AMRAlpha Metallurgical Resources, Inc.

Bituminous Coal & Lignite Surface Mining

Revenue: $2.1B; 28% YoY
Operating margin: -2.9%; 137% YoY
EBITDA: $113M; 71% YoY
Market cap: $2.0B
Employees: 3,960; $536K revenue each
Net debt / EBITDA: -2.6×; −$299M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
360% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
$536K per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$43M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.3B	$4.1B	$3.5B	$2.9B	$2.1B	28%
Operating income	$359M	$1.6B	$863M	$228M	−$61M	127%
Net income	$289M	$1.4B	$722M	$188M	−$62M	133%
Operating cash flow	$175M	$1.5B	$851M	$580M	$145M	75%
Capex	$83M	$164M	$245M	$199M	$127M	36%
Stock-based comp	$5M	$7M	$19M	$12M	$14M	10%
Buybacks	$786K	$522M	—	—	—
Dividends	$0	$13M	$27M	$3M	$415K	87%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 19, 2024	CONTINENTAL GENERAL INSURANCE CO	SC 13D/A	6.1%	Passive
Dec 1, 2022	CONTINENTAL GENERAL INSURANCE CO	SC 13D	4.9%	Passive
Jul 27, 2021	Percy Rockdale LLC	SC 13D/A	4.1%	Active
Nov 2, 2020	Percy Rockdale LLC	SC 13D/A	5.7%	Active
Oct 7, 2020	Percy Rockdale LLC	SC 13D	5.7%	Passive

Insider trading

Open-market buys, 12 mo: $46M · 94
Open-market sells, 12 mo: $3M · 11
Net: $43M

Pay vs performance

No pay-versus-performance disclosure yet.