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Whitehaven Coal Limited
(Sydney:WHC)
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Rating:63Neutral
Price Target:
AU$9.00
▲(7.91% Upside)
Action:Reiterated
Date:08/20/26
The score is primarily supported by strong balance sheet flexibility and still-positive cash generation, which help offset commodity-cycle volatility. Technicals are mixed (short-term strength but below key longer-term averages), while valuation is neutral and the earnings call was cautiously positive but tempered by price-led margin pressure and cost/finance headwinds.
Positive Factors
Balance Sheet Flexibility
Low gearing, modest leverage and substantial liquidity give Whitehaven financial flexibility through coal-price cycles. This supports sustaining capital expenditure, funding operations and absorbing volatility while preserving capacity for shareholder returns and strategic debt management.
Negative Factors
Coal Price Exposure
Whitehaven’s earnings remain highly sensitive to benchmark coal prices, so weaker realizations can rapidly compress margins despite steady production. This commodity exposure makes cash generation and profitability less predictable and limits the durability of recent earnings levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Flexibility
Low gearing, modest leverage and substantial liquidity give Whitehaven financial flexibility through coal-price cycles. This supports sustaining capital expenditure, funding operations and absorbing volatility while preserving capacity for shareholder returns and strategic debt management.
Read all positive factors
Whitehaven Coal Limited (WHC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.84B
Dividend Yield1.19%
Average Volume (3M)4.25M
Price to Earnings (P/E)17.7
Beta (1Y)0.10
Revenue Growth-7.39%
EPS Growth-39.72%
CountryAU
Employees6,317
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)0.47
Shares Outstanding821,720,200
10 Day Avg. Volume4,563,992
30 Day Avg. Volume4,249,066
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)1.02
Price to Sales (P/S)1.12
P/FCF Ratio13.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$8.33Price Target Upside-0.15% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.48
Revenue Forecast (FY)AU$5.80B
Whitehaven Coal Limited Business Overview & Revenue Model
Company Description
Headquartered in Sydney, Australia, Whitehaven Coal Limited commenced operations in 1999, focusing on the development and management of coal mines. The company conducts its mining activities across New South Wales and Queensland, organizing its bu...
How the Company Makes Money
WHC makes money primarily by producing and selling coal. Its core revenue stream is the sale of coal (predominantly thermal coal) under a mix of spot sales and longer-term contracts, with realized revenue determined by sales volumes, the quality/s...
Whitehaven Coal Limited Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 17, 2027
Earnings Call Sentiment Positive
The call presents a cautiously positive outlook. Management highlighted a solid operational platform (20Mt ROM, AUD 2.5bn revenue, AUD 446m underlying EBITDA), strong balance sheet metrics (net debt AUD 710m, AUD 1.5bn liquidity) and active capital returns (dividend and buyback) while outlining a clear program to deliver AUD 60–80m of further cost savings and to refinance high-cost acquisition debt. However, the company faces meaningful near-term headwinds: a ~AUD 35/t price reduction that materially depressed EBITDA year-on-year, an underlying net loss of AUD 19m, elevated depreciation and finance costs from the recent acquisition, and Queensland cost pressures (reset to AUD 140–145/t) driven by inflation, demurrage and some productivity shortfalls (AHS). Management frames many issues as temporary or manageable and expects improved pricing and refinancing benefits in H2. Overall the positives (operational resilience, cash generation, balance sheet strength, active cost-out program and capital returns) slightly outweigh the headwinds, but risks remain until prices firm further and refinancing/cost programs are delivered.Positive Updates
Strong operational volumes and platform for H2
ROM production of ~20.0 million tonnes in H1 FY26 (Queensland ~10.3Mt; New South Wales ~9.7Mt). Sales momentum carried into the new quarter with a Q4 run rate ~11Mt. Managed sales of 6.2Mt and strong site contributions (Blackwater 7.3Mt; Daunia 3.1Mt; Narrabri ~9.74Mt). Group guidance unchanged with managed-level FY26 target ~41Mt.
Negative Updates
Price-driven earnings headwind
Realised price weakness caused an approximate AUD 35/t reduction in margin versus the prior period; management attributed price and volume movements to a combined negative EBITDA impact of ~AUD 505–552 million year-on-year in the EBITDA bridge.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong operational volumes and platform for H2
ROM production of ~20.0 million tonnes in H1 FY26 (Queensland ~10.3Mt; New South Wales ~9.7Mt). Sales momentum carried into the new quarter with a Q4 run rate ~11Mt. Managed sales of 6.2Mt and strong site contributions (Blackwater 7.3Mt; Daunia 3.1Mt; Narrabri ~9.74Mt). Group guidance unchanged with managed-level FY26 target ~41Mt.
Read all positive updates
Company Guidance
The company reaffirmed FY‑26 guidance with group ROM and managed sales targeting ~41.0 Mt at the upper end, having delivered 20.0 Mt in H1 (Queensland ROM 10.3 Mt, NSW ROM 9.7 Mt) and equity sales of 12.8 Mt (managed sales 6.2 Mt; H1 sales QLD 7.8 Mt, NSW 8.5 Mt); H1 revenue was A$2.5bn, underlying EBITDA A$446m and statutory NPAT A$69m, with average realized price A$189/t (QLD A$212/t, NSW A$168/t, PLV A$192) and an H1 cost-in‑sale of A$135/t (group cost guidance A$130–145/t, QLD 5‑year FOB reset to A$140–145/t). Management expects to deliver A$60–80m of cost savings by year‑end, starts a new above‑rail contract saving A$3/t from July (≈A$1.50/t group), remains on track with ~A$157m H1 CapEx, declared a A$0.04 fully franked interim dividend and a buyback program of up to A$32m (A$64m combined dividends/buybacks in H1), finished H1 with net debt A$710m, A$1.5bn liquidity, ~11% gearing and ~0.8x leverage, and plans to refinance the US$1.1bn acquisition facility before 30 June with expected pricing in the mid‑single digits (preferably starting with a 6 or 7).Whitehaven Coal Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
66
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.40B | 5.83B | 3.82B | 6.06B | 4.92B |
| Gross Profit | 1.13B | 2.04B | 1.91B | 4.59B | 3.60B |
| EBITDA | 520.00M | 2.12B | 930.00M | 4.11B | 3.07B |
| Net Income | 385.00M | 649.00M | 355.00M | 2.67B | 1.95B |
Balance Sheet | |||||
| Total Assets | 11.74B | 11.83B | 13.31B | 7.61B | 6.24B |
| Cash, Cash Equivalents and Short-Term Investments | 778.00M | 1.21B | 405.00M | 2.78B | 1.22B |
| Total Debt | 299.00M | 2.03B | 1.89B | 188.95M | 244.70M |
| Total Liabilities | 5.83B | 6.13B | 8.04B | 2.35B | 2.03B |
| Stockholders Equity | 5.91B | 5.70B | 5.27B | 5.26B | 4.21B |
Cash Flow | |||||
| Free Cash Flow | 461.00M | 737.00M | -127.00M | 3.34B | 2.37B |
| Operating Cash Flow | 804.00M | 1.13B | 327.00M | 3.58B | 2.52B |
| Investing Cash Flow | -1.18B | 16.00M | -3.81B | -306.94M | -177.19M |
| Financing Cash Flow | -7.00M | -319.00M | 1.12B | -1.72B | -1.23B |
Whitehaven Coal Limited Technical Analysis
Positive
8.34
Price Trends
7.62
Positive
7.95
Positive
8.09
Positive
Market Momentum
0.26
Negative
64.78
Neutral
62.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WHC, the sentiment is Positive. The current price of 8.34 is above the 20-day moving average (MA) of 7.96, above the 50-day MA of 7.62, and above the 200-day MA of 8.09, indicating a bullish trend. The MACD of 0.26 indicates Negative momentum. The RSI at 64.78 is Neutral, neither overbought nor oversold. The STOCH value of 62.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WHC.
Whitehaven Coal Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Neutral | AU$2.73B | -48.95 | -2.42% | 3.86% | -6.27% | -1593.02% | |
68 Neutral | AU$8.09B | 27.50 | 3.26% | 3.13% | -1.15% | -69.35% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | AU$6.84B | 17.72 | 6.64% | 1.19% | -7.39% | -39.72% | |
59 Neutral | AU$5.15B | 33.08 | 5.87% | 3.28% | -20.55% | -72.75% | |
47 Neutral | AU$419.11M | -0.44 | -135.56% | 2.97% | -7.35% | -115.78% |
* Energy Sector Average
AU:WHC
Whitehaven Coal Limited
8.39
2.14
34.15%
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Whitehaven Coal Limited Corporate Events
Whitehaven Coal Updates Market on Ongoing On‑Market Share Buy‑Back
Sep 6, 2026
Whitehaven Coal Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest update reports that a total of 717,226 securities had been repurchased before th...
Whitehaven Coal Reports Ongoing On‑Market Share Buy‑Back Activity
Sep 3, 2026
Whitehaven Coal Limited has provided an updated notice to the ASX confirming the continuation of its on-market share buy-back program for its ordinary fully paid shares, WHC. The company reported that a cumulative 657,366 shares had been repurchas...
Whitehaven Coal Cancels 603,564 Shares in On-Market Buy-Back
Sep 3, 2026
Whitehaven Coal Limited has cancelled 603,564 ordinary fully paid shares as part of an on-market buy-back, reducing its issued capital. The move signals ongoing capital management by the company, potentially enhancing earnings per share and capita...
Whitehaven Coal Continues On-Market Share Buy-Back Program
Sep 1, 2026
Whitehaven Coal Limited has reported ongoing on-market share buy-backs of its ordinary fully paid shares, as disclosed in the latest Appendix 3C update to the ASX. The company has bought back a cumulative 576,532 shares before the previous day and...
