NACCO Industries, Inc. (NC) Stock

NACCO Industries, Inc. (NC) is a Energy stock trading at $42.31 (as of 2026-09-02), with a market capitalization of $319.10M and a trailing P/E of 18.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

NACCO Industries, Inc. and its subsidiaries operate in natural resources through the Coal Mining, North American Mining, and Minerals Management segments. It performs surface coal mining under long-term agreements and operates activated carbon production, provides contract mining and related services for mineral producers, and leases royalty and mineral interests to third parties.

Understand NACCO Industries, Inc.: how it makes money

NACCO is a small natural-resources firm that mines surface coal under long-term utility contracts, runs contract mine operations for aggregates and lithium producers, and holds mineral royalty properties. Most cash flow is locked to those multi-year contracts, which blunt commodity swings but leave the company exposed to a single customer's operational hiccups.

NACCO is structurally a contract-mining services business, not a commodity play: revenue is locked to utility and Army Corps contracts, so earnings track production volumes and labor costs rather than coal or mineral prices.

Business quality (Weak): Operating margin sits at negative 3% and the P/E runs 57% below the coal-industry average, marking a thin, low-visibility business that is currently unprofitable at the operating level.

Valuation: At 10× earnings, NC trades 57% below the Coal average (24×). Note: the low multiple may reflect one-time earnings items.

Bull case

  • Contract pass-through shields coal revenue: Management noted that long-term contracts underpin the utility coal mining business, meaning that segment's revenue is insulated from spot coal price moves and provides a stable fee base.
  • Contract mining volume inflection in 2026: Management expects significant year-over-year improvement in contract mining during 2026, which would lift the segment currently dragging consolidated operating margin to negative 3%.
  • Deep valuation discount to peers: At 10.3x earnings versus a 24x coal-industry average, the stock embeds a 57% discount, leaving room for a multiple re-rating if operating margin normalizes from its current sub-zero level.

Bear case

  • Single-customer outage hits near-term volume: A power-plant outage at a key utility customer is reducing first-quarter lignite demand, exposing how concentrated the contract book is and how one plant's downtime dents revenue that was supposed to be stable.
  • Minerals segment lacks pricing control: Management flagged that commodity prices and production assumptions could reduce minerals-and-royalties earnings, meaning the non-contract portion of the business still carries the market-risk profile the coal contracts are designed to avoid.
  • Florida incident adds off-cycle loss: A Florida incident generated a $1.1 million loss contingency, a one-time charge that erodes an already negative 3% operating margin and underscores operational execution risk across geographically scattered sites.
Valuation — source: SEC EDGAR (first-party)
Price$42.31
Market Cap$319.10M
P/E Ratio18.5
EV / EBITDA5.8
Price / Book0.73
Price / Sales1.15
FCF Yield0.7%
DCF Value (model)$3.09
DCF Upside vs Price-92.7%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$277.20M
Net Margin6.3%
Revenue Growth (YoY)6.0%
EPS Growth (YoY)-129.5%
Financial Health — source: SEC EDGAR
Altman Z-Score2.41 (grey)
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Stock P/E18.5
Sector P/E (Energy)16.1
Industry P/E (Coal)25.1
vs Sector14.9%
vs Industry-26.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderDIMENSIONAL FUND ADVISORS LP ($20.78M)
Institutional Holders Tracked10
Company
SectorEnergy
IndustryCoal
CEOJohn C. Butler Jr.
Employees600
CountryUS
IPO Date1977-06-17

NACCO Industries, Inc. earnings call transcripts

  • NC Q4 FY25 earnings call transcript (reported 2026-03-04) · analysis

All NC earnings calls

Related Companies (Coal; 8 comparable companies)

  • Natural Resource Partners L.P. (NRP)
  • Alpha Metallurgical Resources, Inc. (AMR)
  • Luxfer Holdings PLC (LXFR)
  • Friedman Industries, Incorporated (FRD)
  • NL Industries, Inc. (NL)
  • Peabody Energy Corporation (BTU)
  • NWPX Infrastructure, Inc. (NWPX)
  • Ramaco Resources, Inc. (METCB)
NC earnings history · NC institutional & insider holders · NC KPIs & operating metrics · NC financials · NC investor presentations & press releases · NC SEC filings · NC peers · Congress trades · Insider trades · Short interest · Stock screener

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.