Natural Resource Partners L.P. (NRP) is a Energy stock trading at $112.49 (as of 2026-09-02), with a market capitalization of $1.49B and a trailing P/E of 8.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
Natural Resource Partners L.P., through its subsidiaries, owns, manages, and leases a portfolio of mineral properties in the United States. It operates through two segments, Mineral Rights and Soda Ash. The company owns interests in coal, soda ash, trona, and other natural resources. Its coal reserves are primarily located in Appalachia, the Illinois Basin, and the Northern Powder River Basin in the United States; industrial minerals and aggregates properties are located in the United States; oil and gas properties located in Louisiana; timber assets located in West Virginia; and trona ore mining operation and soda ash refinery are located in the Green River Basin, Wyoming. The company leases a portion of its reserves in exchange for royalty payments; and owns and leases transportation and processing infrastructure related to coal properties. NRP (GP) LP serves as the general partner of the company. Natural Resource Partners L.P. was incorporated in 2002 and is headquartered in Houston, Texas.
NRP owns and leases mineral rights (coal, soda ash, trona) across Appalachia, the Illinois Basin, and the Powder River Basin, earning royalties from production it does not extract. The lease-and-royalty structure means revenue tracks directly to commodity volumes and prices with minimal operating costs.
NRP collects a fixed royalty percentage on every ton of coal or pound of soda ash produced on its leased land, so its cost base stays nearly flat while revenue flexes with volumes and prices, creating extreme operating leverage in either direction.
Business quality (Mixed): Mixed. The 84% operating margin reflects a capital-light royalty model, but a 22% revenue decline and all key commodities sitting at or below marginal costs point to a cyclical trough that may persist into 2026.
Valuation: At 8× earnings, NRP trades 67% below the Coal average (24×). Note: the low multiple may reflect one-time earnings items.
| Price | $112.49 |
| Market Cap | $1.49B |
| P/E Ratio | 8.9 |
| EV / EBITDA | 10.3 |
| Price / Sales | 6.84 |
| FCF Yield | 11.1% |
| DCF Value (model) | $414.99 |
| DCF Upside vs Price | 268.9% |
| Revenue (TTM) | $232.35M |
| Net Margin | 79.0% |
| Revenue Growth (YoY) | -21.8% |
| Stock P/E | 8.9 |
| Sector P/E (Energy) | 16.1 |
| Industry P/E (Coal) | 25.1 |
| vs Sector | -44.7% |
| vs Industry | -64.6% |
| Top Institutional Holder | MORGAN STANLEY ($125.71M) |
| Institutional Holders Tracked | 10 |
| Sector | Energy |
| Industry | Coal |
| CEO | Corbin J. Robertson Jr. |
| Employees | 56 |
| Country | US |
| IPO Date | 2002-10-11 |
Data as of 2026-09-02.
Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.