CNX // CNX Resources Corporation

DES <GO> NYSE CIK 0001070412 ↗

Energy • Oil & Gas Production

$36.79 ▼ -1.26 (-3.31%)

MKT CAP: $5.44B • VOL: 2.04M

52W L $31 52W H $44

ALTMAN Z

1.43 RISK

PIOTROSKI

8 / 9

CNX // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 66/100 [C+] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C+

RQD CONFIDENCE

66 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Upper Neutral / Watch for Breakout

01 MASSIVE / SEC XBRL

Forensic Fundamentals

12 / 20

NEUTRAL

FCF +93.9% vs NI +200% • ROIC-WACC +0.6% • Z 1.43

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

Why did CNX's Whale & Options Flow & Insider Conviction sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever CNX is Upgraded or Downgraded.

SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON CNX)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 88/100 Z-SCORE: +2.91σ

CNX Accounting Gap: Net Income (+220%) Outpaced OCF (+26.1%) With +-38.2% Working-Capital Build

CASH CONVERSION GAP

+193.9% (NI vs OCF)

RECEIVABLES / WC BLOAT

-38.2% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on CNX Resources Corporation (CNX) exposes a +193.9% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (+26.1%). Non-cash current assets and receivables expanded -38.2% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

CNX // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -3.65%📐 HORIZONTAL RANGE

2026-10-30O $37.49H $38.02L $36.98C $37.49VOL 1.73M

RES: $39.03SUP: $30.51SMA50: $35.06SMA200: $36.42

CNX // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

HIGH-CONVICTION LONG CONVICTION: 84/100

BEAR 0

100 BULL

CNX Resources Corporation (CNX) exhibits 41.0% gross margins and 9.3% return on invested capital within Energy (Oil & Gas Production), balanced against a 6.4x enterprise multiple and 7.3% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 41.0% gross profitability converts into 34.5% operating margin and 9.3% ROIC, outpacing sector cost of capital.

ROIC: 9.3% // GM: 41.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +76.8% paired with 9.81% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +76.8% // FCF YLD: 9.81%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 1.43 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 1.43 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 8.6x trailing P/E (7.2x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 8.6x // EV/EBITDA: 6.4x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.3% implied move with a 1.03 put/call ratio around $36.00 max pain.

IMPL MOVE: ±7.3% // P/C: 1.03

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Oil & Gas Production require continuous execution to defend 28.3% net margins.

NET MARGIN: 28.3% // D/E: 0.51x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 7.2x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.13).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 8.6x

FORWARD P/E 7.2x

EV / EBITDA 6.4x

FCF YIELD 9.81%

GROSS MARGIN 41.0%

OPERATING MARGIN 34.5%

NET MARGIN 28.3%

ROIC % 9.3%

REV GROWTH YOY +76.8%

DILUTED EPS TTM $4.28

DEBT / EQUITY 0.51x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 62.1

5Y EQUITY BETA 1.13

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // CNXPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $33.66

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for CNX & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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