NATURAL RESOURCE PARTNERS LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NATURAL RESOURCE PARTNERS LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	371	374	251	257	140	216	307	279	232
Cost of revenue					24.8	27	34.9	32.3	28	23.9
Gross profit					115	189	272	246	204
General and administrative	17	18.5	16.5	16.7	14.3	17.4	21.9	26.1	25.2	24.1
Operating expenses	98.1	69.8	86	213	184	68.6
Operating income	181	177	193	51.3	-43.9	148	305	293	199	144
Interest expense	90	82	70.2	47.5	41	38.9	26.3	14.1	15.6	7.98
Interest income	0.04	0.18
Net income to minority interests	0	0	0.51	0	0
Net income	96.9	88.7	140	-24.5	-84.8	77.3	238	201	155	136
EBITDA	210	200	214	66.3	-34.7	167	328	311	215	159

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	40.4	27	102	98.3	99.8	136	39.1	12	30.4	30.1
Receivables	43.2	24.1	32.1	30.9	12.3	24.5	42.7	41.1	31.5	28.7
Inventory	6.89	7.55
Other current assets	7.27	3.78	3.46	1.24	5.08	2.72	1.82	2.22	0.2	2.11
Total current assets	105	91.4	243	132	117	163	83.6	55.3	63.9	60.9
Property, plant and equipment	49.4	1.35	0.98
Lease right-of-use assets				3.5	3.5	3.5		4.3	4.2	4.1
Intangible assets	3.24	46.8	42.5	17.7	17.5	16.1	14.7	13.7	12.9	11.9
Other non-current assets	6.63	4.87	3.48	6.99	7.07	5.83	7.07	7.54	11.6	13.9
Total assets	1,449	1,389	1,342	1,086	922	954	877	798	773	748
Accounts payable	6.23	1.01	2.41	1.18	1.39	1.96	1.99	0.89	0.91	1.16
Accrued liabilities	26	11.5	12.3	8.76	7.73	10.3	11.9	13	12.1	10.9
Deferred revenue		0	3.51	4.61	11.5	11.8	6.26	4.6	4.34	6.66
Short-term debt	140	79.7	115	45.8	39.1	39.1	39.1	30.8	14.2	14.2
Total current liabilities	189	121	149	62.7	61.4	64.4	60.2	49.8	31.9	33
Long-term debt	990	730	558	470	432	394	129	124	128	18.9
Other non-current liabilities	4.57	0.59	1.15	4.95	5.13	5.02	5.47	7.17	6.24	5.91
Total liabilities	1,301	954	757	585	549	514	235	220	222	116
Total debt	1,130	809	673	516	471	434	168	155	142	33.1
Other comprehensive income	-1.67	-3.31	-3.46	-2.59	0.32	3.21	18.7	-3.12	-1.67	-4
Total liabilities and equity	1,449	1,389	1,342	1,086	922	954	877	798	773	748

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	96.9	88.7	140	-24.5	-84.8	109	268	278	184	136
Depreciation and amortization	28.6	23.4	21.7	14.9	9.2	19.1	22.5	18.5	15.5	15
Stock-based compensation	1.22	0.02	1.43	2.36	3.57	4.04	5.77	10.9	11.3	11.1
Change in receivables	1.55	3.92	-6.06	-6.04	12.9	-14.4	-18.7	-0.16	7.29	2.31
Change in payables	0.52	-0.18	1.14	-1.23	0.21	0.57	0.04	-1.11	0.03	0.25
Cash from operations	108	127	189	137	89.3	122	267	311	248	166
Capital expenditures	-0.03	0	0		0	0	-0.12	-0.01	0	0
Acquisitions	0
Cash from investing	167	3.54	191	7.59	1.68	2.41	2.69	5.42	7.51	4.77
Debt issued	20	181	35	300	0	0	70	249	168	46.7
Debt repaid	-183	-492	-176	-463	-46.2	-39.4	-339	-262	-181	-156
Cash from financing	-286	-141	-203	-253	-89.4	-88.5	-366	-343	-238	-171
Net change in cash	-11.4	-10.5	176	-108	1.53	35.7	-96.4	-27.1	18.5	-0.3
Free cash flow	108	127	189		89.3	122	267	311	248	166
Interest paid	84.4	72.9	65	58.6	39.8	37.4	25.3	13.9	15.5	8.03

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $108.78 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on assets (ROA)	14.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Operating income growth, 1y	-27.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-22.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-25.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-21.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-12.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-17.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-33.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-14.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-33.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-14.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.12x	Current assets / current liabilities.
Quick ratio	2.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.03x	(Cash + short-term investments) / current liabilities.
Debt / assets	3.6%	Total debt / total assets.
Liabilities / assets	14.2%	Total liabilities / total assets.
Net debt	-$2.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.02x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	22.5x	Operating income / interest expense.
Working capital	$32.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Days payables	15 days	365 x average accounts payable / cost of revenue.

Valuation

Metric	Value	How it is calculated
Market cap	$1.44B	Share price x shares outstanding.
Enterprise value	$1.44B	Market cap + total debt - cash - short-term investments.
P/E	13.5x	Market cap / net income. Only when net income is positive.
P/OCF	9.02x	Market cap / cash from operations, when positive.
EV/EBIT	12.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	7.4%	Net income / market cap (the inverse of P/E).

Was NATURAL RESOURCE PARTNERS LP profitable in fiscal 2025?

Yes. Net income was $136.4M, a net margin of -.

How much free cash flow did NATURAL RESOURCE PARTNERS LP generate in fiscal 2025?

Cash from operations of $165.9M minus capital expenditures of $0.0 left free cash flow of $165.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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