📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Natural Resource Partners L.P., together with its subsidiaries, owns, manages, and leases a portfolio of mineral properties in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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📊 MIXED Q1 2026: $34M free cash flow; soda ash investment of $39M

Revenue & Profitability

Consolidated Q1 2026: net income of $20 million, operating cash flow of $33 million, free cash flow of negative $5 million (after $39 million soda ash investment). Mineral rights segment: net income $34 million, operating cash flow $42 million, free cash flow $43 million. Soda ash segment net income decreased $12 million year-over-year. Corporate and financing segment improved $3 million due to lower debt and interest costs. Quarterly distribution of $0.75 per unit declared, plus a special $0.12 per unit tax distribution.

Outlook

Management sees challenging conditions for both coal and soda ash. Metallurgical coal prices are benefiting modestly from increased demand for domestic steel due to the war in Iran, but higher energy costs compress producer margins. Thermal coal faces potential pressure from increased natural gas supply due to higher oil production. Soda ash is in a 'most significant global supply glut in a generation,' worsened by war-related slowdown in Asian construction. Management has not yet seen evidence of lower-cost U.S. producers gaining market share.

Growth Drivers

NRP's primary growth focus is deleveraging to enable higher future distributions to unitholders. The soda ash business offers long-term upside if global supply/demand rebalances, but near-term growth is constrained by the oversupplied market. Coal royalty volumes declined 20-21% year-over-year, partly due to mining on adjacent properties, not systemic issues. No new growth segments or geographies were discussed.

Balance Sheet & CapEx

NRP made a $39 million capital investment into Sisecam Wyoming (soda ash) in Q1 2026, its pro rata share of a capital infusion by the joint venture. Management is re-evaluating any additional capital commitments and will assess them against the trade-off of forgoing current distributions. No other capital expenditure plans were disclosed.

Margins

Not explicitly discussed in the call. However, the soda ash segment posted a net loss (loss on equity earnings of $7.8 million), and no distributions were received. Coal royalty margins were impacted by lower sales volumes and higher depletion rates at certain thermal properties. Management highlighted that sharply higher diesel and shipping costs are compressing producer margins in the metallurgical coal market.

Key Risks

Management flagged the soda ash downturn as more severe and prolonged than expected, even under prior stress testing. The war in Iran creates second-order effects: while boosting met coal demand, higher oil prices increase natural gas supply, pressuring thermal coal, and worsened soda ash conditions via slower construction. The soda ash joint venture currently struggles to generate positive free cash flow, and distributions are not expected to resume until demand rebounds or supply exits.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Strong free cash flow and near debt-free status position the partnership to significantly raise distributions in November. Mineral rights remain a stable cash generator, while soda ash faces ongoing market headwinds and lower segment income.

Q1 2026 Q1 2026 2026-05-06

Q1 2026 saw strong free cash flow before a major soda ash investment, but both coal and soda ash segments faced significant market headwinds. Debt reduction and distribution increases remain priorities, though timing may shift due to ongoing volatility.

Q4 2025 Q4 2025 2026-02-27

Generated strong free cash flow and reduced debt in 2025 despite severe commodity price pressures. Soda ash and coal markets remain weak, delaying distribution increases to November due to a $39M JV investment. JV remains leveraged, with no further capital infusions planned.

Q3 2025 Q3 2025 2025-11-04

Generated $42M free cash flow in Q3 2025 despite weak coal and soda ash markets, with debt reduced to $70M and distributions maintained. No near-term catalysts for market improvement; capital allocation remains conservative, prioritizing debt reduction and future distributions.

Q2 2025 Q2 2025 2025-08-06

Q2 2025 saw $46M free cash flow and $34M net income, despite weak coal and soda ash markets. Deleveraging continues, with plans to pay off nearly all debt by mid-next year and increase distributions. Coal and soda ash prices remain at cyclical lows, impacting segment results.

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