United States 12 Month Natural Gas Fund, LP (UNL) Financials

UNL

FY2025 annual

Revenue $8K -28.1% YoY

Net Income -$971K +20.3% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow $2.0M +130.8% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the UNL SEC filings page.

United States 12 Month Natural Gas Fund, LP (UNL) reported $8K in revenue for fiscal year 2025, down 28.1% from the prior fiscal year. This page shows its 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).

Rhea AI UNL FY2025 2026-08-29

Asset-based fund economics dominate the reported results: operating revenue is tiny beside the portfolio-scale balance sheet and cash movements.

The reported earnings-to-cash relationship is unstable: operating cash flow moved from -$17.2M in FY2023 to -$6.3M in FY2024 and then $2.0M in FY2025, even though each year still showed a net loss. That divergence means reported profit is not a reliable shorthand for the fund’s annual cash movement.

With FY2025 revenue of only $8.1K against $18.8M of assets, conventional operating-margin analysis says little; the business is economically organized around assets and their valuation or trading activity rather than sales volume.

The balance sheet remains lightly obligated: FY2025 liabilities were $105K versus $18.7M of equity, and the debt-to-equity ratio was 0.006x. Positive financing cash flow in every reported year also indicates that changes in capital supplied by investors are a recurring cash-flow component, not an incidental item.

Financial Health Signals

Financial health score not available

United States 12 Month Natural Gas Fund, LP 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.

Piotroski F-Score Partial

3/6

United States 12 Month Natural Gas Fund, LP passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

N/A

United States 12 Month Natural Gas Fund, LP reported a net loss of $971K while generating $2.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2K

YoY+99900.0%

QoQ+20.0%

United States 12 Month Natural Gas Fund, LP generated $2K in revenue in Q2 2026. This represents an increase of 99900.0% from the same quarter a year earlier. Against the prior quarter it is up 20.0%.

Net Income

-$1.1M

YoY-46274.2%

QoQ-67.4%

United States 12 Month Natural Gas Fund, LP reported -$1.1M in net income in Q2 2026. This represents a decrease of 46274.2% from the same quarter a year earlier. Against the prior quarter it is down 67.4%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$15.7M

YoY+133119.3%

QoQ+8.5%

5Y CAGR+12.3%

10Y CAGR+2.9%

United States 12 Month Natural Gas Fund, LP held $15.7M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

YoY+100.0%

QoQ+10.2%

5Y CAGR+22.0%

10Y CAGR+6.8%

United States 12 Month Natural Gas Fund, LP had 3M shares outstanding in Q2 2026. This represents an increase of 100.0% from the same quarter a year earlier. Against the prior quarter it is up 10.2%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-6.4%

YoY+13.1pp

QoQ-2.1pp

5Y CAGR-28.2pp

10Y CAGR-24.0pp

United States 12 Month Natural Gas Fund, LP's ROE was -6.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 13.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.1 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

None of these metrics is reported for Q2 2026.

UNL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

UNL quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	N/A	$8K-28.1%	$11K+68.4%	$7K-99.8%	$4.0M+21.1%	$3.3M+232942.1%	$1K+100.0%	$700-99.9%	$625K+25409.0%	$2K-99.9%	$3.0M	N/A	N/A	$4.4M	N/A	N/A
Net Income	-$3.2M	-$971K+20.3%	-$1.2M+90.8%	-$13.3M-465.6%	$3.6M+15.0%	$3.2M+1570.4%	-$215K+73.6%	-$814K-243.6%	$567K+118.0%	-$3.1M-209.7%	$2.9M+163.1%	-$4.5M-14.5%	-$4.0M-197.1%	$4.1M+184.7%	-$4.8M+66.3%	-$14.3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$2K+99900.0%	$2K-58.8%	N/A	$1-100.0%	$2-100.0%	$4K+73.2%	$552K	$4K+175.0%
Net Income	-$1.1M-46274.2%	-$660K-15874.6%	-$1.4M-398.8%	-$1K+99.8%	-$2K-100.2%	$4K+100.2%	$477K+110.4%	-$596K+35.3%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

UNL Balance Sheet

UNL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$18.8M-1.2%	$19.0M+16.2%	$16.4M-34.7%	$25.1M+53.2%	$16.4M+121.9%	$7.4M+115.0%	$3.4M-40.6%	$5.8M-31.3%	$8.4M-54.9%	$18.7M+41.3%	$13.2M-20.0%	$16.5M-40.3%	$27.7M-36.0%	$43.2M+102.3%	$21.4M
Cash & Equivalents	$18.2M+1.7%	$17.9M+23.4%	$14.5M-34.3%	$22.0M+53.5%	$14.4M+121.0%	$6.5M+117.3%	$3.0M-42.1%	$5.2M-28.4%	$7.2M-52.1%	$15.1M+34.2%	$11.2M-25.8%	$15.1M-40.8%	$25.5M-35.7%	$39.7M+101.2%	$19.7M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$105K-72.0%	$373K+298.2%	$94K-20.6%	$118K+62.9%	$72K+129.9%	$32K-47.9%	$60K-56.2%	$138K+73.1%	$80K-96.4%	$2.2M+2490.8%	$85K-8.8%	$94K-45.8%	$173K+7.9%	$160K-6.3%	$171K
Total Equity	$18.7M+0.2%	$18.7M+14.6%	$16.3M-34.8%	$25.0M+53.2%	$16.3M+121.9%	$7.4M+117.9%	$3.4M-40.2%	$5.6M-32.3%	$8.3M-49.3%	$16.4M+25.3%	$13.1M-20.1%	$16.4M-40.2%	$27.5M-36.2%	$43.1M+103.1%	$21.2M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$17.4M+141453.1%	$15.6M+84552.3%	$18.8M-1.2%	$11K-99.9%	$12K-99.9%	$18K-99.9%	$19.0M+16.2%	$20.3M+20.2%
Cash & Equivalents	$15.7M+133119.3%	$14.4M+96069.6%	$18.2M+1.7%	$10K-99.9%	$12K-99.9%	$15K-99.9%	$17.9M+23.4%	$18.6M+30.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$78K+100028.5%	$70K+3382.0%	$105K-72.0%	$85-99.9%	$78-100.0%	$2K-97.1%	$373K+298.2%	$111K+104.6%
Total Equity	$17.3M+141716.8%	$15.5M+94452.9%	$18.7M+0.2%	$10K-99.9%	$12K-99.9%	$16K-99.9%	$18.7M+14.6%	$20.2M+19.9%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.

