Natural Resource Partners L.P. (NRP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 23	—	$3.44	—	—	$79.9M	—
Q4 22	—	$3.13	—	—	$80.9M	—
Q3 22	-$0.02	$0.56	+2900.0%	—	$87.3M	—
Q4 20	-$0.02	$0.56	+2900.0%	—	$33.5M	—
Q3 20	$0.3	$0.58	+93.3%	—	$27.9M	—
Q2 20	$0.25	$0.15	-40.0%	—	$33.6M	—
Q1 20	$1.6	$0.52	-67.5%	—	$33.9M	—
Q4 19	$0.95	$1.9	+100.0%	—	$41.6M	—
Q3 19	$1.23	$1.66	+35.0%	—	$43.8M	—
Q2 19	$1.42	$2.2	+54.9%	—	$69.9M	—
Q1 19	$1.3	$1.75	+34.6%	—	$55.1M	—
Q4 18	$1.08	$1.05	-2.8%	—	-$53.6M	—
Q3 18	$1.33	$1.76	+32.3%	—	$49.4M	—
Q2 18	$1.38	$1.45	+5.1%	—	$52.9M	—
Q1 18	$1.49	$1.12	-24.8%	—	$49.9M	—
Q4 17	$1.03	$1.32	+28.2%	—	$88M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.2	—	—	$202.3M	—
FY24	—	$11.7	—	—	$245M	—
FY23	—	$15.6	—	—	$293.7M	—
FY22	—	$18.7	—	—	$328.1M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$210.1M	$202.3M	$202.8M	$210.3M	$129M	$194.2M	$328.1M	$293.7M	$245M	$202.3M
YoY change	-45.1%	-3.71%	+0.22%	+3.74%	-38.7%	+50.6%	+68.9%	-10.5%	-16.6%	-17.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	210.1M	202.3M	202.8M	210.3M	129M	194.2M	328.1M	293.7M	245M	202.3M
Cost of revenue	31.8M	23.4M	21.7M	14.9M	9.2M	19.1M	22.5M	18.5M	—	—
Gross profit	178.3M	178.9M	181.1M	195.4M	119.8M	175.2M	305.6M	275.2M	—	—
Gross margin	84.9%	88.4%	89.3%	92.9%	92.9%	90.2%	93.1%	93.7%	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	20.6M	18.5M	16.5M	16.7M	14.3M	17.4M	21.9M	26.1M	25.2M	24.1M
Operating expenses	151.1M	155M	46M	16.7M	14.3M	17.4M	21.9M	26.1M	53.2M	48M
Operating income	127.9M	135.5M	135.1M	145.9M	80.7M	130.8M	248.8M	216.7M	176.3M	139.4M
Operating margin	60.9%	67%	66.6%	69.4%	62.6%	67.3%	75.8%	73.8%	72%	68.9%
Non-operating income, net	53.3M	29M	57.5M	-123.9M	-124.6M	17M	46M	75.8M	22.9M	4.9M
Pretax income	90.6M	82.5M	122.4M	-25.4M	-84.8M	108.9M	268.5M	278.4M	183.6M	136.4M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	96.9M	88.7M	140M	-24.5M	-84.8M	108.9M	268.5M	278.4M	183.6M	136.4M
Net margin	46.1%	43.8%	69.1%	-11.6%	-65.7%	56.1%	81.8%	94.8%	74.9%	67.4%
EBITDA	196.5M	199.4M	205.1M	208M	100.7M	171.7M	331.1M	308.6M	210M	157.4M
EPS	7.78	5.06	8.77	-4.35	-9.2	6.14	18.7	15.6	11.7	10.2
Diluted EPS	7.78	3.96	6.76	-4.35	-9.2	4.81	13.4	13.1	11.3	10

