SXCMEDIUM SIGNALFINANCIAL10-K

SXC's balance sheet has meaningfully weakened, with cash declining by more than half, total debt rising 39%, and operating cash flow contracting by over a third, even as revenue grew modestly.

The simultaneous drawdown in cash, expansion in debt, and contraction in operating cash flow suggest SXC is funding growth or capital commitments through leverage rather than organic generation — a pattern worth monitoring closely. Stockholders' equity declined 12.2% and SG&A expanded 38.6%, indicating cost pressures are outpacing the 10.3% revenue gain. Investors should watch whether the industrial services expansion (notably the rebranded logistics-to-mill-services segment) generates sufficient returns to justify the deteriorating liquidity and leverage profile.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

Revenue grew 10.3% to approximately $1.6B, and inventory and receivables both expanded modestly, consistent with higher business activity. However, cash fell sharply — from $189.6M to $88.7M — while total debt climbed 39.2% to $685.5M, and operating cash flow declined 35.4% to $109.1M, leaving the company generating meaningfully less cash despite higher topline activity. SG&A costs rose 38.6%, dividends paid ticked up 10.1%, and total liabilities increased 21.6%, painting an overall picture of a business that is growing but absorbing that growth through leverage and compressed margins rather than strengthening its financial foundation.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-53.2%
$189.6M→$88.7M

Cash declined 53.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Debt
Balance Sheet
+39.2%
$492.3M→$685.5M

Debt increased 39.2% — substantial leverage increase; assess whether deployed for growth or covering losses.

SG&A Expense
P&L
+38.6%
$61.2M→$84.8M

SG&A up 38.6% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Operating Cash Flow
Cash Flow
-35.4%
$168.8M→$109.1M

Operating cash flow fell 35.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Liabilities
Balance Sheet
+21.6%
$957.2M→$1.2B

Liabilities increased 21.6% — monitor debt-to-equity ratio and interest coverage.

Inventory
Balance Sheet
+21.6%
$180.8M→$219.9M

Inventory built 21.6% — monitor whether demand supports this build or if write-downs may follow.

Accounts Receivable
Balance Sheet
+15.4%
$96.6M→$111.5M

Receivables grew 15.4% — monitor days sales outstanding for collection efficiency.

Stockholders Equity
Balance Sheet
-12.2%
$680.2M→$597.3M

Equity decreased 12.2% — buybacks or losses reducing book value, monitor solvency ratios.

Revenue
P&L
+10.3%
$1.5B→$1.6B

Revenue growing 10.3% — solid top-line momentum, watch margins for quality of growth.

Dividends Paid
Cash Flow
+10.1%
$37.6M→$41.4M

Dividend payments increased 10.1% — management confidence in sustained cash generation.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
was approximately $ 721,117,091 , based upon the closing price on the New York Stock Exchange for such common equity on June 30, 2025.
In addition, our discussion of certain sustainability matters herein or elsewhere, including our website, are informed by various standards and frameworks and the interests of various stakeholders.
Such information may not be material for Securities and Exchange Commission ( SEC ) reporting purposes, even if we use material or other language.
Particularly in the sustainability context, materiality is subject to various definitions that differ from and are often broader than the definition under U.S.
We also own and operate an industrial services business that provides export and domestic material handling and/or mixing services to coke, coal, steel, power and other bulk customers, as well as mission-critical mill services to leading steel producers globally.
Our logistics terminals have the collective capacity to mix and transload more than 40 million tons of coal and other products annually and have storage capacity of approximately 3 million tons.
These terminals are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports.
Industrial services also include the removal, handling, and processing of molten slag at customer sites, as well as preparation and transportation of metal scraps, raw materials, and finished products.
We report our business results through two reportable segments: Domestic Coke and Industrial Services.
(4) In January 2026, the Granite City long-term, take-or-pay agreement with U.S.
REMOVED
was approximately $ 817,532,827 , based upon the closing price on the New York Stock Exchange for such common equity on June 28, 2024.
In addition, our discussion of certain environmental, social and governance ( ESG ) assessments and related issues in this or other disclosures, including on our corporate website, is informed by various ESG standards and frameworks (including standards for the measurement of underlying data) and the interests of various stakeholders.
As such, such information may not be, and should not be interpreted as necessarily being, material under the federal securities laws for Securities and Exchange Commission ( SEC ) reporting purposes.
Furthermore, much of this information is subject to assumptions, methodologies, or third-party information that is still evolving and subject to repeated change.
Our disclosures may change as a result of changes in frameworks, availability or quality of information, changes in business or government policy, or other factors, which may be out of our control.
We also own and operate a logistics business that provides export and domestic material handling and/or mixing services to steel, coke (including some of our domestic cokemaking facilities), electric utility, coal producing and other manufacturing based customers.
Our logistics terminals, which are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports, have the collective capacity to mix and/or transload more than 40 million tons of product annually and have storage capacity of approximately 3 million tons.
We report our business results through three reportable segments: Domestic Coke, Brazil Coke and Logistics.
(4) Non-contracted blast coke produced utilizing capacity in excess of that reserved for the long-term, take-or-pay agreement is sold into the export and North American spot coke markets.
(5) In October 2024, the Granite City long-term, take-or-pay agreement with U.S.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →