
Cancel anytime
- Chart
- Upturn Summary
- Highlights
- Valuation
Upturn AI SWOT
- About


Natural Resource Partners LP (NRP)



- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- Pass (Skip investing)


(see disclosures)
- ALL
- YEAR
- MONTH
- WEEK
Upturn Advisory Summary
08/14/2025: NRP (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit 70.3% | Avg. Invested days 63 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
![]() ![]() | ![]() ![]() |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 1.24B USD | Price to earnings Ratio 8.99 | 1Y Target Price 96 |
Price to earnings Ratio 8.99 | 1Y Target Price 96 | ||
Volume (30-day avg) - | Beta 0.24 | 52 Weeks Range 78.98 - 110.00 | Updated Date 06/29/2025 |
52 Weeks Range 78.98 - 110.00 | Updated Date 06/29/2025 | ||
Dividends yield (FY) 3.18% | Basic EPS (TTM) 10.49 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 71.71% | Operating Margin (TTM) 68.36% |
Management Effectiveness
Return on Assets (TTM) 12.91% | Return on Equity (TTM) 30.6% |
Valuation
Trailing PE 8.99 | Forward PE 6.17 | Enterprise Value 1346850547 | Price to Sales(TTM) 5.39 |
Enterprise Value 1346850547 | Price to Sales(TTM) 5.39 | ||
Enterprise Value to Revenue 5.86 | Enterprise Value to EBITDA 6.83 | Shares Outstanding 13138100 | Shares Floating 9945145 |
Shares Outstanding 13138100 | Shares Floating 9945145 | ||
Percent Insiders 18.57 | Percent Institutions 32.2 |
Upturn AI SWOT
Natural Resource Partners LP

