Natural Resource Partners L.P. (NRP) Key Metrics
NRP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.47B
- Enterprise value
- $1.47B
- P/E (TTM)
- 14.3 10-yr median 4.7
- Forward P/E
- 6.2
- PEG ratio
- 8.29
- Price / sales
- 7.2 10-yr median 2.7
- Price / book
- 2.2 10-yr median 1.9
- EV / EBITDA
- 10.7 10-yr median 6.3
- Dividend yield
- 2.70% $3.00 a year
- Beta
- 0.23
NRP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNRP valuation Price multiples at each fiscal year-end price.
NRP returns How much profit the business earns on the capital it uses.
NRP per-share figures Results divided by the shares outstanding at year-end.
NRP financial health Debt, liquidity and how easily interest is covered.
NRP efficiency & capital use Working capital cycle and where the cash goes.
NRP valuation history
NRP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NRP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NRP cash returned to shareholders
NRP price vs earnings per share
NRP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.39B | $1.48B | $1.49B | $1.07B | $526.3M | $168.5M | $246.7M | $533.5M | $406.7M | $395.1M |
| Enterprise value | $1.39B | $1.60B | $1.64B | $1.21B | $824.3M | $540.2M | $668.2M | $1.10B | $1.19B | $1.48B |
| P/E ratio | 10.4 | 8.1 | 5.4 | 4.0 | 4.8 | — | — | 3.8 | 4.6 | 4.1 |
| Price / sales | 6.9 | 6.1 | 5.1 | 3.3 | 2.7 | 1.3 | 1.2 | 2.6 | 1.2 | 1.2 |
| Price / book | 2.2 | 2.7 | 2.6 | 1.7 | 1.2 | 0.5 | 0.5 | 1.5 | 2.0 | 2.6 |
| Price / free cash flow | 8.4 | 6.0 | 4.8 | 4.0 | 4.3 | 1.9 | 1.8 | 2.8 | 3.4 | 3.9 |
| Price / operating cash flow | 8.4 | 6.0 | 4.8 | 4.0 | 4.3 | 1.9 | 1.8 | 2.8 | 3.2 | 3.7 |
| EV / sales | 6.9 | 6.5 | 5.6 | 3.7 | 4.2 | 4.2 | 3.2 | 5.4 | 3.6 | 4.5 |
| EV / EBITDA | 8.7 | 7.4 | 5.3 | 3.8 | 4.9 | — | 18.1 | 5.2 | 6.3 | 6.4 |
| EV / free cash flow | 8.4 | 6.4 | 5.3 | 4.5 | 6.8 | 6.1 | 4.9 | 5.8 | 9.9 | 14.4 |
| Earnings yield | 9.6% | 12.4% | 18.4% | 25.0% | 20.7% | −50.3% | −9.9% | 26.2% | 21.8% | 24.5% |
| Free cash flow yield | 12.0% | 16.7% | 20.9% | 24.8% | 23.1% | 53.0% | 55.6% | 35.4% | 29.5% | 26.0% |
| Dividend yield | 4.1% | 5.3% | 6.2% | 6.0% | 7.3% | 25.7% | 25.6% | 9.8% | 7.6% | 5.7% |
| Shareholder yield (dividends + buybacks) | 4.1% | 10.1% | 18.1% | 7.8% | 9.0% | 28.0% | 25.6% | 11.5% | 7.6% | 5.7% |
| Share price at fiscal year-end | $104.40 | $111.00 | $92.56 | $54.33 | $33.42 | $13.75 | $20.11 | $38.24 | $26.00 | $32.30 |
| Per share | ||||||||||
| Revenue per share | $15.23 | $18.32 | $18.24 | $16.61 | $12.33 | $10.53 | $17.15 | $14.53 | $21.33 | $27.05 |
| Earnings per share | $10.06 | $13.73 | $17.05 | $13.59 | $6.92 | −$6.92 | −$1.99 | $10.00 | $5.67 | $7.92 |
| Operating cash flow per share | $12.49 | $18.58 | $19.32 | $13.51 | $7.73 | $7.28 | $11.19 | $13.54 | $8.13 | $8.83 |
| Free cash flow per share | $12.49 | $18.58 | $19.32 | $13.50 | $7.73 | $7.28 | $11.19 | $13.54 | $7.66 | $8.38 |
| Cash per share | $2.27 | $2.28 | $0.74 | $1.98 | $8.61 | $8.14 | $8.01 | $7.30 | $1.72 | $3.30 |
| Book value per share | $46.76 | $40.49 | $35.43 | $32.20 | $27.82 | $30.39 | $40.78 | $25.46 | $12.77 | $12.45 |
| Tangible book value per share | $45.87 | $39.52 | $34.58 | $31.45 | $26.80 | $28.96 | $39.34 | $22.41 | $9.78 | $8.11 |
| Dividends per share | $4.25 | $5.87 | $5.71 | $3.26 | $2.43 | $3.53 | $5.15 | $3.75 | $1.97 | $1.84 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.08 | $0.00 | $0.18 | $0.47 | $0.44 |
| Debt per share | $2.49 | $10.62 | $9.90 | $8.70 | $27.53 | $38.48 | $42.36 | $48.22 | $51.74 | $92.08 |
