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NRP logoNatural Resource Partners L.P.(NRP)Earnings, Financials & Key Ratios

NRP•NYSE
$117.93
$1.56B mkt cap·11.7× P/E·Price updated May 6, 2026
SectorEnergyIndustryCoalSub-IndustryCoal Royalties and Leasing
AboutNatural Resource Partners L.P., through its subsidiaries, owns, manages, and leases a portfolio of mineral properties in the United States. It operates through two segments, Mineral Rights and Soda Ash. The company owns interests in coal, soda ash, trona, and other natural resources. Its coal reserves are primarily located in Appalachia, the Illinois Basin, and the Northern Powder River Basin in the United States; industrial minerals and aggregates properties are located in the United States; oil and gas properties located in Louisiana; timber assets located in West Virginia; and trona ore mining operation and soda ash refinery are located in the Green River Basin, Wyoming. The company leases a portion of its reserves in exchange for royalty payments; and owns and leases transportation and processing infrastructure related to coal properties. NRP (GP) LP serves as the general partner of the company. Natural Resource Partners L.P. was incorporated in 2002 and is headquartered in Houston, Texas.Show more
  • Revenue$202M-17.4%
  • EBITDA$154M-28.1%
  • Net Income$134M-27.2%
  • EPS (Diluted)10.04-11.5%
  • Gross Margin81.19%-18.8%
  • EBITDA Margin76.3%-12.9%
  • Operating Margin68.91%-15.2%
  • Net Margin66.05%-11.9%
  • ROE22.58%-30.6%
  • ROIC16.11%-25.1%
  • Debt/Equity0.05-79.7%
  • Interest Coverage18.08+41.2%
Technical→

NRP Key Insights

Natural Resource Partners L.P. (NRP) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Excellent 3Y average ROE of 33.4%
  • ✓FCF machine: 82.0% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Healthy dividend yield of 3.6%
  • ✓Healthy 5Y average net margin of 74.5%

✗Weaknesses

  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

NRP Price & Volume

Natural Resource Partners L.P. (NRP) stock price & volume — 10-year historical chart

Loading chart...

NRP Growth Metrics

Natural Resource Partners L.P. (NRP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-7.45%
5 Years9.42%
3 Years-14.88%
TTM-18.03%

Profit CAGR

10 Years-
5 Years-
3 Years-20.75%
TTM-26.42%

EPS CAGR

10 Years-
5 Years-
3 Years-8.99%
TTM-10.91%

Return on Capital

10 Years17.94%
5 Years27.19%
3 Years27.76%
Last Year19.15%

NRP Recent Earnings

Natural Resource Partners L.P. (NRP) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 1/12 qtrs (100%)●Beat Revenue 0/12 qtrs (0%)
Q1 2026Latest
Feb 27, 2026
EPS
$2.27
Est $1.60
+41.9%
Revenue
$48M
Est $55M
-11.8%
Q4 2025
Nov 4, 2025
EPS
$2.28
Revenue
$50M
Q3 2025
Aug 6, 2025
EPS
$2.52
Revenue
$47M
Q2 2025
May 6, 2025
EPS
$2.97
Revenue
$56M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 27, 2026
$2.27vs $1.60+41.9%
$48Mvs $55M-11.8%
Q4 2025Nov 4, 2025
$2.28
$50M
Q3 2025Aug 6, 2025
$2.52
$47M
Q2 2025May 6, 2025
$2.97
$56M
Based on last 12 quarters of dataView full earnings history →

NRP Peer Comparison

Natural Resource Partners L.P. (NRP) competitors in Coal Royalties and Leasing — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ARLP logoARLPAlliance Resource Partners, L.P.Direct Competitor3.37B26.1810.82-10.37%11.35%13.52%11.51%0.26
HCC logoHCCWarrior Met Coal, Inc.Direct Competitor4.57B86.6080.19-14.12%9.36%6.44%0.13
AMR logoAMRAlpha Metallurgical Resources, Inc.Direct Competitor2.45B188.5213.20-14.81%-1.73%-2.38%15.53%0.00
FANG logoFANGDiamondback Energy, Inc.Product Competitor58B206.1935.9836.31%2.65%0.93%9.03%0.34
BSM logoBSMBlack Stone Minerals, L.P.Product Competitor2.91B13.6910.70-3.89%63.48%28.82%10.27%0.14
VVV logoVVVValvoline Inc.Product Competitor4.13B32.4319.775.64%4.91%28.06%0.92%4.93
VNOM logoVNOMViper Energy, Inc.Product Competitor18.74B49.96-104.0856.56%-2.88%-0.46%0.21
BTU logoBTUPeabody Energy CorporationSupply Chain3.05B25.00-58.14-8.86%-1.37%-1.45%17.34%0.14

Compare NRP vs Peers

Natural Resource Partners L.P. (NRP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ARLP

Most directly comparable listed peer for NRP.

