Latest Ratios: P/E Ratio 9.7x · EV/EBITDA 8.4x · ROE 22.6%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $1.4B | $1.5B | $1.5B | $1.1B | $526M | $169M | $247M | $533M | $407M | $395M |
| Enterprise Value | $1.3B | $1.4B | $1.6B | $1.6B | $1.2B | $824M | $540M | $668M | $1.1B | $1.2B | $1.5B |
| P/E Ratio → | 9.74 | 10.40 | 9.78 | 7.08 | 4.06 | 4.93 | — | — | 4.35 | 6.57 | 4.15 |
| P/S Ratio | 6.40 | 6.85 | 6.06 | 5.07 | 3.27 | 2.71 | 1.31 | 1.17 | 2.63 | 1.22 | 1.19 |
| P/B Ratio | 2.05 | 2.19 | 2.69 | 2.58 | 1.67 | 1.20 | 0.45 | 0.49 | 1.51 | 2.07 | 2.65 |
| P/FCF | 7.81 | 8.36 | 5.97 | 4.79 | 4.02 | 4.32 | 1.89 | 1.80 | 2.82 | 3.39 | 3.85 |
| P/OCF | 7.81 | 8.36 | 5.97 | 4.79 | 4.02 | 4.32 | 1.89 | 1.80 | 2.82 | 3.20 | 3.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.87 | 6.51 | 5.58 | 3.68 | 4.24 | 4.19 | 3.18 | 5.45 | 3.56 | 4.48 |
| EV / EBITDA | 8.41 | 9.00 | 7.43 | 5.26 | 3.68 | 4.94 | — | 10.08 | 5.16 | 5.73 | 6.38 |
| EV / EBIT | 9.31 | 9.63 | 8.01 | 5.60 | 4.09 | 5.58 | — | 30.32 | 5.74 | 7.23 | 7.94 |
| EV / FCF | — | 8.38 | 6.42 | 5.26 | 4.52 | 6.77 | 6.05 | 4.87 | 5.85 | 9.92 | 14.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.2% | 81.2% | 100.0% | 89.0% | 93.1% | 90.2% | 92.9% | 92.9% | 89.3% | 89.2% | 86.0% |
| Operating Margin | 68.9% | 68.9% | 81.3% | 99.6% | 93.0% | 76.1% | -34.0% | 24.4% | 95.0% | 55.1% | 56.1% |
| Net Profit Margin | 66.0% | 66.0% | 74.9% | 93.4% | 81.8% | 56.1% | -65.7% | -11.6% | 68.8% | 26.6% | 29.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.6% | 22.6% | 32.5% | 45.0% | 49.6% | 26.8% | -19.4% | -5.7% | 50.9% | 51.3% | 86.3% |
| ROA | 17.6% | 17.6% | 23.4% | 32.8% | 29.3% | 11.6% | -8.4% | -2.0% | 10.2% | 6.3% | 6.2% |
| ROIC | 16.1% | 16.1% | 21.5% | 29.2% | 30.3% | 15.0% | -3.9% | 4.2% | 15.2% | 12.5% | 10.5% |
| ROCE | 19.1% | 19.1% | 26.8% | 37.4% | 35.8% | 16.9% | -4.7% | 4.6% | 15.6% | 14.6% | 13.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.26 | 0.28 | 0.27 | 0.99 | 1.26 | 1.04 | 1.91 | 4.12 | 7.56 |
| Debt / EBITDA | 0.21 | 0.21 | 0.66 | 0.51 | 0.52 | 2.60 | — | 7.84 | 3.14 | 3.90 | 4.85 |
| Net Debt / Equity | — | 0.00 | 0.20 | 0.25 | 0.21 | 0.68 | 1.00 | 0.84 | 1.62 | 3.98 | 7.29 |
| Net Debt / EBITDA | 0.02 | 0.02 | 0.52 | 0.47 | 0.40 | 1.79 | — | 6.36 | 2.67 | 3.77 | 4.68 |
| Debt / FCF | — | 0.02 | 0.45 | 0.47 | 0.50 | 2.45 | 4.16 | 3.07 | 3.02 | 6.53 | 10.59 |
| Interest Coverage | 18.08 | 18.08 | 12.81 | 20.74 | 11.22 | 3.80 | -1.07 | 0.46 | 2.74 | 1.98 | 2.06 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.85 | 1.85 | 2.00 | 1.11 | 1.39 | 2.53 | 1.91 | 2.11 | 1.63 | 0.76 | 0.56 |
| Quick Ratio | 1.85 | 1.85 | 2.00 | 1.11 | 1.39 | 2.53 | 1.91 | 2.11 | 1.63 | 0.70 | 0.52 |
| Cash Ratio | 0.91 | 0.91 | 0.96 | 0.24 | 0.65 | 2.10 | 1.63 | 1.57 | 0.68 | 0.22 | 0.21 |
| Asset Turnover | — | 0.27 | 0.32 | 0.37 | 0.37 | 0.20 | 0.14 | 0.19 | 0.15 | 0.24 | 0.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 4.77 | 6.71 |
| Days Sales Outstanding | — | 51.71 | 46.88 | 51.23 | 47.51 | 47.55 | 44.22 | 53.72 | 62.18 | 26.48 | 55.00 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 4.1% | 4.9% | 4.7% | 3.2% | 4.3% | 10.0% | 13.4% | 4.2% | 5.5% | 5.7% |
| Payout Ratio | 42.2% | 42.2% | 39.3% | 25.5% | 12.8% | 20.8% | — | — | 16.1% | 25.3% | 23.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.3% | 9.6% | 10.2% | 14.1% | 24.6% | 20.3% | — | — | 23.0% | 15.2% | 24.1% |
| FCF Yield | 12.8% | 12.0% | 16.7% | 20.9% | 24.8% | 23.1% | 53.0% | 55.6% | 35.4% | 29.5% | 26.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.3% | 4.1% | 4.9% | 4.7% | 3.2% | 4.3% | 10.0% | 13.4% | 5.9% | 5.5% | 5.7% |
| Shares Outstanding | — | $13M | $13M | $16M | $20M | $16M | $12M | $12M | $14M | $16M | $12M |
Commodity price cyclicality exposure
Based on current market data, NRP trades at a 10.06x TTM P/E, which appears to discount future growth potential as investors weigh the 17.42% revenue contraction against the firm's passive royalty model and the inherent finite nature of its underlying mineral reserve assets in the US.
