Core Natural Resources, Inc. (CNR) vs Natural Resource Partners LP (NRP)

Core Natural Resources, Inc. and Natural Resource Partners LP are both Thermal Coal companies. Core Natural Resources, Inc. is the larger, with a market value of $4.4B against $1.5B — 3.0× the size. Natural Resource Partners LP trades at the lower P/E: 14.2× against 45.4×. Core Natural Resources, Inc. grew revenue faster over the last twelve months: 31.5% against −22.2%. Natural Resource Partners LP has the higher net margin (56.8% vs 2.34%) and the higher return on invested capital (10.8% vs 1.35%). Only Natural Resource Partners LP pays a dividend (2.67%). Across the 22 metrics below, Natural Resource Partners LP leads on 16 and Core Natural Resources, Inc. on 6.

Valuation

Metric CNR NRP Thermal Coal median
P/E 45.40 14.17 —
P/S 1.07 8.09 1.07
P/B 1.23 2.29 1.23
Price to free cash flow 16.86 8.38 —
EV/EBITDA 6.27 10.97 11.83
EV/Sales 1.06 8.08 1.20
Earnings yield 2.20% 7.06% 6.74%
Free cash flow yield 5.93% 11.94% 5.93%

Profitability

Metric CNR NRP Thermal Coal median
Gross margin 17.33% 100.00% 18.49%
Operating margin 1.86% 60.65% 8.29%
Net margin 2.34% 56.80% 6.21%
Free cash flow margin 6.33% 87.72% 6.33%
Return on equity 2.67% 16.86% 4.07%
Return on assets 1.62% 13.76% 2.64%
Return on invested capital 1.35% 10.78% 2.83%

Growth

Metric CNR NRP Thermal Coal median
Revenue growth (TTM) 31.52% (22.22%) (0.68%)
EPS growth (last fiscal year) (131.01%) (11.54%) (48.35%)
Revenue growth, 5-year CAGR 32.45% 8.12% 10.57%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CNR NRP Thermal Coal median
Debt to equity 0.12 0.04 0.12
Current ratio 1.83 2.12 2.01
Net debt to EBITDA 0.05 0.02 0.05

Dividend

Metric CNR NRP Thermal Coal median
Dividend yield 0.00% 2.67% 2.67%
Payout ratio 0.00 0.38 —

Size

Metric CNR NRP Thermal Coal median
Market cap 4.42b 1.48b 2.93b

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