NRP's strong balance sheet (0.2x leverage) and $217M liquidity support the $0.75/unit distribution, but the soda ash headwind and declining net income suggest limited near-term upside. Watch for coal volume trends and any improvement in soda ash markets as catalysts for distribution growth.
Price Chart
Executive Summary
NRP reported Q2 2026 net income of $25.2M and generated $41.7M in free cash flow, with Mineral Rights revenue up $6.1M YoY driven by higher coal volumes and prices. However, the Soda Ash segment posted a $4.9M equity loss vs a $2.5M gain a year ago, and management does not expect distributions from Sisecam Wyoming for several years due to weak global markets. The company maintained its $0.75/unit distribution and highlighted a 0.2x leverage ratio, but the soda ash headwind and lack of near-term distribution growth cap the upside.
Key Financial Metrics
Key Facts
- Q2 2026 net income of $25.2M vs $34.2M in Q2 2025, down 26% YoY
- Free cash flow of $41.7M in Q2 2026 vs $46.3M in Q2 2025, down 10% YoY
- Mineral Rights revenue up $6.1M YoY to $53.0M, driven by higher metallurgical coal volumes
- Soda Ash segment posted a $4.9M equity loss vs a $2.5M gain in Q2 2025
- Consolidated leverage ratio of 0.2x at June 30, 2026, down from 0.5x a year ago
- Declared Q2 2026 distribution of $0.75 per common unit, unchanged from Q1 2026
- Management expects to pay off all debt and significantly raise distributions before year-end
Financial Impact
Q2 2026 net income $25.2M vs $34.2M YoY; free cash flow $41.7M vs $46.3M YoY; Mineral Rights revenue $53.0M vs $47.6M YoY; Soda Ash equity loss $4.9M vs gain $2.5M YoY
Risk Factors
- Soda Ash segment unlikely to generate distributions for several years due to weak global markets
- Mineral Rights results impacted by low natural gas prices, ample coal stockpiles, and soft global steel demand
- Net income declined 26% YoY in Q2 2026, driven by higher depletion and soda ash losses
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3339155 |
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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