Normalized EV/EBITDA valuation refreshed after Q2 2026 materials, including the earnings release, 10-Q, investor deck, and earnings transcript. The $825M normalized EBITDA base is unchanged and excludes the remaining $125.4M Leer South insurance recovery from Q2 adjusted EBITDA. Underlying Q2 EBITDA of about $198M, improving longwall costs, maintained guidance, $148M of free cash flow, and continued buybacks support preserving the prior base-case valuation framework.
Q2 adjusted EBITDA was $323.6M including $125.4M of remaining Leer South insurance proceeds, free cash flow was $148M, and 2026 guidance remained supportive of the normalized EBITDA framework. — sec.gov (accessed 2026-08-08)
The Q2 investor deck reported $1.016B of liquidity, $31.6M of net cash, a share count of about 49.8M, and $670.8M of remaining buyback authorization as of June 30, 2026. — sec.gov (accessed 2026-08-08)
Q2 2026 Form 10-Q supports the balance-sheet, cash-flow, segment, and insurance-recovery disclosures used as factual anchors. — sec.gov (accessed 2026-08-08)
The Q2 2026 earnings transcript indicated Leer South was running well, underlying adjusted EBITDA improved versus Q1 after excluding insurance proceeds, and management expected heavier H2 buybacks while retaining the 75% free-cash-flow capital return framework. — modeledge.ai (accessed 2026-08-08)
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