Strong cash generation and rapidly falling debt (0.2x leverage) support the distribution outlook and potential special payouts, but soda ash headwinds and coal demand weakness cap upside. Watch for distribution increases and coal market commentary on the earnings call.
Price Chart
Executive Summary
NRP reported Q2 2026 net income of $25.2M, down 26% YoY from $34.2M, driven by a $7.5M swing in Soda Ash equity income (loss of $4.9M vs +$2.5M last year) and higher depletion. However, Mineral Rights revenue grew 11% YoY to $49.1M, and free cash flow was $41.7M. Management guided toward full debt payoff and distribution hikes before year-end, but the soda ash market remains weak.
Key Financial Metrics
Key Facts
- Q2 2026 net income $25.2M vs $34.2M YoY (-26%)
- Mineral Rights revenue $49.1M (+11% YoY)
- Free cash flow $41.7M, flat vs $46.3M YoY (FCF before soda ash investment)
- Leverage ratio 0.2x at June 30, 2026 (down from 0.5x a year ago)
- Declared quarterly distribution of $0.75/unit (unchanged)
- Soda Ash equity loss of $4.9M vs income of $2.5M YoY; no distributions expected for several years
- Available liquidity $217.0M ($30.1M cash + $186.9M revolver capacity)
Financial Impact
Q2 net income fell ~$9M YoY, but core mineral rights revenue grew ~$4.8M; FCF remains robust at $41.7M
Risk Factors
- Prolonged soda ash market weakness; no distributions from Sisecam Wyoming expected for years
- Metallurgical and thermal coal demand softness due to low natural gas prices and weak steel demand
- Coal stockpiles and global economic uncertainty
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-025784 |
| Document: nrp20260512_8k.htm | 0001437749-26-025784 |
| Document: 0001437749-26-025784-index-headers.html | 0001437749-26-025784 |
| Document: 0001437749-26-025784-index.html | 0001437749-26-025784 |
| Document: 0001437749-26-025784.txt | 0001437749-26-025784 |
| 8-K Data (Synthetic) | 0001437749-26-025784 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Press Release | $114.77 | awaiting T+60 | — | $116.62 (+1.61%) |
Aug 5, 2026 11w ago | 8-K | $105.00 | awaiting T+60 | — | $116.62 (+11.07%) |
Aug 5, 2026 11w ago | Press Release | $105.00 | awaiting T+60 | — | $116.62 (+11.07%) |
Apr 22, 2026 26w ago | Press Release | $115.00 $96.00 | ▼ −16.52% | ▼ −21.54% | $116.62 (+1.41%) |
Mar 4, 2026 33w ago | Press Release | $119.53 $106.98 | ▼ −10.50% | ▼ −21.80% | $116.62 (−2.44%) |
Feb 27, 2026 34w ago | 8-K | $120.93 $104.61 | ▲ +13.49% | ▲ +22.88% | $116.62 (+3.56%) |
US Market Status
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