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Forensic Analysis · Coal Mining · as of Nov 8, 2026

Natural Resource Partners LP (NRP)

A forensic read on Natural Resource Partners LP built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
7.3
Distress distance (no retained-earnings input)
Clean
Earnings quality
1
Forensic signals
23.0%
ROE
-16.6%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Natural Resource Partners LP earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 7.3, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by dividend — cut.

What the filings flag

-22%
FY2024→FY2025
Dividend — cut. The payout was CUT ~22% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$232.4M
Revenue Growth YoY-16.6%
Net Margin79.0%
Free Cash Flow$165.9M
Return on Equity23.0%
Debt / Equity0.26x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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