Natural Resource Partners L.P. NRP

EnergyCoalUnited States of America

Last close 115.62 USD on Nov 1, 2026, +13.3% year to date

Quant rating

Quant rating D Rank 136 of 167 in Energy

Growth D 143 of 167
Valuation C 88 of 167
Quality C 110 of 167
Revisions D 144 of 167
Momentum C 78 of 167

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.5B
Enterprise value: 1.5B
52-week range: 95.85 – 127.77
3-year range: 65.09 – 127.77
Dividend yield: 2.59%
Beta (5 years): 0.10
Shares outstanding: 13.3M
Next earnings: –

About the company

Natural Resource Partners L.P. is a diversified natural resource company. The Company owns, manages and leases a diversified portfolio of properties in the United States, including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. Its Mineral Rights segment consists of over 13 million acres of mineral interests and other subsurface rights across the United States. Its ownership provides critical inputs for the manufacturing of steel, electricity and basic building materials, as well as opportunities for carbon sequestration and renewable energy. Soda Ash segment consists of its 49% non-controlling equity interest in Sisecam Wyoming LLC (Sisecam Wyoming), a trona ore mining and soda ash production business located in the Green River Basin of Wyoming. Sisecam Wyoming mines trona and processes it into soda ash that is sold both domestically and internationally in the glass and chemicals industries.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	205	263	367	388	216	–
Revenue growth	−21.9%	−28.3%	−5.4%	79.5%	54.7%	8.0%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	65.1%	57.7%	53.6%	60.3%	35.0%	54.3%
ROE	23.0%	32.5%	45.6%	49.6%	26.8%	35.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	30.1
Current ratio	2.12x
Long-term debt (mil)	13.1
Net debt (mil)	9.3
Total equity (mil)	650
Net debt / equity	0.01x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	205	−21.9%	7.5x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Coal

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NRP Natural Resource Partners L.P.	1.5B	–	65.1%	2.36x	–	–	–	–
COAL Coal India Limited	25.2B	−1.45x	18.5%	1.88x	7.0x	6.9x	3.8x	3.8x
ARLP Alliance Resource Partners LP	3.4B	1.08x	14.0%	1.86x	10.9x	9.0x	5.5x	5.3x
BTU Peabody Energy Corp	2.7B	−0.30x	−1.4%	0.83x	−56.9x	7.8x	6.0x	3.1x
NC NACCO Industries Inc	264M	–	6.3%	0.61x	–	–	–	–
PDER Pardee Resources Co	193M	–	–	–	–	–	–	–
Mean		−0.22x	20.5%	1.51x	−13.0x	7.9x	5.1x	4.0x
Median		−0.30x	14.0%	1.86x	7.0x	7.8x	5.5x	3.8x

Technical analysis

1M+5.4%
3M+17.1%
1Y+16.3%
3Y+100.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Natural Resource Partners L.P., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	205	263	367	388	216	140
Cost of revenue	–	–	–	–	–	–
Gross profit	205	263	367	388	216	140
Selling, general & administrative expenses	48.0	53.2	58.4	56.8	44.4	39.1
Research & development	–	–	–	–	–	–
Depreciation/amortization	15.0	15.5	18.5	22.5	19.1	9.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−1.9	−4.8	−2.4	13.8	4.9	135
Other operating expenses	0	0	0	0	0	0
Operating income	144	199	293	295	148	−43.9
Net interest income (expense)	−8.0	−15.6	−14.1	−26.3	−38.9	−41.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	136	184	278	268	109	−84.8
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	136	184	278	268	109	−84.8
Extraordinary items	–	–	–	–	0	0
Net income	136	184	278	268	109	−84.8
EBIT, normalized	142	194	290	309	153	91.5
EBITDA, normalized	157	210	308	331	172	100
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Natural Resource Partners L.P., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	30.1	30.4	12.0	39.1	136	99.8
Receivables	28.7	31.5	41.1	42.7	24.5	12.3
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	2.1	2.0	2.2	1.8	2.7	5.1
Total current assets	60.9	63.9	55.3	83.6	163	117
Property, plant & equipment	395	408	423	440	462	484
Goodwill	–	–	–	–	–	–
Intangibles	11.9	12.9	13.7	14.7	16.1	17.5
Long-term investments	250	257	277	306	276	263
Note receivable	20.4	23.5	26.3	28.9	31.4	33.3
Other long-term assets	9.8	7.4	3.2	3.6	5.8	7.1
Total assets	748	773	798	877	954	922
Liabilities
Accounts payable	1.2	0.9	0.9	2.0	2.0	1.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	11.0	12.4	13.6	12.9	11.5	9.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	14.2	14.2	30.8	39.1	39.1	39.1
Other current liabilities	6.7	4.3	4.6	6.3	11.8	11.5
Total current liabilities	33.0	31.9	49.8	60.2	64.4	61.4
Long-term debt	18.9	128	124	129	394	432
Minority interest	–	–	–	–	–	0
Other liabilities	64.0	62.1	45.5	45.7	55.1	55.2
Total liabilities	116	222	220	235	514	549
Shareholders' equity
Preferred stock	11.3	9.5	−77.4	−292	−313	−263
Common stock	625	543	503	405	203	137
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	–	–	23.1	48.0	48.0	66.8
Treasury stock	–	–	–	–	–	–
Other equity	−4.0	−1.7	129	481	501	432
Total equity	633	551	578	642	440	373
Total liabilities & shareholders' equity	748	773	798	877	954	922

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Natural Resource Partners L.P., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	136	184	278	268	109	−84.8
Depreciation, depletion & amortization	15.0	15.5	18.5	22.5	19.1	9.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	11.4	29.9	20.1	8.1	3.1	149
Changes in working capital	3.1	19.4	−6.1	−32.3	−9.3	15.5
Cash from operations	166	248	311	267	122	89.3
Investing activities
Capital expenditures	0	0	0	−0.1	0	0
Other investing cash flows	4.8	7.5	5.4	2.8	2.4	1.7
Cash from investing	4.8	7.5	5.4	2.7	2.4	1.7
Financing activities
Financing cash flow items	−5.4	−8.5	−3.5	−12.6	−1.7	0
Cash dividends paid	−56.4	−78.5	−92.0	−64.4	−38.2	−43.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−109	−151	−248	−289	−48.6	−46.2
Cash from financing	−171	−238	−343	−366	−88.5	−89.4
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−0.3	18.5	−27.1	−96.4	35.7	1.5
Free cash flow	166	248	311	267	122	89.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.