United States 12 Month Natural Gas Fund, LP Financials

UNL

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

This page shows United States 12 Month Natural Gas Fund, LP (UNL) 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 UNL FY2025 2026-05-08

Tiny reported revenue makes United States 12 Month Natural Gas Fund look more like a cash-heavy balance-sheet vehicle than a normal operating business.

FY2025 showed a net loss of -$971K alongside operating cash flow of $2.0M. That reversal from FY2024's -$6.3M outflow means reported earnings and actual liquidity moved in opposite directions, so the income statement alone is a weak guide to financial condition here.

The latest balance sheet is unusually defensive: cash and equivalents were 96.5% of assets, while liabilities were only 0.6%. In practical terms, the fund is supported mainly by its own cash cushion rather than creditor funding, which keeps solvency pressure low even when annual results swing.

Because FY2025 assets were $18.8M and revenue was only $8K, standard sales-based margins can look dramatic without explaining much about how this entity functions. The more revealing pattern is cash preservation and recurring financing inflows, which mattered more than reported revenue in rebuilding resources after FY2023.

Financial Health Signals

Financial health score pending refresh

We are recalculating United States 12 Month Natural Gas Fund, LP's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

3/5

United States 12 Month Natural Gas Fund, LP passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 3 of 4 profitability signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-2.01x

For every $1 of reported earnings, United States 12 Month Natural Gas Fund, LP generates $-2.01 in operating cash flow ($2.0M OCF vs -$971K net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$8K

YoY-28.1%

5Y CAGR+41.9%

United States 12 Month Natural Gas Fund, LP generated $8K in revenue in fiscal year 2025. This represents a decrease of 28.1% from the prior year.

EBITDA

N/A

Net Income

-$971K

YoY+20.3%

United States 12 Month Natural Gas Fund, LP reported -$971K in net income in fiscal year 2025. This represents an increase of 20.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$18.2M

YoY+1.7%

5Y CAGR+22.8%

10Y CAGR+4.9%

United States 12 Month Natural Gas Fund, LP held $18.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-12068.1%

YoY-1179.9pp

5Y CAGR+3280.5pp

United States 12 Month Natural Gas Fund, LP's net profit margin was -12068.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1179.9 percentage points from the prior year.

Return on Equity

-5.2%

YoY+1.3pp

5Y CAGR-2.3pp

10Y CAGR+29.5pp

United States 12 Month Natural Gas Fund, LP's ROE was -5.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

UNL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$8K-28.1%	$11K+68.4%	$7K-99.8%	$4.0M+21.1%	$3.3M+232942.1%	$1K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$971K+20.3%	-$1.2M+90.8%	-$13.3M-465.6%	$3.6M+15.0%	$3.2M+1570.4%	-$215K
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	$2K	N/A	$1-66.7%	$2-100.0%	$4K-99.2%	$552K+14239.2%	$4K-99.7%	$1.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$660K+53.7%	-$1.4M-105543.1%	-$1K+43.4%	-$2K-157.0%	$4K-99.1%	$477K+180.0%	-$596K-150.6%	$1.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UNL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$18.8M-1.2%	$19.0M+16.2%	$16.4M-34.7%	$25.1M+53.2%	$16.4M+121.9%	$7.4M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$18.2M+1.7%	$17.9M+23.4%	$14.5M-34.3%	$22.0M+53.5%	$14.4M+121.0%	$6.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$105K-72.0%	$373K+298.2%	$94K-20.6%	$118K+62.9%	$72K+129.9%	$32K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$18.7M+0.2%	$18.7M+14.6%	$16.3M-34.8%	$25.0M+53.2%	$16.3M+121.9%	$7.4M
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	$15.6M-17.1%	$18.8M+178575.4%	$11K-14.4%	$12K-33.2%	$18K-99.9%	$19.0M-6.2%	$20.3M+8.1%	$18.8M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$14.4M-20.5%	$18.2M+188407.7%	$10K-18.1%	$12K-21.7%	$15K-99.9%	$17.9M-4.0%	$18.6M+7.2%	$17.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$70K-33.3%	$105K+122639.2%	$85+9.5%	$78-96.1%	$2K-99.5%	$373K+235.7%	$111K-80.0%	$557K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$15.5M-17.0%	$18.7M+179031.8%	$10K-14.6%	$12K-25.5%	$16K-99.9%	$18.7M-7.5%	$20.2M+10.8%	$18.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UNL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.0M+130.8%	-$6.3M+63.3%	-$17.2M-238.0%	$12.5M+388.2%	$2.6M+497.7%	-$644K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$1.0M-71.9%	$3.6M-21.6%	$4.6M-9.2%	$5.0M-13.0%	$5.8M+38.4%	$4.2M
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	-$1.1M-561.4%	-$170K-132386.2%	-$128+90.4%	-$1K-137.3%	$4K+100.8%	-$456K+65.5%	-$1.3M-1287.8%	$111K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$2.5M-126.1%	$9.7M+2250370.3%	-$431+76.2%	-$2K+71.9%	-$6K+99.7%	-$2.0M-177.7%	$2.6M+4355.4%	-$60K
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

