NRP · CIK 0001171486

NATURAL RESOURCE PARTNERS LP

Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.

Revenue

$232.4M

▼ −16.6% vs FY2023

Net income

$136.4M

▼ −25.7% vs FY2024

Free cash flow

$165.9M

▼ −33.3% vs FY2024

Total assets

$748.4M

▼ −3.2% vs FY2024

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Recent quarters

momentum · last 12 quarters

Revenue — Mar ’25 quarter

$51.3M

▼ −21.8% vs Mar ’24

Net income — Mar ’26 quarter

$19.6M

▼ −51.3% vs Mar ’25

Revenue — trailing 12 months

$218.0M

▼ −18.7% vs Mar ’24

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

Quarterly net income

Discrete quarters; Q4 derived from the annual figure

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Mar ’25	$51.3M	−21.8%	—	$40.3M	78.5%	—
Dec ’24	$61.8M	−15.3%	—	$42.8M	69.2%	—
Sep ’24	$50.4M	−26.5%	—	$38.6M	76.6%	—
Jun ’24	$54.6M	−10.5%	—	$46.1M	84.4%	—
Mar ’24	$65.6M	−14.0%	—	$56.2M	85.7%	—
Dec ’23	$72.9M	−3.1%	—	$65.0M	89.1%	—
Sep ’23	$68.5M	−15.8%	—	$63.8M	93.2%	—
Jun ’23	$61.0M	−23.1%	—	$70.3M	115.3%	—

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Operating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Balance sheet

financial position

Net debt

Long-term debt less cash — negative means net cash

Growth rates

compounding, annualized

Revenue CAGR

+7.9%

+2.0%

−4.0%

10y

Net income CAGR

−20.2%

Free cash flow CAGR

−14.6%

+13.2%

−1.5%

10y

Key ratios

derived per fiscal year

Fiscal year	Op. margin	Net margin	FCF margin	ROA	Current ratio
FY2025	—	—	—	18.2%	1.85×
FY2024	85.7%	79.0%	106.9%	23.8%	2.00×
FY2023	105.0%	99.9%	111.6%	34.9%	1.11×
FY2022	99.4%	87.5%	86.9%	30.6%	1.39×
FY2021	79.8%	58.8%	65.8%	11.4%	2.53×
FY2020	−36.5%	−70.6%	74.3%	−9.2%	1.91×
FY2019	24.4%	−11.6%	—	−2.3%	2.11×
FY2018	95.0%	68.8%	93.2%	10.4%	1.63×
FY2017	72.7%	36.5%	52.4%	6.4%	0.76×
FY2016	72.4%	38.7%	43.1%	6.7%	0.56×
FY2015	−39.4%	−132.1%	44.8%	−34.2%	0.89×
FY2014	50.4%	31.1%	59.6%	4.5%	0.92×

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2025	—	—	$144.4M	$136.4M	—	$165.9M	$0	$748.4M	$115.8M	—	$30.1M	$33.1M
FY2024	$232.4M	—	$199.2M	$183.6M	—	$248.5M	$0	$772.9M	$221.8M	—	$30.4M	$142.1M
FY2023	$278.7M	—	$292.5M	$278.4M	—	$311.0M	$10K	$797.9M	$219.6M	—	$12.0M	$155.1M
FY2022	$307.0M	—	$305.2M	$268.5M	—	$266.8M	$118K	$877.1M	$235.1M	—	$39.1M	$168.3M
FY2021	$185.2M	—	$147.8M	$108.9M	—	$121.8M	$0	$953.8M	$513.9M	—	$135.5M	$433.5M
FY2020	$120.2M	—	−$43.9M	−$84.8M	—	$89.3M	$0	$921.9M	$549.0M	—	$99.8M	$471.5M
FY2019	$210.3M	—	$51.3M	−$24.5M	—	$137.3M	—	$1.1B	$585.3M	—	$98.3M	$516.2M
FY2018	$202.8M	—	$192.5M	$139.5M	—	$188.9M	$0	$1.3B	$756.5M	—	$101.8M	$672.8M
FY2017	$242.8M	—	$176.6M	$88.7M	—	$127.1M	$0	$1.4B	$953.9M	—	$29.8M	$809.3M
FY2016	$250.2M	—	$181.2M	$96.9M	—	$108.0M	$28K	$1.4B	$1.3B	—	$40.4M	$1.1B
FY2015	$432.7M	—	−$170.4M	−$571.7M	—	$203.4M	$9.6M	$1.7B	—	—	$41.2M	$1.4B
FY2014	$349.5M	—	$176.1M	$108.8M	—	$210.8M	$2.5M	$2.4B	—	—	$49.0M	$1.5B

