Natural Resource Partners L.P. (NRP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+175.4%

$316.68

vs $115.00 price

Levered DCF

$300.81

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

9.3

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.26×	9.5×	5.55×	2.9×	3.86×	-1.49×	-4.62×	4.35×
P/B	2.23×	2.66×	2.05×	1.07×	0.94×	0.45×	0.49×	1.5×
P/S	6.85×	5.88×	3.98×	2.07×	2.12×	1.31×	1.17×	2.63×
EV / EBITDA	8.72×	7.23×	4.23×	2.56×	4.26×	-15.59×	18.07×	5.16×
Gross margin	81.2%	88.6%	89.0%	93.1%	90.2%	92.9%	92.9%	89.3%
Operating margin	68.9%	81.3%	99.6%	75.8%	76.1%	-34.0%	24.4%	95.0%
Net margin	66.0%	74.9%	93.4%	81.8%	56.1%	-65.7%	-11.6%	68.8%
Current ratio	1.85×	2×	1.11×	1.39×	2.53×	1.91×	2.11×	1.63×
Debt / equity	0.05×	0.26×	0.28×	0.27×	0.99×	1.27×	1.04×	1.89×
Interest coverage	17.46×	12.81×	20.74×	9.47×	3.8×	-1.07×	1.08×	2.74×
Dividend yield	4.1%	5.4%	7.9%	9.5%	9.3%	23.4%	25.6%	9.8%
Payout ratio	42.2%	42.8%	33.5%	24.1%	35.1%	-46.4%	-258.2%	37.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.5%	33.9%	48.1%	42.2%	24.9%	-22.8%	-4.9%	39.3%
Return on invested capital	19.1%	26.4%	37.6%	29.1%	15.9%	-4.9%	4.8%	2.6%
Return on assets	17.9%	23.8%	34.4%	30.6%	11.4%	-9.2%	-2.3%	10.4%
Free cash flow yield	12.0%	17.2%	26.6%	39.3%	29.5%	53.0%	55.6%	35.4%
Earnings yield	9.6%	12.7%	23.5%	39.6%	26.4%	-50.3%	-9.9%	26.2%
Enterprise value	$1.4B	$1.6B	$1.3B	$811M	$710.3M	$540.2M	$668.2M	$1.1B
Net debt / EBITDA	0.02×	0.52×	0.47×	0.42×	1.79×	-10.73×	11.4×	2.67×
Cash conversion cycle (days)	41	35	41	15	10	-11	25	22