Natural Resource Partners LP
NYSE: NRP · ENERGY · THERMAL COAL
Updated 2026-06-05
Natural Resource Partners LP (NRP) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $170.67M | $214.99M | $291.67M | $256.08M | $301.40M | $377.68M | $379.15M | $323.93M | $358.34M | $438.93M | $330.92M | $333.70M | $202.76M | $210.35M | $129.01M | $194.25M | $328.08M | $293.66M | $245.03M | $202.34M |
| Revenue growth (YoY) | — | +26.0% | +35.7% | -12.2% | +17.7% | +25.3% | +0.4% | -14.6% | +10.6% | +22.5% | -24.6% | +0.8% | -39.2% | +3.7% | -38.7% | +50.6% | +68.9% | -10.5% | -16.6% | -17.4% |
| Cost of revenue | $1.56M | $1.34M | $65.76M | $2.39M | $1.50M | $3.06M | $62.02M | $67.12M | $126.91M | $100.83M | $46.27M | $35.99M | $21.69M | $14.93M | $9.20M | $19.07M | $22.52M | $32.31M | $32.31M | $38.06M |
| Gross profit | $169.11M | $213.65M | $225.90M | $253.70M | $299.90M | $374.63M | $317.13M | $256.81M | $231.43M | $338.10M | $284.64M | $297.71M | $181.08M | $195.42M | $119.81M | $175.17M | $305.57M | $261.34M | $245.03M | $164.28M |
| Gross margin | 99.1% | 99.4% | 77.5% | 99.1% | 99.5% | 99.2% | 83.6% | 79.3% | 64.6% | 77.0% | 86.0% | 89.2% | 89.3% | 92.9% | 92.9% | 90.2% | 93.1% | 89.0% | 100.0% | 81.2% |
| R&D | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $15.52M | $20.05M | $13.92M | $23.10M | $29.89M | $29.55M | $29.71M | $37.56M | $10.54M | $12.35M | $20.57M | $18.50M | $16.50M | $16.73M | $14.29M | $17.36M | $21.85M | $26.11M | $25.15M | $24.10M |
| Operating income | $115.78M | $128.30M | $197.01M | $153.97M | $196.06M | $104.14M | $267.17M | $236.24M | $188.92M | $-477.91M | $185.75M | $183.97M | $192.54M | $51.32M | $-43.85M | $147.78M | $248.81M | $292.54M | $199.20M | $139.43M |
| Operating margin | 67.8% | 59.7% | 67.5% | 60.1% | 65.0% | 27.6% | 70.5% | 72.9% | 52.7% | -108.9% | 56.1% | 55.1% | 95.0% | 24.4% | -34.0% | 76.1% | 75.8% | 99.6% | 81.3% | 68.9% |
| EBITDA | $148.21M | $182.58M | $262.62M | $213.99M | $253.07M | $169.32M | $325.55M | $301.58M | $269.13M | $-109.23M | $232.84M | $187.93M | $214.23M | $36.97M | $-34.65M | $166.85M | $317.29M | $311.03M | $214.73M | $159.31M |
| EBITDA margin | 86.8% | 84.9% | 90.0% | 83.6% | 84.0% | 44.8% | 85.9% | 93.1% | 75.1% | -24.9% | 70.4% | 56.3% | 105.7% | 17.6% | -26.9% | 85.9% | 96.7% | 105.9% | 87.6% | 78.7% |
| EBIT | $118.51M | $131.19M | $198.36M | $153.97M | $196.10M | $104.20M | $267.33M | $237.21M | $189.25M | $-210.06M | $186.56M | $164.51M | $192.54M | $22.04M | $-43.85M | $147.78M | $294.77M | $292.54M | $199.20M | $144.35M |
| Interest expense | $16.42M | $28.69M | $28.36M | $40.11M | $41.63M | $49.18M | $53.97M | $64.40M | $80.19M | $89.76M | $90.57M | $82.90M | $70.18M | $47.45M | $40.97M | $38.88M | $26.27M | $14.10M | $15.55M | $7.98M |
| Income tax | $13.69M | $25.80M | $1.35M | — | $-154.46M | $51.18M | $53.97M | $98.58M | $121.60M | $143.75M | $128.95M | $123.90M | $101.31M | $93.59M | $51.70M | $60.75M | $36.74M | $169.16M | $-180.55M | — |
| Effective tax rate | 11.8% | 20.1% | 0.8% | 0.0% | -10029835.1% | 49.1% | 20.2% | 36.4% | 52.8% | -33.6% | 57.1% | 58.3% | 42.1% | 135.4% | -156.1% | 35.8% | 12.0% | 38.1% | -5827.8% | 0.0% |
| Net income | $102.09M | $102.50M | $170.01M | $114.08M | $154.46M | $53.03M | $213.35M | $172.08M | $108.83M | $-571.72M | $96.89M | $88.67M | $139.54M | $-24.46M | $-84.82M | $108.90M | $268.49M | $274.42M | $183.64M | $133.64M |
| Net income growth (YoY) | — | +0.4% | +65.9% | -32.9% | +35.4% | -65.7% | +302.3% | -19.3% | -36.8% | -625.3% | +116.9% | -8.5% | +57.4% | -117.5% | -246.8% | +228.4% | +146.5% | +2.2% | -33.1% | -27.2% |
| Profit margin | 59.8% | 47.7% | 58.3% | 44.5% | 51.2% | 14.0% | 56.3% | 53.1% | 30.4% | -130.3% | 29.3% | 26.6% | 68.8% | -11.6% | -65.7% | 56.1% | 81.8% | 93.4% | 74.9% | 66.0% |
Frequently asked questions
What is Natural Resource Partners LP's revenue?
Natural Resource Partners LP's trailing twelve-month revenue is $193.84M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NRP?
In its most recent fiscal year, NRP ran a gross margin of 81.19%, an operating margin of 68.91%, and a net margin of 66.05%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NRP generate?
NRP produced $165.86M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NRP's balance sheet healthy?
NRP holds $30.14M in cash and equivalents against $18.88M in long-term debt, on $621.19M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.