CNX vs EPD: How CNX Resources Corporation and Enterprise Products Partners Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: CNX is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CNX and EPD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CNX and EPD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

CNX Resources Corporation is a natural gas exploration, development, and midstream company focused almost entirely on the Appalachian basin, primarily the Marcellus and Utica shales across Pennsylvania, Ohio, and West Virginia. Beyond conventional dry-gas drilling, CNX runs a differentiated New Technologies segment that captures and monetizes waste coal mine methane and coal bed methane, and pursues environmental-attribute credits (such as 45V and other programs) that add a non-commodity revenue stream most peers lack. The company frames its strategy around sustainable free cash flow per share rather than production growth, keeping run-rate capital expenditure under roughly $500 million and returning cash largely through buybacks.

Full CNX guide

Enterprise Products Partners operates one of the most integrated midstream systems in North America, with tens of thousands of miles of pipelines plus storage, natural gas processing, NGL fractionation, and marine export terminals along the Gulf Coast. The bulk of its cash flow is fee-based, meaning it earns fees for moving and handling volumes rather than taking direct commodity price bets, which historically has produced more stable cash flow than producers. In the first quarter of 2026 the partnership reported record NGL fractionation volumes of about 1.9 million barrels per day and roughly 2.7 billion dollars of EBITDA, up about 10 percent year over year, helped by newly commissioned assets such as the Bahia NGL pipeline and the Neches River export terminal.

Full EPD guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CNX drivers: Free-cash-flow-per-share model; New Technologies and coal mine methane.
• EPD drivers: A 27-year distribution-growth streak; Fee-based, volume-driven cash flow.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: CNX is highly sensitive to natural gas prices, which are volatile and driven by weather, storage, and supply that the company cannot control, so revenue and free cash flow can swing sharply from period to period. For EPD, ePD's volumes and some margins are still tied to commodity production and global energy demand, so a sustained downturn in oil, natural gas, or NGL activity could pressure cash flow.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CNX if you believe its drivers more; EPD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CNX and EPD guides.

CNX. CNX trades at a mid-cap valuation with an enterprise value around $7.2 billion against roughly $2.6 billion of net debt. The 2026 free-cash-flow guide of about $525 to $550 million underpins its buyback-led capital return, and Q1 2026 results came in above expectations on stronger gas prices, hedging, and the Apex integration. Because earnings track a volatile commodity, trailing figures can differ substantially from forward periods.

EPD. EPD is typically held as an income holding rather than a high-growth one, so investors tend to weigh distribution coverage, leverage, and yield more than earnings multiples. Because it is an MLP, total return blends the cash distribution with modest growth from new projects. Figures are approximate, reflect data around Q1 2026 and mid-2026 unit prices, and move with the market.

Headline figures (approximate, July 2026): CNX shows revenue (fy2025) ~$2.24B, revenue (q1 2026) ~$787M (up ~67% YoY), adjusted eps (q1 2026) ~$1.20, market cap ~$4.6-5B; EPD shows revenue (ttm) ~$51.6 billion, q1 2026 distributable cash flow coverage ~1.8x, distribution yield ~5.8% to 6.1%, annualized distribution per unit ~$2.20.

CNX and EPD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CNX and EPD exposure against your real portfolio. It is not an investment adviser.