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NACCO Industries
(NYSE:NC)
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Rating:56Neutral
Price Target:
$49.00
▲(4.70% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by improving headline financial performance and a solid balance sheet, but it is held back by weak earnings quality (negative EBIT), inconsistent/negative free cash flow, and soft technical momentum (below key moving averages with a negative MACD). Valuation and dividend support the score modestly, while the latest call adds both upside (EBITDA improvement) and meaningful risks (impairment-related losses, customer payment/demand uncertainty, and continued cash use).
Positive Factors
Healthy balance sheet and liquidity
A large equity base versus modest debt provides durable financial flexibility to fund operations, return capital, or absorb cyclical revenue shocks. This capital cushion and revolver availability support continued investments and debt reduction without immediate refinancing pressure over the next 2–6 months.
Negative Factors
Weak earnings quality
Reported results rely on below-the-line items and adjustments to show net income while core EBIT remains negative, indicating operating profitability is still fragile. This mismatch raises risk that GAAP results could reverse with impairments or lower commodity demand, reducing predictability of sustainable earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Healthy balance sheet and liquidity
A large equity base versus modest debt provides durable financial flexibility to fund operations, return capital, or absorb cyclical revenue shocks. This capital cushion and revolver availability support continued investments and debt reduction without immediate refinancing pressure over the next 2–6 months.
Read all positive factors
NACCO Industries (NC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$357.42M
Dividend Yield2.15%
Average Volume (3M)11.04K
Price to Earnings (P/E)16.5
Beta (1Y)0.66
Revenue Growth9.77%
EPS Growth-38.00%
CountryUS
Employees600
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)2.31
Shares Outstanding5,978,790
10 Day Avg. Volume13,078
30 Day Avg. Volume11,039
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)0.85
Price to Sales (P/S)1.31
P/FCF Ratio159.38
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NACCO Industries Business Overview & Revenue Model
Company Description
NACCO Industries, Inc. (NC) primarily operates within the natural resources sector, structured into three core business units. Its Coal Mining division manages surface coal extraction activities through multi-year agreements, serving electricity p...
How the Company Makes Money
NACCO Industries makes money primarily through three operating segments. (1) North American Coal: This segment generates revenue by providing mine development and mining services, largely under long-term contractual arrangements with power generat...
NACCO Industries Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed but constructive picture: underlying operating businesses produced substantial year-over-year improvements in gross profit and adjusted EBITDA, with notable growth in Contract Mining and strong segment profitability in Utility Coal Mining and Minerals and Royalties. However, a $12 million solar impairment, the resulting GAAP net loss, customer payment and demand risks at Mississippi Lignite, and the potential for additional charges moderate the positive operating trends. Management emphasized disciplined capital allocation, balance sheet focus and alternatives to monetize troubled solar investments.Positive Updates
Consolidated Revenue Growth
Consolidated revenues were $72.3 million, up 6% from $68.2 million in the prior year quarter, indicating top-line expansion across segments.
Negative Updates
Solar-Related Impairment and GAAP Loss
Management recorded $12 million of impairment charges on two ReGen Resources solar development projects due to increased costs, grid connection delays and tax/timing issues, which more than offset operating gains and produced a consolidated operating loss of $2.3 million and a net loss of $1.0 million ($0.13 per diluted share) versus prior year net income of $3.3 million ($0.44 per diluted share).
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Consolidated revenues were $72.3 million, up 6% from $68.2 million in the prior year quarter, indicating top-line expansion across segments.
