Peabody Energy Corp (BTU)

Price$29.07Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look roughly fair because recovery hopes already offset weak current cash earnings.

At the observed quote, Peabody’s equity value is about $3.4 billion, only around 1.05 times June stockholders’ equity of $3.25 billion. After roughly $101 million of net cash, the operating business is valued near $3.3 billion, or about 17 times trailing earnings before interest, tax, depreciation and amortization, a rough operating-profit measure. That is expensive against today’s weak results, but management’s Centurion case assigns the mine a $2.1 billion present value. This suggests meaningful recovery is already assumed, yet not flawless execution. Pasted text Investing.com+2SEC+2

Big pictureProfits have collapsed from the coal boom, making future cash flow much less dependable.

Peabody earned $1.32 billion in 2022 and $816 million in 2023, but only $404 million in 2024 before slipping to a $43 million loss in 2025. Operating cash flow fell from $1.17 billion in 2022 to $334 million in 2025, while 2025 capital spending of $411 million pushed free cash flow, meaning cash left after running and investing in the business, below zero. The first half of 2026 remained weak, with about $123 million of net losses and only $29 million of operating cash flow. Pasted text

Business strengthA net-cash balance sheet helps, but financing choices still leave meaningful dilution and cash-use risks.

At June 30, cash exceeded total debt by about $101 million, and current assets were roughly twice current liabilities, giving Peabody useful resilience through a weak cycle. Share count has also fallen about 15% from 2022, reflecting earlier buybacks. However, the 2026 convertible-note restructuring used substantial cash: Peabody paid $386.8 million to retire $241.2 million of older notes. Management says the transaction cut potential dilution by about 6.2 million shares to 10.7 million potential shares, while extending maturities and lowering borrowing costs. Pasted text SEC+1

What could change the storyCenturion can justify upside, while another operating setback or arbitration loss would weaken the case.

Centurion is the main upside lever. In August, Peabody still targeted 2.0–2.5 million tons of 2026 sales and a 4.7-million-ton life-of-mine annual average. Its illustrative case shows about $423 million of yearly adjusted earnings before interest, tax, depreciation and amortization at a $225-per-tonne coal assumption and projected $114-per-ton cash cost. Against that, Anglo American is seeking about $755 million in arbitration damages over the terminated acquisition; Peabody disputes the claim and cannot estimate a probable loss. Both outcomes are large relative to current equity value. SEC+2SEC+2

AI: News

Second-quarter earnings missLosses deepened as Centurion costs rose, and the shares fell sharply on the reporting day.

On July 29, Peabody reported a $90.6 million quarterly net loss and $24.0 million of adjusted earnings before interest, tax, depreciation and amortization, down from $93.3 million a year earlier. Seaborne metallurgical coal posted a $17 million adjusted loss as Centurion commissioning costs remained elevated. BTU closed 10.4% lower that day on heavy volume. The timing is consistent with a negative earnings reaction, but it does not prove the report was the only cause. PR Newswire+1

Centurion ramp updateAugust operating data showed progress, but management still needed to clear a fault zone.

At the August 11 site tour, Peabody said Centurion produced 117,000 tons in July and 78,000 tons in the first nine days of August. Management said shield-racking problems were fully addressed, while remaining roof-control issues were confined to a limited fault zone expected to be worked through in the third quarter. It kept targets of 500,000–700,000 tons for the third quarter and 2.0–2.5 million tons for 2026. The update reduced some execution uncertainty without removing it. SEC+1

Anglo arbitration claimAnglo quantified a large damages claim, creating a balance-sheet risk Peabody strongly disputes.

On June 5, Anglo American quantified its arbitration demand at about $755 million, mainly including $628.4 million of claimed value losses tied to the terminated Australian coal-asset purchase. Peabody says it properly terminated the agreements and calls Anglo’s damages calculation fundamentally flawed. The company also says a loss is reasonably possible but cannot estimate a range, while it seeks return of the remaining $46 million deposit. The claim is material because it equals roughly one-quarter of June stockholders’ equity. SEC+1

