Natural Resource Partners L.P. Financials
This page shows Natural Resource Partners L.P. (NRP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Debt paydown and near-zero reinvestment needs make this business operate as a steady cash-harvesting partnership.
Across the recent period, operating cash flow moved from$311.0M to$165.9M without forcing a weaker balance sheet or heavier borrowing. Over that same span, long-term debt fell to$18.9M , which implies cash is not being absorbed by maintenance spending and can be redirected to deleveraging and distributions; that is an unusually strong cash-conversion signal.
Before the latest year, gross margin stayed near
The latest year still showed financing outflow of
Financial Health Signals
Natural Resource Partners L.P. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Natural Resource Partners L.P. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Natural Resource Partners L.P. generates $1.22 in operating cash flow ($165.9M OCF vs $136.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Natural Resource Partners L.P. earns $18.08 in operating income for every $1 of interest expense ($144.4M vs $8.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Natural Resource Partners L.P.'s EBITDA was $159.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 25.8% from the prior year.
Natural Resource Partners L.P. reported $136.4M in net income in fiscal year 2025. This represents a decrease of 25.7% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Natural Resource Partners L.P. generated $165.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 33.3% from the prior year.
Natural Resource Partners L.P. held $30.1M in cash against $18.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Natural Resource Partners L.P.'s ROE was 21.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 11.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Natural Resource Partners L.P. reported no capital expenditure in fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
NRP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | $232.4M-16.6% | $278.7M-9.2% | $307.0M+42.1% | $216.1M+54.7% | $139.7M-45.7% | $257.4M+2.5% | $251.1M+3.4% | $242.8M-3.0% | $250.2M-42.2% | $432.7M+23.8% | $349.5M-2.4% | $358.1M-5.5% | $379.1M+0.4% | $377.7M |
| Cost of Revenue | N/A | $23.9M-14.9% | $28.0M-13.2% | $32.3M-7.4% | $34.9M+29.0% | $27.0M+9.1% | $24.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | $204.3M-17.1% | $246.4M-9.4% | $272.1M+43.9% | $189.1M+64.5% | $114.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $24.1M-4.2% | $25.2M-3.7% | $26.1M+19.5% | $21.9M+25.9% | $17.4M+21.5% | $14.3M-14.6% | $16.7M+1.4% | $16.5M-10.8% | $18.5M+9.0% | $17.0M+141.3% | $7.0M-3.4% | $7.3M-36.4% | $11.5M-61.5% | $29.7M+0.5% | $29.6M |
| Operating Income | N/A | $144.4M-27.5% | $199.2M-31.9% | $292.5M-4.2% | $305.2M+106.5% | $147.8M+437.0% | -$43.9M-185.4% | $51.3M-73.3% | $192.5M+9.1% | $176.6M-2.5% | $181.2M+206.3% | -$170.4M-196.8% | $176.1M-25.4% | $236.2M-11.6% | $267.2M+156.6% | $104.1M |
| Interest Expense | N/A | $8.0M-48.7% | $15.6M+10.3% | $14.1M-46.3% | $26.3M-32.4% | $38.9M-5.1% | $41.0M-13.7% | $47.5M-32.4% | $70.2M-14.4% | $82.0M-8.9% | $90.0M+2.4% | $87.9M+11.1% | $79.1M+22.9% | $64.4M+19.3% | $54.0M+9.7% | $49.2M |
| Net Income | N/A | $136.4M-25.7% | $183.6M-34.0% | $278.4M+3.7% | $268.5M+146.5% | $108.9M+228.4% | -$84.8M-246.8% | -$24.5M-117.5% | $139.5M+57.4% | $88.7M-8.5% | $96.9M+116.9% | -$571.7M-625.3% | $108.8M-36.8% | $172.1M-19.3% | $213.4M+294.9% | $54.0M |
Not reported in any period shown, so not listed: R&D Expenses, Income Tax, EPS (Diluted).
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NRP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $748.4M-3.2% | $772.9M-3.1% | $797.9M-9.0% | $877.1M-8.0% | $953.8M+3.5% | $921.9M-15.1% | $1.1B-19.1% | $1.3B-3.4% | $1.4B-4.1% | $1.4B-13.3% | $1.7B-31.7% | $2.4B+22.7% | $2.0B+12.9% | $1.8B+5.9% | $1.7B |
| Current Assets | $60.9M-4.6% | $63.9M+15.5% | $55.3M-33.9% | $83.6M-48.6% | $162.8M+38.9% | $117.2M-11.3% | $132.1M-45.5% | $242.5M+165.4% | $91.4M-13.3% | $105.4M-13.0% | $121.1M-11.0% | $136.1M+0.4% | $135.6M-30.9% | $196.2M-23.6% | $256.8M |
| Cash & Equivalents | $30.1M-1.0% | $30.4M+153.9% | $12.0M-69.3% | $39.1M-71.2% | $135.5M+35.8% | $99.8M+1.6% | $98.3M-3.5% | $101.8M+277.5% | $27.0M-33.2% | $40.4M-2.0% | $41.2M-15.9% | $49.0M-46.9% | $92.3M-38.2% | $149.4M-30.5% | $214.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $7.6M+9.6% | $6.9M-12.0% | $7.8M+34.8% | $5.8M | N/A | N/A | N/A |
| Accounts Receivable | $28.7M-8.9% | $31.5M-23.4% | $41.1M-3.8% | $42.7M+74.0% | $24.5M+99.1% | $12.3M-60.1% | $30.9M-3.7% | $32.1M+33.3% | $24.1M-44.3% | $43.2M-1.0% | $43.6M-34.3% | $66.5M+97.0% | $33.7M-3.9% | $35.1M+13.6% | $30.9M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $52.0M | N/A | N/A | N/A |
| Total Liabilities | $115.8M-47.8% | $221.8M+1.0% | $219.6M-6.6% | $235.1M-54.3% | $513.9M-6.4% | $549.0M-6.2% | $585.3M-22.6% | $756.5M-20.7% | $953.9M-26.7% | $1.3B | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | $33.0M+3.5% | $31.9M-36.1% | $49.8M-17.2% | $60.2M-6.5% | $64.4M+4.9% | $61.4M-2.1% | $62.7M-57.8% | $148.7M+23.4% | $120.5M-36.3% | $189.2M+38.7% | $136.4M-7.8% | $147.9M+19.9% | $123.4M+4.7% | $117.8M+98.0% | $59.5M |
| Long-Term Debt | $18.9M-85.2% | $127.9M+2.9% | $124.3M-3.8% | $129.2M-67.2% | $394.4M-8.8% | $432.4M-8.1% | $470.4M-15.6% | $557.6M-23.6% | $729.6M-26.3% | $990.2M-16.6% | $1.2B-13.7% | $1.4B+26.8% | $1.1B+20.9% | $897.0M+7.3% | $836.3M |
| Total Equity | $632.5M+14.8% | $551.1M-4.7% | $578.2M-9.9% | $642.0M+45.9% | $439.9M+18.0% | $372.9M-25.5% | $500.6M-14.4% | $585.1M+34.4% | $435.2M+193.8% | $148.1M | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Retained Earnings.
NRP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $159.8M | $165.9M-33.3% | $248.5M-20.1% | $311.0M+16.5% | $266.8M+119.1% | $121.8M+36.4% | $89.3M-35.0% | $137.3M-27.3% | $188.9M+48.6% | $127.1M+17.8% | $108.0M-46.9% | $203.4M-3.5% | $210.8M-14.7% | $247.1M-9.0% | $271.4M-11.2% | $305.6M |
| Capital Expenditures | N/A | $0 | $0-100.0% | $10K-91.5% | $118K | $0 | $0 | N/A | $0 | $0-100.0% | $28K-99.7% | $9.6M+291.5% | $2.5M | $0-100.0% | $681K+68.6% | $404K |
| Free Cash Flow | N/A | $165.9M-33.3% | $248.5M-20.1% | $311.0M+16.6% | $266.7M+119.0% | $121.8M+36.4% | $89.3M | N/A | $188.9M+48.6% | $127.1M+17.8% | $107.9M-44.3% | $193.8M-7.0% | $208.3M-15.7% | $247.1M-8.7% | $270.7M-11.3% | $305.2M |
| Investing Cash Flow | -$35.2M | $4.8M-36.5% | $7.5M+38.7% | $5.4M+101.5% | $2.7M+11.4% | $2.4M+43.6% | $1.7M-77.9% | $7.6M-96.0% | $190.6M+5280.4% | $3.5M-97.9% | $166.8M+651.1% | -$30.3M+94.2% | -$520.5M-71.9% | -$302.8M-42.3% | -$212.7M-84.8% | -$115.1M |
| Financing Cash Flow | -$124.8M | -$170.9M+28.0% | -$237.5M+30.8% | -$343.5M+6.1% | -$366.0M-313.6% | -$88.5M+1.1% | -$89.4M+64.6% | -$252.7M-24.3% | -$203.3M-44.0% | -$141.2M+50.7% | -$286.2M-66.9% | -$171.5M-164.1% | $267.3M+22010.7% | -$1.2M+99.0% | -$124.2M-74.7% | -$71.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NRP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 87.9%-0.5pp | 88.4%-0.2pp | 88.6%+1.1pp | 87.5%+5.2pp | 82.3% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | 85.7% | 105.0% | 99.4%+31.0pp | 68.4%+99.8pp | -31.4%-51.3pp | 19.9%-56.8pp | 76.7%+4.0pp | 72.7%+0.3pp | 72.4%+111.8pp | -39.4%-89.8pp | 50.4%-15.6pp | 66.0%-4.5pp | 70.5%+42.9pp | 27.6% |
