Natural Resource Partners L.P. Financials

NRP

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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 17 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).

Rhea AI NRP FY2025 2026-05-06

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 88.0% while SG&A hovered around $24M. That combination points to an income stream with little direct cost and limited overhead, so earnings move mainly with revenue level rather than heavy production expense or a large operating footprint.

The latest year still showed financing outflow of -$170.9M even as total liabilities ended at only $115.8M. When cash leaves the company and leverage still shrinks, the balance sheet is becoming more self-funded, with less reliance on creditors and more room for cash to be returned or retained.

Financial Health Signals

Financial Profile 69/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Natural Resource Partners L.P.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Natural Resource Partners L.P. carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Natural Resource Partners L.P.'s current ratio of 1.85 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Natural Resource Partners L.P. earns a strong 21.6% return on equity (ROE), meaning it generates $22 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is down from 33.3% the prior year.

Piotroski F-Score Neutral

4/9

Natural Resource Partners L.P. passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

1.22x

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.

Interest Coverage Safe

18.1x

Natural Resource Partners L.P. earns $18.1 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

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Earnings & Revenue

Revenue

N/A

EBITDA

$159.3M

YoY-25.8%

10Y CAGR-3.8%

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.

Net Income

$136.4M

YoY-25.7%

10Y CAGR+2.3%

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.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$165.9M

YoY-33.3%

5Y CAGR+13.2%

10Y CAGR-2.3%

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.

Cash & Debt

$30.1M

YoY-1.0%

5Y CAGR-21.3%

10Y CAGR-4.7%

Natural Resource Partners L.P. held $30.1M in cash against $18.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

13M

YoY+0.9%

Natural Resource Partners L.P. had 13M shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

21.6%

YoY-11.8pp

5Y CAGR+44.3pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

Natural Resource Partners L.P. invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure.

NRP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$232.4M-16.6%	$278.7M-9.2%	$307.0M+42.1%	$216.1M+54.7%	$139.7M
Cost of Revenue	$23.9M-14.9%	$28.0M-13.2%	$32.3M-7.4%	$34.9M+29.0%	$27.0M+9.1%	$24.8M
Gross Profit	N/A	$204.3M-17.1%	$246.4M-9.4%	$272.1M+43.9%	$189.1M+64.5%	$114.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$24.1M-4.2%	$25.2M-3.7%	$26.1M+19.5%	$21.9M+25.9%	$17.4M+21.5%	$14.3M
Operating Income	$144.4M-27.5%	$199.2M-31.9%	$292.5M-4.2%	$305.2M+106.5%	$147.8M+437.0%	-$43.9M
Interest Expense	$8.0M-48.7%	$15.6M+10.3%	$14.1M-46.3%	$26.3M-32.4%	$38.9M-5.1%	$41.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$136.4M-25.7%	$183.6M-34.0%	$278.4M+3.7%	$268.5M+146.5%	$108.9M+228.4%	-$84.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$29.6M	N/A	N/A	N/A	$51.3M-17.0%	$61.8M+22.6%	$50.4M-7.7%	$54.6M
Cost of Revenue	$6.1M	N/A	$7.7M+84.0%	$4.2M-38.6%	$6.8M-29.7%	$9.6M+42.1%	$6.8M+15.6%	$5.9M
Gross Profit	$23.5M	N/A	N/A	N/A	$44.5M-14.7%	$52.1M+19.5%	$43.6M-10.5%	$48.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$5.0M	N/A	$5.7M+2.3%	$5.6M-18.1%	$6.8M-1.8%	$7.0M+17.2%	$5.9M+0.1%	$5.9M
Operating Income	$20.6M	N/A	$32.7M-10.7%	$36.6M-14.7%	$42.9M-7.3%	$46.3M+8.2%	$42.8M-15.1%	$50.4M
Interest Expense	$973K	N/A	$1.8M-25.3%	$2.4M-10.8%	$2.7M-24.3%	$3.5M-16.0%	$4.2M-3.6%	$4.3M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$19.6M	N/A	$30.9M-9.7%	$34.2M-15.0%	$40.3M-5.9%	$42.8M+10.8%	$38.6M-16.2%	$46.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NRP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$748.4M-3.2%	$772.9M-3.1%	$797.9M-9.0%	$877.1M-8.0%	$953.8M+3.5%	$921.9M
Current Assets	$60.9M-4.6%	$63.9M+15.5%	$55.3M-33.9%	$83.6M-48.6%	$162.8M+38.9%	$117.2M
Cash & Equivalents	$30.1M-1.0%	$30.4M+153.9%	$12.0M-69.3%	$39.1M-71.2%	$135.5M+35.8%	$99.8M
Inventory	N/A	N/A	N/A	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
Goodwill	N/A	N/A	N/A	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
Current Liabilities	$33.0M+3.5%	$31.9M-36.1%	$49.8M-17.2%	$60.2M-6.5%	$64.4M+4.9%	$61.4M
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
Total Equity	$632.5M+14.8%	$551.1M-4.7%	$578.2M-9.9%	$642.0M+45.9%	$439.9M+18.0%	$372.9M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$771.7M+3.1%	$748.4M-0.7%	$753.6M-1.1%	$762.0M+1.8%	$748.4M-3.2%	$772.9M0.0%	$772.9M-2.1%	$789.6M
Current Assets	$59.7M-2.0%	$60.9M-1.6%	$61.9M+2.0%	$60.7M-5.7%	$64.4M+0.8%	$63.9M-7.8%	$69.3M+4.8%	$66.1M
Cash & Equivalents	$31.5M+4.5%	$30.1M-2.8%	$31.0M+2.2%	$30.3M-1.7%	$30.9M+1.4%	$30.4M-1.5%	$30.9M-4.5%	$32.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$26.8M-6.5%	$28.7M-5.8%	$30.4M+4.8%	$29.0M-7.5%	$31.4M-0.3%	$31.5M-14.7%	$36.9M+20.4%	$30.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$139.1M+20.1%	$115.8M-18.6%	$142.3M-17.0%	$171.5M-17.6%	$208.1M-6.2%	$221.8M-18.7%	$272.7M+0.9%	$270.3M
Current Liabilities	$28.6M-13.3%	$33.0M+14.0%	$28.9M+4.7%	$27.6M+5.2%	$26.3M-17.6%	$31.9M+7.2%	$29.7M+9.5%	$27.1M
Long-Term Debt	$46.1M+144.0%	$18.9M-65.7%	$55.1M-36.7%	$87.1M-30.1%	$124.6M-2.6%	$127.9M-30.2%	$183.1M-6.6%	$196.1M
Total Equity	$632.5M0.0%	$632.5M+3.5%	$611.3M+3.5%	$590.4M+9.3%	$540.2M-2.0%	$551.1M+10.2%	$500.2M-3.7%	$519.3M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NRP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$165.9M-33.3%	$248.5M-20.1%	$311.0M+16.5%	$266.8M+119.1%	$121.8M+36.4%	$89.3M
Capital Expenditures	$0	$0-100.0%	$10K-91.5%	$118K	$0	$0
Free Cash Flow	$165.9M-33.3%	$248.5M-20.1%	$311.0M+16.6%	$266.7M+119.0%	$121.8M+36.4%	$89.3M
Investing Cash Flow	$4.8M-36.5%	$7.5M+38.7%	$5.4M+101.5%	$2.7M+11.4%	$2.4M+43.6%	$1.7M
Financing Cash Flow	-$170.9M+28.0%	-$237.5M+30.8%	-$343.5M+6.1%	-$366.0M-313.6%	-$88.5M+1.1%	-$89.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$33.0M-26.3%	$44.8M+8.9%	$41.1M-9.8%	$45.6M+32.4%	$34.4M-48.0%	$66.2M+22.3%	$54.1M-4.4%	$56.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$0	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$66.2M+22.3%	$54.1M-4.4%	$56.6M
Investing Cash Flow	-$38.4M-5273.9%	$743K-54.5%	$1.6M+13.2%	$1.4M+52.5%	$947K+31.0%	$723K+7.3%	$674K-87.3%	$5.3M
Financing Cash Flow	$6.8M+114.6%	-$46.4M-10.3%	-$42.1M+11.6%	-$47.6M-36.1%	-$34.9M+48.2%	-$67.4M-19.8%	-$56.3M-38.6%	-$40.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NRP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	87.9%-0.5pp	88.4%-0.2pp	88.6%+1.1pp	87.5%+5.2pp	82.3%
Operating Margin	N/A	85.7%-19.2pp	105.0%+5.5pp	99.4%+31.0pp	68.4%+99.8pp	-31.4%
Net Margin	N/A	79.0%-20.9pp	99.9%+12.4pp	87.5%+37.1pp	50.4%+111.1pp	-60.7%
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%
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%
Current Ratio	1.85-0.2	2.00+0.9	1.11-0.3	1.39-1.1	2.53+0.6	1.91
Debt-to-Equity	0.03-0.2	0.23+0.0	0.21+0.0	0.20-0.7	0.90-0.3	1.16
FCF Margin	N/A	106.9%-4.6pp	111.6%+24.7pp	86.9%+30.5pp	56.4%-7.5pp	63.9%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	79.3%	N/A	N/A	N/A	86.8%+2.4pp	84.4%-2.1pp	86.5%-2.7pp	89.2%
Operating Margin	69.6%	N/A	N/A	N/A	83.7%+8.8pp	74.9%-10.0pp	84.9%-7.5pp	92.3%
Net Margin	66.3%	N/A	N/A	N/A	78.5%+9.3pp	69.2%-7.3pp	76.6%-7.8pp	84.4%
Return on Equity	3.1%	N/A	5.1%-0.7pp	5.8%-1.7pp	7.4%-0.3pp	7.8%+0.0pp	7.7%-1.1pp	8.9%
Return on Assets	2.5%	N/A	4.1%-0.4pp	4.5%-0.9pp	5.4%-0.2pp	5.5%+0.5pp	5.0%-0.8pp	5.8%
Current Ratio	2.09+0.2	1.85-0.3	2.14-0.1	2.20-0.3	2.45+0.4	2.00-0.3	2.33-0.1	2.43
Debt-to-Equity	0.07+0.0	0.03-0.1	0.09-0.1	0.15-0.1	0.230.0	0.23-0.1	0.37-0.0	0.38
FCF Margin	N/A	N/A	N/A	N/A	N/A	107.2%-0.2pp	107.4%+3.7pp	103.7%

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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) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Natural Resource Partners L.P. have outstanding?

Natural Resource Partners L.P. (NRP) had 13M shares outstanding as of 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 9, indicating neutral financial health. 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 18.1x, 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.

How financially healthy is Natural Resource Partners L.P.?

Natural Resource Partners L.P. (NRP) scores 69 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.