Reading the tape
NYSE: NRP
Natural Resource Partners L.P.
Energy · Coal
Market Cap
$1.56B
52w High
$128.60
52w Low
$91.79
P/E
11.60
Volume
247.00
Outstanding Shares
13.25M
Price vs Fundamentals
Why The Stock Is Moving
Momentum disconnected from fundamentalsModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 16.25%Revenue (TTM): -18.03%FCF (TTM): -33.25%P/FCF: 100th pct
What changed
The stock rose 16.25% over the last year. Revenue declined 18.03% over the trailing twelve months. Operating margin moved from 81.3% to 72.71%. Free cash flow declined 33.25% over the trailing twelve months.
What the market seems to be pricing
The stock is rising despite deteriorating fundamentals and now sits at the 100th percentile of its historical P/FCF range. This is a momentum-driven move — the market may be front-running a recovery that has not yet appeared in reported numbers.
What would invalidate this read
Operating margin (currently 72.71%) would need to stabilize or improve to justify the move. Revenue is declining 18.03% — a trend reversal in the next report would be the key signal to watch. This read is wrong if the next period shows operating metrics turning the corner. At that point the price would be anticipating real improvement rather than running ahead of it.
Company profile
Natural Resource Partners L.P., through its subsidiaries, owns, manages, and leases a portfolio of mineral properties in the United States.
CEOCorbin J. Robertson Jr.
SectorEnergy
IndustryCoal
Employees56
IPO dateOct 11, 2002
Valuation
Forward P/E—
EV/EBITDA8.72
Enterprise value$1.39B
Stock splits
Feb 18, 2016↓ Reverse
Every 10 shares became 1
Apr 19, 2007↑ Forward
Every 1 shares became 2
Profitability & growth
Revenue growth-25.26%
Gross margin91.9%▼18.81%vs FY2024
Operating margin72.71%▼15.24%vs FY2024
ROE21.51%▼36.56%vs FY2024
Analyst consensus
RatingHold
Target price—
4
Buy
5
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 6, 2026
Q2 FY26 · EPS est $0.25 · Revenue est $37.8M
View
Dividends
$2.37/shareQuarterlySafeNRP pays a dividend with a 2.01% dividend yield, growing at 5.66% annually, covered 2.9× by free cash flow.
Dividend Yield
2.01%
Annual Div / Share
$2.37
TTM $3.12
5yr CAGR
+5.66%
Doubles every ~12.6yr
Payout Ratio
41.77%
Safe
Dividend Growth Rate
3yr CAGR
-20.29%
5yr CAGR
+5.66%
10yr CAGR
+2.79%
Dividend Safety
9/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$2.37-21.0%
2025$3.00-36.0%
2024$4.69+0.2%
2023$4.68+73.3%
2022$2.70+50.0%
2021$1.80+0.0%
2020$1.80-32.1%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$20/yr
$2/mo
In 5 yrs
$26/yr+32%
$2/mo
In 10 yrs
$35/yr+73%
$3/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$20/yr $2/mo | $26/yr+32% $2/mo | $35/yr+73% $3/mo |
Yield-on-cost grows from 2.01% → 3.48% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 2.9× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 5.66% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.