MeritValue

NATURAL RESOURCE PARTNERS LP

NRPdata completeness 63%18 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$185.2M1$307M2$278.7M2$232.4M2—
Net income$108.9M3$268.5M4$278.4M5$183.6M5$136.4M5
Operating cash flow$121.8M6$266.8M7$311M8$248.5M8$165.9M8
Capital expenditure$09$118,00010$10,00011$011$011
Free cash flow (derived)$121.8M6$266.7M7$311M8$248.5M8$165.9M8
Total debt$867.1M12$336.6M13$310.1M14$284.1M15$66.2M15
Cash & equivalents$135.5M16$39.1M17$12M18$30.4M19$30.1M19
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has fallen 92% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-24-007008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-005715 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001437749-24-007008 (ProfitLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001437749-25-005715 (ProfitLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001437749-26-006147 (ProfitLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001437749-24-007008 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001437749-25-005715 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001437749-26-006147 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-24-007008 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-25-005715 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-26-006147 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001437749-23-005274 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001437749-24-007008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-25-005715 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-26-006147 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001437749-23-005274 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001437749-24-007008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001437749-25-005715 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001437749-26-006147 (CashAndCashEquivalentsAtCarryingValue)