Updated
The most significant concentration Peabody Energy discloses is seaborne (international) markets at 51%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Peabody Energy’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Revenue from Peabody's Seaborne Thermal and Seaborne Metallurgical reportable segments represented approximately 51%...of the Company's total revenue from coal supply agreements'”
“10-K Item 1A: 'metallurgical coal for the global steel industry, which accounted for approximately 27% and 25% of its revenue in 2025 and 2024, respectively.'”
“10-K Item 1A: '25% of the Company's revenue was derived from coal supply agreements with its five largest customers'”
The company's concentration profile spans geographic market, commodity type, and customer dimensions, with the largest exposures reflecting a structurally international and multi-product business. Revenue from seaborne thermal and seaborne metallurgical operations represented approximately 51% of total revenue from coal supply agreements — a high-share structural concentration by disclosed size reflecting the company's significant presence in global export coal markets. This geographic tilt means results are sensitive to international coal pricing, seaborne freight rates, and demand from steel and power generation customers in Asia and other importing regions. Metallurgical coal for the global steel industry accounted for approximately 27% of revenue in 2025 — a moderate structural concentration by disclosed size and one sensitive to steel production cycles globally. While the seaborne and met coal exposures partially overlap — met coal is largely sold into seaborne markets — the metallurgical segment warrants separate attention given the additional demand sensitivity it carries to steel capex cycles rather than just energy demand. The five largest customers collectively represented 25% of revenue from coal supply agreements — a moderate customer-base dependency by disclosed size. No single customer is disclosed to dominate, limiting the tail risk from any individual buyer relationship. On balance, the disclosed profile is anchored by the seaborne market exposure, which is structural and reflects the deliberate positioning of a significant share of production into export channels. The customer concentration is moderate and broadly spread, and the met coal sub-exposure is the variable most sensitive to global industrial production cycles.
For the engine’s reasoning on BTU’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BTU● | Peabody Energy Corporation | 1 | 2 | 0 | 3 |
| CNR | Core Natural Resources, Inc. | 1 | 1 | 0 | 2 |
| ARLP | Alliance Resource Partners, L.P | 1 | 0 | 2 | 3 |
| NRP | Natural Resource Partners LP Li | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.