Natural Resource Partners L.P. Financial Ratios — NRP Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	3.25	12.44	9.16	4.91	-27.79	6.21	6.25	10.22	-2.02	-8.45	11.61	29.33	33.25	23.38	17.93
Return on Capital (%)	13.02	28.75	21.97	14.27	- -	15.55	16.21	25.37	- -	- -	32.66	97.96	180.95	134.08	164.83
Return on Invested Capital (%)	17.45	17.25	11.93	7.99	- -	9.73	10.78	10.84	- -	- -	15.27	29.69	28.26	24.9	20.67
Gross Margin (%)	99.19	99	98.92	84.74	84.09	84.88	88.43	89.3	92.9	92.87	90.18	93.14	93.7	100	100
EBITDA Margin (%)	87.53	86.5	82.47	70.8	56.05	74.47	78.56	77.31	76.48	69.7	77.14	82.7	80.1	78.29	76.3
Operating Margin (%)	70.29	71.14	62.6	51.78	41.09	60.87	66.98	66.61	69.38	62.57	67.32	75.84	73.81	71.95	68.91
Incremental Operating Margin (%)	90.99	291.12	121.25	273.39	-3.01	17.03	-97.99	-102.49	143.44	80.19	76.7	88.2	93.15	83.15	86.39
Pretax Margin (%)	14.57	56.27	53.12	31.39	-67.96	43.13	40.77	60.35	-12.08	-65.75	56.06	81.84	94.82	74.95	67.39
Profit Margin (%)	14.3	56.27	53.12	35.32	-149.34	46.11	43.82	68.82	-11.63	-65.75	56.06	81.84	94.82	74.95	67.39
Net Income to Common Margin (%)	14.02	55.15	52.06	34.61	-146.15	45.32	30.62	52.94	-25.37	-87.39	38.99	71.24	67.01	61.96	66.05
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	425.45	111.8	144.14	169.1	-33.87	23.38	8.24	22.67	-63.03	-10.17	6.68	12.78	5.24	30.77	40.19
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	867	984	1,165	1,475	1,287	1,130	809	673	516	471	434	168	155	142	33
ST Debt	31	87	81	81	81	140	80	115	46	39	39	39	31	14	14
LT Debt	836	897	1,084	1,394	1,207	990	730	558	470	432	394	129	124	128	19
Total Debt/EBITDA	2.62	3	4.36	6.76	6	7.22	5.09	4.29	3.21	5.24	2.89	0.62	0.66	0.74	0.21
Net Debt/EBITDA	1.97	2.55	4.02	6.53	5.81	6.97	4.92	3.64	2.6	4.13	1.99	0.48	0.61	0.58	0.02
Total Debt/EBIT	3.27	3.65	5.75	9.25	8.18	8.84	5.97	4.98	3.54	5.84	3.32	0.68	0.72	0.81	0.24
Net Debt/EBIT	2.46	3.1	5.29	8.93	7.92	8.52	5.77	4.23	2.86	4.6	2.28	0.52	0.66	0.63	0.02
EBITDA to Interest Expense	6.72	6.08	4.15	2.74	2.39	1.73	1.94	2.23	3.39	2.19	3.85	10.33	16.68	12.33	19.34
EBITDA-CapEx/Interest Expense	6.71	2.72	3.03	2.65	2.28	1.73	1.94	2.23	3.39	2.19	3.85	10.33	16.68	12.33	19.34
EBIT to Interest Expense	5.4	5	3.15	2.01	1.75	1.41	1.65	1.92	3.08	1.97	3.36	9.47	15.37	11.34	17.46
Interest Expense	49	54	64	80	90	91	82	70	47	41	39	26	14	16	8
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	129.67	145.28	175.79	193.6	1,654.21	668.46	167.63	95.29	93.97	115.98	89.66	20.12	21.49	23.2	2.99
Long-Term Debt/Capital (%)	95.82	90.87	93.02	94.55	93.98	87.87	74.5	83.24	91.65	91.72	90.98	76.78	80.15	90.01	57.08
Long-Term Debt/Total Assets (%)	50.21	50.83	54.43	57.03	72.25	68.36	52.52	41.56	43.32	46.91	41.35	14.73	15.58	16.54	2.52
