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CNX

9/9 Score

CNX Resources Corporation

Analysis Date: February 2, 2026

CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane. It produces and sells pipeline quality natural gas primarily for gas wholesalers. The company owns rights to extract natural gas in Pennsylvania, West Virginia, and Ohio from approximately 526,000 net Marcellus Shale acres; and approximately 610,000 net acres of Utica Shale, as well as rights to extract natural gas from other shale and shallow oil and gas positions from approximately 1,006,000 net acres in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia. It also owns rights to extract coalbed methane (CBM) in Virginia from approximately 282,000 net CBM acres in Central Appalachia, as well as 1,733,000 net CBM acres in West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico. In addition, the company designs, builds, and operates natural gas gathering systems to move gas from the wellhead to interstate pipelines or other local sales points; owns and operates approximately 2,600 miles of natural gas gathering pipelines, as well as various natural gas processing facilities. It also offers turn-key solutions for water sourcing, delivery, and disposal for its natural gas operations and for third parties. The company was formerly known as CONSOL Energy Inc. and changed its name to CNX Resources Corporation in November 2017. CNX Resources Corporation was founded in 1860 and is headquartered in Canonsburg, Pennsylvania.

Buffettology Criteria

All 9 of 9 criteria passed

  • High ROE

    Return on Equity > 12%

    Value: 15.5%

  • High ROIC

    Return on Invested Capital > 9%

    Value: 11.2%

  • Cash Machine

    FCF / Assets > 5%

    Value: 5.9%

  • Fair Valuation

    Earnings Yield > 3.5%

    Value: 11.5%

  • Share Buybacks

    Share Count is Dropping

    Value: -6.5%

  • Defensible Moat

    Gross Profit Margin > 40%

    Value: 72.8%

  • Simple Business

    Not in a speculative sector (e.g., Biotech)

    Value: Energy

  • Conservative Debt

    Debt to Equity < 1.5

    Value: 0.57x

  • Consistent Growth

    5-Year Growth is Positive

    Value: 284.3%

Analysis Summary

This is a promising picture for CNX. The company is generating solid returns on capital, as evidenced by its high ROE and ROIC, and it's returning value to shareholders through buybacks. With a defensible moat in a simple business, and a conservative debt load, this could be a quality business trading at a reasonable price.

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