UNL · CIK 0001405513
United States 12 Month Natural Gas Fund, LP
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Commodity Contracts Brokers & Dealers
Company profile
Revenue
−$736K
▲ +20.5% vs FY2024
Net income
−$971K
▲ +20.3% vs FY2024
Operating cash flow
$2.0M
▲ +130.8% vs FY2024
Total assets
$18.8M
▼ −1.2% vs FY2024
Revenue
Annual, as reported
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersRevenue — Mar ’26 quarter
−$594K
▼ −114.0% vs Mar ’25
Net income — Mar ’26 quarter
−$660K
▼ −115.8% vs Mar ’25
Revenue — trailing 12 months
−$5.6M
▼ −200.3% vs Mar ’25
Quarterly revenue
Discrete quarters; Q4 derived from the annual figure
Quarterly net income
Losses shown in terracotta
| Quarter | Revenue | Rev. YoY | Gross margin | Net income | Net margin | Diluted EPS |
|---|---|---|---|---|---|---|
| Mar ’26 | −$594K | −114.0% | — | −$660K | 111.1% | — |
| Dec ’25 | −$1.4M | −347.1% | — | −$1.4M | 104.4% | — |
| Sep ’25 | −$1.3M | −159.8% | — | −$1.3M | 105.0% | — |
| Jun ’25 | −$2.3M | −285.5% | — | −$2.4M | 102.2% | — |
| Mar ’25 | $4.2M | 289.4% | — | $4.2M | 98.6% | — |
| Dec ’24 | $552K | 112.2% | — | $477K | 86.3% | — |
| Sep ’24 | −$494K | 43.9% | — | −$596K | 120.6% | — |
| Jun ’24 | $1.3M | 1009.6% | — | $1.2M | 93.7% | — |
Profitability & returns
quality of earningsMargins
Share of revenue kept at each line
Returns on capital
Net income vs year-end equity and assets
Cash flow
cash generationOperating cash flow
Net cash from operations
Key ratios
derived per fiscal year| Fiscal year | Net margin | ROA |
|---|---|---|
| FY2025 | — | −5.2% |
| FY2024 | — | −6.4% |
| FY2023 | — | −81.0% |
| FY2022 | 91.9% | 14.5% |
| FY2021 | 96.8% | 19.3% |
| FY2020 | — | −2.9% |
| FY2019 | — | −23.7% |
| FY2018 | 90.7% | 9.8% |
| FY2017 | — | −37.4% |
| FY2016 | 95.9% | 15.4% |
| FY2015 | — | −34.4% |
| FY2014 | — | −24.0% |
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 | −$736K | — | — | −$971K | — | $2.0M | — | $18.8M | $105K | — | $18.2M | — |
| FY2024 | −$925K | — | — | −$1.2M | — | −$6.3M | — | $19.0M | $373K | — | $17.9M | — |
| FY2023 | −$13.1M | — | — | −$13.3M | — | −$17.2M | — | $16.4M | $94K | — | $14.5M | — |
| FY2022 | $4.0M | — | — | $3.6M | — | $12.5M | — | $25.1M | $118K | — | $22.0M | — |
| FY2021 | $3.3M | — | — | $3.2M | — | $2.6M | — | $16.4M | $72K | — | $14.4M | — |
| FY2020 | −$172K | — | — | −$215K | — | −$644K | — | $7.4M | $32K | — | $6.5M | — |
| FY2019 | −$775K | — | — | −$814K | — | −$515K | — | $3.4M | $60K | — | $3.0M | — |
| FY2018 | $625K | — | — | $567K | — | $104K | — | $5.8M | $138K | — | $5.2M | — |
| FY2017 | −$3.1M | — | — | −$3.1M | — | −$1.9M | — | $8.4M | $80K | — | $7.2M | — |
| FY2016 | $3.0M | — | — | $2.9M | — | −$232K | — | $18.7M | $2.2M | — | $15.1M | — |
| FY2015 | −$4.4M | — | — | −$4.5M | — | −$5.9M | — | $13.2M | $85K | — | $11.2M | — |
| FY2014 | −$3.8M | — | — | −$4.0M | — | −$2.6M | — | $16.5M | $94K | — | $15.1M | — |
Latest filings
the most recent regulatory filings8-KCurrent report — material event2026-06-29 ↗8-KCurrent report — material event2026-05-28 ↗POS EXSEC filing2026-05-14 ↗10-QQuarterly report2026-05-08 ↗8-KCurrent report — material event2026-04-29 ↗424B3Prospectus2026-04-24 ↗424ISEC filing2026-03-31 ↗8-KCurrent report — material event2026-03-27 ↗8-KCurrent report — material event2026-03-27 ↗8-KCurrent report — material event2026-03-20 ↗
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