Read all positive updates
Company Guidance
Management guided that, after taking the $12.0 million of Q2 solar-related impairment (and excluding the prior‑year $7.8 million pretax pension settlement), consolidated adjusted EBITDA for full‑year 2026 is expected to improve year‑over‑year; Q2 consolidated adjusted EBITDA was $15.9 million, up 72% from $9.3 million, on revenues of $72.3 million (up 6% from $68.2 million) and gross profit of $15.2 million (up 123% from $6.8 million), although GAAP results showed a consolidated operating loss of $2.3 million and a net loss of $1.0 million ($0.13 per diluted share) versus prior‑year net income of $3.3 million ($0.44). Segment guidance: Utility Coal Mining expects full‑year operating profit to increase year‑over‑year but MLMC results to decline in H2 2026 (lower customer demand, higher diesel costs and an anticipated inventory impairment, plus ongoing receivable monitoring); Contract Mining expects substantial year‑over‑year growth in H2 and full‑year 2026 operating profit and segment adjusted EBITDA (H2 moderating from a strong H1), with 2027 to benefit from a full year of Palm Beach dragline contributions; Minerals & Royalties expects H2 and full‑year declines versus H1 2026 and 2025 driven by normal production declines despite higher oil‑price‑driven royalty gains in Q2 (royalty revenues up 46% in the quarter). From a liquidity and capital standpoint, at June 30, 2026 debt was $120.1 million, total liquidity was $114.6 million (cash $45.5 million and $69.1 million revolver availability), cash flow before financing is expected to remain a use of cash in 2026 but to improve modestly versus 2025 and into 2027, and management may invest up to $35 million in the remainder of 2026 only for opportunities meeting its capital criteria.NACCO Industries Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
73
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 278.48M | 277.20M | 237.71M | 214.79M | 241.72M | 191.85M |
| Gross Profit | 51.00M | 37.72M | 29.76M | 14.59M | 67.84M | 43.45M |
| EBITDA | 41.21M | 44.17M | 63.86M | -32.31M | 116.57M | 81.65M |
| Net Income | 17.29M | 17.57M | 33.74M | -39.59M | 74.16M | 48.13M |
Balance Sheet | ||||||
| Total Assets | 677.49M | 661.23M | 631.69M | 539.71M | 568.07M | 507.22M |
| Cash, Cash Equivalents and Short-Term Investments | 45.52M | 49.71M | 72.83M | 85.11M | 110.75M | 86.00M |
| Total Debt | 127.08M | 108.84M | 110.53M | 44.74M | 27.20M | 30.44M |
| Total Liabilities | 241.35M | 231.99M | 226.74M | 157.37M | 141.11M | 155.10M |
| Stockholders Equity | 436.14M | 429.24M | 404.95M | 382.34M | 426.97M | 352.12M |
Cash Flow | ||||||
| Free Cash Flow | -7.70M | 2.28M | -32.42M | 9.08M | 25.21M | 35.65M |
| Operating Cash Flow | 58.26M | 50.91M | 22.29M | 54.49M | 67.73M | 74.88M |
| Investing Cash Flow | -88.17M | -64.18M | -71.29M | -81.60M | -33.15M | -44.15M |
| Financing Cash Flow | 21.19M | -9.86M | 36.73M | 1.47M | -9.84M | -33.17M |
NACCO Industries Technical Analysis
Negative
46.80
Price Trends
49.21
Negative
49.44
Negative
49.14
Negative
Market Momentum
-0.78
Positive
27.67
Positive
40.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NC, the sentiment is Negative. The current price of 46.8 is below the 20-day moving average (MA) of 47.18, below the 50-day MA of 49.21, and below the 200-day MA of 49.14, indicating a bearish trend. The MACD of -0.78 indicates Positive momentum. The RSI at 27.67 is Positive, neither overbought nor oversold. The STOCH value of 40.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NC.
NACCO Industries Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $1.30B | 11.36 | 18.84% | 3.18% | -15.69% | -18.53% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
59 Neutral | $670.19M | 26.12 | 14.25% | ― | 10.26% | ― | |
59 Neutral | $719.74M | -13.22 | -8.89% | 5.38% | 2.78% | -174.05% | |
56 Neutral | $357.42M | 16.46 | 5.04% | 2.18% | 9.77% | -38.00% | |
54 Neutral | $191.48M | 2.86 | -131.57% | ― | -76.24% | -8.61% | |
43 Neutral | $568.30M | -8.19 | -13.54% | ― | -16.66% | -195120.00% |
* Energy Sector Average
NC
NACCO Industries
42.89
6.88
19.10%
HNRG
Hallador Energy Company
14.82
-5.15
-25.79%
NRP
Natural Resource PRN
104.95
2.89
2.83%
SXC
Suncoke Energy
9.60
2.62
37.54%
METC
Ramaco Resources
9.59
-12.08
-55.75%
AREC
American Resources
2.27
0.97
74.62%
NACCO Industries Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Shareholders Approve NACCO’s Amended Long-Term Incentive Plan
Positive
May 18, 2026
On March 1, 2026, NACCO’s board adopted an Amended and Restated Long-Term Executive Compensation Plan, increasing the Class A common shares available for awards to 800,000 and extending the plan’s term to March 1, 2036, with stockholde...
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.