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NACCO Industries, Inc.

Rank #438Capital ReturnWatchlistCompare with other stocks

NC · NYSE · Energy

NACCO Industries, Inc. (NC) — Rank #438 by gross profitability (GP/assets 0.06) · ROE 4.0% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · 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.

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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

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

600

Industry

Thermal Coal

Exchange

NYSE

11/12

Flags passed

NC fails 1 critical flag

Passes 11 of 12 quality flags

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Deferred revenue growing

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

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

2/2 pass
Revenue growth
16.6%
Piotroski F-Score
6 / 9
Share dilution
0.9%

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Does it make money well?

Warning: Operating margin declining · GP/assets 0.06

Gross profitability (GP / assets)

0.06

Primary signal (Novy-Marx).

Return on equity

4.0%

Gross margin

13.9%

Revenue growth (YoY)

16.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

4.7%

Revenue CAGR (5Y)

16.6%

Earnings CAGR (3Y)

-38.1%

FCF CAGR (3Y)

-55.1%

Cash Flow Health

Is the cash real?

No warning flags · FCF 87% below net income

Free cash flow

$2.28M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-87.0%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.0%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $55.31M, F-Score 6/9

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.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

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

Capital allocation quality

Composite score

2.7 / 5

Fair
Share count trend
0.9%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency
7 yr4/5 Strong
Net debt trajectory
-3.7%2/5 Fair

Lifecycle Phase History

20202025
Decline
Hypergrowth
Op. Leverage
Capital Return

Price History

NC+62.5% · +10.2% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports