Is the business good?
How good a business is HCC?
Warrior Met Coal, Inc. earns 8.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
8.5%
Return on invested capital · cost of capital 9.0% · 0.55 points below what the capital costs: growth destroys value
- Operating margin
- 14%
Operating margin · Basic Materials median 13% · 12 months to Q2 2026
- Cash conversion
- 0.07×
Cash conversion · some of the reported profit has not turned into cash yet
- Share count, year on year
- +0.48%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −3.5% |
| FY2021 | 23% |
| FY2022 | 46% |
| FY2023 | 32% |
| FY2024 | 17% |
| FY2025 | 3.5% |
Details›
- Gross margin12 months to Q2 2026
- 32%
- Operating margin12 months to Q2 2026
- 14%
- Net margin12 months to Q2 2026
- 13%
- Free cash flow margin
- 0.92%
- Revenue, trailing twelve months
- $1.68B
- Free cash flow, trailing twelve months
- $15M
- Net income, trailing twelve months
- $219M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.