Warrior Met Coal, Inc. (HCC) Stock

Warrior Met Coal, Inc. (HCC) is a Energy stock trading at $108.56 (as of 2026-09-02), with a market capitalization of $5.64B and a trailing P/E of 25.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Warrior Met Coal, Inc. produces and exports non-thermal metallurgical coal for the steel industry. It operates two underground mines located in Alabama. The company sells its metallurgical coal to a customer base of blast furnace steel producers located primarily in Europe, South America, and Asia. It also sells natural gas, which is extracted as a byproduct from coal production. Warrior Met Coal, Inc. was incorporated in 2015 and is headquartered in Brookwood, Alabama.

Understand Warrior Met Coal, Inc.: how it makes money

Warrior Met Coal mines coking coal in two Alabama underground mines and sells it to steel producers worldwide, pricing off the global Platts met coal index. Earnings are a direct pass-through of that index plus tonnage, with no long-term supply contracts to dampen the cycle.

Profit per ton equals the global Platts met coal price (realized at roughly 83%) minus Alabama cash cost, so every dollar of index movement flows to the bottom line with minimal volume or cost adjustment.

Business quality (Solid): A clean, low-cost pure-play in a cyclical commodity. The two Alabama mines sit at a competitive cost position, but the business quality is ultimately capped by exposure to global steel demand and the P/E of 25.2x offers little discount to the 24x industry average.

Valuation: At 25× earnings, HCC trades in line with the Coal average (24×).

Bull case

Blue Creek ramps into meaningful scale: Quarterly met coal sales reached 3 million short tons, with Blue Creek alone producing 1.3 million short tons in the period, confirming the second mine has moved from development project to a substantial volume engine for the company.
Cyclical inflection lifts earnings sharply: Quarterly revenue hit $500 million, up 71% year-over-year, and operating margin reached 18.5%, showing the met coal price recovery is converting to real profit at this stage of the cycle.

Bear case

Zero pricing power versus global index: Gross selling price realizes at just 83% of the Platts Premium Low Vol FOB Australian Index, meaning the company is a taker on a price set by world coking coal supply and steel demand, with no ability to negotiate above-market terms.
High cost-to-revenue ratio limits cushion: Cash cost of sales (mining, transportation, and royalties) absorbs 72.2% of mining revenues, leaving a very thin residual per ton to fund overhead, capex, and shareholder returns before a price setback turns quickly into an operating loss.

Valuation — source: SEC EDGAR (first-party)
Price	$108.56
Market Cap	$5.64B
P/E Ratio	25.7
EV / EBITDA	13.1
Price / Book	2.46
Price / Sales	3.35
DCF Value (model)	$5.60
DCF Upside vs Price	-94.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.31B
Net Margin	4.4%
Revenue Growth (YoY)	71.3%
EPS Growth (YoY)	1400.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	6.93 (safe)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	25.7
Sector P/E (Energy)	16.1
Industry P/E (Coal)	25.1
vs Sector	59.9%
vs Industry	2.2%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($694.12M)
Institutional Holders Tracked	10

Company
Sector	Energy
Industry	Coal
CEO	Walter J. Scheller
Employees	1,336
Country	US
IPO Date	2017-04-13

Related Companies (Coal; 8 comparable companies)

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.