Scale Benchmark

vs CVX

Larger-name benchmark to compare NRP against a more recognizable public peer.

Peer Set

Compare Top 5

vs ARLP, HCC, AMR, FANG

NRP Income Statement

Natural Resource Partners L.P. (NRP) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue333.7M202.76M210.35M129.01M194.25M328.08M293.66M245.03M202.34M
Revenue Growth %0.84%-39.24%3.74%-38.67%50.57%68.9%-10.49%-16.56%-17.42%
Cost of Goods Sold35.99M21.69M14.93M9.2M19.07M22.52M32.31M038.06M
COGS % of Revenue10.79%10.7%7.1%7.13%9.82%6.86%11%-18.81%
Gross Profit
297.71M▲ 0%
181.08M▼ 39.2%
195.42M▲ 7.9%
119.81M▼ 38.7%
175.17M▲ 46.2%
305.57M▲ 74.4%
261.34M▼ 14.5%
245.03M▼ 6.2%
164.28M▼ 33.0%
Gross Margin %89.21%89.3%92.9%92.87%90.18%93.14%89%100%81.19%
Gross Profit Growth %4.59%-39.18%7.92%-38.69%46.21%74.44%-14.47%-6.24%-32.95%
Operating Expenses155.02M46.01M144.09M163.66M27.39M335K-31.2M45.83M24.85M
OpEx % of Revenue46.45%22.69%68.5%126.86%14.1%0.1%-10.62%18.7%12.28%
Selling, General & Admin18.5M16.5M16.73M14.29M17.36M21.85M26.11M25.15M24.1M
SG&A % of Revenue5.54%8.14%7.95%11.08%8.94%6.66%8.89%10.26%11.91%
Research & Development000000000
R&D % of Revenue---------
Other Operating Expenses136.52M29.51M127.36M149.37M10.04M-21.52M-57.31M20.68M751K
Operating Income
183.97M▲ 0%
192.54M▲ 4.7%
51.32M▼ 73.3%
-43.85M▼ 185.4%
147.78M▲ 437.0%
305.23M▲ 106.5%
292.54M▼ 4.2%
199.2M▼ 31.9%
139.43M▼ 30.0%
Operating Margin %55.13%94.96%24.4%-33.99%76.08%93.03%99.62%81.3%68.91%
Operating Income Growth %-0.95%4.65%-73.34%-185.44%437%106.55%-4.16%-31.91%-30%
EBITDA207.39M214.23M66.25M-34.65M166.85M327.75M311.03M214.73M154.38M
EBITDA Margin %62.15%105.65%31.5%-26.86%85.9%99.9%105.92%87.64%76.3%
EBITDA Growth %-10.61%3.3%-69.07%-152.3%581.5%96.43%-5.1%-30.96%-28.1%
D&A (Non-Cash Add-back)23.41M21.69M14.93M9.2M19.07M22.52M18.49M15.54M14.96M
EBIT164.51M192.54M22.04M-43.85M147.78M294.77M292.54M199.2M144.35M
Net Interest Income-82.03M-70.18M-47.45M-40.97M-38.88M-26.27M-14.1M-15.55M-7.98M
Interest Income181K00000000
Interest Expense82.9M70.18M47.45M40.97M38.88M26.27M14.1M15.55M7.98M
Other Income/Expense-94.07M-70.18M-76.73M-40.97M-38.88M-36.74M-14.1M-15.55M-3.06M
Pretax Income
89.21M▲ 0%
122.36M▲ 37.2%
-25.41M▼ 120.8%
-84.82M▼ 233.7%
108.9M▲ 228.4%
268.49M▲ 146.5%
278.44M▲ 3.7%
183.64M▼ 34.0%
136.37M▼ 25.7%
Pretax Margin %26.73%60.35%-12.08%-65.75%56.06%81.84%94.82%74.95%67.4%
Income Tax123.9M101.31M0000000
Effective Tax Rate %138.89%82.79%0%0%0%0%0%0%0%
Net Income
88.67M▲ 0%
139.54M▲ 57.4%
-24.46M▼ 117.5%
-84.82M▼ 246.8%
108.9M▲ 228.4%
268.49M▲ 146.5%
274.42M▲ 2.2%
183.64M▼ 33.1%
133.64M▼ 27.2%
Net Margin %26.57%68.82%-11.63%-65.75%56.06%81.84%93.45%74.95%66.05%
Net Income Growth %-8.49%57.37%-117.53%-246.79%228.39%146.54%2.21%-33.08%-27.23%
Net Income (Continuing)82.48M122.36M-25.41M-84.82M108.9M268.49M278.44M183.64M136.37M
Discontinued Operations6.18M17.69M956K000000
Minority Interest-3.39M-2.94M335K459K1.79M5.98M8.01M9.55M11.33M
EPS (Diluted)
3.96▲ 0%
8.79▲ 122.0%
-4.35▼ 149.5%
-9.20▼ 111.5%
6.78▲ 173.7%
13.32▲ 96.5%
13.08▼ 1.8%
11.35▼ 13.2%
10.04▼ 11.5%
EPS Growth %-49.1%121.97%-149.49%-111.49%173.7%96.46%-1.8%-13.23%-11.54%
EPS (Basic)5.069.16-4.35-9.208.6518.7216.6811.6910.18
Diluted Shares Outstanding15.64M13.95M12.27M12.25M15.75M19.76M16.1M13.38M13.28M
Basic Shares Outstanding12.24M15.24M12.27M12.25M12.34M12.49M12.62M12.99M13.28M
Dividend Payout Ratio25.34%16.11%--20.79%12.81%25.47%39.29%42.23%

