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Side-by-side financial comparison of Ellington Financial Inc. (EFC) and NATURAL RESOURCE PARTNERS LP (NRP). Click either name above to swap in a different company.
Ellington Financial Inc. is the larger business by last-quarter revenue ($78.2M vs $51.3M, roughly 1.5× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs 28.9%, a 49.6% gap on every dollar of revenue. On growth, Ellington Financial Inc. posted the faster year-over-year revenue change (8.7% vs -21.8%). Over the past eight quarters, Ellington Financial Inc.'s revenue compounded faster (1.8% CAGR vs -8.3%).
Ellington Management Group is an American hedge fund firm. As of June 2019, the firm was reportedly managing $8.5 billion in structured products and other credit instruments.
Natural Resource Partners LP is a U.S.-headquartered master limited partnership that owns, manages and leases mineral reserve interests. Its asset portfolio covers coal, aggregates, industrial minerals and oil & gas, with operations primarily across North America, deriving most revenue from royalties paid by third-party resource extraction operators.
EFC vs NRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2025
| Metric | | |
|---|---|---|
| Revenue | $78.2M | $51.3M |
| Net Profit | $22.6M | $40.3M |
| Gross Margin | — | — |
| Operating Margin | 7.4% | 83.7% |
| Net Margin | 28.9% | 78.5% |
| Revenue YoY | 8.7% | -21.8% |
| Net Profit YoY | -26.2% | -28.4% |
| EPS (diluted) | $0.10 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $78.2M | — | ||
| Q3 25 | $82.8M | — | ||
| Q2 25 | $92.5M | — | ||
| Q1 25 | $82.9M | $51.3M | ||
| Q4 24 | $72.0M | $61.8M | ||
| Q3 24 | $67.0M | $50.4M | ||
| Q2 24 | $91.2M | $54.6M | ||
| Q1 24 | $75.5M | $65.6M |
| Q4 25 | $22.6M | — | ||
| Q3 25 | $29.5M | — | ||
| Q2 25 | $42.9M | — | ||
| Q1 25 | $31.6M | $40.3M | ||
| Q4 24 | $30.7M | $42.8M | ||
| Q3 24 | $16.2M | $38.6M | ||
| Q2 24 | $52.3M | $46.1M | ||
| Q1 24 | $26.9M | $56.2M |
| Q4 25 | 7.4% | — | ||
| Q3 25 | 31.1% | — | ||
| Q2 25 | 38.3% | — | ||
| Q1 25 | 37.3% | 83.7% | ||
| Q4 24 | 28.0% | 74.9% | ||
| Q3 24 | 24.0% | 84.9% | ||
| Q2 24 | 52.8% | 92.3% | ||
| Q1 24 | 42.2% | 91.0% |
| Q4 25 | 28.9% | — | ||
| Q3 25 | 35.7% | — | ||
| Q2 25 | 46.4% | — | ||
| Q1 25 | 38.2% | 78.5% | ||
| Q4 24 | 42.6% | 69.2% | ||
| Q3 24 | 24.1% | 76.6% | ||
| Q2 24 | 57.4% | 84.4% | ||
| Q1 24 | 35.6% | 85.7% |
| Q4 25 | $0.10 | — | ||
| Q3 25 | $0.29 | — | ||
| Q2 25 | $0.45 | — | ||
| Q1 25 | $0.35 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $0.19 | — | ||
| Q2 24 | $0.62 | — | ||
| Q1 24 | $0.32 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $201.9M | $30.9M |
| Total DebtLower is stronger | — | $138.8M |
| Stockholders' EquityBook value | $1.8B | — |
| Total Assets | $19.4B | $772.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $201.9M | — | ||
| Q3 25 | $184.8M | — | ||
| Q2 25 | $211.0M | — | ||
| Q1 25 | $203.3M | $30.9M | ||
| Q4 24 | $192.4M | $30.4M | ||
| Q3 24 | $217.7M | $30.9M | ||
| Q2 24 | $198.5M | $32.3M | ||
| Q1 24 | $187.5M | $11.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $138.8M | ||
| Q4 24 | — | $142.1M | ||
| Q3 24 | — | $197.4M | ||
| Q2 24 | — | $210.3M | ||
| Q1 24 | — | $188.8M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $19.4B | — | ||
| Q3 25 | $17.8B | — | ||
| Q2 25 | $17.1B | — | ||
| Q1 25 | $16.6B | $772.5M | ||
| Q4 24 | $16.3B | $772.9M | ||
| Q3 24 | $16.0B | $772.9M | ||
| Q2 24 | $15.1B | $789.6M | ||
| Q1 24 | $15.1B | $772.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-925.5M | $34.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | -40.92× | 0.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-925.5M | — | ||
| Q3 25 | $-290.4M | — | ||
| Q2 25 | $-210.5M | — | ||
| Q1 25 | $-126.4M | $34.4M | ||
| Q4 24 | $-430.5M | $66.2M | ||
| Q3 24 | $-141.7M | $54.1M | ||
| Q2 24 | $-88.6M | $56.6M | ||
| Q1 24 | $-59.5M | $71.5M |
| Q4 25 | 0.0% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.0% | 0.0% | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | 0.0% | 0.0% |
| Q4 25 | -40.92× | — | ||
| Q3 25 | -9.84× | — | ||
| Q2 25 | -4.90× | — | ||
| Q1 25 | -3.99× | 0.86× | ||
| Q4 24 | -14.04× | 1.55× | ||
| Q3 24 | -8.76× | 1.40× | ||
| Q2 24 | -1.69× | 1.23× | ||
| Q1 24 | -2.21× | 1.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EFC
Segment breakdown not available.
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
