NACCO Industries, Inc.

Rank #461Hypergrowth

NC · NYSE · Energy

NACCO Industries, Inc. (NC) — Rank #461 by gross profitability (GP/assets 0.06) · ROE 4.0% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0000789933 · all metrics point-in-time as of the filing date.

About

NACCO Industries, Inc., together with its subsidiaries, engages in the natural resources business.

The company operates through three segments: Utility Coal Mining, Contract Mining, and Minerals and Royalties. The Utility Coal Mining operates surface coal mines under long-term contracts for power plants and a synfuels plant. This segment operates coal mines in North Dakota and Mississippi. The Contract Mining segment provides value-added contract mining and other services for producers of industrial minerals and products; contract mining services for independently owned mines and quarries in Florida, Arkansas, and Nebraska; and dragline services. The Minerals and Royalties segment is involved in the leasing of its royalty and mineral interests to third-party exploration and production companies, and other mining companies, which grants them the rights to explore, develop, mine, produce, market, and sell gas, oil, and coal. The company also provides natural resource restoration and reclamation services that include stream and wetland mitigation solutions. NACCO Industries, Inc.

was founded in 1913 and is headquartered in Cleveland, Ohio.

Industry: Thermal Coal
Sector: Energy
State: DE
Filer Category: Accelerated filerSmaller reporting company
Fiscal Year End: December 31
Website: nacco.com

Price History

NC+78.8% · +12.3% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$285.76M

P/E (annual)

16.1

P/S (annual)

1.0

P/B

0.7

P/OCF (annual)

5.6

Shareholder Yield

-6.6%

Employees

600

Industry

Thermal Coal

Exchange

NYSE

Signal Flags

1 green2 yellow

Revenue growth acceleratingGrowth rate increasing year over year

Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass

GP / assets

0.06

Return on equity

4.0%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

0.55

Current ratio

3.30×

Net cash

-$55.31M

Cash Flow

2/3 pass

Positive FCF

PASS

Cash-backed earnings

WARN

Accruals healthy

PASS

SBC / revenue

3.0%

Growth

1/2 pass

Revenue growth

149.5%

Piotroski F-Score

6 / 9

Share dilution

9.1%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

33.0%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 9.1% — per-share value needs a total required return of 42.1% once share-count change is priced in.

vs. own 6-year median revenue growth: -0.9%

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

27.3%

r = 10% (base)

33.0%

r = 12%

37.9%

Net debt / market cap: 19.5%

Note: current FCF margin is 2.2σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $2.3M3Y mean FCF: $66.9M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

9.5xExpensive

0.4xmed 1.5x9.5x

P / S

Price / revenue per share

2.7xExpensive

0.1xmed 0.1x2.7x

P / B

Price / book value per share

1.3xExpensive

0.4xmed 0.4x1.3x

P / GP

Price / gross profit per share

17.0xExpensive

0.5xmed 0.5x17.0x

P / FCF

Price / free cash flow per share

11.2xExpensive

0.9xmed 2.5x11.2x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

Operating margin31.3% now vs -7.4%–31.3% 10yr range

2.4σ above average

Net margin29.0% now vs -4.3%–29.0% 10yr range

2.4σ above average

FCF margin24.4% now vs -4.2%–24.4% 10yr range

2.2σ above average

Disclosure regression check

6 previously-disclosed line items are no longer reported. Worth checking the filing for why.

R&D expenseCost structure

last seen FY2016

Interest expenseCost structure

last seen FY2017

Accounts receivableBalance sheet detail

last seen FY2017

Property, plant & equipmentBalance sheet detail

last seen FY2017

Accounts payableBalance sheet detail

last seen FY2017

GoodwillBalance sheet detail

last seen FY2016

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.06

Primary signal (Novy-Marx).

Return on equity

4.0%

Gross margin

13.9%

Revenue growth (YoY)

149.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2014	2015	2016	2017
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

—

Earnings CAGR (3Y)

-38.1%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.55

Current ratio

3.30×

Quick ratio

—

Net cash

-$55.31M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$2.28M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.87

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.0%

Stock-based comp intensity.

Dividend safety

Composite score

2.5 / 5

Fair

Payout ratio

41.7%4/5 Strong

FCF coverage

0.31×0/5 Weak

Dividend growth streak

7 yr4/5 Strong

Balance-sheet health

D/E 0.55 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

2012-2013

2014

2015-2017

20122017

Capital Return

Startup

Value

View full financial statements →