Warrior Met Coal Inc
HCCAbove 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
- -14.1%
- Net margin
- 4.4%
- ROE
- 2.7%
- FCF margin
- —
Valuation · value band
Above fair value
Zero-growth floor
$43
Central IV
$60
Optimistic top
$73
Warrior Met Coal Inc (HCC): A conservative value band $43–$73 / sh (zero-growth floor to growth-capped optimistic top); central read about $60. Today’s price sits above that band (price $105 as of 2026-08-25).
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 10.6% · Zero-growth downside $43
Price as of 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.
Method & numbers
Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.
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 $39.23 – $72.97 · Greenwald zero-growth $46.09 · zero-growth base $46.09 · reproduction $43.32
Moat Commodity-like · terminal value 49% of present value · owner-earnings yield 4% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$36.57 – $44.08 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$37.71 – $46.09 / 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 9–11% rate band (read as a cost-of-equity proxy). 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: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). 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% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $2.29B = $43.32 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). 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 14% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.20%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-24). 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 15.6% a year in owner-earnings for the next few years. Revenue actually grew 10.9% 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 · $146.3M combined · this quarter +0 opened / -0 exited
- Value$141.5MWeight (prev→now)39.9% → 43.3% ▲
- Value$4.7MWeight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Warrior Met Coal Inc (HCC) is held by 2 of the superinvestors tracked on Compounder, with a combined $146.3M in reported 13F value. The largest position belongs to Mohnish Pabrai, where it makes up 43.3% of the portfolio.
Other notable holders by value include Ray Dalio (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in HCC, 1 added to existing ones, 1 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 Warrior Met Coal Inc (HCC) also commonly hold →
- Transocean LtdRIG2 holders
- Alpha Metallurgical ResourceAMR2 holders
- Ss Spdr S&P 500 Etf Trust-UsSPY1 holder
- Ishares Core S&P 500 EtfIVV1 holder
- Nvidia CorpNVDA1 holder
- Broadcom IncAVGO1 holder
HCC'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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