NRP Balance Sheet

Natural Resource Partners L.P. (NRP) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets91.4M242.54M132.08M117.19M162.78M83.61M55.29M63.87M60.91M
Cash & Short-Term Investments26.98M101.84M98.27M99.79M135.52M39.09M11.99M30.44M30.14M
Cash Only26.98M101.84M98.27M99.79M135.52M39.09M11.99M30.44M30.14M
Short-Term Investments000000000
Accounts Receivable24.21M34.54M30.96M15.63M25.31M42.7M41.22M31.47M28.67M
Days Sales Outstanding26.4862.1853.7244.2247.5547.5151.2346.8851.71
Inventory7.55M00000000
Days Inventory Outstanding76.59--------
Other Current Assets28.87M105.18M2.86M1.77M1.95M1.82M2.09M1.96M2.1M
Total Non-Current Assets1.1B1.06B953.82M804.68M791.04M793.52M742.58M709.03M687.45M
Property, Plant & Equipment803.77M767.12M632.6M487.88M465.2M439.82M422.79M407.85M0
Fixed Asset Turnover0.42x0.26x0.33x0.26x0.42x0.75x0.69x0.60x-
Goodwill000000000
Intangible Assets46.82M42.51M17.69M17.46M16.13M14.71M13.68M12.92M11.91M
Long-Term Investments245.43M247.05M263.08M295.78M307.38M306.47M276.55M257.36M270.65M
Other Non-Current Assets-1.1B-1.06B40.45M3.57M2.33M32.51M29.56M30.91M404.89M
Total Assets
1.39B▲ 0%
1.34B▼ 3.4%
1.09B▼ 19.1%
921.88M▼ 15.1%
953.82M▲ 3.5%
877.13M▼ 8.0%
797.88M▼ 9.0%
772.91M▼ 3.1%
748.37M▼ 3.2%
Asset Turnover0.24x0.15x0.19x0.14x0.20x0.37x0.37x0.32x0.27x
Asset Growth %-3.84%-3.42%-19.06%-15.11%3.47%-8.04%-9.04%-3.13%-3.18%
Total Current Liabilities120.55M148.75M62.71M61.37M64.39M60.23M49.84M31.86M32.99M
Accounts Payable1.5M2.41M1.18M1.39M1.96M1.99M885K909K1.16M
Days Payables Outstanding15.2140.6228.8254.9637.4332.2910-11.12
Short-Term Debt79.74M115.18M45.78M39.05M39.1M39.08M30.79M14.19M14.2M
Deferred Revenue (Current)100.61M3.51M011.48M11.82M004.34M6.66M
Other Current Liabilities11.77M947K4.67M9.45M11.51M6.26M4.6M010.97M
Current Ratio0.76x1.63x2.11x1.91x2.53x1.39x1.11x2.00x1.85x
Quick Ratio0.70x1.63x2.11x1.91x2.53x1.39x1.11x2.00x1.85x
Cash Conversion Cycle87.86--------
Total Non-Current Liabilities729.61M557.57M522.58M487.64M449.51M174.86M169.8M189.93M82.86M
Long-Term Debt729.61M557.57M470.42M432.44M394.44M129.21M124.27M127.88M18.88M
Capital Lease Obligations003.5M003.5M4.3M00
Deferred Tax Liabilities-103.76M-50.19M0000000
Other Non-Current Liabilities3.15M1.15M48.66M5.13M5.02M42.15M41.23M6.24M5.91M
Total Liabilities953.92M756.51M585.29M549.02M513.89M235.09M219.64M221.8M115.85M
Total Debt809.35M672.76M519.7M471.5M433.55M171.78M159.36M142.07M33.08M
Net Debt782.37M570.92M421.43M371.71M298.02M132.69M147.37M111.62M2.94M
Debt / Equity4.12x1.91x1.04x1.26x0.99x0.27x0.28x0.26x0.05x
Debt / EBITDA3.90x3.14x7.84x-2.60x0.52x0.51x0.66x0.21x
Net Debt / EBITDA3.77x2.67x6.36x-1.79x0.40x0.47x0.52x0.02x
Interest Coverage1.98x2.74x0.46x-1.07x3.80x11.22x20.74x12.81x18.08x
Total Equity
196.46M▲ 0%
352.18M▲ 79.3%
500.62M▲ 42.1%
372.86M▼ 25.5%
439.93M▲ 18.0%
642.04M▲ 45.9%
578.24M▼ 9.9%
551.11M▼ 4.7%
632.52M▲ 14.8%
Equity Growth %31.93%79.26%42.15%-25.52%17.99%45.94%-9.94%-4.69%14.77%
Book Value per Share12.5625.2440.8030.4327.9432.5035.9241.2047.62
Total Shareholders' Equity199.85M355.11M500.28M372.4M438.14M636.07M570.23M541.56M621.19M
Common Stock199.85M355.11M271.47M136.93M203.06M404.8M503.08M543.23M625.19M
Retained Earnings-608.68M-164.59M0000000
Treasury Stock000000000
Accumulated OCI-3.31M-3.46M64.22M67.14M51.17M66.68M19.97M-1.67M-4M
Minority Interest-3.39M-2.94M335K459K1.79M5.98M8.01M9.55M11.33M

