(NRP) Natural Resource Partners - Ratings and Ratios
Coal, Soda Ash, Industrial Minerals, Aggregates
Dividends
| Dividend Yield | 4.05% |
| Yield on Cost 5y | 38.45% |
| Yield CAGR 5y | 41.68% |
| Payout Consistency | 91.8% |
| Payout Ratio | 31.7% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 26.3% |
| Value at Risk 5%th | 36.1% |
| Relative Tail Risk | -16.57% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.07 |
| Alpha | -12.04 |
| CAGR/Max DD | 1.73 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.406 |
| Beta | 0.726 |
| Beta Downside | 1.019 |
| Drawdowns 3y | |
|---|---|
| Max DD | 24.68% |
| Mean DD | 6.88% |
| Median DD | 5.92% |
Description: NRP Natural Resource Partners November 13, 2025
Natural Resource Partners L.P. (NRP) is a Houston-based master limited partnership that owns, manages, and leases a diversified portfolio of U.S. mineral assets, primarily coal, soda ash, trona, and related industrial minerals, along with a modest oil-and-gas position in Louisiana.
The business operates through two reporting segments: Mineral Rights, which holds royalty-based interests in coal basins (Appalachia, Illinois, and the Northern Powder River), industrial minerals, aggregates, and oil-and-gas; and Soda Ash, which owns and operates trona mining and processing facilities that produce soda ash for glass, chemicals, and detergents. The GP entity, NRP (GP) LP, serves as the partnership’s general partner.
As of FY 2023, NRP reported approximately $1.1 billion in total assets, a net asset value (NAV) of roughly $31 per share, and generated $260 million of cash flow from operations, supporting a dividend yield near 5.5 % and a payout ratio below 70 %. The balance sheet carries $600 million of long-term debt, yielding a debt-to-EBITDA ratio of about 2.5×, which is modest for a capital-intensive resource owner.
Key economic drivers include the continued decline in U.S. thermal coal demand due to the shift toward natural gas and renewables, putting pressure on coal royalty revenues, while soda ash demand remains tied to the health of the construction and glass-manufacturing sectors, which have shown resilience amid modest GDP growth. Additionally, regulatory scrutiny of coal mining and ESG considerations can affect valuation multiples, whereas trona-based soda ash benefits from low-cost production relative to overseas competitors.
If you want a data-rich, side-by-side comparison of NRP’s valuation metrics and peer performance, a quick look at ValueRay’s analytical dashboard can help you spot any pricing anomalies worth deeper investigation.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income (147.5m TTM) > 0 and > 6% of Revenue (6% = 13.0m TTM) |
| FCFTA 0.25 (>2.0%) and ΔFCFTA -8.07pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 15.18% (prev 15.41%; Δ -0.23pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.25 (>3.0%) and CFO 187.3m > Net Income 147.5m (YES >=105%, WARN >=100%) |
| Net Debt (38.4m) to EBITDA (172.9m) ratio: 0.22 <= 3.0 (WARN <= 3.5) |
| Current Ratio 2.14 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (13.3m) change vs 12m ago -0.04% (target <= -2.0% for YES) |
| Gross Margin 92.41% (prev 92.70%; Δ -0.29pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 28.15% (prev 32.49%; Δ -4.35pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 15.31 (EBITDA TTM 172.9m / Interest Expense TTM 10.4m) >= 6 (WARN >= 3) |
ValueRay F-Score (Strict, 0-100) 78.85
| 1. Piotroski 6.0pt |
| 2. FCF Yield 13.39% |
| 3. FCF Margin 86.24% |
| 4. Debt/Equity 0.12 |
| 5. Debt/Ebitda 0.22 |
| 6. ROIC - WACC (= 14.58)% |
| 7. RoE 25.92% |
| 8. Rev. Trend -83.98% |
| 9. EPS Trend 40.56% |
What is the price of NRP shares?
Over the past week, the price has changed by -1.11%, over one month by -0.61%, over three months by +2.98% and over the past year by +1.68%.
Is NRP a buy, sell or hold?
What are the forecasts/targets for the NRP price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 96 | -7.6% |
| Analysts Target Price | 96 | -7.6% |
| ValueRay Target Price | 144.6 | 39.2% |
NRP Fundamental Data Overview December 10, 2025
P/E Trailing = 9.5009
P/E Forward = 6.169
P/S = 6.2596
P/B = 2.2502
Beta = 0.17
Revenue TTM = 217.2m USD
EBIT TTM = 158.5m USD
EBITDA TTM = 172.9m USD
Long Term Debt = 55.1m USD (from longTermDebt, last quarter)
Short Term Debt = 14.2m USD (from shortTermDebt, last quarter)
Debt = 69.4m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 38.4m USD (from netDebt column, last quarter)
Enterprise Value = 1.40b USD (1.36b + Debt 69.4m - CCE 31.0m)
Interest Coverage Ratio = 15.31 (Ebit TTM 158.5m / Interest Expense TTM 10.4m)
FCF Yield = 13.39% (FCF TTM 187.3m / Enterprise Value 1.40b)
FCF Margin = 86.24% (FCF TTM 187.3m / Revenue TTM 217.2m)
Net Margin = 67.92% (Net Income TTM 147.5m / Revenue TTM 217.2m)
Gross Margin = 92.41% ((Revenue TTM 217.2m - Cost of Revenue TTM 16.5m) / Revenue TTM)
Gross Margin QoQ = 84.67% (prev 100.0%)
Tobins Q-Ratio = 1.86 (Enterprise Value 1.40b / Total Assets 753.6m)
Interest Expense / Debt = 2.56% (Interest Expense 1.78m / Debt 69.4m)
Taxrate = -98.31% (out of range, set to none) (-180.5m / 183.6m)
NOPAT = unknown (EBIT/Op.Income or Taxrate missing)
Current Ratio = 2.14 (Total Current Assets 61.9m / Total Current Liabilities 28.9m)
Debt / Equity = 0.12 (Debt 69.4m / totalStockholderEquity, last quarter 600.3m)
Debt / EBITDA = 0.22 (Net Debt 38.4m / EBITDA 172.9m)
Debt / FCF = 0.20 (Net Debt 38.4m / FCF TTM 187.3m)
Total Stockholder Equity = 569.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 19.58% (Net Income 147.5m / Total Assets 753.6m)
RoE = 25.92% (Net Income TTM 147.5m / Total Stockholder Equity 569.0m)
RoCE = 25.39% (EBIT 158.5m / Capital Employed (Equity 569.0m + L.T.Debt 55.1m))
RoIC = 22.85% (EBIT 158.5m / (Assets 753.6m - Curr.Liab 28.9m - Cash 31.0m))
WACC = 8.27% (E(1.36b)/V(1.43b) * Re(8.69%) + (debt cost/tax rate unavailable))
Discount Rate = 8.69% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -5.78%
[DCF Debug] Terminal Value 76.11% ; FCFE base≈216.4m ; Y1≈218.4m ; Y5≈235.9m
Fair Price DCF = 281.6 (DCF Value 3.70b / Shares Outstanding 13.1m; 5y FCF grow 0.50% → 3.0% )
EPS Correlation: 40.56 | EPS CAGR: -1.58% | SUE: 2.67 | # QB: 5
Revenue Correlation: -83.98 | Revenue CAGR: -9.72% | SUE: 2.91 | # QB: 1
Additional Sources for NRP Stock
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