---
title: "Coal & Consumable Fuels Industry"
description: "6 SEC filers are classified under the Standard Industrial Classification codes that describe the coal & consumable fuels industry."
canonical: https://www.getswoopr.com/stocks/industries/energy/coal-and-consumable-fuels/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Coal & Consumable Fuels Industry

## Direct Answer

6 SEC filers are classified under the Standard Industrial Classification codes that describe the coal & consumable fuels industry, and their latest annual reports show $45.0 billion of combined revenue and a median operating margin of -37.5%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.

## Industry Overview

Coal and consumable fuel producers mine thermal and metallurgical coal and produce other solid fuels such as uranium and wood pellets that power plants and steelmakers consume. Prices follow power demand, gas prices and steel output, and regulation shapes long-term volumes. The first numbers to compare across companies here are tons sold and average realized price, cost per ton and contracted share of volume.

## Key Industry Metrics

- **Tons sold and average realized price**: Tons delivered and the average price per ton across coal types. Mix of thermal and metallurgical coal shapes the average, so compare like with like when tracking changes.
- **Cost per ton**: Cost to mine, process and transport each ton sold. A low figure gives a margin cushion in weak markets; watch diesel, labor and strip ratios that raise it.
- **Contracted share of volume**: Portion of planned sales priced in advance. A high share steadies revenue in downturns but limits upside when spot prices rise.
- **Free cash flow**: Cash left after operating costs and capital spending. It is what funds debt reduction, dividends and reclamation; check it at average prices, not only at cyclical highs.
- **Reclamation and legacy obligations**: Costs for restoring mined land and for retiree health, pension and black lung liabilities. These are real debts that come due long after output, so compare them with cash and bonding.

## Primary Macro Drivers

- **Natural gas prices**: Power plants switch between gas and coal on price, so cheaper gas cuts coal burn and tons sold, while higher gas lifts demand and realized price.
- **Power-sector coal burn and weather**: Hot or cold weather raises electricity use and coal burn, which adds to tons sold and the share of volume shipped under contract.
- **Global steel production**: Coking coal demand tracks blast furnace output, so global steel production moves tons sold and the average realized price on metallurgical grades.
- **Export demand and freight**: Overseas buyers pay for export tons, so stronger demand lifts realized price, while higher freight cost reduces the net price received.

## Major Risks

- **Structural decline in thermal coal use**: Plant retirements and gas competition shrink the long-run market, lowering tons sold; watch contracted volume and utility retirement schedules.
- **Environmental regulation and financing limits**: Emission rules and lenders pulling back raise compliance and borrowing costs; watch debt terms, bonding requirements and reclamation obligations.
- **Mine safety and permitting**: Accidents halt output and new permits can be delayed or denied, cutting tons sold; watch safety citations, idled mines and permit timelines.
- **Price volatility**: Coal prices move with power demand and steel output, so free cash flow swings on uncontracted tons; watch the contracted share and hedging.

## Industry Characteristics

| Characteristic | Profile |
| --- | --- |
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Declining |
| Geographic Importance | U.S. / Global |

## Coal & Consumable Fuels Filers in the SEC Record

6 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 1221, 1000. Their latest fiscal years end in 2025, and together they reported $45.0 billion of revenue. Median revenue growth over the prior year was 1.8%. Median operating margin was -37.5% and median net margin -23.1%. Median total liabilities were 43% of total assets, and 2 of 6 reported a profit in their latest year.

| Company | Revenue | Growth | Operating margin | Net margin | Year |
| --- | --- | --- | --- | --- | --- |
| [Freeport-Mcmoran Inc](https://www.getswoopr.com/stocks/companies/freeport-mcmoran/) | $25.9 billion | 1.8% | 25.2% | 8.5% | FY 2025 |
| [Cleveland-Cliffs Inc.](https://www.getswoopr.com/stocks/companies/cleveland-cliffs-inc/) | $18.6 billion | -3.0% | -8.5% | -7.9% | FY 2025 |
| [Nacco Industries Inc](https://www.getswoopr.com/stocks/companies/nacco-industries-inc/) | $277 million | 16.6% | 7.9% | 6.3% | FY 2025 |
| [Mp Materials Corp. / De](https://www.getswoopr.com/stocks/companies/mp-materials-corp/) | $224 million | 10.1% | -66.6% | -38.3% | FY 2025 |
| [Realloys Inc.](https://www.getswoopr.com/stocks/companies/realloys-inc/) | $2 million | -5.3% | -165.7% | -182.1% | FY 2025 |
| [Usa Rare Earth, Inc.](https://www.getswoopr.com/stocks/companies/usa-rare-earth-inc/) | $2 million | n/a | -3621.6% | -18110.7% | FY 2025 |

Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.

## Where to Go Next

The Coal & Consumable Fuels guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.

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- [Biofuels](https://www.getswoopr.com/stocks/industries/energy/biofuels/)
- [Energy Engineering & Construction](https://www.getswoopr.com/stocks/industries/energy/energy-engineering-and-construction/)
- [Alternative Fuels & Carbon Management](https://www.getswoopr.com/stocks/industries/energy/alternative-fuels-and-carbon-management/)

### Put it to work

- [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)
- [Company research](https://www.getswoopr.com/stocks/companies/)
- [All industries](https://www.getswoopr.com/stocks/industries/)

## Frequently Asked Questions

What are the main KPIs for the Coal & Consumable Fuels industry?

Key performance indicators for the Coal & Consumable Fuels industry include: Tons sold and average realized price, Cost per ton, Contracted share of volume, Free cash flow, Reclamation and legacy obligations. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.

How cyclical is the Coal & Consumable Fuels industry?

The Coal & Consumable Fuels industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.

What are the biggest risks in the Coal & Consumable Fuels industry?

The primary risks for Coal & Consumable Fuels companies include: Structural decline in thermal coal use, Environmental regulation and financing limits, Mine safety and permitting, Price volatility. Investors should assess each company's exposure to these factors and its track record of navigating them.

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).