NRP Cash Flow Statement

Natural Resource Partners L.P. (NRP) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations127.14M188.92M137.31M89.27M121.8M266.84M310.98M248.49M165.86M
Operating CF Margin %38.1%93.17%65.28%69.2%62.71%81.33%105.9%101.41%81.97%
Operating CF Growth %17.76%48.6%-27.32%-34.98%36.44%119.07%16.54%-20.09%-33.25%
Net Income89.21M122.36M-25.41M-84.82M108.9M268.49M278.44M183.64M136.37M
Depreciation & Amortization35.99M21.69M14.93M9.2M19.07M22.52M18.49M15.54M14.96M
Stock-Based Compensation18K1.43M2.36M3.57M4.04M5.77M10.91M11.31M11.12M
Deferred Taxes00-14.93M0-19.07M0000
Other Non-Cash Items22.63M51.45M181.83M145.82M18.17M2.35M9.23M18.56M327K
Working Capital Changes-20.69M13.68M-21.47M15.51M-9.3M-32.3M-6.08M19.44M3.1M
Change in Receivables2.67M-6.12M-6.04M12.85M-14.41M-18.67M-164K7.29M2.31M
Change in Inventory-8.03M-1.12M-15.69M02.52M0000
Change in Payables984K1.14M-1.23M207K570K37K-1.11M25K249K
Cash from Investing3.54M190.63M7.59M1.68M2.41M2.69M5.42M7.51M4.77M
Capital Expenditures-7.3M0-22K00-118K-10K00
CapEx % of Revenue2.19%-0.01%--0.04%0%--
Acquisitions1.15M2.45M6.5M-1M249K0000
Investments---------
Other Investing10.84M190.63M1.11M2.68M2.16M2.81M5.43M7.51M4.77M
Cash from Financing-141.23M-203.35M-252.67M-89.43M-88.49M-365.95M-343.5M-237.55M-170.93M
Debt Issued (Net)-311.63M-140.71M-163.08M-46.18M-39.4M-269.4M-13.56M-13.18M-109.13M
Equity Issued (Net)242.1M00-3.86M0-19.32M-178.33M-71.67M0
Dividends Paid-30.86M-52.3M-63.15M-39.39M-38.22M-64.64M-91.98M-78.54M-56.44M
Share Repurchases0-8.84M0000000
Other Financing-40.38M-62.64M-26.44M0-10.87M-12.6M-59.62M-74.16M-5.36M
Net Change in Cash
-10.54M▲ 0%
176.2M▲ 1771.1%
-107.77M▼ 161.2%
1.52M▲ 101.4%
35.73M▲ 2243.0%
-96.43M▼ 369.9%
-27.1M▲ 71.9%
18.45M▲ 168.1%
-303K▼ 101.6%
Free Cash Flow
119.84M▲ 0%
188.92M▲ 57.6%
137.29M▼ 27.3%
89.27M▼ 35.0%
121.8M▲ 36.4%
266.72M▲ 119.0%
310.97M▲ 16.6%
248.49M▼ 20.1%
165.86M▼ 33.3%
FCF Margin %35.91%93.17%65.27%69.2%62.71%81.3%105.9%101.41%81.97%
FCF Growth %16.85%57.65%-27.33%-34.97%36.44%118.97%16.59%-20.09%-33.25%
FCF per Share7.6613.5411.197.287.7313.5019.3218.5812.49
FCF Conversion (FCF/Net Income)1.43x1.35x-5.61x-1.05x1.12x0.99x1.13x1.35x1.24x