UNL Cash Flow Statement

UNL quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$2.4M	$2.0M+130.8%	-$6.3M+63.3%	-$17.2M-238.0%	$12.5M+388.2%	$2.6M+497.7%	-$644K-25.2%	-$515K-595.9%	$104K+105.5%	-$1.9M-707.6%	-$232K+96.0%	-$5.9M-127.4%	-$2.6M-146.6%	$5.5M+182.0%	-$6.8M+39.3%	-$11.1M
Financing Cash Flow	$10.1M	$1.0M-71.9%	$3.6M-21.6%	$4.6M-9.2%	$5.0M-13.0%	$5.8M+38.4%	$4.2M+388.2%	-$1.5M+55.4%	-$3.3M+34.4%	-$5.0M-1200.5%	$451K-77.2%	$2.0M+125.3%	-$7.8M+60.3%	-$19.7M-173.7%	$26.7M+4910.1%	$533K

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	-$1.1M-84572.5%	-$1.1M-31438.5%	-$170K+62.7%	-$128+100.0%	-$1K-101.2%	$4K+100.1%	-$456K+83.2%	-$1.3M+54.9%
Financing Cash Flow	$2.9M+161069.8%	-$2.5M-39129.3%	$9.7M+585.1%	-$431-100.0%	-$2K+97.0%	-$6K-100.2%	-$2.0M-149.4%	$2.6M+421.8%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.

UNL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

UNL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Net Margin	-12068.1%	-10888.2%	-199702.4%	91.9%-4.9pp	96.9%	-15348.6%	-116332.3%	90.8%	-128427.9%	95.9%	N/A	N/A	92.7%	N/A	N/A
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%+21.2pp	-24.1%-34.2pp	10.1%+47.8pp	-37.8%-55.2pp	17.4%+52.1pp	-34.6%-10.5pp	-24.2%-39.1pp	14.9%+26.1pp	-11.2%+56.4pp	-67.6%
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%+20.8pp	-23.7%-33.5pp	9.8%+47.2pp	-37.4%-52.8pp	15.4%+49.8pp	-34.4%-10.4pp	-24.0%-38.8pp	14.8%+26.0pp	-11.2%+55.9pp	-67.1%
Debt-to-Equity	0.010.0x	0.020.0x	0.010.0x	0.000.0x	0.000.0x	0.000.0x	0.020.0x	0.020.0x	0.01-0.1x	0.13+0.1x	0.010.0x	0.010.0x	0.010.0x	0.000.0x	0.01
Asset Turnover	0.000.0x	0.000.0x	0.00-0.2x	0.160.0x	0.20+0.2x	0.000.0x	0.00-0.1x	0.11+0.1x	0.00-0.2x	0.16+0.5x	-0.33-0.1x	-0.23-0.4x	0.16+0.3x	-0.10+0.6x	-0.66

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Net Margin	-52632.4%	-37722.8%	N/A	-192633.3%	-113495.0%	98.6%	86.4%	-15484.0%
Return on Equity	-6.4%+13.1pp	-4.3%-29.7pp	-7.6%-10.2pp	-12.9%-10.0pp	-19.5%-26.0pp	25.5%+38.8pp	2.5%+30.7pp	-2.9%+2.5pp
Return on Assets	-6.3%+13.0pp	-4.2%-26.9pp	-7.6%-10.1pp	-12.8%-9.9pp	-19.4%-25.7pp	22.7%+36.0pp	2.5%+30.5pp	-2.9%+2.5pp
Debt-to-Equity	0.000.0x	0.00-0.1x	0.010.0x	0.010.0x	0.010.0x	0.12+0.1x	0.020.0x	0.010.0x
Asset Turnover	0.000.0x	0.00-0.2x	-0.07-0.1x	0.000.0x	0.00-0.1x	0.23+0.2x	0.03+0.3x	0.000.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

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: Net Margin.

Where United States 12 Month Natural Gas Fund, LP Ranks

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.

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.

How many shares does United States 12 Month Natural Gas Fund, LP have outstanding?

United States 12 Month Natural Gas Fund, LP (UNL) had 2M shares outstanding as of fiscal year 2025.

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 6 computable signals; 3 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) reported a net loss of $971K while generating $2.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.