Company Overview
History and Background
Natural Resource Partners LP (NRP) was founded in 2002, focusing on acquiring and managing coal and other natural resource assets. It has evolved from a coal-focused business to a diversified natural resource holdings company.
Core Business Areas
- Coal: Owns and manages coal reserves, receiving royalty income from coal production. Focus has shifted away from direct coal operations.
- Soda Ash: Owns and manages trona ore reserves used in soda ash production. A significant portion of revenue comes from this segment.
- Construction Aggregates: Owns reserves of aggregates such as sand, gravel, and crushed stone, leased to operators for extraction and sale.
- Oil and Gas: Receives royalty income from oil and gas production on owned land.
- Timber: Owns timber reserves, leased to operators for timber extraction and sale.
Leadership and Structure
Craig Nunez serves as the President and Chief Executive Officer. The company operates as a limited partnership with a General Partner managing operations.
Top Products and Market Share
Key Offerings
- Coal Royalties: NRP receives royalty payments from coal mining operations on its land. Market share data is difficult to obtain due to the fragmented nature of the coal industry and varying royalty agreements. Competitors include other landowners and mineral rights holders (private and public) as well as coal mining companies that own their land.
- Construction Aggregates: NRP earns revenue from aggregate mines on its land. Market share data is difficult to obtain due to the local nature of the business. Competitors include private landowners that lease aggregate reserves as well as aggregate companies that own their mines.
- Soda Ash Royalties: NRP receives royalty payments from soda ash production on its trona ore reserves. Market share data is difficult to obtain, as royalty income is tied to production volumes of soda ash manufacturers. Major soda ash producers like Genesis Energy, L.P. are indirect competitors.
- Oil & Gas Royalties: NRP collects royalties on oil and gas production on its land. No single company accounts for all production. Landowners as well as companies that own mineral rights are indirect competitors.
Market Dynamics
Industry Overview
The natural resources industry is cyclical and influenced by commodity prices, economic growth, and government regulations. The coal industry is facing headwinds due to environmental concerns, while soda ash benefits from demand in glass manufacturing and other industrial applications. Construction Aggregates are highly dependent on the housing market and government infrastructure spending.
Positioning
NRP positions itself as a passive owner of natural resource assets, generating revenue through royalty and lease payments. Its competitive advantage lies in its diversified portfolio of mineral and land holdings, and its lower operational risk profile (as it doesn't directly operate mines or wells).
Total Addressable Market (TAM)
It's challenging to define a specific TAM as NRP operates across various resource sectors. However, one can estimate a TAM for individual products such as soda ash, construction aggregates, coal and Oil and Gas based on market values.
Upturn SWOT Analysis
Strengths
- Diversified asset base (coal, soda ash, construction aggregates, oil & gas, timber)
- Royalty-based revenue model (reduced operational risk)
- Experienced management team
- Strong balance sheet following debt reduction efforts
- Significant mineral reserve holdings
Weaknesses
- Exposure to commodity price volatility
- Dependence on operators' performance
- Potential environmental liabilities
- Regulatory risks affecting mining and energy industries
- Limited control over production levels
Opportunities
- Acquisitions of additional mineral rights and land holdings
- Growth in soda ash demand (driven by glass manufacturing and lithium-ion batteries)
- Increased infrastructure spending boosting construction aggregates demand
- Development of renewable energy projects on owned land (e.g., solar, wind)
- Strategic partnerships to enhance asset utilization
Threats
- Decline in coal demand due to environmental regulations and renewable energy adoption
- Commodity price downturns impacting royalty revenues
- Increased competition from other mineral rights owners
- Environmental regulations restricting mining and drilling activities
- Economic recessions reducing demand for natural resources
Competitors and Market Share
Key Competitors
- GEL
- CEIX
- ARCH
Competitive Landscape
NRP's competitive advantage lies in its royalty-based model and diversified asset base. It faces competition from other mineral rights owners and operators in each of its business segments.
Major Acquisitions
VantaCore Partners LLC
- Year: 2017
- Acquisition Price (USD millions): 205
- Strategic Rationale: The Acquisition of VantaCore expanded NRP's construction aggregates royalty business and allows further expansion of the aggregates and industrial minerals portfolio.
Growth Trajectory and Initiatives
Historical Growth: Historically, NRP's growth was linked to acquisitions of mineral reserves, particularly in coal. However, it has shifted towards a more diversified strategy, including soda ash and construction aggregates. Revenue trends have fluctuated with commodity prices and production volumes of its operators.
Future Projections: Future growth depends on commodity price trends, acquisition opportunities, and the performance of its operators. Analysts estimate moderate growth in revenues driven by soda ash and construction aggregates, offsetting declines in coal.
Recent Initiatives: Recent initiatives include focusing on debt reduction, divesting non-core assets, and expanding its presence in soda ash and construction aggregates. Investment in new technologies to improve operational efficiency is also a key focus.
Summary
Natural Resource Partners is a diversified royalty-based business involved in various natural resources. It has shifted its focus away from coal to a more diversified strategy including soda ash and construction aggregates. Its strength lies in its diversified asset base and low operating risk business model. It needs to be cautious of commodity price volatility and regulations that could impact the industry.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Natural Resource Partners LP Investor Relations
- SEC Filings (10-K, 10-Q)
- Financial News Outlets (e.g., Bloomberg, Reuters)
- Industry Reports (e.g., Wood Mackenzie, Argus Media)
Disclaimers:
This analysis is based on publicly available information and is not financial advice. Investment decisions should be based on thorough research and consultation with a qualified financial advisor. Market share data is estimated and may not be precise.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Natural Resource Partners LP
Exchange NYSE | Headquaters Houston, TX, United States | ||
IPO Launch date 2002-10-11 | Chairman & CEO of GP Natural Resource Partners LLC Mr. Corbin J. Robertson Jr. | ||
Sector Energy | Industry Thermal Coal | Full time employees - | Website https://nrplp.com |
Full time employees - | Website https://nrplp.com |
Natural Resource Partners L.P., together with its subsidiaries, owns, manages, and leases a portfolio of mineral properties in the United States. The company operates in 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 the Appalachia Basin, the Illinois Basin, and the Northern Powder River Basin in the United States; industrial minerals and aggregates properties located in the United States; and oil and gas properties located in Louisiana. 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.

Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.