Natural Resource Partners LP (NRP)

Natural Resource Partners L.P., together with its subsidiaries, owns, manages, and leases a portfolio of mineral properties in the United States. It operates in two segments, Mineral Rights and Soda Ash. It owns interests in coal, soda ash, trona, and other natural resources. The company's coal reserves are primarily located in the Appalachia Basin, the Illinois Basin, and the Northern Powder River Basin in the United States; industrial minerals and aggregates properties located in the United States; and oil and gas properties located in Louisiana. It leases a portion of its reserves in exchange for royalty payments; and owns and leases transportation and processing infrastructure related to coal properties. Natural Resource Partners L.P. was incorporated in 2002 and is headquartered in Houston, Texas.

Ticker: NRP
Exchange: NYSE
Sector: Energy
Industry: Thermal Coal
Market cap: $1.56B
52-week range: $95.51 - $128.60

Valuation

Share price: $117.71 (close of Nov 6, 2026)
P/E (TTM): 15.20x
Price to book: 2.33x
Price to free cash flow: 9.59x
Enterprise value: $1.52B
Book value per share: $50.54

Price performance

Period	Change
1 day	+0.16%
5 days	+1.81%
1 month	+6.78%
3 months	+12.16%
6 months	+2.16%
Year to date	+12.75%
1 year	+13.00%
3 years	+69.37%
5 years	+274.04%
10 years	+285.93%
All time	+21.35%

Short interest

As of: Oct 15, 2026
Shares short: 272.95K
Days to cover: 10.93
Change since prior report: -0.70%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 21.56%
Return on invested capital: 21.69%
Return on assets: 18.22%
Return on capital employed: 20.18%
Net income growth: -25.74%
Free cash flow growth: -33.25%

Cash flow and balance sheet

Free cash flow yield (TTM): 10.43%
Current ratio: 2.74x
Net debt to EBITDA: -0.27x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
EBITDA: $159.31M
Net income: $136.37M
Earnings per share: $10.39
Interest expense: $7.98M
Shares outstanding: 13.13M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	-	-	$136.37M	$10.39
2024-12-31	$232.35M	$224.35M	$183.64M	$14.14
2023-12-31	$278.73M	-	$278.44M	$22.06
2022-12-31	$307.01M	-	$268.49M	$21.50
2021-12-31	$216.12M	$164.96M	$108.90M	$6.14
2020-12-31	$120.17M	-	-$84.82M	-$9.20
2019-12-31	$210.35M	$61.55M	-$24.46M	-$4.35
2018-12-31	$202.76M	-	$139.54M	$8.77
2017-12-31	$242.78M	$191.52M	$88.67M	$5.06
2016-12-31	$250.18M	$169.07M	$96.89M	$7.78

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	-	-	21.56%	21.69%
2024-12-31	96.56%	79.04%	33.32%	28.74%
2023-12-31	-	99.89%	48.15%	39.89%
2022-12-31	-	87.45%	41.82%	37.67%
2021-12-31	76.33%	50.39%	24.75%	16.85%
2020-12-31	-	-70.58%	-22.75%	-5.17%
2019-12-31	29.26%	-11.63%	-4.89%	5.03%
2018-12-31	-	68.82%	23.85%	15.26%
2017-12-31	78.88%	36.52%	20.37%	14.19%
2016-12-31	67.58%	38.73%	65.41%	14.17%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$30.14M	$18.88M
2024-12-31	$30.44M	$127.88M
2023-12-31	$11.99M	$124.27M
2022-12-31	$39.09M	$129.21M
2021-12-31	$135.52M	$394.44M
2020-12-31	$99.79M	$432.44M
2019-12-31	$98.27M	$470.42M
2018-12-31	$101.84M	$557.57M
2017-12-31	$26.98M	$729.61M
2016-12-31	$40.37M	$990.23M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$165.86M	$11.12M
2024-12-31	$248.49M	$11.31M
2023-12-31	$310.97M	$10.91M
2022-12-31	$266.72M	$5.77M
2021-12-31	$121.80M	$4.04M
2020-12-31	$89.27M	$3.57M
2019-12-31	$143.81M	$2.36M
2018-12-31	$188.92M	$1.43M
2017-12-31	$127.14M	$18.00K
2016-12-31	$107.93M	$1.22M

Dividend history

Most recent payment: Aug 18, 2026
Paid in the last twelve months: $3.12

Payment date	Dividend per share
2026-08-18	$0.75
2026-05-19	$0.75
2026-03-10	$0.12
2026-02-17	$0.75
2025-11-18	$0.75
2025-08-19	$0.75
2025-05-20	$0.75
2025-03-11	$1.21

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-04	Sep 2026	-
2026-08-05	Jun 2026	-
2026-05-06	Mar 2026	-
2026-02-27	Dec 2025	-
2025-11-04	Sep 2025	-
2025-08-06	Jun 2025	-
2025-05-06	Mar 2025	-
2025-02-28	Dec 2024	-

Filings and sources

Company website: nrplp.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

Similar companies

Williams Companies, Inc. (WMB) · Kinder Morgan, Inc. (KMI) · Energy Transfer LP (ET) · Targa Resources Corp. (TRGP) · ONEOK Inc (OKE) · Viper Energy, Inc. (VNOM) · Marathon Petroleum Corp (MPC) · Valero Energy Corp (VLO)

All Energy companies

Understanding these figures

Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

Explore

Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades