CNX Resources Corp (CNX)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	2,366,203	2,981,437	2,694,440	2,100,873	-84,259	-431,858	-1,393,994	-1,878,569	-485,353	-1,127,513	-161,069	117,392	-487,057	-1,073,622	-642,721	-271,162	98,386	494,577	509,162	315,092
Long-term debt	US$ in thousands	1,888,710	1,843,780	2,154,090	2,203,110	2,205,740	1,920,440	1,907,070	1,890,790	2,214,120	2,203,730	2,265,970	2,346,200	2,401,430	2,577,970	2,540,770	2,640,150	2,754,440	2,640,230	2,618,380	2,430,490
Total stockholders’ equity	US$ in thousands	4,361,020	3,957,310	3,983,190	3,567,300	2,950,460	1,976,990	2,537,020	2,569,510	3,700,270	3,186,520	4,136,930	4,510,410	4,422,440	4,270,180	3,746,420	3,836,330	4,160,550	4,434,980	4,325,660	4,215,510
Return on total capital		37.86%	51.39%	43.90%	36.41%	-1.63%	-11.08%	-31.37%	-42.12%	-8.21%	-20.92%	-2.52%	1.71%	-7.14%	-15.68%	-10.22%	-4.19%	1.42%	6.99%	7.33%	4.74%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $2,366,203K ÷ ($1,888,710K + $4,361,020K)
= 37.86%

The return on total capital for CNX Resources Corp has shown significant fluctuations over the past eight quarters. The company's return on total capital was positive in the most recent four quarters, ranging from 34.07% to 46.75%, indicating efficient utilization of both debt and equity to generate profits. However, in the previous four quarters, the company experienced negative returns on capital, with the lowest being -39.32% in Q1 2022.

The positive trend in the return on total capital over the last four quarters suggests an improvement in the company's capital efficiency and profitability. It is essential for investors and stakeholders to monitor this ratio closely to assess the company's ability to generate returns from the total capital invested.