Latest Ratios: P/E Ratio 10.7x · EV/EBITDA 9.3x · ROE 22.6%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.4B | $1.5B | $1.5B | $1.1B | $526M | $169M | $247M | $533M | $407M | $395M |
| Enterprise Value | $1.4B | $1.4B | $1.6B | $1.6B | $1.2B | $824M | $540M | $668M | $1.1B | $1.2B | $1.5B |
| P/E Ratio → | 10.72 | 10.40 | 9.78 | 7.08 | 4.06 | 4.93 | — | — | 4.35 | 6.57 | 4.15 |
| P/S Ratio | 7.04 | 6.85 | 6.06 | 5.07 | 3.27 | 2.71 | 1.31 | 1.17 | 2.63 | 1.22 | 1.19 |
| P/B Ratio | 2.26 | 2.19 | 2.69 | 2.58 | 1.67 | 1.20 | 0.45 | 0.49 | 1.51 | 2.07 | 2.65 |
| P/FCF | 8.59 | 8.36 | 5.97 | 4.79 | 4.02 | 4.32 | 1.89 | 1.80 | 2.82 | 3.39 | 3.85 |
| P/OCF | 8.59 | 8.36 | 5.97 | 4.79 | 4.02 | 4.32 | 1.89 | 1.80 | 2.82 | 3.20 | 3.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.87 | 6.51 | 5.58 | 3.68 | 4.24 | 4.19 | 3.18 | 5.45 | 3.56 | 4.48 |
| EV / EBITDA | 9.25 | 9.00 | 7.43 | 5.26 | 4.44 | 4.94 | — | 10.08 | 5.16 | 5.73 | 6.38 |
| EV / EBIT | 10.24 | 9.63 | 8.01 | 5.60 | 4.09 | 5.58 | — | 30.32 | 5.74 | 7.23 | 7.94 |
| EV / FCF | — | 8.38 | 6.42 | 5.26 | 4.52 | 6.77 | 6.05 | 4.87 | 5.85 | 9.92 | 14.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.2% | 81.2% | 88.6% | 89.0% | 93.1% | 90.2% | 92.9% | 92.9% | 89.3% | 89.2% | 86.0% |
| Operating Margin | 68.9% | 68.9% | 81.3% | 99.6% | 75.8% | 76.1% | -34.0% | 24.4% | 95.0% | 55.1% | 56.1% |
| Net Profit Margin | 66.0% | 66.0% | 74.9% | 93.4% | 81.8% | 56.1% | -65.7% | -11.6% | 68.8% | 26.6% | 29.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.6% | 22.6% | 32.5% | 45.0% | 49.6% | 26.8% | -19.4% | -5.7% | 50.9% | 51.3% | 86.3% |
| ROA | 17.6% | 17.6% | 23.4% | 32.8% | 29.3% | 11.6% | -8.4% | -2.0% | 10.2% | 6.3% | 6.2% |
| ROIC | 16.1% | 16.1% | 21.5% | 29.2% | 24.7% | 15.0% | -3.9% | 4.2% | 15.2% | 12.5% | 10.5% |
| ROCE | 19.1% | 19.1% | 26.8% | 37.4% | 29.2% | 16.9% | -4.7% | 4.6% | 15.6% | 14.6% | 13.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.26 | 0.28 | 0.27 | 0.99 | 1.26 | 1.04 | 1.91 | 4.12 | 7.56 |
| Debt / EBITDA | 0.21 | 0.21 | 0.66 | 0.51 | 0.63 | 2.60 | — | 7.84 | 3.14 | 3.90 | 4.85 |
| Net Debt / Equity | — | 0.00 | 0.20 | 0.25 | 0.21 | 0.68 | 1.00 | 0.84 | 1.62 | 3.98 | 7.29 |
| Net Debt / EBITDA | 0.02 | 0.02 | 0.52 | 0.47 | 0.49 | 1.79 | — | 6.36 | 2.67 | 3.77 | 4.68 |
| Debt / FCF | — | 0.02 | 0.45 | 0.47 | 0.50 | 2.45 | 4.16 | 3.07 | 3.02 | 6.53 | 10.59 |
| Interest Coverage | 18.08 | 18.08 | 12.81 | 20.74 | 11.22 | 3.80 | -1.07 | 0.46 | 2.74 | 1.98 | 2.06 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.85 | 1.85 | 2.00 | 1.11 | 1.39 | 2.53 | 1.91 | 2.11 | 1.63 | 0.76 | 0.56 |
| Quick Ratio | 1.85 | 1.85 | 2.00 | 1.11 | 1.39 | 2.53 | 1.91 | 2.11 | 1.63 | 0.70 | 0.52 |
| Cash Ratio | 0.91 | 0.91 | 0.96 | 0.24 | 0.65 | 2.10 | 1.63 | 1.57 | 0.68 | 0.22 | 0.21 |
| Asset Turnover | — | 0.27 | 0.32 | 0.37 | 0.37 | 0.20 | 0.14 | 0.19 | 0.15 | 0.24 | 0.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 4.77 | 6.71 |
| Days Sales Outstanding | — | 51.71 | 46.88 | 51.23 | 47.51 | 47.55 | 44.22 | 53.72 | 62.18 | 26.48 | 55.00 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 4.1% | 4.9% | 4.7% | 3.2% | 4.3% | 10.0% | 13.4% | 4.2% | 5.5% | 5.7% |
| Payout Ratio | 42.2% | 42.2% | 39.3% | 25.5% | 12.8% | 20.8% | — | — | 16.1% | 25.3% | 23.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 9.6% | 10.2% | 14.1% | 24.6% | 20.3% | — | — | 23.0% | 15.2% | 24.1% |
| FCF Yield | 11.6% | 12.0% | 16.7% | 20.9% | 24.8% | 23.1% | 53.0% | 55.6% | 35.4% | 29.5% | 26.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.9% | 4.1% | 4.9% | 4.7% | 3.2% | 4.3% | 10.0% | 13.4% | 5.9% | 5.5% | 5.7% |
| Shares Outstanding | — | $13M | $13M | $16M | $20M | $16M | $12M | $12M | $14M | $16M | $12M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying NRP stock.
