Natural Resource Partners L.P. (NRP) AI Stock Analysis

Natural Resource Partners L.P., based in Houston, Texas, owns, manages, and leases mineral properties throughout the United States. Its operations are organized into two segments: Mineral Rights and Soda Ash. The Mineral Rights segment includes coal reserves across Appalachia, the Illinois Basin, and the Northern Powder River Basin, alongside aggregates, industrial minerals, Louisiana oil and gas assets, and West Virginia timber. The Soda Ash segment consists of a trona ore mining operation and refinery in the Green River Basin, Wyoming. NRP operates predominantly through a leasing model, collecting royalty payments on reserves while leasing related transportation and processing infrastructure.

Revenue grew from $194.2M in FY2021 to a peak of $328.1M in FY2022 before declining to $293.7M in FY2023, $245.0M in FY2024, and $202.3M in FY2025. Despite top-line contractions, including a 17.4% decrease in FY2025, operating margins remained solid at 68.9% in FY2025. Net income was $133.6M in FY2025, generating diluted earnings per share of $10.04. Over the trailing twelve months, revenue reached $200.0M with a profit margin of 52.3%. For the latest quarter ended June 30, 2026, revenue increased 13.1% year-over-year, while quarterly earnings declined 26.6%.

As of June 30, 2026, NRP held $30.1M in cash and short-term investments against $27.4M in total debt, resulting in net cash of $2.8M. The partnership has a current ratio of 2.12 and a debt-to-equity ratio of 0.04 across $650.1M in shareholders' equity. In FY2025, NRP generated $165.9M in both operating and free cash flow. From this cash flow, the company distributed $56.4M in dividends. Over five years, the total share count increased by 7.3%.

NRP trades at a trailing price-to-earnings ratio of 14.3x, below the median of its US-listed Energy peers at 15.0x, and a forward P/E of 6.2x compared to the peer median of 12.7x. Its price-to-sales ratio of 7.2x and enterprise-value-to-EBITDA multiple of 10.7x exceed the respective peer medians of 1.8x and 8.0x. NRP's market capitalization stands at $1.47B. Over the past year, the stock returned 10.4%, trailing the S&P 500 return of 16.8%, but its five-year gain of 453.4% outperformed the index return of 83.0%.

NRP offers a forward annual dividend of $3.00 per unit, providing a dividend yield of 2.67%. Distributions are made quarterly and represent a payout ratio of 30.2%. The company has paid dividends for 24 consecutive years, achieving an annualized five-year dividend growth rate of 25.5%. The last ex-dividend date occurred on August 18, 2026.

Wall Street analysts have set a mean price target of $96.00 for NRP, representing a 14.6% discount to its October 16, 2026 closing price of $112.47. The partnership has established a consistent track record of execution, beating earnings estimates in each of the last 4 quarters. The next earnings report is scheduled for release on November 3, 2026.

This page is an AI-written research summary of Natural Resource Partners L.P. (NRP). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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