Total Debt/Equity (%)	134.45	159.41	188.92	204.85	1,764.9	763	185.95	114.98	103.11	126.45	98.55	26.21	26.82	25.78	5.23
Total Debt/Capital (%)	99.35	99.71	99.97	100.04	100.26	100.3	82.64	100.44	100.57	100	100	100	100	100	100
Total Debt/Total Assets (%)	52.06	55.78	58.5	60.34	77.09	78.02	58.26	50.14	47.54	51.15	45.45	19.19	19.43	18.38	4.42
Net Debt to Equity	101.12	135.21	173.92	197.89	1,708.41	735.74	179.75	97.57	83.48	99.69	67.74	20.12	24.74	20.25	0.46
Net Debt/Capital (%)	99.14	99.66	99.97	100.05	100.27	100.31	82.15	100.52	100.71	100	100	100	100	100	100
EBITDA	331	328	267	218	215	156	159	157	161	90	150	271	235	192	154
EBITDA-CapEx	330	147	195	211	205	156	159	157	161	90	150	271	235	192	154
Operating Income (Loss)	265	270	203	160	157	128	136	135	146	81	131	249	217	176	139

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	3.61	1.27	0.75	0.34	0.3	0.21	0.22	0.68	1.57	1.63	2.1	0.65	0.24	0.96	0.91
Current Ratio	4.32	1.67	1.1	0.92	0.89	0.56	0.76	1.63	2.11	1.91	2.53	1.39	1.11	2	1.85
Quick Ratio	4.3	1.66	1.09	0.85	0.67	0.48	0.42	0.9	2.06	1.83	2.49	1.36	1.06	1.94	1.78
CFO/Avg Current Liab	5.25	3.06	2.05	1.55	1.43	0.66	0.82	1.4	1.3	1.44	1.94	4.28	5.65	6.08	5.12
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	129.67	145.28	175.79	193.6	1,654.21	668.46	167.63	95.29	93.97	115.98	89.66	20.12	21.49	23.2	2.99
Long-Term Debt/Capital (%)	95.82	90.87	93.02	94.55	93.98	87.87	74.5	83.24	91.65	91.72	90.98	76.78	80.15	90.01	57.08
Long-Term Debt/Total Assets (%)	50.21	50.83	54.43	57.03	72.25	68.36	52.52	41.56	43.32	46.91	41.35	14.73	15.58	16.54	2.52
Total Debt/Equity (%)	134.45	159.41	188.92	204.85	1,764.9	763	185.95	114.98	103.11	126.45	98.55	26.21	26.82	25.78	5.23
Total Debt/Capital (%)	99.35	99.71	99.97	100.04	100.26	100.3	82.64	100.44	100.57	100	100	100	100	100	100
Total Debt/Total Assets (%)	52.06	55.78	58.5	60.34	77.09	78.02	58.26	50.14	47.54	51.15	45.45	19.19	19.43	18.38	4.42
CFO/Total Liabilities	29.94	23.66	17.97	12.22	12.74	8.3	13.33	24.97	23.46	16.26	23.7	113.51	141.58	112.04	143.18
CFO/CapEx	756.37	1.5	3.43	28.14	20.33	3,855.75	- -	- -	6,241.41	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.63	1.83	1.48	0.72	0.61	0.56	0.66	0.96	0.98	0.7	1.27	3.1	4.49	5.04	8.04

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	10.05	8.74	7.44	5.25	6.08	4.21	5.46	7.21	6.69	5.97	10.54	9.76	7.01	6.75	6.73
Days Sales Outstanding	36.32	41.78	49.09	69.51	60.03	86.72	66.81	50.65	54.6	61.1	34.63	37.4	52.07	54.04	54.24
Inventory Turnover	- -	- -	- -	16.18	8.93	4.31	3.24	5.74	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	22.56	40.89	84.61	112.6	63.55	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	1.89	1.03	0.51	3.26	4.31	4.74	5.55	7.22	8.31	7.17	11.42	11.41	12.85	- -	- -
