Natural Resource Partners LP
NRP on NYSE. Bituminous coal & lignite surface mining. Market value $1.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 13.1 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 81 of 100. Our list needs 70 on quality and 60 on price.
$110.24 a share, 15% above its 1-year low
Over the past year the price has ranged from $95.51 to $128.60.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $216m | $307m | $279m | $232m | n/a |
| Operating margin | |||||
| Operating margin | 68.4% | 99.4% | 105.0% | 85.7% | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 13.6% a year
- Buying back its own sharesNo, 6% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $25 million, down 26% on a year ago.
- It has $3 million more cash than debt. A year ago debt was $71 million more than cash.
| Quarter to | Amount |
|---|---|
| September 2024 | $27m |
| December 2024 | $43m |
| March 2025 | $40m |
| June 2025 | $34m |
| September 2025 | $31m |
| December 2025 | $31m |
| March 2026 | $20m |
| June 2026 | $25m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 75 funds in all.
- Oakcliff CapitalBryan Lawrence
- Value
- $10m
- Share of fund
- 3.7%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Saber Capital ManagementJohn Huber | $21m | 15.0% | Added |
| Oakcliff CapitalBryan Lawrence | $10m | 3.7% | |
| Horizon KineticsMurray Stahl | $6m | <0.1% | Added |
Largest holders overall
- Morgan Stanley$104mAdded
- Goldman Sachs Group$59m
- Corient Private Wealth LP$57mCut
- UBS Group AG$34mAdded
- Solidarity Wealth$25mAdded
- Progeny 3$22mCut
- Saber Capital Management$21mAdded
- ING Groep NV$19mAdded
- Long Corridor Asset Management$12mAdded
- Eubel Brady & Suttman Asset Management$11m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- THE GOLDMAN SACHS GROUP, INC.Passive investorat least 4.7%(filed with 1 related holder)Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
THE GOLDMAN SACHS GROUP, INC. Passive investor | at least 4.7% (filed with 1 related holder) | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $34,332 of shares on the open market. 1 sold $243,954.
- WOOTEN GREGORY FExecutive Vice PresidentSold
- Date
- 28 August 2026
- Shares
- 2,200
- Price
- $110.89
- Value
- $243,954
- Craig Kevin JExecutive Vice PresidentBought
- Date
- 26 May 2026
- Shares
- 336
- Price
- $102.18
- Value
- $34,332
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 August 2026 | WOOTEN GREGORY F Executive Vice President | Sold | 2,200 | $110.89 | $243,954 |
| 26 May 2026 | Craig Kevin J Executive Vice President | Bought | 336 | $102.18 | $34,332 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 2 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.