| Shares outstanding | 13.3M | 13.4M | 16.1M | 19.8M | 15.7M | 12.3M | 12.3M | 14.0M | 15.6M | 12.2M |
| Change in shares outstanding | −0.7% | −16.9% | −18.5% | +25.5% | +28.5% | −0.1% | −12.1% | −10.8% | +27.9% | +0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 23.0% | 33.0% | 45.5% | 50.0% | 26.9% | −19.4% | −5.7% | 50.3% | 50.4% | 83.7% |
| Return on invested capital (ROIC) | 17.2% | 29.1% | 19.7% | 28.5% | 10.0% | −4.2% | 4.4% | 10.1% | 8.3% | 7.0% |
| Return on assets (ROA) | 17.6% | 23.4% | 32.8% | 29.3% | 11.6% | −8.4% | −2.0% | 10.2% | 6.3% | 6.2% |
| Return on tangible assets | 18.1% | 24.2% | 35.0% | 31.1% | 11.6% | −9.4% | −2.3% | 10.7% | 6.6% | 7.0% |
| Free cash flow margin | 82.0% | 101.4% | 105.9% | 81.3% | 62.7% | 69.2% | 65.3% | 93.2% | 35.9% | 31.0% |
| Income quality (OCF / net income) | 1.24 | 1.35 | 1.13 | 0.99 | 1.12 | — | — | 1.35 | 1.43 | 1.11 |
| Financial health | ||||||||||
| Total debt | $33.1M | $142.1M | $159.4M | $171.8M | $433.5M | $471.5M | $519.7M | $672.8M | $809.3M | $1.13B |
| Cash & short-term investments | $30.1M | $30.4M | $12.0M | $39.1M | $135.5M | $99.8M | $98.3M | $101.8M | $27.0M | $40.4M |
| Net debt | $2.9M | $111.6M | $147.4M | $132.7M | $298.0M | $371.7M | $421.4M | $570.9M | $782.4M | $1.09B |
| Debt / equity | 0.05 | 0.26 | 0.28 | 0.27 | 0.99 | 1.27 | 1.04 | 1.89 | 4.05 | 7.39 |
| Debt / assets | 0.04 | 0.18 | 0.20 | 0.20 | 0.45 | 0.51 | 0.48 | 0.50 | 0.58 | 0.78 |
| Net debt / EBITDA | 0.02 | 0.52 | 0.47 | 0.42 | 1.79 | — | 11.40 | 2.67 | 4.16 | 4.66 |
| Current ratio | 1.85 | 2.00 | 1.11 | 1.39 | 2.53 | 1.91 | 2.11 | 1.63 | 0.76 | 0.56 |
| Quick ratio | 1.85 | 2.00 | 1.11 | 1.39 | 2.53 | 1.91 | 2.11 | 1.63 | 0.70 | 0.52 |
| Interest coverage | 17.5 | 12.8 | 20.7 | 9.5 | 3.8 | -1.1 | 1.1 | 2.7 | 2.2 | 2.1 |
| Working capital | $27.9M | $32.0M | $5.5M | $23.4M | $98.4M | $55.8M | $69.4M | $93.8M | −$29.2M | −$83.8M |
| Invested capital | $624.1M | $653.2M | $717.6M | $768.8M | $736.2M | $744.1M | $921.7M | $926.0M | $982.2M | $1.24B |
| Tangible asset value | $620.6M | $538.2M | $564.6M | $627.3M | $423.8M | $355.4M | $482.9M | $542.6M | $388.4M | $91.1M |
| Net current asset value | −$54.9M | −$157.9M | −$164.3M | −$151.5M | −$351.1M | −$431.8M | −$453.2M | −$514.0M | −$862.5M | −$1.20B |
| Graham number | $102.88 | $111.84 | $116.57 | $99.22 | $65.80 | — | — | $75.69 | $40.36 | $47.11 |
| Graham net-net per share | −$4.83 | −$12.54 | −$10.98 | −$8.30 | −$22.82 | −$35.70 | −$37.80 | −$45.07 | −$57.85 | −$99.68 |
| Capital allocation | ||||||||||
| Dividends paid | $56.4M | $78.5M | $92.0M | $64.4M | $38.2M | $43.3M | $63.1M | $52.3M | $30.9M | $22.5M |
| Share buybacks (net) | $0 | $71.7M | $178.3M | $19.6M | $9.2M | $3.9M | $0 | $8.8M | $0 | $0 |
| Dividend payout ratio | 42.2% | 42.8% | 33.5% | 24.0% | 35.1% | — | — | 37.5% | 34.8% | 23.2% |
| Dividends + buybacks / free cash flow | 34.0% | 60.4% | 86.9% | 31.5% | 38.9% | 52.8% | 46.0% | 32.4% | 25.8% | 21.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.8% | 0.0% | 1.2% | 2.2% | 1.6% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 1.1% | 0.0% | 1.3% | 5.7% | 5.0% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.11 | 0.00 | 0.11 | 0.31 | 0.12 |
| Stock-based compensation / revenue | 5.5% | 4.6% | 3.7% | 1.8% | 2.1% | 2.8% | 1.1% | 0.7% | 0.0% | 0.4% |
| SG&A / revenue | 11.9% | 10.3% | 8.9% | 6.7% | 8.9% | 11.1% | 8.0% | 8.1% | 5.5% | 6.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 54.2 | 54.1 | 52.2 | 37.8 | 38.5 | 65.9 | 56.8 | 52.9 | 40.5 | 55.1 |