Accounts Payable Turnover Days	193.55	354.87	717.23	112.12	84.78	76.95	65.76	50.53	43.91	50.87	31.97	32	28.4	- -	- -
Cash Conversion Cycle	-157.23	-313.09	-668.14	-20.05	16.14	94.38	113.66	63.67	10.68	10.23	2.67	5.41	23.67	- -	- -
Inventory to Cash Days	36.32	41.78	49.09	46.95	19.14	2.1	-45.79	-12.91	54.6	61.1	34.63	37.4	52.07	- -	- -
Inventories	- -	- -	- -	6	8	7	8	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	1	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	5	7	6	6	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	2,874	1,966	2,185	1,048	155	395	318	468	247	169	412	678	1,168	1,442	1,371
- Cash & Cash Equivalents	215	149	93	50	41	40	27	102	98	100	136	39	12	30	30
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	173	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	6	3	- -	-1	-3	-3	-3	-3	-3	- -	- -	- -	- -	- -	- -
+ Total Debt	867	984	1,165	1,475	1,287	1,130	809	673	516	471	434	168	155	142	33
Enterprise Value	3,532	2,803	3,258	2,472	1,398	1,482	1,271	1,036	662	540	710	808	1,311	1,553	1,374
Total Capital	873	987	1,166	1,475	1,284	1,127	979	670	513	471	434	168	155	142	33
Total Debt/Capital (%)	99.35	99.71	99.97	100.04	100.26	100.3	82.64	100.44	100.57	100	100	100	100	100	100
Total Debt / EV	0.25	0.35	0.36	0.6	0.92	0.76	0.64	0.65	0.78	0.87	0.61	0.21	0.12	0.09	0.02
EV/Sales	9.35	7.39	10.06	8.02	3.65	7.05	6.28	5.11	3.15	4.19	3.66	2.46	4.46	6.34	6.79
EV/EBITDA	10.68	8.55	12.2	11.33	6.51	9.47	8	6.61	4.11	6.01	4.74	2.98	5.57	8.1	8.9
EV/EBIT	13.31	10.39	16.07	15.49	8.89	11.59	9.38	7.67	4.53	6.69	5.43	3.25	6.05	8.81	9.85
EV/Cash Flow to Firm	9.96	8.62	10.46	8.52	4.77	7.46	6.08	4	3.58	4.15	4.42	2.75	4.03	5.88	7.9
EV/Free Cash Flow to Firm	9.95	5.53	8.5	8.3	4.61	7.46	6.08	4	3.58	4.15	4.42	2.75	4.03	5.88	7.9
Diluted Market Cap	2,874	1,966	2,185	1,048	155	395	407	607	247	169	526	678	1,490	1,485	1,390
Diluted Enterprise Value	3,532	2,803	3,258	2,472	1,398	1,482	1,359	1,175	662	540	824	808	1,633	1,596	1,393
EV per Share	333.14	264.41	297.32	218.27	114.32	121.12	103.79	84.64	53.94	44.08	57.58	64.68	103.9	119.6	104.62
TTM Sales	378	379	324	308	383	210	202	203	210	129	194	328	294	245	202
TTM EBITDA	331	328	267	218	215	156	159	157	161	90	150	271	235	192	154
TTM Operating Income	265	270	203	160	157	128	136	135	146	81	131	249	217	176	139
TTM Cash Flow to Firm	355	325	311	290	293	198	209	259	185	130	161	293	325	264	174
TTM Free Cash Flow to Firm	355	507	383	298	303	199	209	259	185	130	161	293	325	264	174

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	9.39	4.34	6.85	4.8	0.73	3.66	3.2	3.21	1.8	1.89	4.32	2.54	4.79	5.97	8.38
