Natural Resource Partners L.P. (NRP) 10-Year Financial Performance & Capital Metrics

NRP • • Industrial / General

EnergyCoalDiversified Coal & MineralsIntegrated Coal & Minerals

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 $245M -16.6%
EBITDA $215M -31.0%
Net Income $184M -33.1%
EPS (Diluted) 11.35 -13.2%
Gross Margin 100% +12.4%
EBITDA Margin 87.64% -17.3%
Operating Margin 81.3% -18.4%
Net Margin 74.95% -19.8%
ROE 32.52% -27.7%
ROIC 21.52% -26.4%
Debt/Equity 0.26 -6.5%
Interest Coverage 12.81 -38.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 42.4%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 101.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 4.6%
✓Share count reduced 16.9% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.73%

5Y3.1%

3Y8.05%

TTM-15.37%

Profit (Net Income) CAGR

10Y5.37%

5Y-

3Y19.03%

TTM-28.34%

EPS CAGR

10Y1.9%

5Y-

3Y33.13%

TTM-11.79%

ROCE

10Y Avg13.54%

5Y Avg22.43%

3Y Avg33.31%

Latest26.75%

Peer Comparison

Integrated Coal & Minerals

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BTUPeabody Energy Corporation	4.38B	36.06	13.36	-14.35%	-0.83%	-0.91%	4.65%	0.13
NRPNatural Resource Partners L.P.	1.54B	117.37	10.34	-16.56%	67.92%	24.13%	16.11%	0.26
NCNACCO Industries, Inc.	274.03M	46.47	10.21	10.67%	10.32%	6.8%		0.27
CNRCore Natural Resources, Inc.	5.02B	98.02	10.16	-14.28%	-1.18%	-1.15%	5.94%	0.14
ARLPAlliance Resource Partners, L.P.	3.12B	24.33	8.78	-4.6%	10.88%	13.37%	11.98%	0.26

