CNX Resources Corp (CNX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of CNX Resources Corp stock $55.74, price $34.92, upside +59.6%, quality 70 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $10.58 – $42.61 · fair‑value band $30.82 – $79.21 · the $34.92 price screens below the $55.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin.
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The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.
The company owns rights to extract natural gas from shale formations in Pennsylvania, West Virginia, and Ohio, as well as rights to extract natural gas from other Shale and shallow oil and gas formations primarily in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia.
In addition, the company designs, builds, and operates natural gas gathering systems to move natural gas from the wellhead to interstate pipelines or other local sales points; owns or operates approximately 2,600 miles of natural gas gathering pipelines as well as various natural gas processing facilities.
Further, it offers turn-key solutions for water sourcing, delivery and disposal for its natural gas operations and supplies solutions for water sourcing as well as delivery and disposal 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 based in Canonsburg, Pennsylvania.
Stock analysis
CNX Resources Corp (CNX) currently trades at $34.92, while our model-based Fair Value estimate is $55.74, implying the stock looks roughly 37% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $60.93 per share, and 15 of the 24 models we run sit above the $34.92 price.
Bear case: the Asset-Based group reads lowest at $18.55, and 9 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $30.82 (bear) to $79.21 (bull), the price of $34.92 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
CNX Resources Corp reported revenue of $2.1B in FY2025 versus $2.4B in FY2021, a compound −2.7%/yr. Reported net income was $633M in FY2025.
Key figures
Market cap $5.4B Mid · P/E ratio 5.7 · P/S ratio 2.37 · EPS (TTM) $6.18 · Net margin 40.2% · Return on equity 20.4% · Return on assets (EBIT) 11.8% (5-year average) · Operating margin 44.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 77 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at 10% fair-value upside, at 60%, CNX screens cheaper than that median.
Fair Value models
Bear$30.82Fair Value $55.74Bull$79.21
Price $34.92 · Upside +59.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($5.28 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
SaleWilliam N Thorndike JrDirector28,800 shares at $38.25$1.1MMay 4, 2026
SaleMaureen Lally-GreenDirector23,631 shares at $39.51$933,715Mar 23, 2026
SaleBernard Lanigan JrDirector46,119 shares at $40.60$1.9MFeb 19, 2026
Plus 6 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−23.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−23.9%
Dividend (yield on the price)0.0%
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.17% → 37%
⚠ Revenue per share shrinking 3.0%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −0.4% a year for the price and −2.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: CNX focuses on production efficiency in its Appalachia assets while its status as a typical E&P commodity producer leaves it with a limited durable moat and thin signals across categories.
Main risk: CNX's net debt ratio near 2.0x combined with a preference for share buybacks over deleveraging could limit its ability to fund operations or refinance maturing obligations amid fluctuating natural gas prices.
Bull case: CNX could leverage its low-carbon initiatives and data center demand growth to generate stable cash flows that support debt reduction while maintaining production efficiency in Appalachia.
Bear case: If regulatory pressures intensify or leverage remains elevated without sufficient free cash flow, CNX might face higher operating costs, restricted drilling permits or forced asset sales that erode its production base over time.
CNX brings an operations veteran into the CFO role just as it prepares its next quarterly update. That shift could sharpen focus on production efficiency and capital discipline in its core Appalachia assets, yet it also raises questions about how well the finance function will balance those priorities with hedging and regulatory demands. Does the company gain more from embedding operational insight at the top or risk losing ground on traditional financial oversight?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas E&P · 239 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+59.6% · Top 25%
Profitability
Return on equity (12 months)20.4% · Top 25%
Return on assets7.0% · Top 25%
Net margin (12 months)40.2% · Top 25%
Operating margin (12 months)44.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)28.6% · Above median
Balance sheet
Debt / equity0.51× · Above median
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
P/E (12 months)5.7× · Cheapest 25%
P/B1.24× · Cheaper than median
P/S (12 months)2.37× · Cheaper than median
Price / free cash flow (fiscal year)10.1× · Cheaper than median
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Is CNX Resources Corp (CNX) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $55.74 versus a price of $34.92, about +60% upside (undervalued).
What is the fair value of CNX?
Our model-based fair value for CNX Resources Corp is $55.74 (as of Nov 6, 2026), built from audited fundamentals. The current price: $34.92.
What is the quality score of CNX?
CNX Resources Corp has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CNX Resources Corp (CNX)?
Our model-based price target is the fair value of $55.74 (as of Nov 6, 2026) from 24 valuation models. Cautious scenario $30.82, optimistic scenario $79.21. It is a calculation from audited fundamentals, not an analyst target.
What is the CNX Resources Corp stock forecast for 2026?