EV/EBIT	13.31	10.39	16.07	15.49	8.89	11.59	9.38	7.67	4.53	6.69	5.43	3.25	6.05	8.81	9.85
Enterprise Value	3,532	2,803	3,258	2,472	1,398	1,482	1,271	1,036	662	540	710	808	1,311	1,553	1,374
Low Price	233.6	169	189.3	79.69	9.99	5	22.81	25.76	19.25	8.5	13.76	32.38	44.68	81.74	86.83
EV/Sales	9.35	7.39	10.06	8.02	3.65	7.05	6.28	5.11	3.15	4.19	3.66	2.46	4.46	6.34	6.79
EV/EBITDA	10.68	8.55	12.2	11.33	6.51	9.47	8	6.61	4.11	6.01	4.74	2.98	5.57	8.1	8.9
Price/Earnings	54.29	9.4	12.96	9.82	- -	4.15	5.14	4.36	- -	- -	5.44	2.9	5.94	9.5	10.26
Price/Earnings Average	63.05	11.49	13.82	15.61	-0.97	2.48	5.95	3.67	-7.59	-1.48	3.56	2.27	3.94	8.07	10.02
Price/Earnings High	75.69	14.55	15.83	22	-2.14	5.14	9.01	4.55	-10.28	-2.39	5.69	2.9	5.99	9.67	11.1
Price/Earnings Low	46.78	8.57	12.3	8.46	-0.22	0.64	4.51	2.94	-4.43	-0.92	2.24	1.73	2.87	6.99	8.53
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	5.05	3.6	3.97	1.72	9.7	4.15	1.48	0.86	0.51	0.47	0.97	1.08	2.07	2.68	2.21
Price/Tangible Book Value Average	5.86	4.39	4.24	2.74	33.79	2.48	1.71	0.73	0.84	0.47	0.64	0.84	1.37	2.28	2.16
Price/Tangible Book Value High	7.03	5.57	4.86	3.86	74.91	5.15	2.6	0.9	1.14	0.76	1.02	1.08	2.09	2.73	2.39
Price/Tangible Book Value Low	4.35	3.28	3.77	1.49	7.63	0.64	1.3	0.58	0.49	0.29	0.4	0.64	1	1.97	1.84
Price/Sales	7.61	5.18	6.75	3.4	0.41	1.88	1.57	2.31	1.17	1.31	2.12	2.07	3.98	5.88	6.77
Price/Sales Average	8.84	6.33	7.19	5.4	1.41	1.12	1.82	1.94	1.93	1.29	1.39	1.61	2.64	5	6.62
Price/Sales High	10.61	8.03	8.24	7.62	3.13	2.33	2.76	2.41	2.61	2.09	2.22	2.07	4.02	5.99	7.33
Price/Sales Low	6.56	4.73	6.4	2.93	0.32	0.29	1.38	1.56	1.12	0.81	0.87	1.23	1.92	4.33	5.63
Price/Cash Flow	9.41	7.24	8.84	4.97	0.76	3.66	2.5	2.48	1.8	1.89	3.38	2.54	3.76	5.8	8.26
Price/Cash Flow Average	10.92	8.85	9.43	7.9	2.66	2.19	2.9	2.09	2.95	1.87	2.21	1.98	2.49	4.93	8.08
Price/Cash Flow High	13.12	11.21	10.81	11.14	5.9	4.53	4.39	2.58	3.99	3.02	3.54	2.54	3.79	5.91	8.95
Price/Cash Flow Low	8.11	6.6	8.4	4.28	0.6	0.57	2.2	1.67	1.72	1.17	1.39	1.52	1.81	4.27	6.87
Price/Free Cash Flow Average	10.91	5.31	7.3	7.63	2.54	2.19	3.7	2.71	2.95	1.87	2.82	1.98	3.18	5.08	8.19
Price/Free Cash Flow High	13.1	6.72	8.37	10.75	5.62	4.53	5.61	3.35	3.99	3.02	4.51	2.54	4.84	6.08	9.07
Price/Free Cash Flow Low	8.09	3.96	6.5	4.14	0.57	0.57	2.81	2.17	1.72	1.17	1.78	1.52	2.31	4.4	6.97
EV/Sales Average	10.58	8.54	10.51	10.02	4.66	6.29	6.53	4.75	3.9	4.17	2.92	2.01	3.13	5.45	6.63
EV/Sales High	12.35	10.24	11.56	12.24	6.38	7.5	7.47	5.21	4.58	4.97	3.75	2.46	4.5	6.45	7.35
EV/Sales Low	8.3	6.94	9.72	7.55	3.57	5.46	6.09	4.36	3.1	3.69	2.41	1.63	2.41	4.79	5.65
