10-K · February 27, 2026
Natural Resource Partners reported 2025 revenues and other income of $207,282,000, of which $204,222,000 (99%) came from its Mineral Rights segment and $3,060,000 (1%) from its 49% Soda Ash equity interest. Coal sales…
Earnings analysis · 10-Q
NRP earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Natural Resource Partners L.P. reported a disappointing Q1 2026, with revenues declining to $39.35 million, significantly missing analyst expectations of $46 million. The diluted EPS of $1.44 also fell short of the…
Read full summary
Natural Resource Partners L.P. reported a disappointing Q1 2026, with revenues declining to $39.35 million, significantly missing analyst expectations of $46 million. The diluted EPS of $1.44 also fell short of the $2.27 estimate, impacted by reduced coal and soda ash demand and substantial capital investment in soda ash operations. Despite a strong liquidity position of $185.4 million, the company's negative free cash flow of ($5.43 million) signals ongoing challenges in the current market environment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.44
- Segment
- Mineral Rights
- Segment
- Soda Ash
What stood out
-
Revenues Declined 35% YOY
Q1 2026 revenues were $39.35M, down from $60.54M in Q1 2025.
-
Diluted EPS Missed Targets
Diluted EPS was reported at $1.44, well below the anticipated $2.27.
-
Negative Free Cash Flow
Free cash flow stood at ($5.43M) due to a $39.2M capital investment in soda ash.
-
Strong Liquidity Position
Ended Q1 2026 with $185.4M in liquidity ($31.5M cash and $153.9M borrowing capacity).
-
Mineral Rights Revenue Impacted by Coal Sales
Mineral Rights revenue decreased $8.7M, a 16% decline YOY driven by reduced coal sales.
-
Soda Ash Revenue Plummeted
Soda Ash segment revenues dropped $12.4M, down 270% compared to the previous year.
What to watch
-
Poor Performance in Soda Ash Market
Soda Ash segment reported a loss of $7.9M, with oversupply and low prices persisting.
-
Decreased Coal Demand
Lower metallurgical and thermal coal sales led to a revenue decrease in the Mineral Rights segment.
-
Negative Market Conditions
Management notes ongoing weak demand for coal and soda ash, with no immediate recovery in sight.
Management's outlook
Management indicated ongoing market pressures but did not provide specific numeric guidance.
Earlier filings 4
10-Q · May 6, 2025
Natural Resource Partners reported Q1 revenue of $60,538,000 and diluted EPS of $2.97, with operating income of $42,921, reflecting weaker royalty and mineral rights revenue versus the year-ago quarter. Mineral Rights…
10-K · February 28, 2025
NRP’s 2024 Form 10-K emphasizes a royalty-led strategy across ~13 million acres (roughly 20,000 square miles) and a 49% non‑controlling interest in Sisecam Wyoming, reporting total 2024 revenues and other income of…
10-Q · November 5, 2024
NRP reported Q3 revenue of $60,327,000 and diluted EPS of $2.00, down materially versus the prior-year quarter. Operating income remained strong at $42,789,000 (operating margin ~70.95%), and the partnership generated…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.