Our models put fair value at $55.74, about +60% upside versus a price of $34.92 (undervalued). Cautious scenario $30.82, optimistic scenario $79.21. The calculation is refreshed regularly with new filings.
What is the revenue of CNX Resources Corp (CNX)?
CNX Resources Corp reported trailing-twelve-month revenue of about $2.3B (latest available figure, as of Nov 6, 2026).
What growth is priced into CNX Resources Corp (CNX)?
For today's price to be fair in a discounted-cash-flow model, CNX Resources Corp would have to grow free cash flow by +2.0 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.6 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of CNX use?
Our models discount CNX Resources Corp at 9.0 %: a base by market capitalisation (mid), damped by beta 0.69, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CNX Resources Corp that is +2.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has CNX Resources Corp (CNX) delivered so far?
Over the past 5 years revenue at CNX Resources Corp grew +14.6 % a year. The price currently implies free-cash-flow growth of +2.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CNX Resources Corp (CNX) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into CNX Resources Corp (+2.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CNX Resources Corp (CNX)?
The free-cash-flow yield on the price is 9.93 %: that much free cash flow CNX Resources Corp produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CNX Resources Corp (CNX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CNX Resources Corp it is $55.74 per share (as of Nov 6, 2026), against a price of $34.92. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is CNX Resources Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, CNX trades below its calculated fair value: price $34.92, fair value $55.74, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CNX?
No. The price is what the market pays today ($34.92); the fair value is what the company's own numbers justify ($55.74). For CNX Resources Corp the two are $20.82 per share apart. That gap is exactly why we show both numbers side by side.
How much is CNX Resources Corp worth?
The market values CNX Resources Corp at about $5.4B (market capitalisation, as of Nov 6, 2026). Per share that is $34.92; our models calculate a fair value of $55.74 per share.
What do the bullish and bearish scenarios say about CNX?
Our models span a range for CNX Resources Corp: cautious scenario $30.82, base $55.74, optimistic $79.21 per share (as of Nov 6, 2026, price $34.92). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CNX?
CNX Resources Corp trades at a price-to-earnings ratio of 5.7 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $55.74 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2017 to 2025), reported earnings, FY2017, FY2018, FY2019 ex one-offs: 9.3. Other multiples: PEG 1.9, P/B 1.2, P/S 2.4, EV/EBITDA 4.1.
What is the PEG ratio of CNX?
The PEG ratio of CNX Resources Corp is 1.93 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of CNX Resources Corp (CNX)?
Balance-sheet figures for CNX Resources Corp (as of Nov 6, 2026): return on equity 20.4%, debt of 0.51 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is CNX from its 52-week high?
CNX Resources Corp trades at $34.92, about 18% below its 52-week high of $42.61 and 12% above the low of $31.17 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $55.74 is for.
Which stocks are comparable to CNX Resources Corp?
From the same area (Energy) we also value ConocoPhillips explores for,, CNOOC Limited, Canadian Natural Resources Limited, EOG Resources, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CNX Resources Corp stock attractive at the current price?
The data as of Nov 6, 2026: price $34.92, calculated fair value $55.74 (+60%), Quality Score 70/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CNX calculated?
We run CNX Resources Corp through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $55.74 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. CNX Resources Corp currently trades 37% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CNX Resources Corp (CNX)?
The closing price on Nov 6, 2026 was $34.92. Our model-based fair value is $55.74, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CNX Resources Corp right now?
Solid quality (70/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($30.82 to $79.21) leaves room in how you read the outcome.
Key figures of CNX Resources Corp
How large is the market capitalisation of CNX Resources Corp (CNX)?
The market capitalisation of CNX Resources Corp is $5.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CNX Resources Corp (CNX)?
The price-to-sales ratio of CNX Resources Corp is 2.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CNX Resources Corp (CNX)?
Earnings per share at CNX Resources Corp are $6.18 (price ÷ EPS = P/E 5.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of CNX Resources Corp (CNX)?
The net margin of CNX Resources Corp is 40.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CNX Resources Corp (CNX)?
The return on equity (ROE) of CNX Resources Corp is 20.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CNX Resources Corp (CNX)?
On an EBIT basis the return on assets of CNX Resources Corp is 11.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CNX Resources Corp (CNX)?
The operating margin of CNX Resources Corp is 44.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CNX Resources Corp (CNX)?
Revenue at CNX Resources Corp is growing +28.6% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CNX Resources Corp (CNX)?
Earnings per share at CNX Resources Corp are growing −7.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CNX Resources Corp (CNX) carry?
The net debt of CNX Resources Corp is $2.5B (fiscal year 2025, ≈ 4.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026