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Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) and NETSTREIT Corp. (NTST). Click either name above to swap in a different company.
NETSTREIT Corp. is the larger business by last-quarter revenue ($57.1M vs $51.3M, roughly 1.1× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs 10.0%, a 68.5% gap on every dollar of revenue. On growth, NETSTREIT Corp. posted the faster year-over-year revenue change (24.3% vs -21.8%). Over the past eight quarters, NETSTREIT Corp.'s revenue compounded faster (20.1% CAGR vs -8.3%).
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.
NETSTREIT Corp. is a US-headquartered real estate investment trust (REIT) that specializes in acquiring and operating a diversified portfolio of single-tenant net lease commercial properties. Its asset portfolio covers retail, industrial and office categories, primarily catering to investment-grade corporate tenants across the United States market.
NRP vs NTST — Head-to-Head
Income Statement — Q1 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $57.1M |
| Net Profit | $40.3M | $5.7M |
| Gross Margin | — | — |
| Operating Margin | 83.7% | 34.1% |
| Net Margin | 78.5% | 10.0% |
| Revenue YoY | -21.8% | 24.3% |
| Net Profit YoY | -28.4% | 235.9% |
| EPS (diluted) | — | $0.32 |
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.
| Q1 26 | — | $57.1M | ||
| Q4 25 | — | $52.5M | ||
| Q3 25 | — | $48.3M | ||
| Q2 25 | — | $48.3M | ||
| Q1 25 | $51.3M | $45.9M | ||
| Q4 24 | $61.8M | $44.1M | ||
| Q3 24 | $50.4M | $41.4M | ||
| Q2 24 | $54.6M | $39.6M |
| Q1 26 | — | $5.7M | ||
| Q4 25 | — | $1.3M | ||
| Q3 25 | — | $618.0K | ||
| Q2 25 | — | $3.3M | ||
| Q1 25 | $40.3M | $1.7M | ||
| Q4 24 | $42.8M | $-5.4M | ||
| Q3 24 | $38.6M | $-5.3M | ||
| Q2 24 | $46.1M | $-2.3M |
| Q1 26 | — | 34.1% | ||
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 6.8% | ||
| Q1 25 | 83.7% | 3.7% | ||
| Q4 24 | 74.9% | -12.3% | ||
| Q3 24 | 84.9% | -12.8% | ||
| Q2 24 | 92.3% | -5.8% |
| Q1 26 | — | 10.0% | ||
| Q4 25 | — | 2.5% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 6.8% | ||
| Q1 25 | 78.5% | 3.7% | ||
| Q4 24 | 69.2% | -12.3% | ||
| Q3 24 | 76.6% | -12.8% | ||
| Q2 24 | 84.4% | -5.8% |
| Q1 26 | — | $0.32 | ||
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $0.01 | ||
| Q2 25 | — | $0.04 | ||
| Q1 25 | — | $0.02 | ||
| Q4 24 | — | $-0.07 | ||
| Q3 24 | — | $-0.07 | ||
| Q2 24 | — | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $30.9M | — |
| Total DebtLower is stronger | $138.8M | — |
| Stockholders' EquityBook value | — | $1.5B |
| Total Assets | $772.5M | $2.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $30.9M | — | ||
| Q4 24 | $30.4M | — | ||
| Q3 24 | $30.9M | — | ||
| Q2 24 | $32.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $926.6M | ||
| Q1 25 | $138.8M | $913.3M | ||
| Q4 24 | $142.1M | $868.3M | ||
| Q3 24 | $197.4M | $778.7M | ||
| Q2 24 | $210.3M | $726.2M |
| Q1 26 | — | $1.5B | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | $772.5M | $2.3B | ||
| Q4 24 | $772.9M | $2.3B | ||
| Q3 24 | $772.9M | $2.2B | ||
| Q2 24 | $789.6M | $2.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.84× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.58× | ||
| Q2 24 | — | 0.55× |
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 | $34.4M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.86× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $109.5M | ||
| Q3 25 | — | $28.0M | ||
| Q2 25 | — | $30.6M | ||
| Q1 25 | $34.4M | $22.1M | ||
| Q4 24 | $66.2M | $90.2M | ||
| Q3 24 | $54.1M | $25.1M | ||
| Q2 24 | $56.6M | $25.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 82.46× | ||
| Q3 25 | — | 45.27× | ||
| Q2 25 | — | 9.36× | ||
| Q1 25 | 0.86× | 13.06× | ||
| Q4 24 | 1.55× | — | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 1.23× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
NTST
| Rental revenue (including reimbursable) | $54.0M | 95% |
| Other | $3.0M | 5% |
