olivLaw · US equity research
NACCO Industries, Inc. NC
Bituminous Coal & Lignite Surface Mining · SIC 1221 · Vertical: Coal mining (SIC 122x)
NACCO Industries is a U.S. natural resources group that runs lignite coal mines under long-term management contracts, provides contract mining services to aggregates producers, and earns royalty income from oil and gas mineral interests. The company reported total revenue of 277.2 million USD for fiscal 2025 and reiterated an expected recurring EBITDA of about 50 million USD a year from current businesses.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, NACCO Industries, Inc. (NC) stock was 33.88 USD (−2.00% on the day), with P/E 17.2 on diluted EPS of 1.97 USD over the last 12 months, dividend yield 3.04%, beta 0.65, 52-week range 32.47–58.99 USD. Latest reported quarter (Q3 2026): revenue of 80.5 m USD (+5.1% YoY), net income of 10.9 m USD (−17.7% YoY), diluted EPS 1.44 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.4
- weak (30–45)
- Bollinger (20, 2)
- 32.34 – 36.44
- in the lower half of the band · %B 0.38 · band width 11.9%
- SMA 50 / 200
- 37.11 / 46.66
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.70 / -0.94
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.7% | −1.1% | −6.6 pp | — |
| 3 months | −28.2% | −0.5% | −27.8 pp | — |
| 6 months | −33.2% | +4.4% | −37.6 pp | — |
| Year to date | −30.9% | +12.3% | −43.2 pp | — |
| 1 year | −19.7% | +13.5% | −33.2 pp | −1.6% |
| 3 years | −2.1% | +76.4% | −78.5 pp | −26.7% |
| 5 years | +4.9% | +63.7% | −58.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 70.4 m | 65.6 m | 68.2 m | 76.6 m | 66.8 m | 62.8 m | 72.3 m | 80.5 m |
| Cost of revenue | 61.9 m | 55.9 m | 61.4 m | 66.6 m | 54.8 m | 48.5 m | 57.1 m | 68.7 m |
| Gross profit | 8.5 m | 9.7 m | 6.8 m | 10.0 m | 12.0 m | 14.3 m | 15.2 m | 11.8 m |
| SG&A | 20.1 m | 17.9 m | 19.8 m | 19.5 m | 20.7 m | 19.7 m | 19.2 m | 19.0 m |
| Operating income | 3.9 m | 7.7 m | -51.0 k | 6.8 m | 7.6 m | 11.0 m | -2.3 m | 9.3 m |
| Depreciation & amortisation | 5.7 m | 6.8 m | 6.1 m | 6.2 m | 6.2 m | 5.5 m | 6.1 m | 6.3 m |
| Interest expense | 1.8 m | 1.8 m | 1.9 m | 1.1 m | 949.0 k | 1.7 m | 1.6 m | 2.2 m |
| Pre-tax income | 2.7 m | 5.1 m | 2.0 m | 6.0 m | 66.0 k | 9.8 m | -3.2 m | 12.5 m |
| Income tax | -4.9 m | 227.0 k | -1.3 m | -7.3 m | 3.9 m | 991.0 k | -2.2 m | 1.6 m |
| Net income | 7.6 m | 4.9 m | 3.3 m | 13.3 m | -3.8 m | 8.8 m | -963.0 k | 10.9 m |
| Diluted EPS | 1.01 ≈ | 0.66 | 0.44 | 1.78 | -0.51 ≈ | 1.17 | -0.13 | 1.44 |
| Operating cash flow | 25.2 m | 5.0 m | -7.8 m ≈ | 42.3 m ≈ | 11.4 m | 12.4 m | 8.3 m ≈ | 8.5 m ≈ |
| Dividends paid | 1.7 m | 1.7 m | 1.9 m ≈ | 1.9 m ≈ | 1.9 m | 1.9 m | 2.0 m ≈ | 2.0 m ≈ |
| Share repurchases | 368.0 k | 695.0 k | 0 ≈ | 0 ≈ | 1.8 m | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 89 percentile of its own 36-quarter history (min 3.0, median 6.8, max 21.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 135.4 m | 141.0 m | 128.4 m | 191.8 m | 241.7 m | 214.8 m | 237.7 m | 277.2 m |
| Revenue YoY | +29.2% | +4.1% | −8.9% | +49.4% | +26.0% | −11.1% | +10.7% | +16.6% |
| Net income | 34.8 m | 39.6 m | 14.8 m | 48.1 m | 74.2 m | -39.6 m | 33.7 m | 17.6 m |
| Net income YoY | +14.7% | +13.9% | −62.7% | +225.3% | +54.1% | −153.4% | unavailable | −47.9% |
| Diluted EPS | 5.00 | 5.66 | 2.10 | 6.69 | 10.06 | -5.29 | 4.55 | 2.35 |
| Diluted EPS YoY | +13.4% | +13.2% | −62.9% | +218.6% | +50.4% | −152.6% | unavailable | −48.4% |
| net % | 25.7% | 28.1% | 11.5% | 25.1% | 30.7% | -18.4% | 14.2% | 6.3% |
| Free cash flow | 33.7 m | 28.1 m | -32.7 m | 35.6 m | 25.2 m | 9.1 m | -32.4 m | 2.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 49.7 m USD
- Financial debt
- 109.9 m USD
- Net debt
- 60.2 m USD
- Equity
- 429.2 m USD
- Total assets
- 661.2 m USD
- Debt / equity
- 0.26x
- Current ratio
- 3.09x
- ROE
- 4.2%
- ROA
- 2.7%
- FCF margin
- 0.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 128.4 m | 191.8 m | 241.7 m | 214.8 m | 237.7 m | 277.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Cost of revenue | 111.5 m | 148.4 m | 173.9 m | 200.2 m | 208.0 m | 238.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Gross profit | 17.0 m | 43.5 m | 67.8 m | 14.6 m | 29.8 m | 38.5 m | SEC (XBRL)· 04 Mar 2026verified |
| SG&A | 53.1 m | 55.7 m | 63.9 m | 65.6 m | 69.8 m | 77.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Operating income | 13.4 m | 55.4 m | 70.0 m | -70.1 m | 35.7 m | 22.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Depreciation & amortisation | 18.1 m | 23.1 m | 26.8 m | 29.4 m | 24.7 m | 25.3 m | SEC (XBRL)· 04 Mar 2026verified |
| EBITDA | 31.6 m ≈ | 78.5 m ≈ | 96.8 m ≈ | -40.8 m ≈ | 60.4 m ≈ | 47.3 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Interest expense | 1.4 m | 1.7 m | 2.0 m | 2.5 m | 5.6 m | 5.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Pre-tax income | 14.3 m | 56.9 m | 87.7 m | -64.2 m | 33.6 m | 13.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | -535.0 k | 8.7 m | 13.6 m | -24.6 m | -95.0 k | -4.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Net income | 14.8 m | 48.1 m | 74.2 m | -39.6 m | 33.7 m | 17.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | 2.10 | 6.69 | 10.06 | -5.29 | 4.55 | 2.35 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 7.1 m | 7.2 m | 7.4 m | 7.5 m | 7.4 m | 7.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Dividend per share | 0.77 | 0.79 | 0.82 | 0.86 | 0.90 | 0.99 | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 88.5 m | 86.0 m | 110.7 m | 85.1 m | 72.8 m | 49.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Receivables | 18.9 m | 25.7 m | 37.9 m | — | — | — | SEC (XBRL)· 15 Mar 2023verified |
| Inventories | 47.6 m | 54.1 m | 71.5 m | 77.0 m | 94.6 m | 63.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Current assets | 188.1 m | 203.1 m | 260.4 m | 232.0 m | 264.7 m | 214.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 35.3 m | 31.8 m | 28.1 m | 6.0 m | 5.5 m | 4.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Total assets | 476.2 m | 507.2 m | 568.1 m | 539.7 m | 631.7 m | 661.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Accounts payable | 5.5 m | 12.2 m | 12.0 m | — | — | — | SEC (XBRL)· 15 Mar 2023verified |
| Short-term debt | 2.1 m | 2.5 m | 3.6 m | 4.0 m | 4.2 m | 9.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Long-term debt | 45.0 m | 20.4 m | 18.9 m | 35.8 m | 99.4 m | 100.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Current liabilities | 52.3 m | 46.0 m | 44.3 m | 70.0 m | 64.9 m | 69.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | 175.6 m | 155.1 m | 141.1 m | 157.4 m | 226.7 m | 232.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | 300.6 m † | 352.1 m † | 427.0 m † | 382.3 m † | 404.9 m † | 429.2 m † | SEC (XBRL)· 04 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -2.5 m | 74.9 m | 67.7 m | 54.5 m | 22.3 m | 50.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Capex | 30.2 m | 39.2 m | 42.5 m | 45.4 m | 54.7 m | 48.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Free cash flow | -32.7 m ≈ | 35.6 m ≈ | 25.2 m ≈ | 9.1 m ≈ | -32.4 m ≈ | 2.3 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Investing cash flow | -46.0 m | -44.1 m | -33.2 m | -81.6 m | -71.3 m | -64.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | 14.0 m | -33.2 m | -9.8 m | 1.5 m | 36.7 m | -9.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Dividends paid | 5.4 m | 5.6 m | 6.0 m | 6.5 m | 6.6 m | 7.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | 1.0 m | 0 | 0 | 3.1 m | 9.9 m | 2.5 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 39 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
