How profitable is Natural Resource Partners LP (NRP)?

In FY 2025 (10-K), NRP converted $404.2M of revenue into a 52% gross margin, 35.7% operating margin, and $165.9M in free cash flow (41% FCF margin).

Stock Ratings / Energy / NRP / financials

AMR (43) BTU (24) CNR (37) HCC (56) ⌘ Pro Terminal →

Natural Resource Partners LP (NRP) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$114.20 -1.23% NYSE • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $114.22

Natural Resource Partners LP (NRP) earns a Roarable Rating of B- (Buy) with 70/100 RQD Confidence. High-quality cash engine (steady margins, 18% return on capital) with steady institutional support. The company’s underlying cash engine and institutional positioning keep the composite score in the Green Buy zone.

ROARABLE B- • BUY Cap $1.53B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is NRP stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, Natural Resource Partners LP (NYSE: NRP) is rated B- (Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 70/100 at a spot price of $114.20 (-1.23% 1D, market cap $1.53B). Pillar breakdown: Fundamental Cash Engine 14/20, Institutional 13F & Options Flow 12/20, SEC Balance-Sheet Forensics 13/20, FRED Macro Regime Fit 16/20, and Executive Insider Alignment 15/20. Across 211 tracked Energy issuers, NRP ranks #40 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does NRP compare to AMR and BTU in the Energy sector?

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Within the Energy sector (Coal Mining), NRP carries a Roarable B- (70/100 RQD), trailing P/E of N/A, gross margin of —, and ROIC of 18.4%. By comparison, AMR (Alpha Metallurgical Resources Inc.) holds a D- grade (43/100 RQD, P/E N/A, ROIC -4.1%, cap $2.02B) and BTU (Peabody Energy Corporation) posts a E grade (24/100 RQD, P/E N/A, ROIC -2.1%, cap $2.70B). Among the 5-stock peer group, HCC leads on earnings multiple (79.3x) while NRP leads on capital efficiency (18.4% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for NRP?

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Per NRP's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001171486), Natural Resource Partners LP generated $404.2M in revenue (+74.0% YoY), $0 in net income, and $165.9M in free cash flow against $748.4M in total assets and $18.9M in total debt. Key quantitative strengths: Company leadership has skin in the game with net positive insider conviction. Primary risk factors monitored: Broader market pullbacks can still drag down strong stocks in the short run. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

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INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $114.22 (+0.02%)🧬 Cannibal Buyback (-2.08% YoY Shares)⚙️ Cash Engine: 14/20 (B-) • 41% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record: Scores of 70/100 (B-) historically ranked in the Top 15% of excess returns over the next 90 days (+6.6% avg 90D alpha vs SPY • 68.1% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERBUY • B-

2-of-3 JEV AI Jury Bullish

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw C+ · Rk B

Each axis scored 0–20

12M PRICE TARGET CONE+5.4% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for NRP)Realized 20D OHLCV Swing Band: ±3.7%

Deterministic 5-Pillar Attribution (70/100 Composite)

🔍 WHY NRP SCORES 70/100 (B-) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Macro Regime Fit+16/20 pts (23% of score)

FRED Regime × Technicals: 56% of 52W Range • RSI-14 at 60.1 (BULLISH MOMENTUM)

▲ #2 Bullish Driver: Insider Conviction & Share Dilution+15/20 pts (21% of score)

SEC Form 4 / 13F Thermometer: 75% Net Buy • Cannibal Buyback (-2.08% YoY Shares)

▼ #1 Drag / Risk Factor: Whale & Options Positioning12/20 pts (-8 pt drag)

Put hedging (50% put share) caps near-term gamma upside (-8 pts vs max)

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade C+$111.75+2% Next Q

Q2 (-2Q)

Grade C+$113.94+3.3% Next Q

Q3 (-1Q)

Grade B-$117.66-2.9% Next Q

Current

Grade B-$114.20+6.6% Hist 90D α

Trajectory: C+ (62) → B- (70)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the NRP Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 70/100 (B-) score, NRP faces multiple-compression risk if current valuation multiples re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Broader market pullbacks can still drag down strong stocks in the short run.

⚠️ Forensic Kill-Switch #2

Dilution & Margin Drag: Cannibal Buyback (-2.08% YoY Shares) — any gross margin slip below 49.5% triggers an automatic RQD downgrade.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($111.76) or 200D SMA ($111.14) invalidates the momentum regime and cuts Target Base ($120.37) toward Bear Floor ($93.64).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $NRP• $2.4M Crowd Pool • Kalshi / Polymarket Composite

Contract: “NRP Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”

YES 70%NO 30%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How NRP Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$165.9M (41% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $278.7M

FY24

Rev $232.4M

FY25

Rev $404.2M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$404.2M	52%	35.7%	$0	$165.9M	18.4%
FY 2024	$232.4M	52%	85%	$0	$248.5M	24.3%
FY 2023	$278.7M	52%	85%	$0	$311.0M	18.4%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring NRP)