EV/EBITDA Average	12.09	9.88	12.74	14.16	8.31	8.45	8.31	6.14	5.1	5.99	3.79	2.43	3.9	6.96	8.7
EV/EBITDA High	14.11	11.83	14.01	17.29	11.38	10.07	9.5	6.74	5.99	7.13	4.86	2.98	5.62	8.23	9.63
EV/EBITDA Low	9.48	8.02	11.78	10.67	6.36	7.33	7.75	5.63	4.05	5.29	3.12	1.97	3.01	6.12	7.4
EV/EBIT Average	15.05	12.01	16.78	19.36	11.34	10.34	9.75	7.12	5.62	6.67	4.34	2.65	4.24	7.58	9.63
EV/EBIT High	17.57	14.39	18.46	23.64	15.53	12.32	11.15	7.82	6.6	7.95	5.57	3.25	6.1	8.96	10.66
EV/EBIT Low	11.81	9.75	15.52	14.59	8.68	8.97	9.09	6.54	4.46	5.89	3.58	2.14	3.26	6.65	8.2
Last Price	271.1	185.4	199.4	92.5	12.7	32.3	26	38.24	20.11	13.75	33.42	54.33	92.56	111	104.4
High Price	377.98	287	243.65	207.2	98.1	40	45.6	39.86	44.71	22.02	34.92	54.33	93.45	113.04	113.03
Enterprise Value Average	3,996	3,239	3,403	3,089	1,784	1,322	1,321	962	820	538	568	659	918	1,336	1,342
Enterprise Value High	4,665	3,881	3,743	3,771	2,443	1,576	1,511	1,056	964	642	729	808	1,322	1,580	1,487
Enterprise Value Low	3,135	2,630	3,147	2,327	1,365	1,148	1,232	883	651	476	468	533	707	1,173	1,143

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	11	11	11	12	12	12	12	12	12	12	12	13	13	13	13
Diluted Weighted Avg Shares	11	11	11	11	12	12	16	16	12	12	16	12	16	13	13
Basic Weighted Avg Shares	11	11	11	11	12	12	12	12	12	12	12	12	13	13	13
Revenue per Share	35.62	35.76	29.56	27.2	31.3	17.18	16.53	16.57	17.15	10.53	15.75	26.28	23.27	18.87	15.41
EBITDA per Share	31.18	30.93	24.38	19.26	17.55	12.79	12.98	12.81	13.11	7.34	12.15	21.73	18.64	14.77	11.76
Operating Income per Share	25.04	25.44	18.5	14.09	12.86	10.46	11.07	11.04	11.9	6.59	10.6	19.93	17.18	13.58	10.62
Basic EPS, GAAP	4.99	19.72	15.39	9.42	-45.75	7.79	5.06	8.77	-4.35	-9.2	6.14	18.72	15.59	11.69	10.18
Basic EPS from Cont Ops	5.19	20.12	15.7	8.54	-21.27	7.41	6.74	10	-2.07	-6.92	8.83	21.5	22.06	14.14	10.39
Diluted EPS, GAAP	4.99	19.72	15.39	9.42	-45.75	7.79	3.96	6.76	-4.35	-9.2	4.81	18.72	12.22	11.35	10.04
Diluted EPS from Cont Ops	5.19	20.12	15.7	8.54	-21.27	7.41	5.27	7.71	-2.07	-6.92	6.92	21.5	17.3	13.73	10.24
Dividend per Share	22.15	22.45	22.5	14.31	5.87	1.84	2.56	4.31	5.15	3.21	3.1	5.18	7.29	6.05	4.3
Cash Flow per Share	28.82	25.6	22.55	18.61	16.63	8.83	10.38	15.43	11.19	7.28	9.87	21.37	24.64	19.13	12.63
Free Cash Flow per Basic Share	28.78	8.51	15.98	17.95	15.81	8.82	10.38	15.43	11.19	7.28	9.87	21.37	24.64	19.13	12.63
Cash & Equivalents per Share	20.27	14.09	8.44	4.42	3.37	3.3	2.2	8.32	8.01	8.14	10.99	3.13	0.95	2.34	2.3
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	53.74	51.56	50.18	53.63	1.31	7.77	17.56	44.33	39.36	29	34.35	50.25	44.74	41.44	47.27

Natural Resource Partners L.P.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)