Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026
Basics
Sector
Energy
Industry
Thermal Coal
Country
United States
Market cap
1.6B USD
Enterprise value
1.5B USD
Overall health
Strength:lower risk than most peers: a steadier share price, more short-term liquidity and less debt relative to equitylower risk: a steadier share price, more liquidity and less debt vs equity
Drawback:growing more slowly than most peersgrowing more slowly than peers
Valuation signals disagree.Cheaper than 73% of peers on free cash flow, but only 31% on operating cash profit (EBITDA).Cheaper than 73% of peers on free cash flow, but only 31% on operating cash profit.
Relative to its free cash flow, Natural Resource Partners L.P. looks cheaper than 73% of peers; relative to its operating cash profit (EBITDA), cheaper than only 31%. The valuation score blends the two, so look at which measure fits this business best.Relative to its free cash flow, Natural Resource Partners L.P. looks cheaper than 73% of peers; relative to its operating cash profit, cheaper than only 31%. The valuation score blends the two, so look at which measure fits this business best.
Profitable, but revenue is shrinking. More profitable than most peers, but revenue fell 17% in the 12 months to June 2026 vs the 12 months before.
Natural Resource Partners L.P. is more profitable than most peers, yet revenue fell 17% in the 12 months to June 2026 vs the 12 months before.
Profit is backed by cash. Free cash flow is 150% of reported profit.
Natural Resource Partners L.P.'s free cash flow is 150% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins.Operating margin 69% (12 months to Jun 2026) vs a peer median of 12%.Operating margin 69% vs peers 12%.
Natural Resource Partners L.P. keeps 69% of revenue as operating profit, more than 95% of peers (median 12%).
StockQuotient Score
61/ 100▼ 1 since Oct 27 closeOct 5 62 → Nov 4 61 (-1)
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 51 → 48
Peer companies moved-3
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Revenue and earnings-per-share growth over one year, and revenue growth over three years.
Earnings per share growth-32.1%
SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.97Sector median: 0.0107 · MAD: 0.3431
3-year revenue growth-14.9%
Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score -1.68Sector median: -0.0135 · MAD: 0.0807
Revenue growth-17.4%
Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Reported value33% base weight · Z-score -1.63Sector median: 0.0050 · MAD: 0.1101
Why it changed since the Oct 27, 2026 close: Score 98 → 99
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Return on invested capital, operating margin, and return on assets.
Operating margin68.9%
Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.08Sector median: 0.1169 · MAD: 0.0936
Return on assets14.1%
SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.19Sector median: 0.0444 · MAD: 0.0302
Return on invested capitalUnavailable
Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0929 · MAD: 0.0648
Other data (not scored)
Gross margin87.6%
Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935
Return on equity17.2%
Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.32Sector median: 0.4659 · MAD: 0.3175
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Natural Resource Partners L.P.
Is Natural Resource Partners L.P. getting weaker?
Its latest SEC filing (Aug 5, 2026) was mixed: some things better, some worse: operating margin fell 34.5 points to 51.2%; 12-month revenue fell 6.2%. Its overall score is 61/100, down 1 since Oct 28, 2026.
How is Natural Resource Partners L.P. valued vs its peers?
Priced about in line with its peers. Valuation scores 48/100 against 404 energy peers.Free cash flow yield 10.3% vs a peer median of 6.2% (stronger than 73% of peers).Free cash flow yield 10.3% vs peers 6.2% (stronger than 73% of peers).EBITDA yield 8.9% vs a peer median of 12.1% (weaker than 69% of peers).EBITDA yield 8.9% vs peers 12.1% (weaker than 69% of peers).
Is Natural Resource Partners L.P. growing?
More slowly than most of its peers. Growth scores 10/100 against 404 energy peers.3-year revenue growth -14.9% vs a peer median of -1.3% (weaker than 89% of peers).3-year revenue growth -14.9% vs peers -1.3% (weaker than 89% of peers).
How profitable is Natural Resource Partners L.P.?
More profitable than most of its peers. Profitability scores 99/100 against 404 energy peers.Operating margin 68.9% vs a peer median of 11.7% (stronger than 95% of peers).Operating margin 68.9% vs peers 11.7% (stronger than 95% of peers).
How risky is Natural Resource Partners L.P.?
Lower risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Beta 0.17 vs a peer median of 0.57 (stronger than 95% of peers).Beta 0.17 vs peers 0.57 (stronger than 95% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Mar 31, 2025 · filed Aug 5, 2026 · compared with the quarter ended Dec 31, 2024
Mixed: some things better, some worse
Operating margin fell 34.5 points to 51.2%
12-month revenue fell 6.2%
Debt down 81%
Previous quarter
Latest quarter
Change
Revenue (12 months)
232.4M USD
218.0M USD
−6.2%
Net income (12 months)
183.6M USD
106.7M USD
−41.9%
Operating margin
85.7%
51.2%
−34.5 pts
Free cash flow (12 months)
248.5M USD
159.8M USD
−35.7%
Debt
142.1M USD
27.4M USD
−80.7%
Cash
30.4M USD
30.1M USD
−1.0%
Shares outstanding
13.1M
13.3M
+0.9%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Thermal Coal companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
68.4%
99.4%
105.0%
85.7%
—
—
Net margin
50.4%
87.5%
99.9%
79.0%
—
—
Return on assets (ROA)
11.4%
30.6%
34.9%
23.8%
18.2%
▼ 5.5 pts
Free cash flow margin
56.4%
86.9%
111.6%
106.9%
—
—
Current ratio
2.53×
1.39×
1.11×
2.00×
1.85×
▼ 7.9%
Interest coverage
3.80×
11.62×
20.74×
12.81×
18.08×
▲ 41%
NRP price history
Price history is added with the daily price update and will appear after the next one.