- Balance sheet65
- Growth19
- Valuation40
- Quality29
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.94 – 33.34 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E27.13 – 33.34 (Mid 30.27)3 companies used · median multiple 15.3x · quartiles 13.8x – 16.9xARLP, HCC, NRP
- Dividend discount (DDM)12.94 – 17.41 (Mid 14.85)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 39/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.1% | 24 (on a fixed band) | 15% |
| Net margin · Quality | 5.3% | 67 (vs peers) | 9% |
| FCF conversion · Quality | -53.8% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 4.7% | 39 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | -38.4% | 0 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | -1.0x | 67 (vs peers) | 15% |
| Interest coverage · Balance sheet | 4.0x | 38 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 17.2x | 40 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 3/3 factors with a value
- Growth19/100 · 2/2 factors with a value
- Quality29/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial40/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NACCO INDUSTRIES, INC. (NC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 277.2 m USD in 2025; YoY growth 16.6%; net margin 5.3%; ROE 3.4%; net debt/EBITDA -1.0x.
The estimated value range is 20.04–25.37 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 22.56 USD, the price of 33.88 USD leaves a potential of -33.4% (value / price − 1) and a margin of safety of -50.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 39/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.2x
What contradicts it
- ROIC: 5.1%
- FCF conversion: -53.8%
- EPS CAGR 3Y: -38.4%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Coal mining (SIC 122x) · same industry group (3-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HCCWarrior Met Coal, Inc. | 4.3 bn | 18.5 | 10.4% | 12.5% | −14.1% | +3% / +45% |
| CNRCore Natural Resources, Inc. | 4.0 bn | 40.4 | 2.7% | 2.3% | +86.2% | +0% / −25% |
| ARLPAlliance Resource Partners LP | 3.2 bn | 12.2 | — | 12.3% | −10.4% | +3% / +20% |
| BTUPeabody Energy Corp | 2.1 bn | — | -5.0% | -4.3% | −8.9% | −38% / −29% |
| AMRAlpha Metallurgical Resources, Inc. | 2.0 bn | — | -3.0% | -2.2% | −28.0% | −3% / −45% |
| NRPNatural Resource Partners LP | 1.6 bn | 15.3 | — | — | −16.6% | +13% / +55% |
| METCRamaco Resources, Inc. | 310.0 m | — | -15.0% | -12.2% | −19.5% | −56% / −57% |
| ARECAmerican Resources Corporation | 106.5 m | 1.6 | 718.3% | — | −100.0% | −64% / −40% |
| NCNacco Industries, Inc. | — | 17.2 | 3.4% | 5.3% | +16.6% | −20% / −2% |
1- and 3-year price returns: for NC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
NACCO Industries is a U.S. natural resources group that runs lignite coal mines under long-term management contracts, provides contract mining services to aggregates producers, and earns royalty income from oil and gas mineral interests. The company reported total revenue of 277.2 million USD for fiscal 2025 and reiterated an expected recurring EBITDA of about 50 million USD a year from current businesses 12.
SWOT
Strengths
- Long-term contracts with management fees remove direct exposure to spot coal prices and support predictable cash flows 1.
- Exclusive MTECK dragline dealership rights and long-standing relationships with major aggregates producers strengthen the Contract Mining position 1.
- A conservative balance sheet and available liquidity provide flexibility for selective investment and debt reduction 2.
Weaknesses
- The Utility Coal Mining segment depends on a few mines and on the dispatch of a single plant at MLMC, which makes profit sensitive to outages 1.
- Operating profit in Utility Coal Mining declined in 2025, and the company anticipates an operating loss at MLMC in 2026 1.
- Corporate costs, closed mine obligations and development spending on newer businesses have weighed on consolidated results 1.
Opportunities
- Lithium, infrastructure and new quarry projects could extend Contract Mining beyond coal 12.
- Mitigation Resources and ReGen Resources could add revenue if mitigation credit sales and energy projects materialize 12.
- Mineral rights acquisitions in productive basins could add recurring royalty income if operators accelerate development 1.
Risks
- Concentration on a single planthigh
High fixed costs at MLMC mean that lower dispatch or reduced availability of the Red Hills plant can materially affect segment results 1.
- Termination or default of long-term contractshigh
Nearly all Utility Coal Mining profits come from long-term contracts, so a premature facility closure or contract default could have a material effect 1.
- Mining and environmental regulationmedium
Reclamation duties, permits and emissions rules can raise costs or delay projects, and estimates of closure liabilities may prove inaccurate 1.
- Reserve estimates and title defectsmedium
Coal reserve estimates are imprecise, and title defects or the loss of leases could limit mining of reserves 1.
- Project and permit delayslow
Delays in permits and in new project timelines could postpone expected revenue from mitigation credits and new contracts, particularly for Sawtooth and Mitigation Resources 2.
Investment thesis
What would need to be true (bull case)
- If long-term contracts and new projects execute on schedule, recurring EBITDA could grow gradually and the revenue base could become more predictable 12.
- Rising electricity demand and coal's position as a baseload source could support Utility Coal Mining volumes if policy remains favorable 1.
- Diversification across mining, minerals and restoration could reduce reliance on any single sector, and the conservative balance sheet provides room to maneuver 12.
What would break the thesis
- Availability problems at MLMC and the anticipated operating loss in 2026 could reduce profitability in a transition year 1.
- Consolidated operating profit fell in 2025, and new projects may contribute only gradually, which could prolong margin pressure 1.
- Dependence on energy policy and on plant operators' dispatch decisions could make long-term revenue difficult to forecast 12.
What to watch
- Availability of the Red Hills plant and its effect on MLMC resultsQ1 2027
- Contribution of the Florida dragline project to Contract Mining results2026
- Timing of initial lithium production at Thacker Pass and Sawtooth revenue2027
- Pace of recurring EBITDA toward the 50 million USD target and of projects signed in 2025next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
NACCO Industries, Inc. and its subsidiary NACCO Natural Resources Corporation operate exclusively in the United States and are organized into three reportable segments: Utility Coal Mining, Contract Mining and Minerals and Royalties 1. The Utility Coal Mining segment, operated by North American Coal, runs surface mines under exclusive long-term contracts that supply fuel to power plants, paid through management fees that remove exposure to spot coal prices 1. The company also runs businesses not reported as separate segments, including Mitigation Resources of North America for restoration and reclamation services and ReGen Resources for new power generation projects 1.
