Loading…
Owns coal, soda ash and other mineral royalty interests, leasing them to operators rather than mining directly.
Owns coal, soda ash and other mineral royalty interests, leasing them to operators rather than mining directly.
Earns royalties, a cut of the price of coal mined from its reserves by lessees, usually with minimum payments, and a large share is metallurgical coal for steelmaking. It also takes a share of profit from a Wyoming soda ash producer, whose product goes into glass and chemicals. It is a partnership that distributes cash to unitholders.
Moat: narrow (installed base, scale). Royalty and lease model on owned mineral reserves provides steady income with minimal direct operating risk.
Headquarters: Houston, Texas, US · Founded: 2002 · Employees: 51
Size Natural Resource Partners L.P (NRP) is a United States Energy company (Coal) with a market value of $1.56B, the 1967th largest of 3,117 United States companies the cockpit tracks. Shares closed at $117.71 on 6 Nov 2026.
Performance Over six months the shares gained 5.6%, against -11.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 9.7% over the last twelve months (peer median +5.3%); the operating margin is 63.1% (peer median 3.7%).
Valuation It trades at 7.8× enterprise value to sales against a peer median of 1.5× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.9 points above its cost of capital (6.4% WACC).
Short interest Short interest is 2.1% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $197M | $202M | $245M | $294M | $328M |
| Revenue growth | — | -17% | -17% | -10% | — |
| Gross profit | $146M | $164M | $206M | $245M | $272M |
| EBITDA | $153M | $154M | $192M | $235M | $271M |
| Net income | $100M | $134M | $181M | $274M | $264M |
| Free cash flow | n/a | $166M | $248M | $311M | $267M |
| Capital expenditure | n/a | $0 | $0 | $10,000 | $118,000 |
| Total debt | $14.3M | $33.1M | $142M | $155M | $168M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Natural Resource Partners L.P NRP | $1.56B | +6% | -10% | 63% | 7.8× | -8.1% |
| Alliance Resource Partners, L.P ARLP | $3.14B | -2% | -2% | 18% | 1.8× | -10.0% |
| Texas Pacific Land TPL | $18.8B | -31% | +21% | 75% | 20.7× | 9.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NRP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | -12.9% | highest of 21 |
| 6-month return | +5.6% | -11.5% | 3rd highest of 21 |
| Distance from 52-week high | -8.5% | -27.4% | highest of 21 |
| Revenue growth (TTM) | -9.7% | +5.3% | 3rd lowest of 21 |
| Operating margin | 63.1% | 3.7% | highest of 21 |
| EV / Sales | 7.8× | 1.5× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -8.1% | -6.4% | 6th least demanding of 12 |
| Growth delivered (Del g) | +9.4% | +11.0% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -17.5 pp | -12.1 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | +8.9 pp | -0.2 pp | highest of 21 |
| EV / EBITDA | 10.0× | 6.0× | 2nd most expensive of 9 |
| Net debt / EBITDA | -0.2× | 0.0× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Natural Resource Partners L.P NRP | United States | $1.56B | +6% | -10% | 63% | 7.8× | -8.1% | +9.4% |
| Stanmore Resources SMR.AX | Australia | $1.54B | +5% | -6% | 0% | 1.1× | -9.9% | +60.7% |
| Guizhou Panjiang Refined Coal 600395.SS | China | $1.60B | -10% | +6% | 15% | 3.7× | n/a | n/a |
| Shougang Fushan Resources 0639.HK | Hong Kong | $1.66B | -4% | +33% | 20% | 0.9× | -17.3% | +4.8% |
| Macmahon MAH.AX | Australia | $1.35B | +6% | +8% | 7% | 0.8× | 4.3% | +14.1% |
| Shanxi Coking 600740.SS | China | $1.34B | -19% | 0% | -15% | 2.6× | 13.3% | -2.7% |
| Shanxi Lanhua Sci-Tech Venture 600123.SS | China | $1.34B | -14% | +8% | 1% | 2.0× | n/a | n/a |
| Kinetic Development 1277.HK | Hong Kong | $1.84B | -15% | -3% | 31% | 2.9× | -6.4% | +11.5% |
| Shanghai Datun Energy Resources 600508.SS | China | $1.32B | +14% | +15% | 4% | 1.1× | -9.3% | +0.1% |
| Anhui Hengyuan Coal Industry and Electricity Power 600971.SS | China | $1.30B | -13% | +34% | 3% | 1.3× | -10.2% | +1.6% |
| Alpha Metallurgical Resources AMR | United States | $1.87B | -20% | -13% | -2% | 0.8× | n/a | n/a |
| Kailuan Energy Chemical 600997.SS | China | $1.28B | -9% | +5% | -2% | 0.5× | n/a | n/a |
| Peabody Energy BTU | United States | $1.95B | -32% | +3% | -4% | 0.5× | n/a | n/a |
| Henan Dayou Energy 600403.SS | China | $2.04B | -2% | +6% | -29% | 4.4× | n/a | n/a |
| Shanxi Meijin Energy 000723.SZ | China | $2.15B | -27% | -2% | -8% | 1.6× | n/a | n/a |
| Beijing Haohua Energy Resource 601101.SS | China | $2.39B | -5% | +3% | 24% | 2.3× | -9.6% | +14.4% |
| Jizhong Energy Resources 000937.SZ | China | $2.48B | -17% | +7% | 8% | 1.9× | -4.2% | -6.0% |
| Shaanxi Heimao Coking 601015.SS | China | $965M | -22% | -13% | -11% | 1.3× | n/a | n/a |
| Mongolian Mining 0975.HK | Hong Kong | $899M | -27% | +26% | 13% | 1.1× | -5.8% | +14.7% |
| Pingdingshan Tianan Coal Mining 601666.SS | China | $2.83B | -10% | +17% | 8% | 2.2× | n/a | n/a |
| New Hope NHC.AX | Australia | $3.08B | +5% | 0% | 16% | 2.3× | -1.1% | +11.0% |