Interest Paid00039.83M025.27M13.86M15.45M0
Taxes Paid000000000

NRP Key Ratios

Natural Resource Partners L.P. (NRP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)86.27%51.35%50.87%-5.74%-19.42%26.8%49.63%44.98%32.52%22.58%
Return on Invested Capital (ROIC)10.5%12.47%15.19%4.17%-3.95%14.95%30.27%29.25%21.52%16.11%
Gross Margin86.02%89.21%89.3%92.9%92.87%90.18%93.14%89%100%81.19%
Net Margin29.28%26.57%68.82%-11.63%-65.75%56.06%81.84%93.45%74.95%66.05%
Debt / Equity7.56x4.12x1.91x1.04x1.26x0.99x0.27x0.28x0.26x0.05x
Interest Coverage2.06x1.98x2.74x0.46x-1.07x3.80x11.22x20.74x12.81x18.08x
FCF Conversion1.11x1.43x1.35x-5.61x-1.05x1.12x0.99x1.13x1.35x1.24x
Revenue Growth-24.61%0.84%-39.24%3.74%-38.67%50.57%68.9%-10.49%-16.56%-17.42%

NRP SEC Filings & Documents

Natural Resource Partners L.P. (NRP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 27, 2026·SEC

Material company update

Nov 4, 2025·SEC

Material company update

Aug 6, 2025·SEC

10-K Annual Reports

4
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Mar 7, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 6, 2025·SEC

NRP Frequently Asked Questions

Natural Resource Partners L.P. (NRP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Natural Resource Partners L.P. (NRP) reported $200.9M in revenue for fiscal year 2025. This represents a 673% increase from $26.0M in 2001.

Natural Resource Partners L.P. (NRP) saw revenue decline by 17.4% over the past year.

Yes, Natural Resource Partners L.P. (NRP) is profitable, generating $135.1M in net income for fiscal year 2025 (66.0% net margin).

Dividend & Returns

Yes, Natural Resource Partners L.P. (NRP) pays a dividend with a yield of 3.60%. This makes it attractive for income-focused investors.

Natural Resource Partners L.P. (NRP) has a return on equity (ROE) of 22.6%. This is excellent, indicating efficient use of shareholder capital.

Natural Resource Partners L.P. (NRP) generated $165.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More NRP

Natural Resource Partners L.P. (NRP) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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