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	438.93M	330.92M	333.7M	202.76M	210.35M	129.01M	194.25M	328.08M	293.66M	245.03M
Revenue Growth %	0.22%	-0.25%	0.01%	-0.39%	0.04%	-0.39%	0.51%	0.69%	-0.1%	-0.17%
Cost of Goods Sold+	100.83M	46.27M	35.99M	21.69M	14.93M	9.2M	19.07M	22.52M	32.31M	0
COGS % of Revenue	0.23%	0.14%	0.11%	0.11%	0.07%	0.07%	0.1%	0.07%	0.11%	-
Gross Profit+	338.1M	284.64M	297.71M	181.08M	195.42M	119.81M	175.17M	305.57M	261.34M	245.03M
Gross Margin %	0.77%	0.86%	0.89%	0.89%	0.93%	0.93%	0.9%	0.93%	0.89%	1%
Gross Profit Growth %	0.46%	-0.16%	0.05%	-0.39%	0.08%	-0.39%	0.46%	0.74%	-0.14%	-0.06%
Operating Expenses+	184.34M	151.12M	155.02M	46.01M	144.09M	163.66M	27.39M	335K	-31.2M	45.83M
OpEx % of Revenue	0.42%	0.46%	0.46%	0.23%	0.69%	1.27%	0.14%	0%	-0.11%	0.19%
Selling, General & Admin	12.35M	20.57M	18.5M	16.5M	16.73M	14.29M	17.36M	21.85M	26.11M	25.15M
SG&A % of Revenue	0.03%	0.06%	0.06%	0.08%	0.08%	0.11%	0.09%	0.07%	0.09%	0.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	171.99M	130.55M	136.52M	29.51M	127.36M	149.37M	10.04M	-21.52M	-57.31M	20.68M
Operating Income+	-477.91M	185.75M	183.97M	192.54M	51.32M	-43.85M	147.78M	305.23M	292.54M	199.2M
Operating Margin %	-1.09%	0.56%	0.55%	0.95%	0.24%	-0.34%	0.76%	0.93%	1%	0.81%
Operating Income Growth %	-3.53%	1.39%	-0.01%	0.05%	-0.73%	-1.85%	4.37%	1.07%	-0.04%	-0.32%
EBITDA+	-377.08M	232.02M	207.39M	214.23M	66.25M	-34.65M	166.85M	327.75M	311.03M	214.73M
EBITDA Margin %	-0.86%	0.7%	0.62%	1.06%	0.31%	-0.27%	0.86%	1%	1.06%	0.88%
EBITDA Growth %	-2.4%	1.62%	-0.11%	0.03%	-0.69%	-1.52%	5.81%	0.96%	-0.05%	-0.31%
D&A (Non-Cash Add-back)	100.83M	46.27M	23.41M	21.69M	14.93M	9.2M	19.07M	22.52M	18.49M	15.54M
EBIT	-170.41M	186.56M	164.51M	192.54M	22.04M	-43.85M	147.78M	294.77M	292.54M	199.2M
Net Interest Income+	-89.74M	-90.53M	-82.03M	-70.18M	-47.45M	-40.97M	-38.88M	-26.27M	-14.1M	-15.55M
Interest Income	18K	39K	181K	0	0	0	0	0	0	0
Interest Expense	89.76M	90.57M	82.9M	70.18M	47.45M	40.97M	38.88M	26.27M	14.1M	15.55M
Other Income/Expense	-89.74M	-90.53M	-94.07M	-70.18M	-76.73M	-40.97M	-38.88M	-36.74M	-14.1M	-15.55M
Pretax Income+	-571.72M	95.21M	89.21M	122.36M	-25.41M	-84.82M	108.9M	268.49M	278.44M	183.64M
Pretax Margin %	-1.3%	0.29%	0.27%	0.6%	-0.12%	-0.66%	0.56%	0.82%	0.95%	0.75%
Income Tax+	143.75M	128.95M	123.9M	101.31M	0	0	0	0	0	0
Effective Tax Rate %	1%	1.02%	0.99%	1.14%	0.96%	1%	1%	1%	0.99%	1%
Net Income+	-571.72M	96.89M	88.67M	139.54M	-24.46M	-84.82M	108.9M	268.49M	274.42M	183.64M
Net Margin %	-1.3%	0.29%	0.27%	0.69%	-0.12%	-0.66%	0.56%	0.82%	0.93%	0.75%
Net Income Growth %	-6.25%	1.17%	-0.08%	0.57%	-1.18%	-2.47%	2.28%	1.47%	0.02%	-0.33%
Net Income (Continuing)	-260.17M	90.63M	82.48M	122.36M	-25.41M	-84.82M	108.9M	268.49M	278.44M	183.64M
Discontinued Operations	0	6.27M	6.18M	17.69M	956K	0	0	0	0	0
Minority Interest	-3.39M	-3.39M	-3.39M	-2.94M	335K	459K	1.79M	5.98M	8.01M	9.55M
EPS (Diluted)+	-46.75	7.78	3.96	8.79	-4.35	-9.20	4.81	13.39	13.08	11.35
EPS Growth %	-5.97%	1.17%	-0.49%	1.22%	-1.49%	-1.11%	1.52%	1.78%	-0.02%	-0.13%
