A Business at a Glance
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NATURAL RESOURCE PARTNERS LP
NRP
$1.3B
Mkt Cap
$98.00
+0.67%
NATURAL RESOURCE PARTNERS LP (NRP) has a current P/E ratio of 9.5, compared to its historical median P/E of 8.7. The stock is currently considered Fair based on its historical valuation range.
NATURAL RESOURCE PARTNERS LP (NRP) has a 5-year average return on invested capital (ROIC) of 30.7%. This indicates strong capital allocation and a potential competitive advantage.
NATURAL RESOURCE PARTNERS LP (NRP) has a market capitalization of $1.3B. It is classified as a small-cap stock.
NATURAL RESOURCE PARTNERS LP (NRP) does not currently pay a regular dividend.
Based on historical P/E analysis, NATURAL RESOURCE PARTNERS LP (NRP) appears fair. The current P/E of 9.5 is 10% above its historical median of 8.7. The estimated fair value CAGR (P/E method) is 1.7%.
NATURAL RESOURCE PARTNERS LP (NRP) operates in the Bituminous Coal & Lignite Surface Mining industry, within the Materials sector.
NATURAL RESOURCE PARTNERS LP (NRP) reported annual revenue of $207 million in its most recent fiscal year, based on SEC EDGAR filings.
ITEMS 1. AND 2. BUSINESS AND PROPERTIES Partnership Structure and Management We are a publicly traded Delaware limited partnership formed in 2002. We own, manage and lease a diversified portfolio of mineral properties in the United States, including interests in coal and other natural resources and own a non-controlling 49% interest in Sisecam Wyoming LLC ("Sisecam Wyoming"), a trona ore mining and soda ash production business. Our business is organized into two operating segments: Mineral Rights—consists of approximately 13 million acres of mineral interests and other subsurface rights across the United States. If combined in a single tract, our ownership would cover roughly 20,000 square miles. Our assets provide critical inputs for the manufacturing of steel, electricity and building materials as well as opportunities for carbon sequestration and renewable energy.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 80M | 207M | 232M | 279M | 307M | 216M |
| Net Income | 97M | 136M | 155M | 201M | 238M | 77M |
| EPS | $0.00 | $10.29 | $11.69 | $15.28 | - | - |
| Free Cash Flow | 0 | 166M | 248M | 311M | 267M | 122M |
| ROIC | 15.4% | 22.8% | 25.5% | 33.6% | 45.6% | 26.1% |
| Gross Margin | - | 88.5% | 87.9% | 88.4% | 88.6% | 87.5% |
| Debt/Equity | 0.10 | 0.07 | 0.26 | 0.29 | 0.35 | 1.69 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 122M | 144M | 170M | 215M | 265M | 148M |
| Operating Margin | 153.2% | 69.6% | 73.4% | 77.1% | 86.2% | 68.4% |
| ROE | 15.3% | 23.0% | 28.6% | 39.8% | 65.0% | 33.6% |
| Shares Outstanding | 13M | 13M | 13M | 13M | - | - |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 350M | 433M | 371M | 374M | 251M | 257M | 140M | 216M | 307M | 279M | 232M | 207M | 80M |
| Gross Margin | 97.1% | 96.5% | 97.5% | 97.8% | 95.4% | N/A | 14.3% | 87.5% | 88.6% | 88.4% | 87.9% | 88.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 7.3M | 5.3M | 17M | 19M | 16M | 17M | 14M | 17M | 22M | 26M | 25M | 24M | 22M |
| EBIT | 176M | -170M | 181M | 177M | 193M | 51M | -44M | 148M | 265M | 215M | 170M | 144M | 122M |
| Op. Margin | 50.4% | -39.4% | 48.8% | 47.2% | 76.7% | 19.9% | -31.4% | 68.4% | 86.2% | 77.1% | 73.4% | 69.6% | 153.2% |
| Net Income | 109M | -572M | 97M | 63M | 110M | -54M | -115M | 77M | 238M | 201M | 155M | 136M | 97M |
| Net Margin | 31.1% | -132.1% | 26.1% | 16.9% | 43.6% | -21.2% | -82.3% | 35.8% | 77.7% | 72.0% | 66.7% | 65.8% | 121.2% |
| Non-Recurring | 28M | 391M | 45M | 6.5M | 21M | 155M | 136M | 5.3M | 5.5M | 3.5M | 4.9M | 207M | 207M |
| Returns on Capital | |||||||||||||
| ROIC | 8.8% | -9.9% | 14.2% | 15.4% | 18.9% | 5.9% | -15.9% | 26.1% | 45.6% | 33.6% | 25.5% | 22.8% | 15.4% |
| ROE | 16.3% | -143.4% | 85.0% | 30.3% | 31.8% | -14.3% | -42.3% | 33.6% | 65.0% | 39.8% | 28.6% | 23.0% | 15.3% |
| ROA | 4.9% | -27.8% | 6.2% | 4.5% | 8.0% | -4.5% | -11.5% | 8.2% | 26.1% | 24.0% | 19.7% | 17.9% | 12.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 211M | 203M | 108M | 127M | 189M | 137M | 89M | 122M | 267M | 311M | 248M | 166M | 164M |
| Free Cash Flow | 208M | 194M | 108M | 127M | 189M | 131M | 89M | 122M | 267M | 311M | 248M | 166M | 0 |
| Owner Earnings | 152M | 143M | 78M | 104M | 166M | 120M | 77M | 99M | 239M | 282M | 222M | 140M | 136M |
| CapEx | 2.5M | 9.6M | 28K | 0 | 0 | 6.5M | 0 | 0 | 118K | 10K | 0 | 0 | 0 |
| Maint. CapEx | 59M | 57M | 29M | 23M | 22M | 15M | 9.2M | 19M | 23M | 18M | 16M | 15M | 19M |
| Growth CapEx | 0 | 0 | 0 | N/A | N/A | 0 | N/A | N/A | 0 | 0 | N/A | N/A | 0 |
| D&A | 59M | 57M | 29M | 23M | 22M | 15M | 9.2M | 19M | 23M | 18M | 16M | 15M | 19M |
| CapEx/OCF | 1.2% | 4.7% | 0.0% | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 3.8M | 16M | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 29K | 3.4M | 1.2M | 18K | 1.4M | 2.4M | 3.6M | 4.0M | 5.8M | 11M | 11M | 11M | 9.6M |
| Debt Repayment | 319M | 166M | 183M | 492M | 176M | 463M | 46M | 39M | 339M | 262M | 181M | 156M | 156M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.4B | 1.2B | 1.1B | 782M | 571M | 418M | 372M | 298M | 129M | 143M | 112M | -13M | 29M |
| Cash & Equiv. | 49M | 41M | 40M | 27M | 102M | 98M | 100M | 136M | 39M | 12M | 30M | 30M | 32M |
| Long-Term Debt | 1.4B | 1.2B | 990M | 730M | 558M | 470M | 432M | 394M | 129M | 124M | 128M | 19M | 46M |
| Debt/Equity | 2.02 | 16.60 | 7.46 | 3.05 | 1.59 | 1.52 | 2.31 | 1.69 | 0.35 | 0.29 | 0.26 | 0.07 | 0.10 |
| Interest Coverage | 2.2 | -1.9 | 2.0 | 2.2 | 2.7 | 1.1 | -1.1 | 3.8 | 10.1 | 15.2 | 11.0 | 18.1 | 19.4 |
| Equity | 721M | 76M | 152M | 265M | 423M | 339M | 205M | 256M | 477M | 531M | 551M | 633M | 633M |
| Total Assets | 2.4B | 1.7B | 1.4B | 1.4B | 1.3B | 1.1B | 922M | 954M | 877M | 798M | 773M | 748M | 772M |
| Total Liabilities | 1.7B | 1.6B | 1.3B | 954M | 757M | 585M | 549M | 514M | 235M | 220M | 222M | 116M | 139M |
| Intangibles | 61M | 3.9M | 3.2M | 47M | 43M | 18M | 17M | 16M | 15M | 14M | 13M | 12M | 10M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | -12M | -15M | -84M | -29M | 94M | 69M | 56M | 98M | 23M | 5.5M | 32M | 28M | 31M |
| Current Assets | 136M | 121M | 105M | 91M | 243M | 132M | 117M | 163M | 84M | 55M | 64M | 61M | 60M |
| Current Liabilities | 148M | 136M | 189M | 121M | 149M | 63M | 61M | 64M | 60M | 50M | 32M | 33M | 29M |
| Per Share Data | |||||||||||||
| EPS | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 15.28 | 11.69 | 10.29 | 0.00 |
| Owner EPS | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 21.43 | 16.73 | 10.55 | 10.29 |
| Book Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 40.42 | 41.59 | 47.74 | 47.74 |
| Cash Flow/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 23.67 | 18.75 | 12.52 | 8.69 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13.1M | 13.3M | 13.3M | 13.3M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.5 | 8.7 | 9.9 | N/A |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.5 | 5.4 | 8.2 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.3 | 7.2 | 9.3 | 10.9 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.1 | 2.4 | 2.1 | 2.1 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.9 | 4.3 | 6.4 | 16.3 |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 28.2% | 18.5% | 12.2% | N/A |
| Market Cap | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.1B | 1.3B | 1.4B | 1.3B |
| Avg. Price | 60.58 | 20.32 | 9.89 | 16.45 | 18.74 | 20.55 | 9.13 | 16.05 | 33.37 | 53.37 | 87.85 | 99.72 | 98.00 |
| Year-End Price | 42.42 | 5.50 | 17.41 | 13.89 | 22.81 | 13.01 | 9.93 | 24.09 | 40.01 | 83.79 | 101.14 | 102.33 | 98.00 |
NATURAL RESOURCE PARTNERS LP passes 5 of 9 quality checks, suggesting mixed fundamentals.
NATURAL RESOURCE PARTNERS LP trades at 9.5x trailing earnings, compared to its 15-year median P/E of 8.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 7.8x vs a median of 5.4x. The company's 5-year average ROIC is 30.7% with a gross margin of 88.2%. At current prices, the estimated annualized return to fair value is +19.6%.
NATURAL RESOURCE PARTNERS LP (NRP) has a net profit margin of 65.8%. This is a strong margin indicating high profitability.
NATURAL RESOURCE PARTNERS LP (NRP) generated $166 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NATURAL RESOURCE PARTNERS LP (NRP) has a debt-to-equity ratio of 0.07. This indicates a conservatively financed balance sheet.
NATURAL RESOURCE PARTNERS LP (NRP) reported earnings per share (EPS) of $10.29 in its most recent fiscal year.
NATURAL RESOURCE PARTNERS LP (NRP) has a return on equity (ROE) of 23.0%. This indicates the company generates strong returns for shareholders.
NATURAL RESOURCE PARTNERS LP (NRP) has a 5-year average gross margin of 88.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for NATURAL RESOURCE PARTNERS LP (NRP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NATURAL RESOURCE PARTNERS LP (NRP) has a book value per share of $47.74, based on its most recent annual SEC filing.