KRP demonstrates high cash conversion efficiency with an OCF/NI ratio of 8.20 in 2024Q1, though capital-intensive acquisition cycles can temporarily suppress free cash flow, as seen in the $168.8 million outflow in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 241.74M | 246.46M | 250.92M | 174.27M | 166.64M | 91.44M | 62.25M | 80.7M | 33.2M | 18.76M | 1.09M | 2.71M | 4.04M | 686.11K |
| Operating CF Margin % | - | 73.83% | 80.77% | 63.79% | 58.46% | 51.25% | 66.98% | 73.39% | 49.61% | 61.18% | 30.13% | 57.91% | 55.93% | 13.68% |
| Operating CF Growth % | 8% | -1.78% | 43.98% | 4.58% | 82.23% | 46.91% | -22.87% | 143.06% | 76.99% | 1626.5% | -59.95% | -32.81% | 488.54% | - |
| Net Income | 74.42M | 99.65M | 11.07M | 83.01M | 130.79M | 42.44M | -256.09M | -158.21M | -52.28M | 1.22M | -6.21M | -31.31M | -7.41M | -3.84M |
| Depreciation & Amortization | 91.5M | 348K | 135.47M | 96.81M | 50.41M | 37.1M | 48.26M | 52.27M | 25.21M | 15.66M | 1.6M | 4.01M | 4.04M | 2.85M |
| Stock-Based Compensation | 24.92M | 16.32M | 16.38M | 13.11M | 11.11M | 10.63M | 9.26M | 7.5M | 3.17M | 848.84K | 605.06K | 605.06K | 151.26K | 0 |
| Deferred Taxes | 3.26M | 0 | 0 | 0 | 0 | 0 | 0 | 172.49M | 62.76M | 0 | 4.99M | 0 | 0 | 0 |
| Other Non-Cash Items | -12.9M | 119.63M | 76.46M | -9.92M | -11.35M | 21.8M | 260.15M | 1.05M | 466K | 33.66M | 12.6K | 32.71M | 11.5M | 5.15M |
| Working Capital Changes | 14.45M | 10.51M | 11.53M | -8.74M | -14.33M | -20.52M | 659.53K | 5.59M | -6.13M | 655K | 84.46K | 713.46K | -196.47K | -3.47M |
| Change in Receivables | 14.88M | 9.34M | 12.02M | -10.16M | -12.36M | -19.67M | 720.92K | 4.38M | -6.86M | -1.68M | -66.45K | 464.88K | -373.64K | -2.99M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.76M | -34.07M | -233.78K | 949.75K | -1.49M | 467.07K | 0 |
| Change in Payables | -197.83K | -917K | -89.11K | 509.4K | 399.32K | -77.72K | -319K | -125.39K | 985.94K | 564.46K | -952.8K | 1.6M | 77.15K | 0 |
| Cash from Investing | -544.01K | -223.48M | -209.89K | -246.68M | -374.72M | -55.57M | -90.83M | -15.59M | -200.93M | -125.91M | -97.46K | -538.64K | -53.46M | -93.4M |
| Capital Expenditures | -726.8K | -734K | -209.89K | -490.81M | -141.46M | -56.07M | -88.6M | -12.72M | -211.5M | -61.93K | -97.46K | -538.64K | -53.46M | -93.4M |
| CapEx % of Revenue | 0.22% | 0.22% | 0.07% | 179.66% | 49.63% | 31.43% | 95.33% | 11.57% | 316.03% | 0.2% | 2.7% | 11.5% | 740.5% | 1861.64% |
| Acquisitions | -132.62K | -222.75M | 0 | 244.1M | -141.3M | 0 | -2.23M | -2.97M | 10.58M | -125.85M | -78.16K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 315.4K | 0 | 0 | 31.55K | -91.97M | 500.39K | 0 | 94.15K | 10.58M | -125.85M | -78.16M | 0 | 0 | 0 |
| Cash from Financing | -239.66M | -13.17M | -247.53M | 78.38M | 226.06M | -38.62M | 24.18M | -66.68M | 177.87M | 112.96M | -863K | -2.06M | 39.65M | 153M |
| Debt Issued (Net) | 134.94M | 195.53M | -55.04M | 61.18M | 15.9M | 45.57M | 71.41M | 12.83M | 56.47M | 30.84M | -850K | 2.44M | 9M | 0 |
| Equity Issued (Net) | -187.49M | -16.34M | -316.16K | 424.93M | 112.67M | -11.78M | 12.15M | 150.47K | 165.74M | 0 | 0 | 0 | 34.15M | 0 |
| Dividends Paid | -181.81M | -187.28M | -187.2M | -152.97M | -126.77M | -71.72M | -54.93M | -78.85M | -40.95M | -13.82M | 0 | -4.51M | -3.39M | 0 |
| Share Repurchases | -187.49M | -179.91M | -316.16K | -316 | -3.81M | -2.22M | -61.45M | -319.53K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.31M | -5.08M | -4.98M | -254.76M | 224.26M | -684.77K | -4.45M | -806.39K | -3.39M | 95.94M | -13K | 0 | -122.9K | 153M |
| Net Change in Cash | 1.53M | 9.81M | 3.18M | 5.97M | 17.97M | -2.75M | -4.4M | -1.57M | 10.15M | 5.12M | 126.14K | 111.67K | -9.78M | 60.28M |
| Free Cash Flow | 241.01M | 245.73M | 250.71M | -316.54M | 25.18M | 35.37M | -26.35M | 67.98M | -178.3M | 18.7M | 989.14K | 2.17M | -49.43M | -92.72M |
| FCF Margin % | 73.53% | 73.61% | 80.7% | -115.87% | 8.83% | 19.83% | -28.35% | 61.83% | -266.42% | 60.98% | 27.43% | 46.41% | -684.57% | -1847.96% |
| FCF Growth % | 1759.07% | -1.99% | 179.2% | -1357.33% | -28.82% | 234.23% | -138.76% | 138.13% | -1053.57% | 1790.36% | -54.51% | 104.4% | 46.69% | - |
| FCF per Share | 2.02 | 2.03 | 2.16 | -3.40 | 0.38 | 0.58 | -0.76 | 3.21 | -9.67 | 1.13 | 0.06 | 1.96 | -44.66 | -181.03 |
| FCF Conversion (FCF/Net Income) | 3.24x | 2.71x | 20.48x | 2.62x | 1.49x | 2.70x | -0.39x | -0.51x | -0.66x | 15.39x | -0.17x | -0.09x | -0.54x | -0.18x |
| Interest Paid | 9.58M | 0 | 25.28M | 23.73M | 11.21M | 7.54M | 5.35M | 5.18M | 0 | 0 | 373.51K | 333.29K | 247.92K | 0 |
| Taxes Paid | 0 | 0 | 0 | 2.28M | 3.08M | 0 | 0 | 801.67K | 0 | 0 | 25.89K | 7.36K | 11.36K | 0 |
Commodity price volatility exposure
As reported in financial statements, KRP consistently generates operating cash flow significantly exceeding net income, with the OCF/NI ratio reaching as high as 8.20 in 2024Q1, suggesting that non-cash charges like depletion and amortization are the primary drivers of the divergence between GAAP earnings and cash reality.
The persistent gap between net income and operating cash flow indicates that GAAP profitability is a poor proxy for the firm's actual liquidity. Investors should monitor whether this divergence remains driven by non-cash accounting items or if it begins to reflect underlying changes in the timing of royalty collections.
Based on KRP's reported figures, free cash flow margins have remained largely robust, peaking at 84.1% in 2024Q3, though the significant negative FCF of $168.8 million in 2025Q1 highlights the potential for capital-intensive acquisition cycles to temporarily overwhelm the firm's organic cash-generating capacity.
The trajectory of free cash flow appears highly sensitive to management's inorganic growth strategy rather than operational performance. While the core royalty business remains a cash-generative engine, the volatility in FCF suggests that unitholders should distinguish between organic cash flow and cash outflows related to asset expansion.
According to recent SEC filings, KRP maintains an exceptionally low capital intensity, with CapEx/Revenue ratios frequently below 0.5%, confirming that the firm avoids the heavy drilling and completion costs that typically burden traditional exploration and production companies operating within the same energy basins.
The negligible maintenance capital requirements underscore the structural advantage of the royalty model, allowing the firm to convert a high percentage of revenue directly into distributable cash. This lack of operational capital intensity suggests that the firm is well-positioned to weather periods of industry-wide cost inflation.
As evidenced by the quarterly cash flow data, KRP consistently prioritizes dividend payments, which have ranged between $40 million and $55 million per quarter, while simultaneously utilizing share repurchases and acquisitions to manage the equity base and expand the underlying asset footprint across diverse US basins.
The firm's capital deployment strategy appears to balance the immediate income requirements of unitholders with the long-term necessity of acquiring new royalty interests. Investors should monitor whether the reliance on equity-funded acquisitions continues to dilute the per-unit value of the underlying royalty stream over the long term.
Quick answers to the most common questions about buying KRP stock.
Kimbell Royalty Partners, LP (KRP) generated $246.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kimbell Royalty Partners, LP (KRP) generated $245.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Kimbell Royalty Partners, LP (KRP) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kimbell Royalty Partners, LP (KRP) returned $187.3M to shareholders via cash dividends and spent $179.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.