| Days of inventory on hand | — | — | — | — | 0.0 | 0.0 | — | — | 73.2 | 58.1 |
| Days payables outstanding | 9.9 | 11.7 | 16.2 | 32.0 | 32.0 | 50.9 | 43.9 | 32.9 | 44.0 | 48.1 |
| Cash conversion cycle (days) | 44.3 | 42.5 | 35.9 | 5.8 | 6.5 | 15.0 | 12.9 | 19.9 | 69.8 | 65.0 |
| Receivables turnover | 6.73 | 6.74 | 7.00 | 9.65 | 9.49 | 5.54 | 6.42 | 6.90 | 9.01 | 6.63 |
| Payables turnover | 36.81 | 31.26 | 22.46 | 11.41 | 11.42 | 7.17 | 8.31 | 11.08 | 8.30 | 7.59 |
| Inventory turnover | — | — | — | — | 19,075,000.00 | 9,198,000.00 | — | — | 4.98 | 6.28 |
| Asset turnover | 0.27 | 0.31 | 0.35 | 0.36 | 0.21 | 0.13 | 0.17 | 0.15 | 0.24 | 0.21 |
| Average receivables | $30.1M | $36.3M | $42.0M | $34.0M | $20.5M | $23.3M | $32.8M | $29.4M | $37.0M | $49.9M |
| Average payables | $1.0M | $897,000 | $1.4M | $2.0M | $1.7M | $1.3M | $1.8M | $2.0M | $4.3M | $6.1M |
| Average inventory | — | — | — | — | $1 | $1 | — | — | $7.2M | $7.4M |
| Intangibles / total assets | 1.6% | 1.7% | 1.7% | 1.7% | 1.7% | 1.9% | 1.6% | 3.2% | 3.4% | 3.7% |
Computed from NRP's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NRP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Natural Resource Partners traded at 10.4 times earnings, against a 10-year median of 4.7. Based on the latest twelve months, the trailing P/E is 14.3 and the forward P/E is 6.2. Natural Resource Partners earned a return on equity of 23.0% and a return on invested capital of 17.2% in fiscal 2025. It ended the year with $33.1 million of debt and $30.1 million in cash and short-term investments, net debt of $2.9 million. It returned $56.4 million to shareholders: $56.4 million in dividends and $0 in share buybacks, 34% of free cash flow. The share count rose 8.6% from 12.2M to 13.3M over 9 years.
See the NRP income statement, the NRP chart for price history, or the NRP stock overview for the latest quote and news.
NRP key metrics FAQ
What is Natural Resource Partners's P/E ratio?
Natural Resource Partners's trailing P/E ratio is 14.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 6.2. At the end of fiscal 2025 it was 10.4, compared with a 10-year median of 4.7.
What is Natural Resource Partners's EV/EBITDA?
Natural Resource Partners's enterprise value was 8.7 times EBITDA at the end of fiscal 2025 (enterprise value $1.4 billion, EBITDA $159.3 million); the current EV/EBITDA is 10.7.
What is Natural Resource Partners's return on equity?
Natural Resource Partners's return on equity (ROE) was 23.0% in fiscal 2025: net income of $133.6 million on average shareholders' equity of $581.4 million.
What is Natural Resource Partners's ROIC?
Natural Resource Partners's return on invested capital was 17.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Natural Resource Partners have?
Natural Resource Partners had total debt of $33.1 million at the end of fiscal 2025, a debt-to-equity ratio of 0.05 and $2.9 million of net debt (0.02 times EBITDA).
What is Natural Resource Partners's dividend yield?
Natural Resource Partners's forward dividend yield is 2.70%. Natural Resource Partners paid $56.4 million in dividends in fiscal 2025 ($4.25 per share), a payout ratio of 42.2%.
What is Natural Resource Partners's free cash flow yield?
Natural Resource Partners generated $165.9 million of free cash flow in fiscal 2025, a free cash flow yield of 12.0% on its market value at year-end ($1.4 billion).
What is Natural Resource Partners's current ratio?
Natural Resource Partners's current ratio was 1.85 at the end of fiscal 2025: current assets were 1.85 times current liabilities.