NACCO Industries Inc (NYSE: NC) is a natural resources company that mines coal, provides contract mining services, and manages oil and gas mineral and royalty interests across the United States. It makes money through three reportable segments: Utility Coal Mining, which supplies coal to electric utilities under long-term contracts; Contract Mining, which provides mining services to third-party customers on a fee basis; and Minerals and Royalties, managed by its Catapult subsidiary, which collects royalty and mineral interest income from oil and gas production. All operations are exclusively U.S.-based. NACCO was incorporated as a Delaware corporation in 1986, with roots in a predecessor corporation organized in 1913. As of December 31, 2025, the company held total debt of $100.9 million and total equity of $429.2 million. Capital expenditures were $53.3 million in FY2025, with the Contract Mining segment accounting for the largest share at $32.0 million, primarily for a dragline and dragline-related improvements. The company also manages long-term liabilities from former Eastern U.S. underground mining activities through its Bellaire Corporation subsidiary.

Revenue model

Revenue comes from three segments: Utility Coal Mining generates income by supplying coal to electric utilities under long-term contracts; Contract Mining earns fees by providing mining services exclusively to third-party customers, including lithium ore extraction at the Thacker Pass project for a joint venture led by Lithium Americas Corp (NYSE/TSX: LAC); and Minerals and Royalties generates royalty and mineral interest income from oil and gas assets, with an equity method investment in Eiger Resources, which holds working interests in the Hugoton basin.

Products and services

Products and services include utility coal supply under long-term contracts (Utility Coal Mining segment), third-party contract mining services including lithium ore supply at Thacker Pass (Contract Mining segment, operated via North American Mining and Sawtooth subsidiaries), and oil and gas mineral and royalty interests managed by Catapult including a July 2025 Permian Basin acquisition of mineral interests for $4.2 million. Bellaire Corporation manages legacy closed-mine liabilities from former Eastern U.S. underground mining.

Customers and end markets

End markets include electricity generation (coal supplied to electric utilities), construction and development (contract mining services), and industrial minerals production (lithium ore at Thacker Pass). The Contract Mining segment serves Lithium Americas Corp's Thacker Pass lithium processing facility, currently under construction as of the FY2025 10-K filing date. Oil and gas royalty income is tied to production from operators in U.S. basins including the Permian Basin and the Hugoton basin in Kansas and Oklahoma.

Value-chain role

NACCO operates as an upstream natural resource extractor and royalty interest holder. In coal and contract mining, it is a direct mining operator embedded within customers' operations under long-term, partnership-based contracts. In minerals and royalties, it is a passive royalty and mineral interest owner collecting income from third-party operators, with one equity method investment in an operated/non-operated working interest company (Eiger Resources).

Geographic exposure

All operations are exclusively in the United States, per the FY2025 10-K. Mineral and royalty interests include assets in the Permian Basin and the Kansas and Oklahoma portions of the Hugoton basin. The Thacker Pass contract mining project is located in the U.S.

Source: SEC 10-K, filed 2026-03-04

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