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what it is
NRP gets paid for owning mineral rights across 13 million acres and a 49% stake in a Wyoming soda ash business.
how it gets paid
Last year Natural Resource made $232M in revenue. Coal royalties was the main engine at $116M, or 50% of sales.
what just happened
Last quarter, NRP posted $51M in revenue and $2.28 in EPS, proving the business still throws off serious cash even as sales fell 22% vs. prior year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
5/100 earnings predictability — expect surprises
13.3x trailing p/e — the market's not buying it — or you found a deal
2.5% dividend yield — cash in your pocket every quarter
28.2% return on capital — every dollar works hard here
xvary composite: 54/100 — below average
What they do
NRP gets paid for owning mineral rights across 13 million acres and a 49% stake in a Wyoming soda ash business.
This business owns the dirt under the business. Mineral rights → ownership of resources underground → so you get paid when others mine, without running most of the mines yourself. NRP controls about 13 million acres, or roughly 20,000 square miles if combined, which gives your capital a toll-booth model instead of an operating headache.
How they make money
$232M
annual revenue
Coal royalties
$116M
flat
Soda ash equity income
$70M
dn
Industrial minerals and aggregates
$23M
up
Oil and gas royalties
$14M
dn
Surface and other income
$9M
flat
The products that matter
metallurgical and thermal coal royalties
Coal Royalties
~$162M · about 70% of revenue
it generated roughly 70% of the $232M revenue base. This is still the center of gravity, which means your cash flow is tied to coal pricing whether you like the label or not.
main cash engine
trona ore and soda ash royalties
Soda Ash Royalties
~$70M · about 30% of revenue
this segment contributed the remaining ~30% of revenue. It is smaller today, but it matters because every dollar earned here makes the business less dependent on coal.
diversification lever
Key numbers
62.1%
operating margin
Operating margin → profit after running the business → so what: NRP keeps about 62 cents of every dollar before interest and taxes, which is absurdly high for anything tied to the ground.
28.2%
return on capital
Return on capital → profit generated from the money invested in the business → so what: this asset base still throws off strong returns.
$55M
long-term debt
Long-term debt is just 3% of capital per, so the balance sheet has far less strain than most commodity names.
13.3x
trailing p/e
Trailing P/E → stock price divided by past earnings → so what: you are not paying a luxury multiple for a business with a 62.1% operating margin.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $55M (3% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NRP right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Last quarter, NRP posted $51M in revenue and $2.28 in EPS, proving the business still throws off serious cash even as sales fell 22% vs. prior year.
Revenue fell to $51M from the prior-year quarter, based on EDGAR data, but quarterly earnings still came in at $2.28 per unit from Yahoo Finance. Quiet part loud: this is what a high-margin royalty model looks like when volumes cool but profitability stays stubborn.
$51M
revenue
$2.28
eps
62.1%
operating margin
the number that mattered
$2.28 in quarterly EPS mattered most because it shows NRP can still convert a $51M quarter into heavy per-unit profit.
source: company earnings report, 2026
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What could go wrong
your biggest risk is coal and soda ash royalty exposure. This is not diversified cash flow in disguise. It is commodity-linked cash flow with a cleaner structure.
high
commodity price pressure
100% of the $232M revenue base comes from royalty streams linked to mined commodities. If realized prices weaken, your revenue does too.
a 20% hit to the revenue base is roughly $46M. Same land. Smaller checks.
high
coal concentration
about 70% of revenue, or roughly $162M, still comes from coal royalties. That keeps the stock tied to a market many investors do not want long-duration exposure to.
if coal weakens and soda ash stays flat, the market will treat NRP like a shrinking payout vehicle.
med
regulatory and legal overhang on coal-linked assets
NRP does not operate the mines, but you still own royalty interests attached to a politically and legally contentious commodity set.
the impact is indirect but real: fewer productive tons mined means fewer royalty dollars collected.
med
low visibility earnings stream
a 5/100 earnings predictability score is the market telling you this business does not print smooth quarters. Distribution investors tend to hate surprises.
if earnings stay erratic, the multiple stays capped even when cash generation looks good.
the clean summary: 100% of the $232M revenue base is commodity-linked, and about $162M of it is tied to coal.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
apr 30, 2026 earnings date
that report is your next clean read on whether special distributions are supported by current royalties or by a fading commodity upswing.
mix shift
whether coal stays near 70% of revenue
if soda ash grows as a share of the pie, the business gets easier to underwrite. If coal stays dominant, you still own the same core bet.
prices
metallurgical coal and soda ash pricing
this is the variable upstream of almost everything else. Lower realized pricing means smaller royalty checks, even if the acreage does not change.
balance sheet
what management does after debt stays low
with only $55M of long-term debt, the next capital-allocation question is simple: more distributions, more buybacks, or more patience.
Analyst rankings
earnings predictability
5 / 100
in human-speak, analysts do not expect a smooth earnings pattern here.
risk rank
3
that puts it around the middle of the pack on overall safety. Cleaner than many resource names, still far from defensive.
source: institutional data
Institutional activity
institutional ownership data for NRP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$103
current price
n/a
target midpoint · n/a from current
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