| Net Margin | N/A | 79.0%-20.9pp | 99.9%+12.4pp | 87.5%+37.1pp | 50.4%+111.1pp | -60.7%-51.2pp | -9.5%-65.1pp | 55.6%+19.1pp | 36.5%-2.2pp | 38.7% | -132.1% | 31.1%-16.9pp | 48.0%-8.2pp | 56.3%+42.0pp | 14.3% |
| Return on Equity | 21.6%-11.8pp | 33.3%-14.8pp | 48.1%+6.3pp | 41.8%+17.1pp | 24.8%+47.5pp | -22.8%-17.9pp | -4.9%-28.7pp | 23.8%+3.5pp | 20.4%-45.0pp | 65.4% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 18.2%-5.5pp | 23.8%-11.1pp | 34.9%+4.3pp | 30.6%+19.2pp | 11.4%+20.6pp | -9.2%-7.0pp | -2.3%-12.7pp | 10.4%+4.0pp | 6.4%-0.3pp | 6.7%+40.9pp | -34.2%-38.7pp | 4.5%-4.2pp | 8.6%-3.4pp | 12.1%+8.8pp | 3.2% |
| Current Ratio | 1.85-0.2x | 2.00+0.9x | 1.11-0.3x | 1.39-1.1x | 2.53+0.6x | 1.91-0.2x | 2.11+0.5x | 1.63+0.9x | 0.76+0.2x | 0.56-0.3x | 0.890.0x | 0.92-0.2x | 1.10-0.6x | 1.67-2.7x | 4.32 |
| Debt-to-Equity | 0.03-0.2x | 0.230.0x | 0.210.0x | 0.20-0.7x | 0.90-0.3x | 1.16+0.2x | 0.940.0x | 0.95-0.7x | 1.68-5.0x | 6.68 | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | N/A | 106.9% | 111.6% | 86.9%+30.5pp | 56.4%-7.5pp | 63.9% | N/A | 75.3%+22.9pp | 52.4%+9.2pp | 43.1%-1.7pp | 44.8%-14.8pp | 59.6%-9.4pp | 69.0%-2.4pp | 71.4%-9.4pp | 80.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Natural Resource Partners L.P. Ranks
Frequently Asked Questions
Is Natural Resource Partners L.P. profitable?
Yes, Natural Resource Partners L.P. (NRP) reported a net income of $136.4M in fiscal year 2025.
What is Natural Resource Partners L.P.'s EBITDA?
Natural Resource Partners L.P. (NRP) had EBITDA of $159.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Natural Resource Partners L.P. have?
As of fiscal year 2025, Natural Resource Partners L.P. (NRP) had $30.1M in cash and equivalents against $18.9M in long-term debt.
What is Natural Resource Partners L.P.'s return on equity (ROE)?
Natural Resource Partners L.P. (NRP) has a return on equity of 21.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Natural Resource Partners L.P.'s free cash flow?
Natural Resource Partners L.P. (NRP) generated $165.9M in free cash flow during fiscal year 2025. This represents a -33.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Natural Resource Partners L.P.'s operating cash flow?
Natural Resource Partners L.P. (NRP) generated $165.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Natural Resource Partners L.P.'s total assets?
Natural Resource Partners L.P. (NRP) had $748.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Natural Resource Partners L.P.'s capital expenditures?
Natural Resource Partners L.P. (NRP) reported no capital expenditure during fiscal year 2025.
What is Natural Resource Partners L.P.'s current ratio?
Natural Resource Partners L.P. (NRP) had a current ratio of 1.85 as of fiscal year 2025, which is generally considered healthy.
What is Natural Resource Partners L.P.'s debt-to-equity ratio?
Natural Resource Partners L.P. (NRP) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Natural Resource Partners L.P.'s return on assets (ROA)?
Natural Resource Partners L.P. (NRP) had a return on assets of 18.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Natural Resource Partners L.P.'s Piotroski F-Score?
Natural Resource Partners L.P. (NRP) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Natural Resource Partners L.P.'s earnings high quality?
Natural Resource Partners L.P. (NRP) has an earnings quality ratio of 1.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Natural Resource Partners L.P. cover its interest payments?
Natural Resource Partners L.P. (NRP) has an interest coverage ratio of 18.08x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.