Natural Resource Partners L.P.
- Open
- 113.03
- Day high
- 113.03
- Day low
- 111.94
- Prev close
- 112.51
- Volume
- 2K
- Mkt cap
- $1.5B
- P/E (TTM)
- 14.1
- EPS (TTM)
- $7.94
- P/B
- 2.3
- P/S
- 7.7
- Yield
- 2.78%
- Per share
- $3.12
- ▼Insiders net selling -$244K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions reducing (13F)
Natural Resource Partners L.P. (NRP) is a Energy company listed on NYSE. The stock is up 9% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering NRP.
Natural Resource Partners L.P. (NRP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NRP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.30 | $1.85 | +516.7% | $48M | +27.6% |
| May 6, 2026 | $0.25 | $1.44 | +476.0% | $47M | +24.8% |
| Nov 4, 2025 | — | $2.28 | — | $50M | — |
| Aug 6, 2025 | — | $2.52 | — | $47M | — |
| Feb 28, 2025 | — | $3.15 | — | $65M | — |
| Mar 7, 2024 | — | $4.31 | — | $76M | — |
| Nov 3, 2023 | — | $2.91 | — | $86M | — |
| Aug 4, 2023 | — | $2.49 | — | $64M | — |
| May 4, 2023 | — | $3.44 | — | $80M | — |
| Mar 2, 2023 | — | $3.36 | — | $81M | — |
| Nov 3, 2022 | $-0.02 | $3.71 | +18650.0% | $87M | — |
| Aug 4, 2022 | $-0.02 | $3.11 | +15650.0% | $85M | — |
NRP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | WOOTEN GREGORY Fofficer: Executive Vice President | Sell | 2,200 | $110.89 |
| May 28, 2026 | Craig Kevin Jofficer: Executive Vice President | Buy | 336 | $102.18 |
| Feb 12, 2026 | Craig Kevin Jofficer: Executive Vice President | Option | 415 | — |
| Feb 12, 2026 | WARMAN PHILIP Tofficer: General Counsel and Secretary | Tax | 4,249 | $123.04 |
| Feb 12, 2026 | NAVARRE RICHARD Adirector | Option | 1,076 | — |
| Feb 12, 2026 | ROBERTSON CORBIN J JRdirector, 10 percent owner, officer: Chairman and CEO | Option | 72,849 | — |
| Feb 12, 2026 | WARMAN PHILIP Tofficer: General Counsel and Secretary | Option | 366 | — |
| Feb 12, 2026 | Zolas Christopherofficer: Chief Financial Officer | Option | 6,415 | — |
| Feb 12, 2026 | Craig Kevin Jofficer: Executive Vice President | Option | 4,254 | — |
| Feb 12, 2026 | WOOTEN GREGORY Fofficer: Executive Vice President | Option | 6,055 | — |
| Feb 12, 2026 | Nunez Craig Wofficer: President and COO | Option | 14,794 | — |
| Feb 12, 2026 | Craig Kevin Jofficer: Executive Vice President | Option | 11,101 | — |
| Feb 12, 2026 | WARMAN PHILIP Tofficer: General Counsel and Secretary | Option | 403 | — |
| Feb 12, 2026 | Nunez Craig Wofficer: President and COO | Tax | 15,579 | $123.04 |
| Feb 12, 2026 | Craig Kevin Jofficer: Executive Vice President | Option | 6,055 | — |
Source: NRP SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full NRP insider & 13F page →Natural Resource Partners L.P. company profile
Overview
Natural Resource Partners L.P. (NASDAQ:NRP) is a Houston-based master limited partnership founded in 2002 that owns and manages a diversified portfolio of natural resource properties across the United States. The company went public in October 2002 and has evolved from a heavily leveraged entity to a more streamlined operation focused on generating cash flow from its mineral rights and industrial operations. Over the past several years, NRP has undergone significant financial restructuring, reducing its debt from $1.5 billion to approximately $118 million while maintaining ownership of strategically located coal, soda ash, and other mineral assets primarily in Appalachia, the Illinois Basin, Wyoming's Green River Basin, and the Northern Powder River Basin.
Business
Natural Resource Partners operates in the natural resources sector with two primary business segments that generate distinct revenue streams. The company functions as a mineral rights owner and lessor, earning royalties from the extraction of natural resources on its properties, while also operating industrial facilities. The Mineral Rights segment represents the core of NRP's business, accounting for approximately 80-85% of total revenues. This segment owns mineral rights to coal deposits across major U.S. coal-producing regions, including metallurgical coal (used in steel production) and thermal coal (used for electricity generation). The company leases these rights to mining operators in exchange for royalty payments based on production volumes and commodity prices. Metallurgical coal has become increasingly important, representing about 75% of coal royalty revenues despite being only 55% of sales volumes, due to its higher pricing. The segment also includes oil and gas properties in Louisiana, timber assets in West Virginia, and emerging opportunities in carbon sequestration, geothermal energy, and lithium production. The Soda Ash segment contributes roughly 15-20% of revenues and represents NRP's direct industrial operations. This segment involves ownership of trona ore mining operations and soda ash refinery facilities in Wyoming's Green River Basin. Soda ash (sodium carbonate) is a critical industrial chemical used in glass manufacturing, detergents, chemicals production, and increasingly in lithium battery production for electric vehicles. Unlike the royalty-based mineral rights business, this segment generates revenue through direct product sales and involves operational responsibilities including mining, processing, and marketing the refined soda ash product.
