CNX Resources Corp (CNX)

Solvency ratios

	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
Debt-to-assets ratio	0.22	0.23	0.23	0.22	0.22	0.22	0.25	0.26	0.26	0.22	0.22	0.23	0.27	0.27	0.28	0.29	0.30	0.32	0.31	0.31
Debt-to-capital ratio	0.31	0.32	0.32	0.31	0.30	0.32	0.35	0.38	0.43	0.49	0.43	0.42	0.37	0.41	0.35	0.34	0.35	0.38	0.40	0.41
Debt-to-equity ratio	0.45	0.46	0.46	0.45	0.43	0.47	0.54	0.62	0.75	0.97	0.75	0.74	0.60	0.69	0.55	0.52	0.54	0.60	0.68	0.69
Financial leverage ratio	2.08	2.01	2.02	2.01	1.98	2.15	2.14	2.34	2.89	4.37	3.43	3.20	2.19	2.58	1.95	1.79	1.82	1.90	2.22	2.22

The solvency ratios of CNX Resources Corp indicate the company's ability to meet its long-term financial obligations.

1. Debt-to-assets ratio has shown a declining trend from 0.31 in March 2020 to 0.22 by December 2024, indicating that the company's total debt relative to its total assets has decreased over the period. This suggests that CNX Resources Corp has been managing its debt levels effectively in relation to its asset base.

2. Debt-to-capital ratio has displayed some fluctuations but has generally decreased from 0.41 in March 2020 to 0.31 by December 2024. This ratio reflects the proportion of the company's capital structure that is financed by debt, and the decreasing trend indicates an improvement in the company's capital structure efficiency over time.

3. Debt-to-equity ratio has also demonstrated a decreasing trend from 0.69 in March 2020 to 0.45 by December 2024. This ratio represents the proportion of the company's financing that comes from debt compared to equity, and the decreasing trend suggests a reduced reliance on debt financing in favor of equity financing, which can be considered a positive sign for solvency.

4. Financial leverage ratio has shown fluctuations but has generally decreased from 2.22 in March 2020 to 2.08 by December 2024. This ratio indicates the extent to which the company relies on debt to finance its assets, and the decreasing trend suggests a lower reliance on debt funding over the period, which can reduce financial risk and enhance solvency.

Overall, the solvency ratios of CNX Resources Corp have shown positive trends, with decreasing levels of debt relative to assets, capital, and equity, as well as improvements in the financial leverage ratio. These improvements indicate a stronger financial position and enhanced ability to meet long-term obligations over time.

Coverage ratios

	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
Interest coverage	-1.24	5.01	5.04	9.98	16.51	21.12	19.23	15.41	-0.66	-3.33	-10.46	-13.24	-3.21	-7.44	-1.06	0.74	-2.85	-6.31	-3.77	-1.65

The interest coverage ratio of CNX Resources Corp has shown a significant fluctuation over the period covered in the data. Initially, from March 31, 2020, to March 31, 2022, the company's interest coverage ratios were negative, indicating that the company's operating income was insufficient to cover its interest expenses during these periods. This raised concerns about the company's ability to meet its debt obligations using its current earnings.

However, starting from March 31, 2023, there was a notable improvement in the interest coverage ratio, with the ratio becoming positive and increasing continuously through December 31, 2024. This positive trend signifies that CNX Resources Corp's operating income has improved sufficiently to cover its interest expenses, indicating a stronger financial position and reduced risk of default on its debt obligations. The company's ability to cover its interest payments improved consistently over this period, reflecting positively on its financial performance and stability.

It is important to monitor this ratio going forward to ensure that the company maintains a healthy level of interest coverage, indicating its ability to manage debt effectively and sustain its financial health.