The forward P/E of 21.39 suggests that the market anticipates a significant earnings compression, likely driven by the cyclical downturn in coal and soda ash pricing. This valuation gap compared to historical averages warrants caution, as it implies that the market is pricing the equity as a terminal-value asset rather than a growth-oriented entity.
According to quarterly financial statements, NRP's ROIC has trended downward from 7.1% in 2023Q4 to 2.5% in 2026Q1, indicating that the company is struggling to maintain historical compounding efficiency as its primary mineral assets face natural depletion and reduced production volumes from its lessee base.
The decline in ROIC suggests that the firm's capital allocation strategy is becoming less effective at generating returns on its remaining asset base. Investors should monitor whether management can identify new, accretive mineral interests or if the current trend of harvesting existing assets will continue to erode long-term return profiles.
As reported in recent filings, NRP's DSO has fluctuated between 48 and 63 days over the last ten quarters, reflecting the inherent volatility in royalty collection cycles and the firm's dependence on the operational health and payment timing of its third-party mining lessees across various basins.
The lack of consistent DIO and DPO data is typical for a royalty-based model, yet the variability in DSO suggests that cash conversion is highly sensitive to lessee performance. This dependency creates a structural risk where operational disruptions at the mine level can lead to unpredictable cash flow timing for the partnership.
Based on the provided balance sheet data, NRP has achieved a fortress-like position with a debt-to-equity ratio of just 0.02% as of 2026Q1, effectively insulating the partnership from interest rate shocks and providing significant flexibility despite the ongoing contraction in its core royalty revenue streams.
The near-total elimination of debt is a clear indicator of a conservative capital allocation strategy that prioritizes solvency over leverage-driven growth. This financial position provides a critical buffer, allowing the firm to navigate commodity price troughs that would otherwise threaten the viability of more highly leveraged industry peers.
The P/E ratio is frequently misapplied to NRP, as it obscures the impact of non-cash depletion charges that artificially depress reported net income while failing to account for the actual cash-generative capacity of the firm's mineral royalty interests and its equity-accounted soda ash partnership.
Analysts should prioritize Distributable Cash Flow (DCF) or Net Asset Value (NAV) models to better capture the economic reality of the business. Relying on P/E ignores the fact that the company is essentially a liquidating trust, where accounting earnings are secondary to the sustainability of cash distributions from finite assets.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying NRP stock.
Natural Resource Partners L.P.'s current P/E ratio is 9.7x. The historical average is 17.8x. This places it at the 38th percentile of its historical range.
Natural Resource Partners L.P.'s current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.7x.
Natural Resource Partners L.P.'s return on equity (ROE) is 22.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 21.7%.
Based on historical data, Natural Resource Partners L.P. is trading at a P/E of 9.7x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Natural Resource Partners L.P.'s current dividend yield is 4.35% with a payout ratio of 42.2%.
Natural Resource Partners L.P. has 81.2% gross margin and 68.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Natural Resource Partners L.P.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.