Latest filings

the most recent regulatory filings

4Insider ownership filing2026-05-28 ↗SCHEDULE 13G/ASEC filing2026-05-12 ↗10-QQuarterly report2026-05-06 ↗8-KCurrent report — material event2026-05-06 ↗10-KAnnual report2026-02-27 ↗8-KCurrent report — material event2026-02-27 ↗4Insider ownership filing2026-02-12 ↗4Insider ownership filing2026-02-12 ↗4Insider ownership filing2026-02-12 ↗4Insider ownership filing2026-02-12 ↗

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Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Mar ’25

$51.3M

−21.8%

—

$40.3M

78.5%

—

Dec ’24

$61.8M

−15.3%

—

$42.8M

69.2%

—

Sep ’24

$50.4M

−26.5%

—

$38.6M

76.6%

—

Jun ’24

$54.6M

−10.5%

—

$46.1M

84.4%

—

Mar ’24

$65.6M

−14.0%

—

$56.2M

85.7%

—

Dec ’23

$72.9M

−3.1%

—

$65.0M

89.1%

—

Sep ’23

$68.5M

−15.8%

—

$63.8M

93.2%

—

Jun ’23

$61.0M

−23.1%

—

$70.3M

115.3%

—

Fiscal year

Op. margin

Net margin

FCF margin

ROA

Current ratio

FY2025

—

18.2%

1.85×

FY2024

85.7%

79.0%

106.9%

23.8%

2.00×

FY2023

105.0%

99.9%

111.6%

34.9%

1.11×

FY2022

99.4%

87.5%

86.9%

30.6%

1.39×

FY2021

79.8%

58.8%

65.8%

11.4%

2.53×

FY2020

−36.5%

−70.6%

74.3%

−9.2%

1.91×

FY2019

24.4%

−11.6%

—

−2.3%

2.11×

FY2018

95.0%

68.8%

93.2%

10.4%

1.63×

FY2017

72.7%

36.5%

52.4%

6.4%

0.76×

FY2016

72.4%

38.7%

43.1%

6.7%

0.56×

FY2015

−39.4%

−132.1%

44.8%

−34.2%

0.89×

FY2014

50.4%

31.1%

59.6%

4.5%

0.92×

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2025

—

$144.4M

$136.4M

—

$165.9M

$748.4M

$115.8M

—

$30.1M

$33.1M

FY2024

$232.4M

—

$199.2M

$183.6M

—

$248.5M

$772.9M

$221.8M

—

$30.4M

$142.1M

FY2023

$278.7M

—

$292.5M

$278.4M

—

$311.0M

$10K

$797.9M

$219.6M

—

$12.0M

$155.1M

FY2022

$307.0M

—

$305.2M

$268.5M

—

$266.8M

$118K

$877.1M

$235.1M

—

$39.1M

$168.3M

FY2021

$185.2M

—

$147.8M

$108.9M

—

$121.8M

$953.8M

$513.9M

—

$135.5M

$433.5M

FY2020

$120.2M

—

−$43.9M

−$84.8M

—

$89.3M

$921.9M

$549.0M

—

$99.8M

$471.5M

FY2019

$210.3M

—

$51.3M

−$24.5M

—

$137.3M

—

$1.1B

$585.3M

—

$98.3M

$516.2M

FY2018

$202.8M

—

$192.5M

$139.5M

—

$188.9M

$1.3B

$756.5M

—

$101.8M

$672.8M

FY2017

$242.8M

—

$176.6M

$88.7M

—

$127.1M

$1.4B

$953.9M

—

$29.8M

$809.3M

FY2016

$250.2M

—

$181.2M

$96.9M

—

$108.0M

$28K

$1.4B

$1.3B

—

$40.4M

$1.1B

FY2015

$432.7M

—

−$170.4M

−$571.7M

—

$203.4M

$9.6M

$1.7B

—

$41.2M

$1.4B

FY2014

$349.5M

—

$176.1M

$108.8M

—

$210.8M

$2.5M

$2.4B

—

$49.0M

$1.5B