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	73.1M	76.4M	70.8M	57.3M	52.2M	64.8M	55.7M	46.8M	51.4M	48.4M	47.2M	53M
Cost of revenue	4.6M	6M	4.7M	3.3M	4.7M	—	—	—	—	—	—	—
Gross profit	68.5M	70.4M	66.1M	53.9M	47.5M	—	—	—	—	—	—	—
Gross margin	93.7%	92.1%	93.4%	94.2%	90.9%	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.7M	9M	6.3M	5.9M	5.9M	7M	6.8M	5.6M	5.7M	5.9M	5M	5M
Operating expenses	5.7M	9M	12.1M	11.8M	12.7M	16.6M	13.6M	9.8M	13.4M	11.2M	11.1M	10.8M
Operating income	54.5M	52.6M	54.1M	42.1M	34.8M	45.3M	38.1M	33.3M	34.2M	33.8M	28.4M	31.1M
Operating margin	74.5%	68.8%	76.4%	73.6%	66.6%	70%	68.4%	71.2%	66.5%	69.9%	60.2%	58.7%
Non-operating income, net	13.2M	16.3M	5.6M	8.3M	8M	967K	4.8M	3.3M	-1.5M	-1.7M	-7.8M	-4.9M
Pretax income	63.8M	65M	56.2M	46.1M	38.6M	42.8M	40.3M	34.2M	30.9M	31M	19.6M	25.2M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	63.8M	65M	56.2M	46.1M	38.6M	42.8M	40.3M	34.2M	30.9M	31M	19.6M	25.2M
Net margin	87.3%	85.1%	79.4%	80.5%	73.9%	66%	72.3%	73%	60.1%	64%	41.6%	47.5%
EBITDA	71.5M	73.3M	64.2M	49.1M	47.6M	49.1M	46.7M	39.6M	35.6M	35.5M	28.2M	37.3M
EPS	3.4	—	4.13	2.33	2.04	3.21	3.01	2.55	2.31	2.31	1.46	1.86
Diluted EPS	2.91	—	3.83	2.29	2	3.15	2.97	2.52	2.28	2.27	1.44	1.85

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	395.1M	318.3M	468.1M	246.7M	168.5M	412.3M	678.3M	1.2B	1.4B	1.4B	1.5B
Enterprise value	1.5B	1.1B	1B	664.7M	540.2M	710.3M	807.5M	1.3B	1.6B	1.4B	1.5B
Shares outstanding	12.2M	12.2M	12.2M	12.3M	12.3M	12.3M	12.5M	12.6M	13M	13.1M	13.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	4.08	3.59	3.34	—	—	3.79	2.53	4.19	7.85	10.1	13.9
P/S	1.88	1.57	2.31	1.17	1.31	2.12	2.07	3.98	5.88	6.77	7.21
P/B	2.67	0.73	0.8	0.49	0.45	0.94	1.06	2.02	2.62	2.17	2.26
EV/EBITDA	7.56	5.52	5.07	3.2	5.37	4.14	2.44	4.25	7.4	8.72	9.47
EV/Sales	7.07	5.44	5.12	3.16	4.19	3.66	2.46	4.46	6.34	6.79	7.27
Earnings yield	24.5%	27.9%	29.9%	—	—	26.4%	39.6%	23.8%	12.7%	9.95%	7.21%
FCF yield	27.3%	39.9%	40.4%	55.6%	53%	29.5%	39.3%	26.6%	17.2%	12.1%	8.13%
PEG	—	—	—	—	—	—	—	—	—	—	-0.51

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	84.9%	88.4%	89.3%	92.9%	92.9%	90.2%	93.1%	93.7%	—	—	—
Operating margin	60.9%	67%	66.6%	69.4%	62.6%	67.3%	75.8%	73.8%	72%	68.9%	58.7%
Net margin	46.1%	43.8%	69.1%	-11.6%	-65.7%	56.1%	81.8%	94.8%	74.9%	67.4%	52.3%
ROE	65.4%	20.4%	23.9%	-4.89%	-22.7%	24.8%	41.8%	48.2%	33.3%	21.6%	17.2%
ROA	6.69%	6.38%	10.4%	-2.25%	-9.2%	11.4%	30.6%	34.9%	23.8%	18.2%	10.5%
Return on tangible assets	7.22%	6.84%	11.1%	-2.33%	-9.56%	11.8%	31.7%	36.1%	24.6%	18.8%	14.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.56	0.76	1.63	2.11	1.91	2.53	1.39	1.11	2	1.85	2.12
Quick ratio	0.52	0.7	1.63	2.11	1.91	2.53	1.39	1.11	2	1.85	2.12
Debt / equity	7.63	1.86	1.15	1.03	1.26	0.99	0.26	0.27	0.26	0.05	0.05
Debt / assets	0.78	0.58	0.5	0.48	0.51	0.45	0.19	0.19	0.18	0.04	0.04
Net debt / EBITDA	5.55	3.92	2.78	2.01	3.69	1.74	0.39	0.46	0.53	0.02	-0.02
Interest coverage	2	2.01	2.74	0.46	-1.07	3.8	11.2	20.7	12.8	18.1	22.5

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.2	16.5	16.6	17.1	10.5	15.7	26.3	23.3	18.9	15.4	15.2
EPS (basic)	7.78	5.06	8.77	-4.35	-9.2	6.14	18.7	15.6	11.7	10.2	10.2
EPS (diluted)	7.78	3.96	6.76	-4.35	-9.2	4.81	13.4	13.1	11.3	10	7.84
Book value per share	12.1	35.6	47.8	40.8	30.4	35.7	51.4	45.8	42.4	48.2	48.1
FCF per share	8.82	10.4	15.4	11.2	7.28	9.87	21.4	24.6	19.1	12.6	12
Cash per share	3.3	2.2	8.32	8.01	8.14	11	3.13	0.95	2.34	2.3	2.27
Capex per share	0	0	0	0	0	0	—	—	—	0	0

