PharmaceuticalsREGN2 holders
- Albertsons Cos Inc - Class AACI2 holders
- Fortune Brands Innovations IFBIN2 holders
- Kraft Heinz Co/TheKHC2 holders
- Fedex CorpFDX2 holders
CNX's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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