Revenue model
Natural Resource Partners generates revenue through two distinct business models that provide different risk and return profiles. The primary revenue source is royalty payments from the Mineral Rights segment, where the company acts as a landlord leasing mineral extraction rights to third-party operators. These operators pay NRP a percentage of the value of extracted resources, typically ranging from 5-15% of the wellhead or mine-mouth value. This model provides relatively stable cash flows with minimal operational risk, as NRP does not bear the costs of extraction, processing, or marketing. The paying customers are established mining companies, oil and gas producers, and increasingly, renewable energy developers seeking land for solar, wind, or geothermal projects. The Soda Ash segment operates under a traditional manufacturing and sales model, where NRP directly owns and operates mining and refining facilities. Revenue comes from selling processed soda ash to industrial customers including glass manufacturers, chemical companies, and battery producers. This segment requires significant operational expertise and capital investment but can generate higher margins during favorable market conditions. Several factors significantly impact NRP's profitability margins. Commodity price volatility directly affects both segments, with metallurgical coal prices influenced by global steel demand, thermal coal affected by natural gas prices and renewable energy adoption, and soda ash pricing driven by supply-demand dynamics in industrial markets. Regulatory changes around environmental policies, carbon emissions, and mining permits can impact both the demand for coal and the operational costs for mining companies. Global economic conditions affect steel production and construction activity, directly impacting demand for metallurgical coal and soda ash. Energy transition trends create both headwinds (declining thermal coal demand) and tailwinds (increasing demand for soda ash in battery production, opportunities in carbon sequestration and renewable energy leasing). Supply chain disruptions and geopolitical events can create short-term pricing spikes, while new production capacity additions can depress prices for extended periods.
Competitive moat
Natural Resource Partners possesses a moderate economic moat primarily derived from its ownership of strategically located, finite natural resources that cannot be easily replicated by competitors. The company's coal reserves are situated in some of the most productive and accessible mining regions in the United States, including high-quality metallurgical coal deposits in Appalachia that are favored by steelmakers for their coking properties. These geographic advantages create natural barriers to entry, as competitors cannot simply acquire equivalent mineral rights in prime locations. The company's asset-light royalty model provides additional defensive characteristics, as NRP earns revenue without bearing the operational risks, capital expenditure requirements, or environmental liabilities associated with actual mining operations. This structure allows the company to maintain cash flows even during difficult operating conditions that might force mining operators to reduce production or shut down entirely. However, NRP's moat faces significant challenges from the ongoing energy transition away from fossil fuels. Thermal coal demand continues its secular decline as utilities shift to natural gas and renewable energy sources, while metallurgical coal faces potential disruption from alternative steelmaking technologies and increased steel recycling. The soda ash business, while benefiting from growing demand in battery production, operates in a more competitive industrial market where new production capacity can quickly erode pricing advantages. The company's emerging opportunities in carbon sequestration, renewable energy, and critical mineral extraction could provide new sources of competitive advantage, but these remain largely unproven and face regulatory and technological uncertainties. Overall, while NRP's resource ownership provides near-term protection, the long-term sustainability of its moat depends heavily on successful diversification beyond traditional fossil fuel extraction.
Risks & safety
Natural Resource Partners demonstrates a strong margin of safety from a financial stability perspective, with significantly improved balance sheet metrics following years of deleveraging efforts. • Debt and Liquidity: Total debt reduced to $118 million as of Q1 2025, down from $1.5 billion historically. Current ratio of 2.45x indicates strong short-term liquidity. $30.9 million in cash and short-term investments with $200 million credit facility available. • Cash Generation: Consistent positive free cash flow generation of $34 million in Q1 2025, with full-year 2024 free cash flow of $248 million. No significant capital expenditure requirements due to asset-light royalty model. • Valuation Metrics: Trading at reasonable multiples with P/E ratio of 8.5x, EV/EBITDA of 7.8x, and price-to-book of 2.7x. Graham number suggests potential undervaluation relative to asset base. • Solvency Risk: Minimal solvency concerns given strong cash generation, low debt levels, and asset-backed business model. Debt-to-equity ratio of 0.26x provides substantial cushion. • Other Considerations: Commodity price sensitivity creates earnings volatility risk. Secular decline in coal demand poses long-term revenue headwinds, though diversification efforts into renewable energy and industrial minerals provide some offset.
Recent development
Over the past few years, Natural Resource Partners has executed a comprehensive financial transformation strategy focused on deleveraging and balance sheet optimization. The company systematically reduced its total financial obligations from over $1.5 billion to approximately $118 million through debt repayments, preferred equity redemptions, and warrant settlements. This deleveraging effort culminated in 2024 with the redemption of all remaining preferred units and the establishment of a new $200 million credit facility extending to 2029. Strategically, NRP has pivoted toward diversification beyond traditional fossil fuel extraction through its Carbon-Neutral Initiatives (CNI) program. The company has signed carbon sequestration leases with major energy companies, though activity has slowed due to regulatory uncertainty and the recent decision by Exxon not to renew its CO2 sequestration lease. More promising has been the expansion into renewable energy leasing, with increasing activity in geothermal, solar, and lithium production opportunities on company lands. The company has signed its first geothermal energy lease in Texas and continues to explore lithium extraction potential, positioning itself to benefit from the energy transition rather than merely defending against it. The company has also refined its capital allocation strategy, establishing clear priorities: maintaining liquidity and balance sheet strength, increasing unitholder distributions as debt is eliminated, potential unit repurchases when trading at discounts to intrinsic value, and opportunistic acquisitions. Management has indicated that once debt approaches zero, cash flow will increasingly be returned to unitholders through higher distributions, representing a significant shift from the previous focus on debt reduction.
NRP company profile · for informational purposes only — not investment advice.
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