olivLaw · US equity research
SunCoke Energy, Inc. SXC
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · SIC 3312 · Vertical: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312)
SunCoke Energy produces high-quality metallurgical coke in the United States and Brazil and provides industrial material handling services for coal, steel and other bulk products. In fiscal 2025 the company reported revenue of 1,837.3 million USD and Adjusted EBITDA of 219.2 million USD, while revised 2026 guidance points to a modest recovery in profitability, mainly through the Industrial Services segment.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SunCoke Energy, Inc. (SXC) stock was 10.45 USD (−2.70% on the day), with market capitalisation 886.9 m USD, dividend yield 0.00%, beta 0.63, 52-week range 5.67–11.33 USD. Latest reported quarter (Q3 2026): revenue of 485.9 m USD (−0.2% YoY), net income of 21.8 m USD (−1.8% YoY), diluted EPS 0.25 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)
- 52.8
- neutral
- Bollinger (20, 2)
- 9.36 – 11.24
- in the upper half of the band · %B 0.58 · band width 18.2%
- SMA 50 / 200
- 10.05 / 8.32
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.27 / 0.21
- 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 | +5.1% | −1.1% | +6.2 pp | — |
| 3 months | +8.6% | −0.5% | +9.1 pp | — |
| 6 months | +44.1% | +4.4% | +39.7 pp | — |
| Year to date | +45.1% | +12.3% | +32.8 pp | — |
| 1 year | +53.0% | +13.5% | +39.5 pp | +14.5% |
| 3 years | +14.0% | +76.4% | −62.5 pp | +38.3% |
| 5 years | +51.4% | +63.7% | −12.2 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 | 486.0 m | 436.0 m | 434.1 m | 487.0 m | 480.2 m | 455.1 m | 475.3 m | 485.9 m |
| SG&A | 15.4 m | 14.7 m | 20.6 m | 28.3 m | 21.2 m | 30.3 m | 31.5 m | 27.7 m |
| Operating income | 35.5 m | 30.2 m | 9.8 m | 13.4 m | -97.8 m | 4.4 m | 29.0 m | 40.6 m |
| Depreciation & amortisation | 28.8 m | 28.8 m | 28.6 m | 37.4 m | 58.8 m | 44.9 m | 39.9 m | 42.2 m |
| Interest expense | 7.1 m | 6.8 m | 7.0 m | 9.2 m | 9.9 m | 9.9 m | 9.4 m | 8.9 m |
| Pre-tax income | 29.9 m | 25.0 m | 4.4 m | 5.0 m | -107.2 m | -4.3 m | 20.5 m | 32.1 m |
| Income tax | 4.1 m | 5.6 m | 900.0 k | -18.8 m | -21.7 m | -900.0 k | 4.9 m | 8.3 m |
| Net income | 23.7 m | 17.3 m | 1.9 m | 22.2 m | -85.6 m | -4.4 m | 13.1 m | 21.8 m |
| Diluted EPS | 0.28 ≈ | 0.20 | 0.02 | 0.26 | -1.00 ≈ | -0.05 | 0.15 | 0.25 |
| Operating cash flow | 60.9 m | 25.8 m | 17.5 m ≈ | 9.2 m ≈ | 56.6 m | 72.7 m | -27.2 m ≈ | 94.8 m ≈ |
| Capex | 24.8 m | 4.9 m | 12.6 m ≈ | 25.5 m ≈ | 23.8 m | 17.0 m | 15.9 m ≈ | 20.9 m ≈ |
| Dividends paid | 10.1 m | 10.9 m | 10.2 m ≈ | 10.1 m ≈ | 10.2 m | 10.7 m | 10.2 m ≈ | 10.1 m ≈ |
≈ 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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.6 bn | 1.3 bn | 1.5 bn | 2.0 bn | 2.1 bn | 1.9 bn | 1.8 bn |
| Revenue YoY | +9.0% | +10.3% | −16.7% | +9.2% | +35.5% | +4.6% | −6.2% | −5.1% |
| Net income | 26.2 m | -152.3 m | 3.7 m | 43.4 m | 100.7 m | 57.5 m | 95.9 m | -44.2 m |
| Net income YoY | −78.6% | −681.3% | unavailable | +1,073.0% | +132.0% | −42.9% | +66.8% | −146.1% |
| Diluted EPS | 0.40 | -1.98 | 0.04 | 0.52 | 1.19 | 0.68 | 1.12 | -0.52 |
| Diluted EPS YoY | −78.7% | −595.0% | unavailable | +1,200.0% | +128.8% | −42.9% | +64.7% | −146.4% |
| net % | 1.8% | -9.5% | 0.3% | 3.0% | 5.1% | 2.8% | 5.0% | -2.4% |
| Free cash flow | 85.5 m | 71.8 m | 83.9 m | 134.5 m | 133.4 m | 139.8 m | 95.9 m | 42.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 88.7 m USD
- Financial debt
- 685.5 m USD
- Net debt
- 596.8 m USD
- Equity
- 626.1 m USD
- Total assets
- 1.8 bn USD
- Debt / equity
- 1.09x
- Current ratio
- 2.11x
- ROE
- -6.6%
- ROA
- -2.6%
- FCF margin
- 2.3%
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 | 1.3 bn | 1.5 bn | 2.0 bn | 2.1 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 81.4 m | 61.8 m | 71.4 m | 70.7 m | 61.2 m | 84.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 69.7 m | 141.5 m | 153.7 m | 125.1 m | 151.9 m | -44.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 133.7 m | 133.9 m | 142.5 m | 142.8 m | 118.9 m | 153.6 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 203.4 m ≈ | 275.4 m ≈ | 296.2 m ≈ | 267.9 m ≈ | 270.8 m ≈ | 109.2 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 56.3 m | 42.5 m | 32.0 m | 27.3 m | 28.7 m | 32.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 19.1 m | 67.1 m | 121.7 m | 97.8 m | 128.5 m | -72.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 10.3 m | 18.3 m | 16.8 m | 34.3 m | 25.0 m | -34.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 3.7 m | 43.4 m | 100.7 m | 57.5 m | 95.9 m | -44.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 0.04 | 0.52 | 1.19 | 0.68 | 1.12 | -0.52 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 83.2 m | 83.7 m | 84.6 m | 84.9 m | 85.3 m | 85.5 m | SEC (XBRL)· 20 Feb 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 | 48.4 m | 63.8 m | 90.0 m | 140.1 m | 189.6 m | 88.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 46.3 m | 77.6 m | 104.8 m | 88.3 m | 96.6 m | 111.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 126.6 m | 127.0 m | 175.2 m | 182.6 m | 180.8 m | 219.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 229.7 m | 271.9 m | 374.0 m | 416.8 m | 474.6 m | 463.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 1.3 bn | 1.3 bn | 1.2 bn | 1.2 bn | 1.1 bn | — | SEC (XBRL)· 21 Feb 2025verified |
| Goodwill | 3.4 m | — | — | — | 3.4 m | 55.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 33.8 m | 31.8 m | 29.8 m | 27.7 m | 25.8 m | 44.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 1.6 bn | 1.6 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 104.1 m | 126.0 m | 159.3 m | 172.1 m | 153.2 m | 157.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 3.0 m | 3.2 m | 3.3 m | 0 | — | — | SEC (XBRL)· 22 Feb 2024verified |
| Long-term debt | 673.9 m | 610.4 m | 528.9 m | 490.3 m | 492.3 m | 685.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 158.9 m | 182.2 m | 224.0 m | 223.8 m | 205.8 m | 219.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 1.1 bn | 1.1 bn | 1.0 bn | 1.0 bn | 957.2 m | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 500.9 m | 535.4 m | 622.7 m | 645.5 m | 711.0 m | 626.1 m | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 157.8 m | 233.1 m | 208.9 m | 249.0 m | 168.8 m | 109.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 73.9 m | 98.6 m | 75.5 m | 109.2 m | 72.9 m | 66.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 83.9 m ≈ | 134.5 m ≈ | 133.4 m ≈ | 139.8 m ≈ | 95.9 m ≈ | 42.3 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -75.3 m | -99.3 m | -70.2 m | -109.2 m | -72.3 m | -339.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -131.2 m | -118.4 m | -112.5 m | -89.7 m | -47.0 m | 128.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 19.9 m | 20.1 m | 23.6 m | 30.7 m | 37.6 m | 41.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 7.0 m | 0 | 0 | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
≈ 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: 40 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 886.9 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation76
- Returns80
- Quality6
- Balance sheet30
- Growth0
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: 11.81 – 38.25 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)18.82 – 38.25 (Mid 25.68)WACC 7.6% · starting FCFF 151.3 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -26.6%
- Peers: EV/EBITDA11.81 – 18.31 (Mid 14.25)4 companies used · median multiple 10.8x · quartiles 9.5x – 12.9xCRS, MT, STLD, TWI
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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 40/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.6% | 0 (vs peers) | 14% |
| Net margin · Quality | -2.9% | 17 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -2.3% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.4x | 20 (vs peers) | 14% |
| Interest coverage · Balance sheet | -0.6x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 8.8x | 56 (on a fixed band) | 14% |
| FCF yield · Valuation | 13.5% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 4.6% | 66 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 34.5% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality6/100 · 2/3 factors with a value
- Returns80/100 · 2/2 factors with a value
- Valuation76/100 · 2/3 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
SUNCOKE ENERGY, INC. (SXC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.8 bn USD in 2025; YoY growth -5.1%; net margin -2.9%; ROE -8.5%; net debt/EBITDA 3.4x.
The estimated value range is 15.31–28.28 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 19.97 USD, the price of 10.45 USD leaves a potential of 91.1% (value / price − 1) and a margin of safety of 47.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 40/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
- FCF yield: 13.5%
- Payout ratio (FCF): 34.5%
- The price is below the estimated value range
What contradicts it
- ROIC: -1.6%
- Net margin: -2.9%
- Revenue CAGR 3Y: -2.3%
- Net debt / EBITDA: 3.4x
- Interest coverage: -0.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM).
Versus the vertical median
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312) · same industry (4-digit SIC) · compared with 12 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 | |
|---|---|---|---|---|---|---|
| TXTernium S.A. | 103.0 bn | 233.6 | 3.6% | 2.7% | −11.6% | +40% / +30% |
| NUENucor Corp | 60.8 bn | 35.6 | 8.2% | 5.4% | +5.7% | +68% / +58% |
| TSTenaris SA | 59.9 bn | 31.0 | 11.6% | 16.1% | −4.3% | +39% / +61% |
| MTArcelorMittal | 47.6 bn | 15.2 | 6.1% | 5.1% | −1.7% | +45% / +148% |
| STLDSteel Dynamics, Inc. | 34.1 bn | 17.7 | 20.8% | 8.8% | +3.6% | +43% / +102% |
| CRSCarpenter Technology Corporation | 14.5 bn | 25.8 | 27.8% | 17.9% | +8.6% | −8% / +313% |
| CMCCommercial Metals Company | 7.3 bn | 11.3 | 14.8% | 7.0% | +20.5% | +4% / +47% |
| SXCSuncoke Energy, Inc. | 886.9 m | — | -8.5% | -2.9% | −5.1% | +53% / +14% |
| MTUSMetallus Inc. | 737.3 m | 35.0 | 3.4% | 1.9% | +6.9% | +6% / −12% |
| TWITitan International, Inc. | 314.6 m | — | -22.9% | -5.7% | −0.9% | −40% / −63% |
| ASTLAlgoma Steel Group Inc. | — | — | -98.5% | -47.2% | −25.4% | +23% / −37% |
| SIMGRUPO SIMEC, S.A.B. de C.V. | — | — | 19.2% | 31.2% | −18.2% | −8% / −15% |
| PKXPosco Holdings Inc. | — | — | 2.1% | 1.5% | −4.7% | −3% / −45% |
1- and 3-year price returns: for SXC 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 30 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
In brief
SunCoke Energy produces high-quality metallurgical coke in the United States and Brazil and provides industrial material handling services for coal, steel and other bulk products. In fiscal 2025 the company reported revenue of 1,837.3 million USD and Adjusted EBITDA of 219.2 million USD, while revised 2026 guidance points to a modest recovery in profitability, mainly through the Industrial Services segment.
SWOT
Strengths
- Leading position in independent coke production in the Americas, supported by long-term contracts and proprietary heat recovery technology 1.
- Diversification through industrial services complements the coke business and provides revenue linked to terminal volumes 12.
- Long operating history and a capacity to build new plants, a rare capability in the industry 1.
Weaknesses
- Dependence on a small number of customers is a significant risk if one of them reduces demand or fails to perform under its contract 1.
- A material plant impairment followed a customer's breach of contract and weighed on the net result for fiscal 2025 1.
- Higher debt and interest costs after the Phoenix Global acquisition limit financial flexibility 2.
Opportunities
- Contract renewals and expanded volumes with existing customers could support revenue stability 13.
- Growth in industrial services volumes and integration of Phoenix Global could widen segment margins 23.
- Export markets and demand for foundry coke could add volumes if trade conditions remain favorable 1.
Threats
- Alternative steelmaking technologies such as electric arc furnaces could reduce long-term demand for blast furnace coke 1.
- Cheap imports and dumping could pressure prices and export volumes for American producers 1.
- Operational incidents and equipment failures can interrupt production and generate unplanned costs 12.
Risks
- Customer concentrationhigh
Sales are concentrated among a small number of customers; their financial difficulties or failure to perform could significantly affect cash flows 1.
- Asset impairmenthigh
A customer's breach of contract and its effect on future cash flows could lead to further impairment charges on long-lived assets 1.
- Operational risksmedium
Equipment failures, plant incidents and weather could temporarily halt production, as the Middletown turbine failure showed 12.
- Environmental and safety regulationmedium
Strict emission and worker safety requirements can raise costs and require additional investment 1.
- Debt and interest expenselow
Greater use of the revolving credit facility has increased interest expense, which could reduce net income 2.
Investment thesis
What would need to be true (bull case)
- If the industrial recovery holds and the revised guidance is confirmed, the company could show a gradual rebound in Adjusted EBITDA after a weaker 2025 23.
- Long-term take-or-pay contracts provide a predictable revenue level, and proprietary cokemaking technology can support its market position 1.
- Diversification through the Phoenix Global acquisition could reduce dependence on coke activity and create new revenue streams 2.
What would break the thesis
- If a major customer exits or fails to renew its contracts, revenue and cash flow could fall significantly 1.
- Alternative steelmaking technologies could gradually reduce demand for the coke the company produces 1.
- Higher debt and interest costs could limit the company's ability to fund investments and dividends 2.
What to watch
- Delivery of the revised 2026 Adjusted EBITDA guidance range2026
- Progress of the Industrial Services recovery after the Phoenix Global acquisitionQ3 2026
- Outcome of the Granite City contract renewal, which expires at year end2027
- Resolution of the dispute with the customer that breached the coke contract, and any financial recoverynext 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 30 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
The business
SunCoke Energy, Inc. describes itself as the largest independent producer of high-quality coke in the Americas, measured by tons produced each year, with more than 65 years of coke production experience 1. Most coke segment sales come from long-term take-or-pay contracts with steelmakers, which gives the revenue base a relatively predictable profile 1. The company operates five cokemaking facilities in the United States and one in Brazil under licensing and operating agreements for ArcelorMittal Brasil 1.
SunCoke's heat recovery technology differs from by-product cokemaking because the energy from the hot flue gas can be sold as steam or electricity 1. The company says it has built the only greenfield cokemaking facilities in the U.S. in over 35 years and is the only North American coke producer using heat recovery technology 1.
With the acquisition of Phoenix Global, completed on August 1, 2025, SunCoke extended its industrial business into mission-critical services for steel mills, including slag and scrap handling 12. The change in reporting structure led to segments being organized as Domestic Coke and Industrial Services 2.
Segments
Domestic Coke
The Domestic Coke segment produces coke at the Jewell, Indiana Harbor, Haverhill, Granite City and Middletown plants, and its revenue is mainly tied to blast furnace coke sales under long-term contracts 1. In fiscal 2025 capacity utilization was 93 percent, down from 100 percent in 2024, and Adjusted EBITDA per ton fell to 46.35 USD 1.
Industrial Services
The Industrial Services segment includes the Convent Marine, Kanawha River and Lake logistics terminals and molten slag handling at multiple sites in the United States, Brazil, Slovakia and Spain 1. Revenue rose in fiscal 2025 mainly because of the Phoenix Global inclusion, and in the second quarter of 2026 the segment reported its best quarter since the acquisition 23.
Market context
The coke market depends on blast furnace steel production, and competition comes from both independent producers and steelmakers' captive plants; imports of coke from China, Colombia and Indonesia can limit additional export volumes 1. Long-term demand for coke could be affected if electric arc furnace use expands, since that process requires less or no coke 1.
In industrial services, terminal volumes are influenced by thermal and metallurgical coal prices, weather and steel demand 1. The revised 2026 guidance published in July 2026 foresees Adjusted EBITDA between 250 and 265 million USD, which points to an expected improvement on 2025 3.
Trends
- Steel demand and alternative technologiesheadwind
If steelmakers shift further to electric arc furnaces or direct reduced iron, demand for blast furnace coke could decline, which would affect existing contracts at renewal 1.
- Recovery in industrial activitytailwind
Higher terminal volumes and the inclusion of Phoenix Global supported Industrial Services revenue in 2026 23.
- Trade policy and tariffsmixed
Coke dumping and tariff changes could alter the competitiveness of SunCoke's products against foreign producers, either positively or negatively 1.
- Renewal of long-term contractsmixed
Take-or-pay contracts with major customers are central to profitability, and recent extensions, such as those for Haverhill II and Granite City, show both stability and exposure to negotiation 13.
Competitive position
The main coke competitors are merchant producers and the captive plants of integrated steelmakers, and the decision factors include quality, price, supply reliability and proximity to market 1. In services, competition comes from other logistics terminals, trucking and specialist slag handling firms 1.
The company argues its position is strong because of its heat recovery technology and its ability to replace aging plants of other producers 1. Competition could intensify if new steelmaking technologies advance faster than expected 1.
- Merchant coke producers
Independent coke producers selling on the spot and export markets, in direct competition for non-contracted volumes 1.
- Captive cokemaking plants of steelmakers
Coke ovens owned by blast furnace steelmakers, which control most of the world's coke production capacity 1.
- Coke importers from China, Colombia and Indonesia
Foreign suppliers that can affect export markets and price pressure, although transport costs often make imports uneconomic 1.
- Independent logistics terminal operators
Terminals competing for coal and other bulk material handling, especially in the Gulf and East Coast regions 1.
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 report27 Oct 2026
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Other events
- Current report01 Oct 2026Item 5.01 · Financial statements and exhibits
- Current report16 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report19 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Proxy statement01 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SunCoke Energy, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SunCoke Energy, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SunCoke Energy, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.