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$3.86B	$4.24B	$4.95B	$4.98B	$3.32B	$2.88B	$4.62B	$5.58B	$4.72B	$5.61B	$6.79B	$7.01B	$8.08B	$7.90B	$6.67B	$5.85B	$6.56B	$4.52B
Operating expenses	$3.33B	$3.42B	$3.39B	$3.29B	$2.55B	$2.52B	$3.54B	$4.07B	$4.11B	$5.01B	$5.72B	$5.73B	$5.93B	$5.48B	—	—	—	—
Operating income	−$80.1M	$445.3M	$1.07B	$1.38B	$432.2M	−$1.73B	$61.7M	$661.6M	−$276.9M	−$1.46B	−$135.1M	−$324.8M	$172.5M	$1.60B	$1.35B	$822.4M	$1.40B	$599.7M
Operating margin	−2.07%	10.51%	21.73%	27.73%	13.02%	−59.99%	1.33%	11.85%	−5.87%	−26.11%	−1.99%	−4.63%	2.14%	20.21%	20.26%	14.07%	21.28%	13.26%
EBITDA	$304.4M	$788.3M	$1.40B	$1.70B	$740.9M	−$1.38B	$662.7M	$1.34B	$188.5M	−$892.6M	$520.6M	$415.5M	$835.9M	$2.07B	$1.78B	$1.22B	$1.80B	$946.0M
EBITDA margin	7.88%	18.61%	28.22%	34.11%	22.33%	−47.98%	14.33%	24.02%	4.00%	−15.91%	7.66%	5.92%	10.35%	26.22%	26.70%	20.91%	27.42%	20.91%
Net income	−$42.5M	$403.5M	$815.6M	$1.32B	$371.4M	−$1.87B	−$211.3M	$544.4M	−$729.3M	−$1.97B	−$733.2M	−$524.9M	−$585.7M	$957.7M	$774.0M	$448.2M	$952.9M	$263.8M
Net profit margin	−1.10%	9.52%	16.49%	26.48%	11.19%	−65.04%	−4.57%	9.75%	−15.47%	−35.04%	−10.79%	−7.48%	−7.25%	12.13%	11.61%	7.67%	14.52%	5.83%
Basic EPSper basic share	-$0.43	$2.96	$5.52	$9.13	$3.24	-$19.14	-$2.04	$4.50	-$39.87	-$108.29	-$41.08	-$29.53	-$32.85	$52.95	$43.20	$25.20	$52.80	$14.85
Diluted EPSper diluted share	-$0.43	$2.70	$5.00	$8.31	$3.22	-$19.14	-$2.04	$4.43	-$39.87	-$108.29	-$41.08	-$29.53	-$32.85	$52.80	$42.60	$24.90	$52.50	$14.55

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.46%of listed shares

BlackRock, Inc.18.84M shares · Jun 30, 2026

View holders

Top 20 reported holders of BTU
Holder	% owned
BlackRock, Inc.	15.46%18.84M shares
STATE STREET CORP	9.13%11.13M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	6.69%8.16M shares
DIMENSIONAL FUND ADVISORS LP	5.20%6.34M shares
Thomist Capital, LLC / THOMIST CAPITAL MANAGEMENT, LP / Thomist Fund, LP / Kuzma Brian L.	≈4.70%5.73M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.51%5.49M shares
RENAISSANCE TECHNOLOGIES LLC	4.36%5.31M shares
Hudson Bay Capital Management LP	3.19%3.88M shares
AMERICAN CENTURY COMPANIES INC	3.00%3.66M shares
GEODE CAPITAL MANAGEMENT, LLC	2.59%3.16M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2.38%2.9M shares
CITADEL ADVISORS LLC	1.98%2.41M shares
MORGAN STANLEY	1.81%2.21M shares
GENDELL JEFFREY L	1.64%2M shares
Invesco Ltd.	1.43%1.75M shares
Forest Avenue Capital Management LP	1.34%1.63M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.31%1.6M shares
Sourcerock Group LLC	1.29%1.57M shares
VAN ECK ASSOCIATES CORP	1.28%1.56M shares
GATE CITY CAPITAL MANAGEMENT, LLC	1.23%1.5M shares

Percentages use 121.9M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$100.1K disclosed value

Sells (SEC code S)10$2.16M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4 · 10b5-1	Jarboe Scott T.CAO and Corporate Secretary	SellCommon Stock	2.9K	$28.02	$82.0K	85.3K
May 7, 2026Form 4	Bertone Andrea E.Director	SellCommon Stock	4.6K	$24.43	$112.0K	41.6K
Mar 4, 2026Form 4	Spurbeck MarkEVP and CFO	SellCommon Stock	30.0K	$35.58	$1.07M	68.4K
Feb 10, 2026Form 4	Yeates Darren RonaldEVP & COO	SellCommon Stock	13.9K	$36.40	$505.7K	113.4K
Jan 14, 2026Form 4 · 10b5-1	Jarboe Scott T.CAO and Corporate Secretary	SellCommon Stock	2.2K	$34.26	$73.7K	82.3K

Review ownership filings at SEC.gov ↗

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Peabody Energy Corp (BTU)

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