✓Walkthrough of NRP's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

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NRP // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -3.69%▲ ASCENDING CHANNEL

2026-11-03O $116.5H $116.5L $114.2C $114.2VOL 27.2K

RES: $118.2SUP: $107.5SMA50: $111.8SMA200: $111.1

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

NRP Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 NRP Butterfly Map → + Track NRP →

Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle

4.6%/yr Implied 5Y Growth

vs. +74.0% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on NRP today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for NRP. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for NRP today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (NRP)

Energy Rank #40 of 211 ⚔️ AMR vs NRP Full Matrix →

1. Head-to-Head Energy Peer Comparison (NRP vs. AMR, BTU, CNR, HCC)

Industry: Coal Mining (10 Tracked Issuers)

Across 211 tracked Energy securities in the Roarable RQD universe, Natural Resource Partners LP (NRP) ranks #40 by composite RQD confidence (70/100, grade B-) and #128 by equity capitalization ($1.53B). Within this direct 5-issuer industry benchmark cohort, HCC leads on earnings valuation at 79.3x trailing P/E, while NRP leads on capital efficiency and profitability with 18.4% ROIC and — gross margin. NRP currently leads its immediate peer cohort in composite quantitative strength at 70/100 (B-).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
NRP ACTIVE Natural Resource Partners LP	B-	70/100	—	—	18.4%	-1.23%	$1.53B	Benchmark Subject
AMR Alpha Metallurgical Resources Inc.	D-	43/100	—	—	-4.1%	-3.12%	$2.02B	/amr-vs-nrp →
BTU Peabody Energy Corporation	E	24/100	—	—	-2.1%	-5.09%	$2.70B	/btu-vs-nrp →
CNR Core Natural Resources Inc.	D-	37/100	—	—	-4.0%	-3.08%	$4.31B	/cnr-vs-nrp →
HCC Warrior Met Coal Inc.	D+	56/100	79.3x	22.4%	1.8%	-4.35%	$4.54B	/hcc-vs-nrp →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001171486 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Natural Resource Partners LP (NRP) reported GAAP revenue of $404.2M (+74.0% vs. FY2024 revenue of $232.4M , and +45.0% cumulative change since FY2023) , GAAP net income of $0, operating cash flow of $165.9M, and free cash flow of $165.9M (-33.3% YoY). On the balance sheet, NRP closed FY2025 with $748.4M in total assets against $18.9M in total debt (Altman Z-Score: N/A, Piotroski F-Score: 4/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$404.2M	$0	$165.9M	$165.9M	$748.4M	$18.9M
FY2024 (FY)	2024-12-31	$232.4M	$0	$248.5M	$248.5M	$772.9M	$127.9M
FY2023 (FY)	2023-12-31	$278.7M	$0	$311.0M	$311.0M	—	—

3. NRP Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is NRP stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does NRP compare to AMR and BTU in the Energy sector?

What are the biggest fundamental strengths and SEC risk factors for NRP?

Where is NRP trading relative to its 50-day, 200-day, and 52-week technical levels?

NRP last traded at $114.20 (-1.23% on volume of 22,702 shares), positioning the stock +2.18% above its 50-day simple moving average ($111.76) and +2.75% above its 200-day simple moving average ($111.14). Across its 52-week range of $95.51 to $128.60, NRP sits at the 56.5% percentile with a 14-day RSI of 60.1 (BULLISH MOMENTUM) and an implied next-earnings move of ±3.7% ($109.97 to $118.43).

Direct Sub-Reports: NRP RQD Cockpit NRP 12M Forecast NRP Earnings & Move NRP Dividends & DRIP NRP Insiders & 13F NRP Whale Options NRP Profit Sankey NRP News & Why

ROARABLE RATING BRIEF • RQD 70/100 (B-) ✓ SEC XBRL & RQD VERIFIED

NRP — Natural Resource Partners LP: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit

Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

Natural Resource Partners LP (NRP) earns a live Roarable RQD composite score of 70/100, corresponding to a B- letter grade (Roarable Buy) at a spot price of $114.20 (-1.23% 1D, market capitalization $1.53B).

Fundamental Cash Engine (14/20): Anchored by return on invested capital (ROIC) of 18.4%, gross margin of —, operating margin of —, and free cash flow yield of 10.74%.
Whale 13F & Options Flow (12/20) + Insider Conviction (15/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
Macro Regime Fit (16/20) + Forensic Balance Sheet (13/20): Incorporates a 1.00x equity beta, Altman Z-Score of N/A, Piotroski F-Score of 4/9, and Debt/Equity of 0.03x.