EPS (Basic)	-46.75	7.78	5.06	9.16	-4.35	-9.20	6.14	18.72	16.68	11.69
Diluted Shares Outstanding	12.23M	12.23M	15.64M	13.95M	12.27M	12.25M	15.75M	12.49M	16.1M	13.38M
Basic Shares Outstanding	12.23M	12.23M	12.24M	15.24M	12.27M	12.25M	12.34M	12.49M	12.62M	12.99M
Dividend Payout Ratio	-	0.23%	0.25%	0.16%	-	-	0.21%	0.13%	0.25%	0.39%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	121.13M	105.39M	91.4M	242.54M	132.08M	117.19M	162.78M	83.61M	55.29M	63.87M
Cash & Short-Term Investments	41.2M	40.37M	26.98M	101.84M	98.27M	99.79M	135.52M	39.09M	11.99M	30.44M
Cash Only	41.2M	40.37M	26.98M	101.84M	98.27M	99.79M	135.52M	39.09M	11.99M	30.44M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	49.98M	49.86M	24.21M	34.54M	30.96M	15.63M	25.31M	42.7M	41.22M	31.47M
Days Sales Outstanding	41.56	55	26.48	62.18	53.72	44.22	47.55	47.51	51.23	46.88
Inventory	7.83M	6.89M	7.55M	0	0	0	0	0	0	0
Days Inventory Outstanding	28.36	54.37	76.59	-	-	-	-	-	-	-
Other Current Assets	17.84M	991K	28.87M	105.18M	2.86M	1.77M	1.95M	1.82M	2.09M	1.96M
Total Non-Current Assets+	1.39B	1.29B	1.1B	1.06B	953.82M	804.68M	791.04M	793.52M	742.58M	709.03M
Property, Plant & Equipment	1.07B	982.89M	803.77M	767.12M	632.6M	487.88M	465.2M	439.82M	422.79M	407.85M
Fixed Asset Turnover	0.41x	0.34x	0.42x	0.26x	0.33x	0.26x	0.42x	0.75x	0.69x	0.60x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	56.93M	53.05M	46.82M	42.51M	17.69M	17.46M	16.13M	14.71M	13.68M	12.92M
Long-Term Investments	261.94M	255.9M	245.43M	247.05M	263.08M	295.78M	307.38M	306.47M	276.55M	257.36M
Other Non-Current Assets	-1.39B	-1.29B	-1.1B	-1.06B	40.45M	3.57M	2.33M	32.51M	29.56M	30.91M
Total Assets+	1.68B	1.44B	1.39B	1.34B	1.09B	921.88M	953.82M	877.13M	797.88M	772.91M
Asset Turnover	0.26x	0.23x	0.24x	0.15x	0.19x	0.14x	0.20x	0.37x	0.37x	0.32x
Asset Growth %	-0.31%	-0.14%	-0.04%	-0.03%	-0.19%	-0.15%	0.03%	-0.08%	-0.09%	-0.03%
Total Current Liabilities+	136.41M	189.15M	120.55M	148.75M	62.71M	61.37M	64.39M	60.23M	49.84M	31.86M
Accounts Payable	5.02M	7.17M	1.5M	2.41M	1.18M	1.39M	1.96M	1.99M	885K	909K
Days Payables Outstanding	18.18	56.59	15.21	40.62	28.82	54.96	37.43	32.29	10	-
Short-Term Debt	80.75M	140.04M	79.74M	115.18M	45.78M	39.05M	39.1M	39.08M	30.79M	14.19M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0	1000K
Other Current Liabilities	4.39M	353K	11.77M	947K	4.67M	9.45M	11.51M	6.26M	4.6M	0
Current Ratio	0.89x	0.56x	0.76x	1.63x	2.11x	1.91x	2.53x	1.39x	1.11x	2.00x
Quick Ratio	0.83x	0.52x	0.70x	1.63x	2.11x	1.91x	2.53x	1.39x	1.11x	2.00x
Cash Conversion Cycle	51.74	52.78	87.86	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.21B	990.23M	729.61M	557.57M	522.58M	487.64M	449.51M	174.86M	169.8M	189.93M
Long-Term Debt	1.21B	990.23M	729.61M	557.57M	470.42M	432.44M	394.44M	129.21M	124.27M	127.88M
Capital Lease Obligations	0	0	0	0	3.5M	0	0	3.5M	4.3M	0
Deferred Tax Liabilities	-170.47M	-121.13M	-103.76M	-50.19M	0	0	0	0	0	0
Other Non-Current Liabilities	90.41M	4.57M	3.15M	1.15M	48.66M	5.13M	5.02M	42.15M	41.23M	6.24M
