Natural Resource Partners Q2 2026 normalized FCFE valuation

Natural Resource Partners LP (NRP)
By@hypertonx
Assumptions as of 2026-08-08
USD
Updated Aug 8, 2026 · Revised 2 times
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Natural Resource Partners Q2 2026 normalized FCFE valuation

A ten-year normalized FCFE valuation for NRP. Base FCFE is anchored to the latest twelve months before the one-time soda ash investment. No recurring Sisecam Wyoming distribution is assumed.

as of 2026-08-08

Fair value per unit
$115.90
Upside/downside
11.9%
Equity value
$1.5k
Normalized FCFE
$163.0
Year-10 FCFE
$163.0
Implied FCFE yield
10.6%

Cash flow

0.0%
163$M

Market

$103.53$/unit
Latest NRP quote · updated Aug 11, 2026 2:00 PM MDT

Valuation

10.0%
8.5

FCFE forecast

FY2026EFY2027EFY2028EFY2029EFY2030EFY2031EFY2032EFY2033EFY2034EFY2035E
Projected FCFE$163.0$163.0$163.0$163.0$163.0$163.0$163.0$163.0$163.0$163.0

Fair value sensitivity

Normalized FCFE6.57.58.59.510.5
125 $M$81.61$85.24$88.88$92.52$96.16
145 $M$94.66$98.88$103.10$107.32$111.54
163 $M$106.42$111.16$115.90$120.64$125.39
180 $M$117.51$122.75$127.99$133.23$138.46
200 $M$130.57$136.39$142.21$148.03$153.85

Sources

  1. Q2 2026 free cash flow was $41.7M and LTM free cash flow before the one-time soda ash investment was $162.8M. — sec.gov
  2. Management said NRP had repaid the bank revolver, had one final $14M scheduled debt payment due in December, and expected to significantly increase the next distribution paid in November. — finance.yahoo.com
  3. Sisecam Wyoming made no Q2 2026 distribution and NRP does not expect distributions to resume for several years until the soda ash market returns to equilibrium. — sec.gov
  4. Approximately 70% of Q2 2026 coal royalty revenue and 45% of coal royalty sales volumes were derived from metallurgical coal. — sec.gov

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