NACCO Industries, Inc. (NC) vs Natural Resource Partners LP (NRP)

NACCO Industries, Inc. and Natural Resource Partners LP are both Thermal Coal companies. Natural Resource Partners LP is the larger, with a market value of $1.5B against $253.7M — 5.8× the size. Natural Resource Partners LP trades at the lower P/E: 14.2× against 14.8×. NACCO Industries, Inc. grew revenue faster over the last twelve months: 4.74% against −22.2%. Natural Resource Partners LP has the higher net margin (56.8% vs 6.21%) and the higher return on invested capital (10.8% vs 2.83%). Both pay a dividend; NACCO Industries, Inc. yields more (3.00% vs 2.67%). Across the 22 metrics below, Natural Resource Partners LP leads on 14 and NACCO Industries, Inc. on 8.

Valuation

Metric NC NRP Thermal Coal median
P/E 14.84 14.17 —
P/S 0.93 8.09 1.07
P/B 0.59 2.29 1.23
Price to free cash flow n/m 8.38 —
EV/EBITDA 14.42 10.97 11.83
EV/Sales 1.20 8.08 1.20
Earnings yield 6.74% 7.06% 6.74%
Free cash flow yield (0.57%) 11.94% 5.93%

Profitability

Metric NC NRP Thermal Coal median
Gross margin 18.49% 100.00% 18.49%
Operating margin 8.29% 60.65% 8.29%
Net margin 6.21% 56.80% 6.21%
Free cash flow margin (0.52%) 87.72% 6.33%
Return on equity 4.07% 16.86% 4.07%
Return on assets 2.64% 13.76% 2.64%
Return on invested capital 2.83% 10.78% 2.83%

Growth

Metric NC NRP Thermal Coal median
Revenue growth (TTM) 4.74% (22.22%) (0.68%)
EPS growth (last fiscal year) (48.35%) (11.54%) (48.35%)
Revenue growth, 5-year CAGR 16.63% 8.12% 10.57%
Net income growth, 5-year CAGR 3.51% 0.00% 0.00%

Health

Metric NC NRP Thermal Coal median
Debt to equity 0.28 0.04 0.12
Current ratio 3.30 2.12 2.01
Net debt to EBITDA 1.07 0.02 0.05

Dividend

Metric NC NRP Thermal Coal median
Dividend yield 3.00% 2.67% 2.67%
Payout ratio 0.45 0.38 —

Size

Metric NC NRP Thermal Coal median
Market cap 253.72m 1.48b 2.93b

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