Total Liabilities	1.6B	1.3B	953.92M	756.51M	585.29M	549.02M	513.89M	235.09M	219.64M	221.8M
Total Debt+	1.38B	1.13B	809.35M	672.76M	519.7M	471.5M	433.55M	171.78M	159.36M	142.07M
Net Debt	1.34B	1.09B	782.37M	570.92M	421.43M	371.71M	298.02M	132.69M	147.37M	111.62M
Debt / Equity	18.30x	7.56x	4.12x	1.91x	1.04x	1.26x	0.99x	0.27x	0.28x	0.26x
Debt / EBITDA	-	4.85x	3.90x	3.14x	7.84x	-	2.60x	0.52x	0.51x	0.66x
Net Debt / EBITDA	-	4.68x	3.77x	2.67x	6.36x	-	1.79x	0.40x	0.47x	0.52x
Interest Coverage	-5.32x	2.05x	2.22x	2.74x	1.08x	-1.07x	3.80x	11.62x	20.74x	12.81x
Total Equity+	75.7M	148.91M	196.46M	352.18M	500.62M	372.86M	439.93M	642.04M	578.24M	551.11M
Equity Growth %	-0.89%	0.97%	0.32%	0.79%	0.42%	-0.26%	0.18%	0.46%	-0.1%	-0.05%
Book Value per Share	6.19	12.17	12.56	25.24	40.80	30.43	27.94	51.42	35.92	41.20
Total Shareholders' Equity	79.09M	152.31M	199.85M	355.11M	500.28M	372.4M	438.14M	636.07M	570.23M	541.56M
Common Stock	79.09M	152.31M	199.85M	355.11M	271.47M	136.93M	203.06M	404.8M	503.08M	543.23M
Retained Earnings	0	0	-608.68M	-164.59M	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.15M	-1.67M	-3.31M	-3.46M	64.22M	67.14M	51.17M	66.68M	19.97M	-1.67M
Minority Interest	-3.39M	-3.39M	-3.39M	-2.94M	335K	459K	1.79M	5.98M	8.01M	9.55M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	203.42M	107.96M	127.14M	188.92M	137.31M	89.27M	121.8M	266.84M	310.98M	248.49M
Operating CF Margin %	0.46%	0.33%	0.38%	0.93%	0.65%	0.69%	0.63%	0.81%	1.06%	1.01%
Operating CF Growth %	-0.03%	-0.47%	0.18%	0.49%	-0.27%	-0.35%	0.36%	1.19%	0.17%	-0.2%
Net Income	-571.72M	95.21M	89.21M	122.36M	-25.41M	-84.82M	108.9M	268.49M	278.44M	183.64M
Depreciation & Amortization	100.83M	43.09M	35.99M	21.69M	14.93M	9.2M	19.07M	22.52M	18.49M	15.54M
Stock-Based Compensation	-3.4M	1.22M	18K	1.43M	2.36M	3.57M	4.04M	5.77M	10.91M	11.31M
Deferred Taxes	0	0	0	0	-14.93M	0	-19.07M	0	0	0
Other Non-Cash Items	667.6M	14.11M	22.63M	51.45M	181.83M	145.82M	18.17M	2.35M	9.23M	18.56M
Working Capital Changes	6.72M	-44.45M	-20.69M	13.68M	-21.47M	15.51M	-9.3M	-32.3M	-6.08M	19.44M
Change in Receivables	19.12M	118K	2.67M	-6.12M	-6.04M	12.85M	-14.41M	-18.67M	-164K	7.29M
Change in Inventory	-4.68M	4.16M	-8.03M	-1.12M	-15.69M	0	2.52M	0	0	0
Change in Payables	-3.26M	846K	984K	1.14M	-1.23M	207K	570K	37K	-1.11M	25K
Cash from Investing+	-30.27M	166.81M	3.54M	190.63M	7.59M	1.68M	2.41M	2.69M	5.42M	7.51M
Capital Expenditures	-50.85M	-5.41M	-7.3M	0	-22K	0	0	-118K	-10K	0
CapEx % of Revenue	0.12%	0.02%	0.02%	-	0%	-	-	0%	0%	-
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	20.58M	172.22M	10.84M	190.63M	1.11M	2.68M	2.16M	2.81M	5.43M	7.51M
Cash from Financing+	-171.46M	-286.18M	-141.23M	-203.35M	-252.67M	-89.43M	-88.49M	-365.95M	-343.5M	-237.55M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-71.76M	-22.46M	-30.86M	-52.3M	-63.15M	-39.39M	-38.22M	-64.64M	-91.98M	-78.54M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-33.72M	-85.34M	-40.38M	-62.64M	-26.44M	0	-10.87M	-12.6M	-59.62M	-74.16M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	152.57M	102.55M	119.84M	188.92M	137.29M	89.27M	121.8M	266.72M	310.97M	248.49M