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.01%	0%	0%	0.01%	0%	0%	—	—	—	0%	0%
Capex / operating cash flow	0.03%	0%	0%	-0.22%	0%	0%	—	—	—	0%	0%
Payout ratio	23.2%	35.3%	37.7%	-258.2%	-46.4%	35.1%	24.1%	33%	42.8%	41.4%	38.3%
Dividend yield	5.69%	9.84%	11.3%	25.6%	23.4%	9.27%	9.53%	7.87%	5.45%	4.12%	2.74%

Yield

2.74%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.75

ex-dividend Aug 18, 2026

Payout ratio

38%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 18, 2026	$0.75
May 19, 2026	$0.75
Mar 10, 2026	$0.12

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$73.1M	$76.4M	$70.8M	$57.3M	$52.2M	$64.8M	$55.7M	$46.8M	$51.4M	$48.4M	$47.2M	$53M
YoY change	-16.3%	-5.58%	-11.4%	-10.9%	-28.6%	-15.2%	-21.4%	-18.2%	-1.54%	-25.3%	-15.3%	+13.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	40.4M	27M	101.8M	98.3M	99.8M	135.5M	39.1M	12M	30.4M	30.1M
Receivables	49.9M	24.2M	32.1M	30.9M	12.3M	24.5M	42.7M	41.1M	31.5M	28.7M
Inventory	6.9M	7.6M	—	—	—	—	—	—	—	—
Total current assets	105.4M	91.4M	242.5M	132.1M	117.2M	162.8M	83.6M	55.3M	63.9M	60.9M
Property, plant & equipment	-392.1M	-429M	-441.3M	-419.3M	-335.8M	-243.2M	-259.7M	-276.9M	-291.5M	-297M
Goodwill & intangibles	106.1M	93.6M	85M	35.4M	34.9M	32.3M	29.4M	27.4M	25.8M	23.8M
Total assets	1.4B	1.4B	1.3B	1.1B	921.9M	953.8M	877.1M	797.9M	772.9M	748.4M
Accounts payable	7.2M	1.5M	2.4M	1.2M	1.4M	2M	2M	885K	909K	1.2M
Short-term debt	140M	79.7M	115.2M	45.8M	39.1M	39.1M	39.1M	30.8M	14.2M	14.2M
Total current liabilities	189.2M	120.5M	148.7M	62.7M	61.4M	64.4M	60.2M	49.8M	31.9M	33M
Long-term debt	990.2M	729.6M	557.6M	470.4M	432.4M	394.4M	129.2M	124.3M	127.9M	18.9M
Total liabilities	1.3B	953.9M	756.5M	585.3M	549M	513.9M	235.1M	219.6M	221.8M	115.8M
Shareholders' equity	148.1M	435.2M	585.1M	500.6M	372.9M	439.9M	642M	578.2M	551.1M	632.5M
Total debt	1.1B	809.3M	672.8M	516.2M	471.5M	433.5M	168.3M	155.1M	142.1M	33.1M
Net debt	1.1B	782.4M	570.9M	417.9M	371.7M	298M	129.2M	143.1M	111.6M	2.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	18.4M	12M	11M	32.3M	30.9M	30.4M	30.9M	30.3M	31M	30.1M	31.5M	30.1M
Receivables	38.6M	41.1M	33.9M	30.6M	36.9M	31.5M	31.4M	29M	30.4M	28.7M	26.8M	30.6M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	59.5M	55.3M	48.4M	66.1M	69.3M	63.9M	64.4M	60.7M	61.9M	60.9M	59.7M	61.7M
Property, plant & equipment	-271.3M	-276.9M	-281.2M	-284.3M	-288.8M	-291.5M	-286.7M	-290.2M	-294M	-297M	-303.1M	-312.4M
Goodwill & intangibles	14M	27.4M	26.7M	13.1M	13.1M	25.8M	25.2M	24.8M	24.7M	23.8M	20.9M	17.3M
Total assets	815.2M	797.9M	778.2M	789.6M	789.9M	772.9M	772.5M	762M	753.6M	748.4M	771.7M	757.5M
Accounts payable	1.1M	885K	1.5M	933K	984K	909K	1.5M	930K	886K	1.2M	2.4M	989K
Short-term debt	36.8M	30.8M	14.2M	14.2M	14.2M	14.2M	14.2M	14.2M	14.2M	14.2M	14.2M	14.3M
Total current liabilities	52.1M	49.8M	27.4M	27.1M	29.7M	31.9M	26.3M	27.6M	28.9M	33M	28.6M	29.2M
Long-term debt	170.7M	124.3M	174.6M	196.1M	183.1M	127.9M	124.6M	87.1M	55.1M	18.9M	46.1M	13.1M
Total liabilities	264.7M	219.6M	246.7M	270.3M	272.7M	221.8M	208.1M	171.5M	142.3M	115.8M	139.1M	107.5M
Shareholders' equity	550.5M	578.2M	531.5M	519.3M	517.2M	551.1M	564.4M	590.4M	611.3M	632.5M	632.5M	650.1M
Total debt	207.5M	155.1M	188.8M	210.3M	197.4M	142.1M	138.8M	101.3M	69.4M	33.1M	60.3M	27.4M
Net debt	189.1M	143.1M	177.8M	178M	166.5M	111.6M	107.9M	71M	38.4M	2.9M	28.8M	-2.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	90.6M	82.5M	122.4M	-25.4M	-84.8M	108.9M	268.5M	278.4M	183.6M	136.4M
Depreciation & amortization	28.6M	23.4M	21.7M	14.9M	9.2M	19.1M	22.5M	18.5M	15.5M	15M
Stock-based compensation	1.2M	18K	1.4M	2.4M	3.6M	4M	5.8M	10.9M	11.3M	11.1M
Change in working capital	-48.7M	-12.7M	14.9M	-5.8M	18.3M	-11.8M	-33M	-5.5M	21.8M	6.9M
Operating cash flow	84.6M	111.4M	167.5M	-10.2M	-52.4M	122.5M	266.2M	303.7M	230.8M	165.9M
Capital expenditure	-28K	0	0	-22K	0	0	—	—	—	0
Investing cash flow	65.1M	4.2M	5.5M	8.2M	1.7M	2.4M	2.8M	5.4M	7.5M	4.8M
Dividends paid	-22.5M	-31.3M	-52.8M	-63.1M	-39.4M	-38.2M	-64.6M	-92M	-78.5M	-56.4M
Share repurchases	0	0	-8.8M	0	-3.9M	0	-19.3M	-178.3M	-71.7M	0
Financing cash flow	-199M	-139.9M	-202.5M	-252.7M	-89.4M	-79.3M	-366M	-287.4M	-171.9M	-170.9M
Net change in cash	-49.4M	-24.3M	-29.5M	-254.7M	-140.1M	45.6M	-97M	21.7M	66.4M	-303K
Free cash flow	107.9M	127.1M	188.9M	137.3M	89.3M	121.8M	266.7M	311M	248.5M	165.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	63.8M	65M	56.2M	46.1M	38.6M	42.8M	40.3M	34.2M	30.9M	31M	19.6M	25.2M
Depreciation & amortization	4.6M	6M	4.7M	3.3M	4.7M	2.8M	4M	3.8M	3.9M	3.3M	7.6M	11.1M
Stock-based compensation	2.8M	3M	3M	2.9M	3M	2.4M	2.7M	2.7M	2.7M	3M	1.2M	1.7M
Change in working capital	-5.3M	-2.3M	8.4M	3.7M	9.3M	393K	-3.2M	3M	-667K	7.8M	4.1M	-4.5M
Operating cash flow	66.4M	71.9M	71.5M	55.8M	53.9M	49.5M	43.6M	45.6M	41.1M	44.8M	33M	41M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	1.5M	2.6M	812K	5.3M	674K	723K	947K	1.4M	1.6M	743K	-38.4M	819K
Dividends paid	-14.1M	-11.8M	-44.3M	-12.6M	-11.6M	-10M	-26.3M	-10.1M	-10.1M	-10.1M	-11.8M	-10.1M
Share repurchases	-50M	0	0	-40M	-31.7M	0	—	—	0	0	—	—
Financing cash flow	-39.1M	-64.4M	-17.6M	-30.6M	-56.3M	-67.4M	-34.9M	-47.6M	-42.1M	-46.4M	6.8M	-43.1M
Net change in cash	28.8M	10.2M	54.7M	30.5M	-1.6M	-17.2M	9.6M	-532K	675K	-878K	1.4M	-1.4M
Free cash flow	78.9M	77.8M	71.5M	56.6M	54.1M	66.2M	34.4M	45.6M	41.1M	44.8M	33M	41M

Date	Ratio
Feb 18, 2016	1:10
Apr 19, 2007	2:1

Natural Resource Partners L.P. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history