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NRP

Natural Resource Partners L.P.

NRP

Natural Resource Partners L.P. • NYSE
$105.91 ▲ 0.62% (+0.65)
Market Cap $1.39 B
52w High $113.03
52w Low $86.83
Dividend Yield 3.00%
P/E 9.71
Volume 1.90K
Outstanding Shares 13.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $49.931M ▲ $9.593M ▼ $30.287M ▼ 60.658% ▼ $2.31 ▼ $36.552M ▼
Q2-2025 $46.846M ▼ $10.255M ▼ $34.211M ▼ 73.029% ▲ $2.55 ▼ $40.345M ▼
Q1-2025 $55.681M ▼ $12.76M ▼ $40.253M ▼ 72.292% ▲ $3.01 ▼ $46.91M ▼
Q4-2024 $64.759M ▲ $18.463M ▲ $42.772M ▲ 66.048% ▼ $3.21 ▲ $49.123M ▲
Q3-2024 $52.217M $4.698M $38.595M 73.913% $2.04 $47.519M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $31.019M ▲ $753.554M ▼ $142.304M ▼ $600.337M ▲
Q2-2025 $30.344M ▼ $761.966M ▼ $171.521M ▼ $579.949M ▲
Q1-2025 $30.876M ▲ $772.473M ▼ $208.116M ▼ $554.344M ▲
Q4-2024 $30.444M ▼ $772.907M ▼ $221.799M ▼ $541.561M ▲
Q3-2024 $30.9M $789.865M $272.672M $508.302M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $30.287M ▼ $41.095M ▼ $1.634M ▲ $-42.054M ▲ $675K ▲ $0 ▼
Q2-2025 $34.211M ▼ $45.579M ▲ $1.444M ▲ $-47.555M ▼ $-532K ▼ $45.579M ▲
Q1-2025 $40.253M ▼ $34.424M ▼ $947K ▲ $-34.939M ▲ $432K ▲ $34.424M ▼
Q4-2024 $42.772M ▲ $66.22M ▲ $723K ▲ $-67.399M ▼ $-456K ▲ $66.22M ▲
Q3-2024 $38.052M $54.145M $674K $-56.259M $-1.44M $54.145M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Soda Ash Segment
Soda Ash Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement NRP’s income statement shows a business that has become steadily more profitable since the pandemic, but with some recent moderation. Revenue and profits rose sharply from 2020 through 2022, then eased a bit in 2023–2024, though they remain much stronger than a few years ago. Because NRP primarily earns royalties rather than operating mines itself, its costs are relatively low and margins are high, meaning much of each dollar of revenue turns into operating profit. Net income has been positive for several years after a loss in 2020, but reported earnings per unit have swung widely, likely reflecting one‑time items and capital structure changes. Overall, this is a high‑margin, royalty‑driven income profile with exposure to commodity cycles and potentially lumpy results from year to year.

Balance Sheet

Balance Sheet The balance sheet has improved meaningfully over the last five years. Debt has been brought down from much higher levels, which reduces financial risk and interest burden. Equity has been rebuilt from a very thin base in 2020–2021 to a more solid cushion today, reflecting accumulated profits and balance‑sheet repair. Total assets are fairly stable, suggesting a steady, asset‑rich platform rather than a rapidly expanding one. Cash on hand is modest, so the partnership appears to rely more on ongoing cash generation than on a large cash reserve. In simple terms, leverage is lower, the capital structure is healthier, but liquidity is lean and still requires careful management.

Cash Flow

Cash Flow Cash flow is a core strength. Operating cash flow is strong and has grown compared with the pre‑2021 period, and it closely tracks reported earnings, which suggests profits are backed by real cash rather than accounting adjustments. Free cash flow is almost identical to operating cash flow because capital spending is minimal; the royalty model does not require large investments in equipment or infrastructure. This gives NRP a lot of flexibility in how it uses cash—whether for debt reduction, distributions, or new agreements. The flip side is that future growth depends more on signing attractive leases and deals than on building new internal projects, so growth is more opportunity‑driven than investment‑driven.

Competitive Edge

Competitive Edge NRP’s competitive position rests on owning a very large, diversified portfolio of mineral and land interests while keeping its own operations lean. By leasing these assets to operators, it earns royalties and equity income with relatively low overhead and less direct operating risk. The portfolio spans coal, soda ash, and other minerals, plus growing carbon‑related and renewable uses of the land. The sheer scale and geographic spread of its holdings, along with long‑term contracts, create a meaningful barrier to entry and provide some visibility on cash flows. However, there are real risks: coal demand is structurally pressured by environmental policy and the energy transition; soda ash is tied to industrial and construction cycles; and NRP can be exposed to the health of a limited number of key counterparties. Overall, it is a high‑margin, asset‑owner model with both legacy fossil exposure and emerging green opportunities.

Innovation and R&D

Innovation and R&D NRP does not focus on traditional R&D labs or proprietary extraction technology; instead, its innovation is in how it uses its land and mineral rights. The partnership is actively repositioning parts of its portfolio for carbon‑neutral and low‑carbon uses: leasing acreage for carbon capture and storage, enabling wind, solar, and geothermal projects, exploring lithium opportunities, and managing forests for both timber and carbon credits. This approach is very capital‑light for NRP, since partners typically handle the technology and project build‑out while NRP earns lease or royalty income. The strategic upside is significant if these initiatives scale, but they are still in relatively early stages and depend heavily on regulation, permitting, partner execution, and long‑term demand for decarbonization solutions. In short, NRP is innovating at the business‑model and land‑use level rather than through heavy internal R&D spend.

Summary

NRP today looks like a high‑margin, cash‑generative royalty platform that has used the last several years to repair its balance sheet and reposition its portfolio. Its income statement shows strong profitability compared with 2020, with some recent normalization; cash flows are robust and capital needs are low, which is a structural advantage. The balance sheet has moved from stretched to relatively sound, mainly through debt reduction and earnings retention. Competitively, the partnership benefits from a very large, diversified mineral and land base and a lean cost structure, but it remains exposed to commodity cycles and the long‑term decline pressure on coal. The newer carbon sequestration, renewable energy, lithium, and sustainable forestry initiatives offer a pathway to align the business with the energy transition, yet their financial impact is still developing and uncertain. Overall, NRP is an asset‑rich, royalty‑driven business evolving from traditional fossil‑linked income toward a more mixed, potentially greener earnings profile, with execution on its transition strategy and commodity trends as key variables to watch.

NEWS

November 4, 2025 · 6:55 AM UTC

Natural Resource Partners L.P. Reports Third Quarter 2025 Results and Declares Third Quarter 2025 Distribution of $0.75 per Common Unit

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October 21, 2025 · 4:15 PM UTC

Natural Resource Partners L.P. Schedules Third Quarter 2025 Earnings Conference Call

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October 1, 2025 · 7:02 AM UTC

NRP Stone to Merge with and Rebrand as Uplift Training

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