| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 58 | 14.0x | 17.8x | Around median | |
Growth | 28 | -5.1% | 7.1% | Bottom tier | |
Quality | 94 | 16.1% | 4.5% | Top tier | |
Safety | 93 | 0.1x | 2.6x | Top tier | |
Capital Return | 87 | — | 2.12% | Top tier | |
Momentum | 47 | 3.6% | 2.9% | Around median | |
Sentiment | 21 | 1 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Natural Resource Partners L.P. operates through two main businesses: Mineral Rights, which generates royalty revenues from metallurgical and thermal coal, and its soda ash investment through Sisecam Wyoming. The partnership’s economics depend heavily on cash flows from Mineral Rights, while the soda ash contribution is tied to global prices, industrial demand, and Sisecam Wyoming’s ability to resume distributions.
In fiscal Q2 2026, NRP generated net income of $25 million, operating cash flow of $41 million, and free cash flow of $42 million. The Mineral Rights segment alone generated net income of $36 million and operating and free cash flow of $45 million, while metallurgical coal accounted for approximately 70% of coal royalty revenues and 45% of royalty sales volumes during the period.
The latest revenue figure in the filed EDGAR statements was $51.3 million in fiscal Q1 2025, with net income of $40.3 million, compared with annual revenue of $232.4 million and net income of $183.6 million in fiscal 2024. In fiscal Q2 2026, higher metallurgical and thermal coal volumes and prices at certain properties partly offset weaker soda ash and higher depreciation, depletion, and amortization expenses at certain longwall thermal coal mines.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Neutral,” while the available data does not include a consensus price target or analyst target range that can be used as a valuation anchor. Market capitalization is $1.5 billion, while the 52-week range extends from $95.51 to $128.60, and no price-to-earnings ratio is available in the data; therefore, the case valuation centers on the sustainability of free cash flow and increased distributions, balanced against soda ash weakness and coal cyclicality.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
NRP relies on the Mineral Rights segment, which receives royalties linked to metallurgical and thermal coal production on its properties, and on its soda ash investment through Sisecam Wyoming. In fiscal Q2 2026, the Mineral Rights segment generated net income of $36 million and free cash flow of $45 million. Metallurgical coal accounted for 70% of coal royalty revenues and 45% of royalty sales volumes during the period, demonstrating its economic importance within the mix.
NRP generated net income of $25 million in fiscal Q2 2026. Operating cash flow was $41 million, while free cash flow reached $42 million. This came despite a $7 million decline in soda ash business net income and a $3 million decline in Mineral Rights segment net income compared with the corresponding period.
NRP fully repaid its operating credit facility, leaving only $14 million due in December 2026 on the operating senior notes. Lower debt reduced interest costs and contributed to a $2 million improvement in corporate and financing net results in fiscal Q2 2026 compared with the corresponding period. Accordingly, management said on August 5, 2026 that it expects to significantly increase unitholder distributions in November 2026, barring an unexpected event.
Global soda ash supply exceeds demand, while weaker flat-glass demand has reduced sales prices and segment results. Soda ash business net income declined by $7 million in fiscal Q2 2026, and NRP received no distribution from Sisecam Wyoming compared with $5 million in the corresponding period. Management expects domestic prices to decline when negotiating 2027 delivery contracts during 2026, despite the emergence of extended closures equivalent to approximately 4% of global capacity.
Metallurgical coal represented approximately 70% of coal royalty revenues in fiscal Q2 2026, despite accounting for 45% of royalty sales volumes. Certain metallurgical and thermal coal properties recorded higher volumes and prices, partially offsetting increased depletion expenses. In contrast, management views the improvement in coal prices as modest and believes the competitiveness of renewable energy represents long-term pressure on thermal coal.
In May 2026, NRP paid a distribution of $0.75 per unit for fiscal Q1 2026. On August 5, 2026, it declared a similar distribution of $0.75 per unit for fiscal Q2 2026. Management said it intends, barring an unexpected event, to significantly increase distributions beginning with the distribution scheduled for payment in November 2026 after repaying the credit facility and with the remaining debt nearing maturity.