Contract Mining, which provides mining services for producers of industrial minerals, is the largest revenue contributor, while Utility Coal Mining and Minerals and Royalties complete the recurring revenue base 1. In 2025 the company signed a multi-year dragline services contract for a U.S. Army Corps of Engineers project in Palm Beach County, Florida, which management expects to be accretive to earnings from the second quarter of 2026 1.
Sawtooth Mining, a subsidiary of Contract Mining, is the exclusive provider of comprehensive mining services for the Thacker Pass lithium project in Nevada, which targets initial lithium production in late 2027 1. The company describes its model as built on long-term contracts that layer cash flows over time, but these estimates depend on project execution and customer timelines 12.
Segments
Contract Mining
The Contract Mining segment generated revenue of 140.0 million USD in fiscal 2025, up from 119.6 million USD in 2024, with operating profit roughly unchanged 1. The segment operates quarries in Florida, Arkansas and Nebraska and was expected to start operations at a quarry in Arizona in the first half of 2026 1.
Utility Coal Mining
The Utility Coal Mining segment recorded revenue of 88.2 million USD in 2025, up from 68.6 million USD in 2024, but operating profit fell to 17.2 million USD from 24.3 million USD 1. Plant availability issues at the Red Hills plant and cost per ton at MLMC weighed on results, and in February 2026 the company was notified of an unplanned outage that could lead to an operating loss at MLMC in 2026 1.
Minerals and Royalties
The Minerals and Royalties segment, which includes Catapult Mineral Partners, earned revenue of 37.6 million USD in 2025 and operating profit of 29.1 million USD, nearly unchanged from the prior year 1. Mineral acquisition activity focused on the Midland Basin, and an annual investment target of about 20 million USD is cited in the August 2026 investor presentation 12.
Market context
The company argues that rising demand for around-the-clock electricity from data centers, on-shoring and economic growth, together with the current political environment, supports coal's role as a baseload source in the U.S. energy mix, although these developments depend on federal policy and plant dispatch decisions 1. In aggregates, NACCO cites long-term relationships with several of the top ten U.S. producers, in a large but fragmented end market 12.
The oil and gas market relevant to royalty income depends on hydrocarbon prices, OPEC and government actions, and development plans of operators in the Permian, Haynesville and Appalachian basins, which the company treats as external variables 12.
Trends
- Electricity demand for baseload powertailwind
Growing demand for 24/7 electricity could support utilization of coal-fired plants and, indirectly, contracted mine volumes if dispatch stays favorable 1.
- Federal policy and unstable regulationmixed
Shifts in policy from one administration to the next could change environmental and reclamation requirements for operators, making long-term cost planning harder 1.
- Expansion of contract miningtailwind
New contracts with aggregates producers and infrastructure projects widen the Contract Mining base, but each new contract depends on execution timelines that can slip 12.
- Costs and inflation in contractsmixed
Management fees adjust with inflation-linked indices, which protects margins if adjustments match actual costs but may not during sudden rises in operating costs 1.
Competitive position
The supplied sources do not systematically name direct competitors, and the company's investor presentation argues that NACCO has a diversified profile with few direct peers 2. In contract mining it competes with specialized operators serving aggregates and industrial minerals producers, and in coal it competes indirectly with other energy sources that can displace coal in dispatch 1.
Advantages cited by the company include exclusive dealership rights for MTECK draglines in 48 states, long-standing customer relationships and operational experience, while demand for coal and the fuel mix in the power sector indirectly shape its competitive position 1.
- Lithium Americas Corp.LAC
Partner in the Thacker Pass project, for which Sawtooth provides mining services; a customer relationship rather than a direct competitor 1.
- Other contract mining operators for aggregates
Private or regional companies providing mine services to aggregates producers, competing for new multi-year contracts 1.
- Operators of management-fee coal mines
Operators running coal mines under contracts with power plants, competing for new fee-based contracts 1.
- Oil and gas royalty and mineral companies
Mineral rights holders in the Permian and Haynesville basins competing for similar acquisitions 12.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report31 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report19 Aug 2026Item 1.04
- Current report19 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report18 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NACCO Industries, Inc. · 04 Mar 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / NACCO Industries, Inc. · 31 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.