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Side-by-side financial comparison of WARRIOR MET COAL, INC. (HCC) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
WARRIOR MET COAL, INC. is the larger business by last-quarter revenue ($458.6M vs $425.9M, roughly 1.1× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 15.8%, a 19.9% gap on every dollar of revenue. On growth, WARRIOR MET COAL, INC. posted the faster year-over-year revenue change (52.1% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 7.5%).
Warrior Met Coal, Inc. (ticker HCC) is a U.S.-headquartered mining enterprise that produces and distributes high-grade metallurgical coal, a key raw material for steel production. It serves steel manufacturers and industrial clients across core markets including North America, Europe, and Asia.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
HCC vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $458.6M | $425.9M |
| Net Profit | $72.3M | $152.0M |
| Gross Margin | 36.7% | — |
| Operating Margin | 17.3% | 81.5% |
| Net Margin | 15.8% | 35.7% |
| Revenue YoY | 52.1% | 1.7% |
| Net Profit YoY | — | — |
| EPS (diluted) | $1.37 | $1.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $458.6M | $425.9M | ||
| Q4 25 | $384.0M | $637.9M | ||
| Q3 25 | $328.6M | $443.1M | ||
| Q2 25 | $297.5M | $527.4M | ||
| Q1 25 | $299.9M | $734.8M | ||
| Q4 24 | $297.5M | $513.8M | ||
| Q3 24 | $327.7M | $310.0M | ||
| Q2 24 | $396.5M | $338.6M |
| Q1 26 | $72.3M | $152.0M | ||
| Q4 25 | $23.0M | $181.6M | ||
| Q3 25 | $36.6M | $107.3M | ||
| Q2 25 | $5.6M | $149.8M | ||
| Q1 25 | $-8.2M | $216.4M | ||
| Q4 24 | $1.1M | $45.0M | ||
| Q3 24 | $41.8M | $-167.6M | ||
| Q2 24 | $70.7M | $-54.2M |
| Q1 26 | 36.7% | — | ||
| Q4 25 | 29.5% | 86.6% | ||
| Q3 25 | 27.1% | — | ||
| Q2 25 | 23.9% | 94.7% | ||
| Q1 25 | 18.1% | 81.6% | ||
| Q4 24 | 23.1% | 87.3% | ||
| Q3 24 | 29.3% | — | ||
| Q2 24 | 34.1% | 98.5% |
| Q1 26 | 17.3% | 81.5% | ||
| Q4 25 | 9.0% | 43.3% | ||
| Q3 25 | 6.3% | 40.6% | ||
| Q2 25 | 2.6% | 43.7% | ||
| Q1 25 | -5.8% | 43.2% | ||
| Q4 24 | -1.4% | 16.8% | ||
| Q3 24 | 11.9% | -63.4% | ||
| Q2 24 | 17.9% | -15.2% |
| Q1 26 | 15.8% | 35.7% | ||
| Q4 25 | 6.0% | 28.5% | ||
| Q3 25 | 11.1% | 24.2% | ||
| Q2 25 | 1.9% | 28.4% | ||
| Q1 25 | -2.7% | 29.4% | ||
| Q4 24 | 0.4% | 8.8% | ||
| Q3 24 | 12.7% | -54.1% | ||
| Q2 24 | 17.8% | -16.0% |
| Q1 26 | $1.37 | $1.59 | ||
| Q4 25 | $0.43 | $1.98 | ||
| Q3 25 | $0.70 | $1.18 | ||
| Q2 25 | $0.11 | $1.64 | ||
| Q1 25 | $-0.16 | $2.37 | ||
| Q4 24 | $0.02 | $0.49 | ||
| Q3 24 | $0.80 | $-1.81 | ||
| Q2 24 | $1.35 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $233.2M | — |
| Total DebtLower is stronger | $154.4M | $300.0M |
| Stockholders' EquityBook value | — | — |
| Total Assets | $2.8B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $233.2M | — | ||
| Q4 25 | $300.0M | $271.4M | ||
| Q3 25 | $336.3M | $43.2M | ||
| Q2 25 | $383.3M | $39.3M | ||
| Q1 25 | $454.9M | $40.0M | ||
| Q4 24 | $491.5M | $48.7M | ||
| Q3 24 | $583.2M | $38.2M | ||
| Q2 24 | $709.0M | $81.4M |
| Q1 26 | $154.4M | $300.0M | ||
| Q4 25 | $154.3M | $2.7B | ||
| Q3 25 | $154.1M | $2.7B | ||
| Q2 25 | $153.9M | $2.7B | ||
| Q1 25 | $153.8M | $2.7B | ||
| Q4 24 | $153.6M | $2.7B | ||
| Q3 24 | $153.5M | $2.7B | ||
| Q2 24 | $153.3M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.1B | $3.1B | ||
| Q2 25 | $2.1B | $3.0B | ||
| Q1 25 | $2.1B | $2.8B | ||
| Q4 24 | $2.1B | $-76.2M | ||
| Q3 24 | $2.1B | $-15.5M | ||
| Q2 24 | $2.0B | $5.0M |
| Q1 26 | $2.8B | $9.1B | ||
| Q4 25 | $2.8B | $9.2B | ||
| Q3 25 | $2.7B | $8.7B | ||
| Q2 25 | $2.6B | $8.4B | ||
| Q1 25 | $2.6B | $8.5B | ||
| Q4 24 | $2.6B | $8.3B | ||
| Q3 24 | $2.6B | $8.3B | ||
| Q2 24 | $2.6B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.07× | 0.75× | ||
| Q3 25 | 0.07× | 0.87× | ||
| Q2 25 | 0.07× | 0.90× | ||
| Q1 25 | 0.07× | 0.99× | ||
| Q4 24 | 0.07× | — | ||
| Q3 24 | 0.07× | — | ||
| Q2 24 | 0.07× | 532.10× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $76.1M | $274.9M | ||
| Q3 25 | $104.7M | $237.8M | ||
| Q2 25 | $37.5M | $388.4M | ||
| Q1 25 | $10.9M | $253.8M | ||
| Q4 24 | $54.2M | $220.1M | ||
| Q3 24 | $62.2M | $197.9M | ||
| Q2 24 | $147.0M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-2.7M | ||
| Q3 25 | — | $-47.8M | ||
| Q2 25 | — | $195.3M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $-20.3M | ||
| Q3 24 | — | $-49.1M | ||
| Q2 24 | — | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.4% | ||
| Q3 25 | — | -10.8% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -4.0% | ||
| Q3 24 | — | -15.8% | ||
| Q2 24 | — | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 64.4% | ||
| Q2 25 | — | 36.6% | ||
| Q1 25 | — | 26.4% | ||
| Q4 24 | — | 46.8% | ||
| Q3 24 | — | 79.7% | ||
| Q2 24 | — | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 3.31× | 1.51× | ||
| Q3 25 | 2.86× | 2.21× | ||
| Q2 25 | 6.70× | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | 47.68× | 4.89× | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 2.08× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCC
| Sales | $448.5M | 98% |
| Other revenues | $10.1M | 2% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