2. Business Model, Unit Margins & SEC Financial Trajectory

Natural Resource Partners LP (NRP) is a NYSE-listed issuer classified under the Energy sector and Coal Mining industry. The company reports no revenue figure for FY 2025 (—), with prior-period revenue of $232.4M for FY 2024 and $278.7M for FY 2023. Specific customers, products, and revenue-generation mechanics are not described in the source data.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), Natural Resource Partners LP (NRP) reported $404.2M in annual revenue (up from $232.4M in FY2024, +74.0% YoY) and $0 in GAAP net income. Over the multi-year SEC filing window from FY2023 ($278.7M revenue, $0 net income) through FY2025, NRP scaled operating cash flow to $165.9M and free cash flow to $165.9M, backed by $748.4M in total assets against $18.9M in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case (B- • RQD 70/100): Company leadership has skin in the game with net positive insider conviction. Free cash flow yield of 10.74% and institutional whale pillar of 12/20. With Fundamental Cash Engine at 14/20 and Institutional Whale Flow at 12/20, sustained execution supports upside toward the upper end of the $95.51 – $128.60 52-week range.
🐻 Primary Bear Case & Valuation Risk: Broader market pullbacks can still drag down strong stocks in the short run. Investors must weigh current valuation and 10.6x EV/EBITDA against — operating margins and a 1.00x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

An investor should note that the absence of graph data is not evidence of the absence of such linkages; it means the sources do not document them. Investors may wish to independently examine the company's coal-related exposure and any commodity-price or customer concentration, none of which are addressed in the provided sources.

Key Question #1: Can NRP sustain or expand its — operating margin and 18.4% ROIC against Coal Mining peers over the next 4 quarters?
Key Question #2: Following FY2025 revenue of $404.2M and free cash flow of $165.9M, how will capital allocation balance growth reinvestment against $18.9M in total debt?
Key Question #3: How sensitive is NRP's equity valuation to Energy capital spending cycles and macro interest-rate shifts (Beta 1.00x)?

NRP Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Natural Resource Partners LP (NRP) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to NRP Debate Forum (3) ↓

🟢 CATALYST Yahoo Finance • 21h ago

NRP Gains 16.9% in a Year: Should Investors Buy the Stock Now?

Yahoo Finance report covering Natural Resource Partners LP (NRP) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟢 CATALYST Yahoo! Finance Canada • 1d ago

Alliance Resource Partners, L.P. (ARLP) Stock Price, News, Quote & History

Yahoo! Finance Canada report covering Natural Resource Partners LP (NRP) market action, institutional positioning, and fundamental catalysts.

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🟢 CATALYST TradingView • 1d ago

Natural Resource Partners LP Limited Partnership Estimates – NYSE:NRP

TradingView report covering Natural Resource Partners LP (NRP) market action, institutional positioning, and fundamental catalysts.

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🟢 CATALYST Yahoo Finance • 1d ago

Natural Resource Partners L.P. Schedules Third Quarter 2026 Earnings Conference Call

Yahoo Finance report covering Natural Resource Partners LP (NRP) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE Stock Traders Daily • 1d ago

Liquidity Mapping Around (NRP) Price Events

Stock Traders Daily report covering Natural Resource Partners LP (NRP) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE Stock Traders Daily • 1d ago

Trading the Move, Not the Narrative: (NRP) Edition

Stock Traders Daily report covering Natural Resource Partners LP (NRP) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE Yahoo Finance Singapore • 1d ago

Core Natural Resources, Inc. (CNR) stock price, news, quote and history

Yahoo Finance Singapore report covering Natural Resource Partners LP (NRP) market action, institutional positioning, and fundamental catalysts.

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🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

NRP Bull vs. Bear Conversation Board — What's Your Call at $114.20?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON NRP 🐻 33% BEARISH CONVICTION

BR BreakoutHunter RQD DEBATE OPENER • Swing & Catalyst Trader 🐂 BULLISH 🎯 Target: $136.43 (+18.0%)

📌 Pinned Debate

Per the Roarable RQD rating, ROIC of 18.4% and an FCF yield of 10.74% show strong cash generation alongside low Debt/Equity of 0.03.

Here is why I am bullish on NRP here at $115.62: Per the Roarable RQD rating, ROIC of 18.4% and an FCF yield of 10.74% show strong cash generation alongside low Debt/Equity of 0.03.. Compare NRP's 0.0% operating margin and 18.4% ROIC against the rest of Coal Mining. As long as cash conversion holds up, dips toward $109.84 are getting bought.

SectorRotator 🐂 BULL

@BreakoutHunter Agree on the RQD 70/100 quality, though with 1.0 beta I'm scaling in with half-size at $115.62 and keeping dry powder in case we test $107.53.

MU MultipleCompression RQD DEBATE OPENER • Valuation Discipline 🐻 BEARISH 🎯 Target: $92.50 (-20.0%)

Spot @ $115.62

Reported net income is $0.0M across all periods with operating income and FCF declining from FY 2023 to FY 2025, leaving profitability

Reported net income is $0.0M across all periods with operating income and FCF declining from FY 2023 to FY 2025, leaving profitability unverified.. Look at the math on NRP: paying current EV/EBITDA multiples for 18.4% ROIC and 0.0% operating margins leaves zero margin of safety if Coal Mining demand softens. I'd wait for a retest of $101.75 before getting long.