Whitehaven Coal Issues Over 1.16 Million New Ordinary Shares
Aug 31, 2026
Whitehaven Coal Limited has issued 1,163,314 new ordinary fully paid shares following the conversion or exercise of previously unquoted equity securities. The issuance, dated 26 August 2026, reflects the transition of these unquoted options or con...
Whitehaven Coal Updates Daily On-Market Share Buy-Back Activity
Aug 27, 2026
Whitehaven Coal Limited, an Australian-listed coal producer trading under the ticker WHC, focuses on supplying coal to domestic and export markets through its portfolio of mining operations. Its ordinary fully paid shares form the basis of investo...
Whitehaven Coal Updates Daily On-Market Share Buy-Back Figures
Aug 27, 2026
Whitehaven Coal Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program. The update, dated 27 August 2026, confirms that the buy-back relates to the company’s ordinary fully paid shares....
Whitehaven Coal Director Increases Shareholding Through On-Market Trade
Aug 24, 2026
Whitehaven Coal Limited has disclosed a change in director Mick McCormack’s holdings, reporting the on-market purchase of 10,000 ordinary shares on 20 August 2026. The transaction, valued at $74,341.38, increases McCormack’s direct int...
Whitehaven Coal Continues On‑Market Share Buy‑Back Program
Aug 23, 2026
Whitehaven Coal has issued an updated notification to the ASX confirming ongoing on‑market share buy‑backs of its ordinary fully paid shares. The latest daily report shows the company has repurchased a total of 244,658 shares prior to ...
Whitehaven Coal Reports Daily Update on On‑Market Share Buy‑Back
Aug 20, 2026
Whitehaven Coal Limited has reported a daily update to its on‑market share buy‑back program for its ordinary fully paid shares traded on the ASX under the WHC ticker. The notification, dated 21 August 2026, confirms the ongoing impleme...
Whitehaven Coal Files 2026 Corporate Governance Statement with ASX
Aug 18, 2026
Whitehaven Coal Limited has lodged its annual corporate governance statement for the year ended 30 June 2026 with the ASX and made it available on its website.The document confirms board approval as of 19 August 2026 and outlines how the company c...
Whitehaven Coal posts robust FY26 result and outlines upbeat FY27 outlook
Aug 18, 2026
Whitehaven reported an underlying net profit after tax of $227 million and underlying EBITDA of $1.3 billion for FY26, supported by strong operational performance and tighter cost control despite weaker coal prices and a stronger Australian dollar...
Whitehaven Coal Declares Interim Dividend of AUD 0.06 per Share
Aug 18, 2026
Whitehaven Coal Limited has declared an ordinary dividend of AUD 0.06 per share for the six-month period ended 30 June 2026, payable on its fully paid ordinary shares listed on the ASX. The ex-dividend date is set for 2 September 2026, with a reco...
Whitehaven faces new activist shareholder resolutions ahead of 2026 AGM
Aug 18, 2026
Whitehaven Coal has received a notice from climate-focused activist group Market Forces, representing a small minority of shareholders, seeking to requisition two resolutions at the company’s 5 November 2026 AGM. This marks the sixth time Ma...
Whitehaven Coal Ends FY26 at Top of Guidance With Strong Q4 and Lower Costs
Jul 27, 2026
Whitehaven Coal reported a strong finish to FY26, with June quarter managed run-of-mine production rising 13% quarter-on-quarter to 10.7 million tonnes and full-year ROM output up 3% to 40.3 million tonnes. Equity sales of produced coal reached 6....
Whitehaven Coal Cuts Issued Capital as Buy-Back and Performance Rights Lapse
Jun 22, 2026
Whitehaven Coal has adjusted its capital structure through the cancellation of 1,023,688 ordinary fully paid shares following an on-market buy-back completed on June 17, 2026. The move reduces the company’s issued capital base and may modest...
Whitehaven Coal Completes AUD 32 Million On-Market Share Buy-Back
Jun 16, 2026
Whitehaven Coal Limited has completed an on-market share buy-back of its ordinary fully paid shares, finalising a program first notified in February 2026. The company repurchased a total of 3,770,750 shares for approximately AUD 32 million, signal...
Whitehaven Coal Updates Daily On‑Market Share Buy‑Back Figures
Jun 16, 2026
Whitehaven Coal Limited, a major Australian coal miner listed as WHC, operates primarily in the thermal and metallurgical coal markets, supplying power utilities and industrial customers in Australia and overseas. Its ordinary fully paid shares tr...
Whitehaven Coal Updates Daily On-Market Share Buy-Back Activity
Jun 9, 2026
Whitehaven Coal Limited has reported a daily update to its on-market share buy-back program, confirming additional repurchases of its ordinary fully paid shares. The company disclosed that a total of 3,339,586 shares had been bought back before th...
Whitehaven Coal Issues Daily Update on Ongoing Share Buy-Back
Jun 8, 2026
Whitehaven Coal Limited has provided an updated notification on its on‑market share buy‑back program for its ordinary fully paid shares. The company reported that it had repurchased a cumulative total of 3,169,895 shares prior to the p...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.