NRP

MKT CAP:$2B

Natural Resource Partners L.P.

Market Cap

$2B

Energy·Coal·🇺🇸 United States·NYSE

Energy·Coal·🇺🇸·NYSE

Stock Price

$115.35+$11.34 (+10.90%)

Apr 20, 2026

Company Details

Natural 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, s...

CEO

Corbin J. Robertson Jr.

IPO Date

Oct 11, 2002

Website

www.nrplp.com

Key Metrics TTM

Revenue

$225M

-21.1% YoY

Net Income

$163M

EPS (Diluted)

$10.93

Free Cash Flow

$203M

Revenue / Share

$16.88

Gross Margin

98.5%

Operating Margin

78.5%

Net Margin

72.7%

FCF Margin

90.3%

P/S

6.8x

P/E

9.4x

Earnings Reports

Q3 2025

Apr 30, 2026

PENDING

Q2 2025

Aug 6, 2025

$47M-18.2%EPS $2.52

Q1 2025

May 6, 2025

$56M-21.4%EPS $2.97

FY 2024

Feb 28, 2025

$245MEPS $11.35

Q4 2024

Feb 28, 2025

$65M-15.2%EPS $3.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$83M	$75M	$50M
Q4 17	$88M	$79M	$50M
Q1 18	$79M	$71M	$44M
Q1 19	$55M	$51M	$50M
Q3 19	$44M	$40M	$50M
Q3 20	$28M	$22M	$17M
Q1 21	$35M	$30M	$18M
Q1 23	$80M	$76M	$82M
Q2 23	$64M	$60M	$74M
Q3 23	$73M	$69M	$68M
Q4 23	$76M	$70M	$69M
Q1 24	$71M	$66M	$60M
Q2 24	$57M	$54M	$50M
Q4 24	$65M	$65M	$46M
Q1 25	$56M	$56M	$43M
Q2 25	$47M	$47M	$37M

Valuation

Quarter	P/S	P/E
Q2 17	—	—
Q4 17	—	—
Q1 18	4.8x	11.8x
Q1 19	5.0x	10.8x
Q3 19	5.8x	11.7x
Q3 20	7.5x	14.2x
Q1 21	9.5x	17.0x
Q1 23	8.2x	11.5x
Q2 23	7.4x	9.3x
Q3 23	6.1x	6.9x
Q4 23	5.2x	5.5x
Q1 24	5.4x	6.0x
Q2 24	5.5x	6.7x
Q4 24	5.7x	7.3x
Q1 25	6.2x	8.3x
Q2 25	6.8x	9.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$35M	$33M
Q4 17	$46M	$45M
Q1 18	$20M	$16M
Q1 19	$23M	$23M
Q3 19	$41M	$41M
Q3 20	$24M	$24M
Q1 21	$23M	$23M
Q1 23	$73M	$73M
Q2 23	$81M	$81M
Q3 23	$79M	$79M
Q4 23	$78M	$78M
Q1 24	$71M	$71M
Q2 24	$57M	$57M
Q4 24	$66M	$66M
Q1 25	$34M	$34M
Q2 25	$46M	$46M

Capital Expenditures

Quarter	CapEx
Q2 17	$2M
Q4 17	$1M
Q1 18	$3M
Q1 19	$0
Q3 19	$0
Q3 20	$0
Q1 21	$0
Q1 23	$2.0K
Q2 23	$8.0K
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	-22.4%	-78.4%
Q3 19	-47.4%	-117.7%
Q3 20	-68.3%	-72.5%
Q1 21	-55.4%	-51.7%
Q1 23	+44.9%	-143.7%
Q2 23	+46.8%	-64.4%
Q3 23	+161.6%	-48.2%
Q4 23	+117.5%	-55.3%
Q1 24	-11.4%	+591.3%
Q2 24	-10.9%	+171.6%
Q4 24	-11.4%	+240.1%
Q1 25	-27.1%	+70.2%
Q2 25	-33.8%	-7.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	-$254.0K	-0.3%
Q4 17	$41.0K	0.0%
Q1 18	$792.0K	1.0%
Q1 19	$901.0K	1.6%
Q3 19	$466.0K	1.1%
Q3 20	$913.0K	3.3%
Q1 21	$1M	3.2%
Q1 23	$2M	3.1%
Q2 23	$3M	4.1%
Q3 23	$3M	3.8%
Q4 23	$3M	3.9%
Q1 24	$3M	4.2%
Q2 24	$3M	5.1%
Q4 24	$2M	3.8%
Q1 25	$3M	4.9%
Q2 25	$3M	5.7%

OpEx Breakdown

Quarter	G&A
Q2 17	$3M
Q4 17	$5M
Q1 18	$4M
Q1 19	$4M
Q3 19	$4M
Q3 20	$4M
Q1 21	$4M
Q1 23	$6M
Q2 23	$6M
Q3 23	$6M
Q4 23	$9M
Q1 24	$6M
Q2 24	$6M
Q4 24	$7M
Q1 25	$7M
Q2 25	$6M

Revenue Segments

Quarter	Coal Royalty
Q1 19	$52M
Q3 19	$44M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$136M	$0	$136M
Q2 22	$59M	$0	$59M
Q3 22	$61M	$0	$61M
Q4 22	$39M	$0	$39M
Q1 23	$18M	$0	$18M
Q2 23	$11M	$0	$11M
Q3 23	$18M	$0	$18M
Q4 23	$12M	$0	$12M
Q1 24	$11M	$0	$11M
Q2 24	$32M	$0	$32M
Q3 24	$31M	$0	$31M
Q4 24	$30M	$0	$30M
Q1 25	$31M	$0	$31M
Q2 25	$30M	$0	$30M
Q3 25	$31M	$0	$31M
Q4 25	$30M	$0	$30M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	14M	+11.0%	—
Q4 17	12M	-10.0%	—
Q1 18	14M	+14.2%	—
Q1 19	14M	0.0%	+14.0%
Q3 19	14M	0.0%	+2.7%
Q3 20	12M	-12.1%	+0.3%
Q1 21	14M	+14.2%	+0.4%
Q1 23	16M	+14.7%	+15.1%
Q2 23	15M	-7.5%	+6.5%
Q3 23	15M	-0.6%	+20.4%
Q4 23	15M	+1.4%	+6.9%
Q1 24	14M	-7.6%	-13.9%
Q2 24	13M	-4.2%	-10.8%
Q4 24	13M	+0.5%	-9.8%
Q1 25	13M	-0.0%	-11.1%
Q2 25	13M	+0.0%	-3.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	$1M	63
Q4 17	$1M	64
Q1 18	$1M	64
Q1 19	$966.7K	57
Q3 19	$768.1K	57
Q3 20	$499.0K	56
Q1 21	$650.4K	54
Q1 23	$1M	54
Q2 23	$1M	54
Q3 23	$1M	54
Q4 23	$1M	55
Q1 24	$1M	55
Q2 24	$1M	55
Q4 24	$1M	54
Q1 25	$1M	54
Q2 25	$867.5K	54

Revenue / Employee