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Warrior MET Coal

HCC on NYSE. Warrior MET Coal sells insurance and reinsurance to businesses, insurers, and individuals. Market value $4.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Energy stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-0.7%low

For every $100 of what the whole company costs, it produced $-0.75 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
21.0×full

You pay 21.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
22.2%five-year median

Each dollar kept in the business earns 22 cents a year. Above 10 is good.

Quality score: 92 of 100. Price score: 41 of 100. Our list needs 70 on quality and 60 on price.

$92.29 a share, 49% above its 1-year low

Over the past year the price has ranged from $61.87 to $111.42.

Dividend: 0.4% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.3
0.6
0.2
-0.1
-0.2
-0.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $36 million in the past 12 months, a shortfall of $173 million in the year to December 2025.

Revenue
$1.1bn$1.7bn$1.7bn$1.5bn$1.3bn
Operating margin
23.0%46.1%32.3%16.7%3.5%
Debt to equity
0.450.230.090.080.11
Shares outstanding
0.05bn0.05bn0.05bn0.05bn0.05bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)4 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.11× equity
  • Revenue growth, five yearsStrong, 10.9% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $510 million last quarter, up 71% on a year ago.
  • Profit: $87 million, up 1460% on a year ago.
  • It keeps 14 cents of each $1 of sales as operating profit, up from 2 cents a year earlier.
  • Over the past 12 months it spent $36 million more cash than it brought in, compared with $274 million a year earlier.
  • About the same number of shares as a year ago.
  • It has $67 million more cash than debt, down from $148 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$328m
December 2024$297m
March 2025$300m
June 2025$298m
September 2025$329m
December 2025$384m
March 2026$459m
June 2026$510m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$42m
December 2024$1m
March 2025-$8m
June 2025$6m
September 2025$37m
December 2025$23m
March 2026$72m
June 2026$87m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
12 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

7 long-term investors we follow own it, up from 5 last quarter. 343 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $26m, $25m of it under preset trading plans.

  • SCHELLER WALTER J
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    24 August 2026
    Shares
    50,000
    Price
    $110.00
    Value
    $6m
  • Williams Stephen D.
    Director
    Sold
    Date
    19 August 2026
    Shares
    4,800
    Price
    $104.23
    Value
    $500,304
  • Chopin Brian M
    CHIEF ACCOUNTING OFFICER
    Sold
    Date
    19 August 2026
    Shares
    3,232
    Price
    $104.02
    Value
    $336,193
  • SCHELLER WALTER J
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    19 August 2026
    Shares
    50,000
    Price
    $105.00
    Value
    $5m
  • Gant Kelli K.
    See remarks
    Sold
    under a preset trading plan
    Date
    2 June 2026
    Shares
    20,000
    Price
    $110.00
    Value
    $2m
  • Gant Kelli K.
    See remarks
    Sold
    under a preset trading plan
    Date
    12 January 2026
    Shares
    10,000
    Price
    $100.00
    Value
    $1m
  • SCHELLER WALTER J
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    12 January 2026
    Shares
    100,000
    Price
    $100.31
    Value
    $10m
  • Chopin Brian M
    CHIEF ACCOUNTING OFFICER
    Sold
    Date
    13 November 2025
    Shares
    1,498
    Price
    $80.54
    Value
    $120,649
  • Chopin Brian M
    CHIEF ACCOUNTING OFFICER
    Sold
    Date
    12 November 2025
    Shares
    585
    Price
    $84.75
    Value
    $49,579
  • SCHELLER WALTER J
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    6 November 2025
    Shares
    18,966
    Price
    $75.00
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 3 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.