UNL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-12068.1%-1179.9pp	-10888.2%+188814.2pp	-199702.4%-199794.3pp	91.9%-4.9pp	96.9%+15445.4pp	-15348.6%
Return on Equity	-5.2%+1.3pp	-6.5%+75.0pp	-81.5%-96.0pp	14.5%-4.8pp	19.4%+22.3pp	-2.9%
Return on Assets	-5.2%+1.2pp	-6.4%+74.6pp	-81.0%-95.5pp	14.5%-4.8pp	19.3%+22.2pp	-2.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.01-0.0	0.02+0.0	0.010.0	0.000.0	0.000.0	0.00
FCF Margin	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
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-37722.8%	N/A	-192633.3%-79138.3pp	-113495.0%-113593.6pp	98.6%+12.3pp	86.4%+15570.4pp	-15484.0%-15577.8pp	93.7%
Return on Equity	-4.3%+3.4pp	-7.6%+5.3pp	-12.9%+6.6pp	-19.5%-45.0pp	25.5%+22.9pp	2.5%+5.5pp	-2.9%-9.4pp	6.5%
Return on Assets	-4.2%+3.3pp	-7.6%+5.2pp	-12.8%+6.6pp	-19.4%-42.1pp	22.7%+20.2pp	2.5%+5.4pp	-2.9%-9.2pp	6.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.010.0	0.010.0	0.01-0.1	0.12+0.1	0.02+0.0	0.01-0.0	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is United States 12 Month Natural Gas Fund, LP's annual revenue?

United States 12 Month Natural Gas Fund, LP (UNL) reported $8K in total revenue for fiscal year 2025. This represents a -28.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is United States 12 Month Natural Gas Fund, LP's revenue growing?

United States 12 Month Natural Gas Fund, LP (UNL) revenue declined by 28.1% year-over-year, from $11K to $8K in fiscal year 2025.

Is United States 12 Month Natural Gas Fund, LP profitable?

No, United States 12 Month Natural Gas Fund, LP (UNL) reported a net income of -$971K in fiscal year 2025, with a net profit margin of -12068.1%.

What is United States 12 Month Natural Gas Fund, LP's net profit margin?

United States 12 Month Natural Gas Fund, LP (UNL) had a net profit margin of -12068.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is United States 12 Month Natural Gas Fund, LP's return on equity (ROE)?

United States 12 Month Natural Gas Fund, LP (UNL) has a return on equity of -5.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is United States 12 Month Natural Gas Fund, LP's operating cash flow?

United States 12 Month Natural Gas Fund, LP (UNL) generated $2.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are United States 12 Month Natural Gas Fund, LP's total assets?

United States 12 Month Natural Gas Fund, LP (UNL) had $18.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What is United States 12 Month Natural Gas Fund, LP's debt-to-equity ratio?

United States 12 Month Natural Gas Fund, LP (UNL) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is United States 12 Month Natural Gas Fund, LP's return on assets (ROA)?

United States 12 Month Natural Gas Fund, LP (UNL) had a return on assets of -5.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is United States 12 Month Natural Gas Fund, LP's Piotroski F-Score?

United States 12 Month Natural Gas Fund, LP (UNL) has a Piotroski F-Score of 3 out of 5 computable signals; 4 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 United States 12 Month Natural Gas Fund, LP's earnings high quality?

United States 12 Month Natural Gas Fund, LP (UNL) has an earnings quality ratio of -2.01x, considered mixed 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.