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Natural Resource PRN
(NYSE:NRP)
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Rating:71Outperform
Price Target:
$111.00
▲(5.45% Upside)
Action:Reiterated
Date:05/09/26
NRP scores solidly due to strong margins/cash generation and a very low-leverage balance sheet. The score is held back by commodity-driven weakness highlighted on the earnings call (soda ash glut, suspended JV distributions, Q1 FCF negative after a $39M infusion, and lower coal volumes) and bearish technical momentum (below key moving averages with negative MACD). Valuation is only moderately supportive given the dividend yield and an unusable P/E figure in the provided data.
Positive Factors
Very low leverage / strong balance sheet
A materially de-risked balance sheet with debt-to-equity near zero provides durable financial flexibility. It supports sustained distributions, funds opportunistic investments or JV support without stressing liquidity, and reduces bankruptcy and refinancing risk through commodity cycles.
Negative Factors
Severe soda ash supply glut and suspended JV distributions
A large, prolonged soda ash oversupply structurally curtails expected JV cash flows and has paused distributions. This reduces predictability of a key non-core cash source, may require future capital support, and lowers long-term income visibility from that asset.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
A materially de-risked balance sheet with debt-to-equity near zero provides durable financial flexibility. It supports sustained distributions, funds opportunistic investments or JV support without stressing liquidity, and reduces bankruptcy and refinancing risk through commodity cycles.
Read all positive factors
Natural Resource PRN Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is split across the company’s business lines or geographies, revealing dependence on particular segments and opportunities for diversification. A concentrated revenue mix increases exposure to segment-specific downturns, while balanced growth across segments points to broader resilience and multiple growth engines.
Shows how revenue is split across the company’s business lines or geographies, revealing dependence on particular segments and opportunities for diversification. A concentrated revenue mix increases exposure to segment-specific downturns, while balanced growth across segments points to broader resilience and multiple growth engines.
Data provided by:
The Fly
The FlyNatural Resource PRN (NRP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.34B
Dividend Yield4.05%
Average Volume (3M)21.64K
Price to Earnings (P/E)11.5
Beta (1Y)0.34
Revenue Growth-15.69%
EPS Growth-18.53%
CountryUS
Employees56
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)8.63
Shares Outstanding13,250,412
10 Day Avg. Volume18,932
30 Day Avg. Volume21,640
Financial Highlights & Ratios
PEG Ratio-0.79
Price to Book (P/B)2.23
Price to Sales (P/S)6.85
P/FCF Ratio8.36
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue7.06
Enterprise Value/Gross Profit8.58
Enterprise Value/Ebitda9.64
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Natural Resource PRN Business Overview & Revenue Model
Company Description
Natural Resource Partners L.P. (NRP) is engaged in the ownership, management, and leasing of a diverse portfolio of mineral assets across the United States. The company's operations are structured into two primary segments: Mineral Rights and Soda...
How the Company Makes Money
null...
Natural Resource PRN Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture. Operationally and financially, NRP retains meaningful strengths — solid Mineral Rights cash generation, active deleveraging (debt reduced to $45M), maintained distributions and a long-lived soda ash asset with significant historical distributions and reserves. However, material near-term challenges persist: a severe soda ash supply glut causing JV losses and suspended distributions, a $39M capital infusion that turned Q1 free cash flow negative, and ~20% coal volume declines contributing to lower segment income. Management emphasizes conservative capital allocation and reevaluation of soda ash assumptions, signaling caution. Overall the positives (strong cash generation and balance sheet actions) are counterbalanced by significant commodity-specific headwinds and uncertainty around soda ash recoveries.Positive Updates
Strong pre-investment free cash flow
NRP generated $34 million of free cash flow in Q1 2026 before the $39 million Sisecam Wyoming capital investment and $167 million of free cash flow over the last 12 months before that investment (implying roughly $128 million LTM free cash flow after the $39M investment).
Negative Updates
Severe soda ash market oversupply and performance hit
Company described the soda ash market as facing the most significant global supply glut in a generation. Sisecam Wyoming is struggling to generate positive free cash flow despite being a low-cost producer; NRP's soda ash segment net income declined by $12 million year-over-year and free cash flow decreased by $42 million year-over-year.
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Q1-2026 Updates
Positive
Negative
Strong pre-investment free cash flow
NRP generated $34 million of free cash flow in Q1 2026 before the $39 million Sisecam Wyoming capital investment and $167 million of free cash flow over the last 12 months before that investment (implying roughly $128 million LTM free cash flow after the $39M investment).
