Is NACCO Industries, Inc. overvalued or undervalued?

As of 20 June 2025, NACCO Industries, Inc. has moved from an attractive to a fair valuation grade. The company appears to be fairly valued at this time. Key ratios include a P/E ratio of 16, a price to book value of 0.92, and a negative EV to EBIT of -10.13, which highlights some underlying challenges in profitability.
In comparison to peers, Natural Resource Partners LP is fairly valued with a P/E of 7.55, while Hallador Energy Co. is considered risky with a significantly high P/E of 128.77. Despite NACCO's recent stock performance, which has outpaced the S&P 500 with a 33.33% year-to-date return compared to the S&P's 2.44%, the current valuation suggests that the stock is neither undervalued nor overvalued but rather reflects its fair market value.