Natural Resource Partners L.P.'s current P/E ratio is 10.7x. The historical average is 17.8x. This places it at the 52th percentile of its historical range.
Natural Resource Partners L.P.'s current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
Natural Resource Partners L.P.'s return on equity (ROE) is 22.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 21.7%.
Based on historical data, Natural Resource Partners L.P. is trading at a P/E of 10.7x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Natural Resource Partners L.P.'s current dividend yield is 3.95% with a payout ratio of 42.2%.
Natural Resource Partners L.P. has 81.2% gross margin and 68.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Natural Resource Partners L.P.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue decline and royalty concentration
Metrics are mathematically derived from official filings.
Margins Resilient Despite Revenue Slide
NRP's gross margin averaged 88% over the last four quarters, with 2026Q2 at 88.1%, as reported in financial statements, indicating strong pricing power in its royalty stream despite an eight-quarter revenue decline.
Operating margin has remained above 54% in every quarter, peaking at 88.1% in 2024Q2, but the trend is downward, with 2026Q2 at 54.5%. This suggests that while the royalty model is inherently high-margin, the recent revenue contraction is compressing margins, likely due to lower volumes or pricing. Net margin, though still above 50%, has similarly declined from 80.5% in 2024Q2 to 51.3% in 2026Q2, indicating that the earnings power is eroding as the top line shrinks.
Return on Capital Decaying from Peak
ROIC has fallen from 6.2% in 2024Q1 to 3.0% in 2026Q2, as per financial statements, while ROE dropped from 10.1% to 3.8%, indicating a clear deceleration in capital efficiency.
The decline in ROIC and ROE is driven by falling net income, not by an expanding capital base, as equity has actually increased due to debt paydown. This suggests that the company is generating lower returns on its invested capital, which may reflect the cyclical downturn in coal markets. The asset-light model, with zero capex, means that returns are highly sensitive to revenue fluctuations, and the current trend indicates a decaying return profile.
Asset Turnover Reflects Asset-Light Model
Asset turnover has remained extremely low at 0.06-0.09 over the past ten quarters, as reported, reflecting NRP's royalty-based model with minimal tangible assets, but this metric understates operational efficiency.
The low asset turnover is a direct consequence of the balance sheet shift, where PP&E fell from $417.7M to $24.0M, leaving a small asset base relative to revenue. However, this is not a sign of inefficiency; rather, it highlights the royalty model's low capital intensity. The cash conversion cycle is not calculable due to missing inventory data, but the quick ratio of 2.12 in 2026Q2 indicates strong liquidity, and the negative working capital swings suggest minimal drag from receivables or payables.
Leverage Collapses to Negligible Levels
Debt-to-equity has plummeted from 0.41 in 2024Q2 to 0.04 in 2026Q2, with total debt at just $27.4M, as per the balance sheet, while interest coverage improved to 24.93x, indicating minimal financial risk.
The dramatic deleveraging, with total liabilities down 61% from 2024Q3, has left NRP with a fortress-like balance sheet. Interest coverage of 24.93x in 2026Q2, up from 10.20x in 2024Q3, suggests that debt service is extremely comfortable. However, the low absolute debt level means that the company has limited financial leverage to amplify returns, which may be a deliberate strategy given the cyclicality of coal markets.
Liquidity Buffer Stable but Modest
NRP's current ratio stood at 2.12 in 2026Q2, with cash around $30M, as reported in financial statements, providing a modest buffer against operational shocks, though the quick ratio equals the current ratio due to minimal inventory.
The current ratio has remained above 1.76 over the past ten quarters, indicating that NRP can cover its short-term obligations comfortably. However, the absolute cash balance of approximately $30M is not large relative to the quarterly revenue of $48.1M, suggesting that the liquidity position is adequate but not excessive. Given the zero-capex model, the company does not require significant cash reserves for reinvestment, but the ongoing revenue decline warrants monitoring of cash generation.
Misapplied Metric: P/E on Cyclical Earnings
The trailing P/E of 10.40 appears cheap, but forward P/E of 22.12, as per valuation data, suggests the market expects earnings to decline further, making P/E misleading for this cyclical royalty model.
The wide gap between trailing and forward P/E indicates that the market is pricing in a significant earnings drop, which is consistent with the eight-quarter revenue decline. Using trailing P/E alone would overstate value, as it does not account for the cyclical downturn. A more appropriate metric is EV/EBITDA, which at 8.98 trailing and 3.99 forward, better captures the company's cash-generating ability and low capital intensity. Investors should focus on cash flow multiples and the sustainability of the royalty stream rather than P/E, which is distorted by the cyclicality of coal prices and volumes.