Read all positive updates
Company Guidance
NRP reiterated it is prioritizing deleveraging and remains “on track” to increase unitholder distributions this year (management expects a November increase but cautions it could be delayed), while emphasizing balance‑sheet strength after funding a $39M pro‑rata capital infusion into Sisecam Wyoming: consolidated Q1 free cash flow was negative $5M (which includes that $39M), company Q1 net income was $20M and operating cash flow $33M, Mineral Rights generated Q1 net income $34M, operating cash flow $42M and free cash flow $43M, and LTM free cash flow was $167M before the $39M investment; outstanding debt peaked at $73M during the quarter, fell to $60M at quarter‑end and was $45M as of today. Management said soda ash distributions from the JV are not expected to resume until demand recovers or there is a significant supply response (JV debt now $60M), noted Sisecam Wyoming has delivered $0.5B of distributions to NRP to date (annual distributions have ranged from –$39M to $81M, averaged ~$38M/year, implying a 1.6x multiple and ~11% CAGR to date, and ~50 years of reserves equating to roughly $1.9B if averaged distributions persist), and highlighted coal metrics (coal sales volumes down ~20–21% YoY; metallurgical coal ≈65% of coal royalty revenues and ≈45% of coal royalty volumes).Natural Resource PRN Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 192.36M | 202.34M | 245.03M | 293.66M | 328.08M | 194.25M |
| Gross Profit | 158.21M | 164.28M | 216.99M | 261.34M | 305.57M | 175.17M |
| EBITDA | 140.80M | 159.31M | 214.73M | 311.03M | 317.29M | 166.85M |
| Net Income | 114.10M | 133.64M | 183.64M | 274.42M | 268.49M | 108.90M |
Balance Sheet | ||||||
| Total Assets | 771.66M | 748.37M | 772.91M | 797.88M | 877.13M | 953.82M |
| Cash, Cash Equivalents and Short-Term Investments | 31.50M | 30.14M | 30.44M | 11.99M | 39.09M | 135.52M |
| Total Debt | 60.32M | 33.08M | 142.07M | 159.36M | 171.78M | 433.55M |
| Total Liabilities | 139.13M | 115.85M | 221.80M | 219.64M | 235.09M | 513.89M |
| Stockholders Equity | 620.76M | 621.19M | 541.56M | 570.23M | 636.07M | 438.14M |
Cash Flow | ||||||
| Free Cash Flow | 164.45M | 165.86M | 248.49M | 310.97M | 266.72M | 121.80M |
| Operating Cash Flow | 164.45M | 165.86M | 248.49M | 310.98M | 266.84M | 121.80M |
| Investing Cash Flow | -34.62M | 4.77M | 7.51M | 5.42M | 2.69M | 2.41M |
| Financing Cash Flow | -129.20M | -170.93M | -237.55M | -343.50M | -365.95M | -88.49M |
Natural Resource PRN Technical Analysis
Negative
105.26
Price Trends
108.16
Negative
114.57
Negative
109.68
Negative
Market Momentum
-2.26
Negative
37.78
Neutral
25.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRP, the sentiment is Negative. The current price of 105.26 is above the 20-day moving average (MA) of 103.28, below the 50-day MA of 108.16, and below the 200-day MA of 109.68, indicating a bearish trend. The MACD of -2.26 indicates Negative momentum. The RSI at 37.78 is Neutral, neither overbought nor oversold. The STOCH value of 25.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NRP.
Natural Resource PRN Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.34B | 11.53 | 18.84% | 4.05% | -15.69% | -18.53% | |
69 Neutral | $3.15B | 12.56 | 13.66% | 11.05% | -7.15% | -11.05% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | $4.29B | 30.84 | 6.44% | 0.36% | 11.32% | 29.65% | |
53 Neutral | $2.10B | -54.57 | -2.47% | ― | -19.15% | -246.35% | |
53 Neutral | $2.86B | -23.42 | -3.37% | 0.96% | -6.75% | -133.56% | |
45 Neutral | $783.37M | -11.32 | -13.44% | 2.83% | -16.66% | -195120.00% |
* Energy Sector Average
NRP
Natural Resource PRN
99.52
6.05
6.47%
ARLP
Alliance Resource
23.99
0.24
1.01%
AMR
Alpha Metallurgical Resources
164.26
51.78
46.03%
METC
Ramaco Resources
12.68
-0.46
-3.50%
HCC
Warrior Met Coal
80.81
35.17
77.06%
BTU
Peabody Energy Comm
23.28
9.98
75.01%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.