FCF Margin %	0.35%	0.31%	0.36%	0.93%	0.65%	0.69%	0.63%	0.81%	1.06%	1.01%
FCF Growth %	2.03%	-0.33%	0.17%	0.58%	-0.27%	-0.35%	0.36%	1.19%	0.17%	-0.2%
FCF per Share	12.48	8.38	7.66	13.54	11.19	7.28	7.73	21.36	19.32	18.58
FCF Conversion (FCF/Net Income)	-0.36x	1.11x	1.43x	1.35x	-5.61x	-1.05x	1.12x	0.99x	1.13x	1.35x
Interest Paid	0	0	0	0	0	39.83M	0	25.27M	13.86M	15.45M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-145.83%	86.27%	51.35%	50.87%	-5.74%	-19.42%	26.8%	49.63%	44.98%	32.52%
Return on Invested Capital (ROIC)	-20.18%	10.5%	12.47%	15.19%	4.17%	-3.95%	14.95%	30.27%	29.25%	21.52%
Gross Margin	77.03%	86.02%	89.21%	89.3%	92.9%	92.87%	90.18%	93.14%	89%	100%
Net Margin	-130.25%	29.28%	26.57%	68.82%	-11.63%	-65.75%	56.06%	81.84%	93.45%	74.95%
Debt / Equity	18.30x	7.56x	4.12x	1.91x	1.04x	1.26x	0.99x	0.27x	0.28x	0.26x
Interest Coverage	-5.32x	2.05x	2.22x	2.74x	1.08x	-1.07x	3.80x	11.62x	20.74x	12.81x
FCF Conversion	-0.36x	1.11x	1.43x	1.35x	-5.61x	-1.05x	1.12x	0.99x	1.13x	1.35x
Revenue Growth	22.49%	-24.61%	0.84%	-39.24%	3.74%	-38.67%	50.57%	68.9%	-10.49%	-16.56%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Soda Ash	49.92M	40.06M	40.46M	-	-	-	21.87M	59.8M	73.4M	18.14M
Soda Ash Growth	-	-19.75%	0.99%	-	-	-	-	173.40%	22.75%	-75.29%
Mineral Rights	-	-	-	-	-	-	9.05M	-	-	-
Mineral Rights Growth	-	-	-	-	-	-	-	-	-	-
Coal Royalty	-	-	-	-	-	50.07M	-	-	-	-
Coal Royalty Growth	-	-	-	-	-	-	-	-	-	-
Transportation and Processing	-	-	-	23.82M	19.17M	-	-	-	-	-
Transportation and Processing Growth	-	-	-	-	-19.52%	-	-	-	-	-
Coal, Hard Mineral Royalty and Other	156.64M	144.52M	158.4M	-	-	-	-	-	-	-
Coal, Hard Mineral Royalty and Other Growth	-	-7.74%	9.60%	-	-	-	-	-	-	-
Construction Aggregates	-	-	112.97M	-	-	-	-	-	-	-
Construction Aggregates Growth	-	-	-	-	-	-	-	-	-	-
VentaCore	139.01M	120.8M	-	-	-	-	-	-	-	-
VentaCore Growth	-	-13.10%	-	-	-	-	-	-	-	-
Oil and Gas	53.56M	-	-	-	-	-	-	-	-	-
Oil and Gas Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Natural Resource Partners L.P. (NRP) has a price-to-earnings (P/E) ratio of 10.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Natural Resource Partners L.P. (NRP) reported $217.2M in revenue for fiscal year 2024. This represents a 42% decrease from $377.7M in 2011.

Natural Resource Partners L.P. (NRP) saw revenue decline by 16.6% over the past year.

Yes, Natural Resource Partners L.P. (NRP) is profitable, generating $147.5M in net income for fiscal year 2024 (74.9% net margin).

Dividend & Returns

Yes, Natural Resource Partners L.P. (NRP) pays a dividend with a yield of 4.60%. This makes it attractive for income-focused investors.

Natural Resource Partners L.P. (NRP) has a return on equity (ROE) of 32.5%. This is excellent, indicating efficient use of shareholder capital.

Natural Resource Partners L.P. (NRP) generated $146.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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