# Natural Resource Partners L.P. (NRP)

> Source: Nexqual · https://nexqual.com/NRP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Natural Resource Partners L.P. (NRP), nexqual.com/NRP" · informational, not investment advice.

**Price:** USD 114.77 (+0.12% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 114.63 · day 114–117.87 · 52w 95.51–128.6 · market cap null · NYQ

## Key facts
- 1 of 80 tracked superinvestors hold NRP (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $244K; 1 not under a Rule 10b5-1 plan ($244K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $34K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y +15.9% vs S&P 500 +14.9%; 5Y +362.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD —, revenue estimate null.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $216M | $307M | $279M | $232M | — | — |
| Operating income | $148M | $305M | $293M | $199M | $144M | $112M |
| Net income | $109M | $268M | $278M | $184M | $136M | $107M |
| Free cash flow | $122M | $267M | $311M | $248M | $166M | — |
| Operating margin | 68.4% | 99.4% | 105.0% | 85.7% | — | — |
| Net margin | 50.4% | 87.5% | 99.9% | 79.0% | — | — |
| Revenue growth | +54.7% | +42.1% | -9.2% | -16.6% | — | — |
| Cash + short-term investments | $136M | $39.1M | $12.0M | $30.4M | $30.1M | — |
| Total debt | $434M | $168M | $155M | $142M | $33.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NRP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bryan Lawrence | Oakcliff Capital | 3.69% | $9.9M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Wooten Gregory F | Executive Vice President | 2,200 | $244K | 6.3% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $34K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-26 | Craig Kevin J | Executive Vice President | 336 | $34K | 102.18 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +15.9% | +362.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +16.0% | +35.7% |
| Volatility (annualized) | 20.9% | 31.8% |
| Max drawdown | -22.9% (Mar 2026→Jul 2026) | -23.3% (May 2022→Jun 2022) |

## Peers (Thermal Coal)
CNR (Core Natural Resources, Inc.) USD 88.35 +0.91% · ARLP (Alliance Resource Partners, L.P) USD 25.85 +0.47% · BTU (Peabody Energy Corporation) USD 22.43 -0.04% · XOM (ExxonMobil Holdings Corporation) USD 178.23 +0.08% · CVX (Chevron Corporation) USD 226.68 -0.04% · SHEL (Shell PLC) USD 105.8 +0.42%

## More
Full page: https://nexqual.com/NRP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NRP's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1171486/000143774926006147/nrp20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Sisecam Wyoming | "Sisecam Wyoming LLC's ("Sisecam Wyoming's") trona mining and soda ash refinery operations; distributions from our soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory a…" |
| Partner | GP Natural Resource Partners | "Because our general partner is a limited partnership, its general partner, GP Natural Resource Partners LLC (the "managing general partner"), conducts its business and operations and the board of directors and officers o…" |
| Partner | Western Pocahontas Properties | "The senior executives and other officers who manage NRP are employees of Western Pocahontas Properties Limited Partnership or Quintana Minerals Corporation, which are companies controlled by Mr. Robertson, Jr. These offi…" |
| Partner | Sisecam Chemicals Wyoming | "Operations are managed by our partner, Sisecam Chemicals Wyoming LLC, and we realize cash flow when distributions are paid to us." |
| Partner | Quintana Minerals | "The senior executives and other officers who manage NRP are employees of Western Pocahontas Properties Limited Partnership or Quintana Minerals Corporation, which are companies controlled by Mr. Robertson, Jr. These offi…" |
| Partner | SCW | "SCW LLC, our operating partner, controls and operates Sisecam Wyoming." |
| Partner | Delaware Revised Uniform | "In addition, Section 17-607 of the Delaware Revised Uniform Limited Partnership Act provides that under some circumstances, a unitholder may be liable to us for the amount of a distribution for a period of three years fr…" |
| Partner | GP | "NRP (GP) LP, our general partner (the "general partner" or "NRP GP"), has sole responsibility for conducting our business and for managing our operations." |

Other companies that name NRP in their own reports (relationship from NRP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ALLIANCE RESOURCE PARTNERS LP (ARLP) | 10-K 2026-02-26 | "For 2025, the peer group consisted of the following companies: Alpha Metallurgical Resources, Inc., Black Stone Minerals, L.P., CORE Natural Resources, Inc., Dorchester Minerals, L.P., Kimbell Royalty…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Royalty & Other Mineral Rights | $49.1M | — | +10.9% |
| Coal Royalty Revenues | $34.8M | — | +10.3% |
| Minimum Lease Straightline Revenues | $4.0M | — | -0.8% |
| Transportation & Processing Services | $3.4M | — | +67.0% |
| Oil & Gas Royalty Revenues | $2.4M | — | +23.5% |
| Wheelage Revenues | $2.0M | — | -23.0% |
| Property Tax Revenues | $1.7M | — | +12.6% |
| Aggregates Royalty Revenues | $1.2M | — | +37.5% |
| Lease Amendment Revenues | $1.2M | — | +89.3% |
| Coal Overriding Royalty Revenues | $1.0M | — | +128.1% |
| Other Revenues | $318,000 | — | +39.5% |
| Production Lease Minimum Revenues | $251,000 | — | +104.1% |
| Carbon Neutral Revenues | $94,000 | — | -67.6% |
| Total revenue | — | 100% | — |

## Customer concentration

Period ended 2026-06-30: 26%, 26%, 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±7.2%; last 8 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 31.3% | ±7.2% |
| 2026-12-18 | 56 | 27.8% | ±8.8% |
| 2027-01-15 | 84 | 28.0% | ±10.8% |
| 2027-04-16 | 175 | 28.0% | ±15.2% |