Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price109.76 USD
Fair value54.88
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown109.76+0.0% to today
2026-09-08Read Accumulation110.32-0.5% to today
2026-08-07Read Markup96.40+13.9% to today ✓
2026-07-02Read Markdown104.00+5.5% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Natural Resource Partners L.P. holds its Markdown at $109.76. The statistical read favours the sellers, held for 16 days.
As held on the ledger · 2026-09-22
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 16 days
Price at the screen
$109.76
Valuation
14.00 trailing · 36.59 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.17
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
4.42%
Below 33%
Interest-bearing debt is just 4.4% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
7.86%
Below 49%
Money owed to the company is 7.9% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Natural Resource Partners L.P. clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 4%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-22 screen. The gold marker is the market price at the same screen. The price runs 50.0% above the base estimate.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-22 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Coal royalties priced far beyond reality
Picture a landlord collecting rents from mines that are slowly shutting down. Natural Resource Partners owns the rights to coal and soda ash across the US and pulls in a 59% profit margin with 19% return on equity. Yet revenue is already falling 15% and the shares trade at 32 times forward earnings, double our fair value.
We pass because the numbers do not add up. This is a cyclical business where earnings peak just as multiples compress, and a high forward P/E here is a warning rather than a sign of quality. The ethical screen clears, yet the valuation leaves no margin of safety.
The real risk is that thermal coal demand keeps sliding while any short term price spike inflates earnings and tempts investors into the classic value trap. Currency and regulatory swings only add to the volatility. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
NRP trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$109.76-0.5%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 13%. Our forward projection puts the odds of a 10% gain over the next month near 19%.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 14.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 13%. Our forward projection puts the odds of a 10% gain over the next month near 19%.
2026-08-07Markup · changed$96.40-7.3%Entry 4
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 7.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 13%. Our forward projection puts the odds of a 10% gain over the next month near 19%.
2026-07-18Markdown$104.00+0.0%Entry 3
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 13%. Our forward projection puts the odds of a 10% gain over the next month near 19%.
2026-07-03Markdown$104.00+0.0%Entry 2
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$104.00Entry 1
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
