CNX Resources Corp (CNX)

Return on total capital

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	-186,485	758,148	749,456	1,446,271	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
Long-term debt	US$ in thousands	1,838,230	1,957,660	1,955,430	1,942,510	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
Total stockholders’ equity	US$ in thousands	4,098,030	4,256,720	4,250,640	4,309,320	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
Return on total capital		-3.14%	12.20%	12.08%	23.13%	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%

December 31, 2024 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $-186,485K ÷ ($1,838,230K + $4,098,030K)
= -3.14%

CNX Resources Corp's return on total capital has exhibited significant fluctuations over the past few years. The company experienced negative returns in the range of -42.12% to -1.63% from March 31, 2022, to December 31, 2022. However, there was a notable turnaround in the following periods, with positive returns ranging from 23.13% to 51.39% between March 31, 2023, and September 30, 2023.

Subsequently, the return on total capital moderated to more modest levels, declining from 37.86% on December 31, 2023, to -3.14% on December 31, 2024. Overall, the data indicates a mix of negative and positive returns, underscoring the volatile performance of CNX Resources Corp in terms of generating returns on its total capital.