vs
Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) and Plymouth Industrial REIT, Inc. (PLYM). Click either name above to swap in a different company.
NATURAL RESOURCE PARTNERS LP is the larger business by last-quarter revenue ($51.3M vs $51.2M, roughly 1.0× Plymouth Industrial REIT, Inc.). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs -106.3%, a 184.8% gap on every dollar of revenue. On growth, Plymouth Industrial REIT, Inc. posted the faster year-over-year revenue change (-1.4% vs -21.8%). Over the past eight quarters, Plymouth Industrial REIT, Inc.'s revenue compounded faster (0.4% 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.
Plymouth Industrial REIT, Inc. is a real estate investment trust focused on owning, operating, and acquiring high-quality industrial properties including distribution centers, warehouses, and light industrial facilities across key U.S. logistics hubs. It serves tenants in e-commerce, retail, manufacturing, and third-party logistics sectors, supporting diverse business supply chain needs.
NRP vs PLYM — Head-to-Head
Income Statement — Q1 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $51.2M |
| Net Profit | $40.3M | $-54.4M |
| Gross Margin | — | — |
| Operating Margin | 83.7% | -102.5% |
| Net Margin | 78.5% | -106.3% |
| Revenue YoY | -21.8% | -1.4% |
| Net Profit YoY | -28.4% | -248.5% |
| EPS (diluted) | — | $-1.23 |
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.
| Q3 25 | — | $51.2M | ||
| Q2 25 | — | $47.2M | ||
| Q1 25 | $51.3M | $45.6M | ||
| Q4 24 | $61.8M | $47.6M | ||
| Q3 24 | $50.4M | $51.9M | ||
| Q2 24 | $54.6M | $48.7M | ||
| Q1 24 | $65.6M | $50.2M | ||
| Q4 23 | $72.9M | $50.8M |
| Q3 25 | — | $-54.4M | ||
| Q2 25 | — | $-6.1M | ||
| Q1 25 | $40.3M | $5.8M | ||
| Q4 24 | $42.8M | $147.4M | ||
| Q3 24 | $38.6M | $-15.6M | ||
| Q2 24 | $46.1M | $1.3M | ||
| Q1 24 | $56.2M | $6.2M | ||
| Q4 23 | $65.0M | $9.3M |
| Q3 25 | — | -102.5% | ||
| Q2 25 | — | -10.3% | ||
| Q1 25 | 83.7% | — | ||
| Q4 24 | 74.9% | — | ||
| Q3 24 | 84.9% | -29.6% | ||
| Q2 24 | 92.3% | 2.7% | ||
| Q1 24 | 91.0% | — | ||
| Q4 23 | 94.5% | — |
| Q3 25 | — | -106.3% | ||
| Q2 25 | — | -12.9% | ||
| Q1 25 | 78.5% | 12.8% | ||
| Q4 24 | 69.2% | 309.9% | ||
| Q3 24 | 76.6% | -30.1% | ||
| Q2 24 | 84.4% | 2.7% | ||
| Q1 24 | 85.7% | 12.4% | ||
| Q4 23 | 89.1% | 18.3% |
| Q3 25 | — | $-1.23 | ||
| Q2 25 | — | $-0.14 | ||
| Q1 25 | — | $0.13 | ||
| Q4 24 | — | $3.24 | ||
| Q3 24 | — | $-0.35 | ||
| Q2 24 | — | $0.03 | ||
| Q1 24 | — | $0.14 | ||
| Q4 23 | — | $0.21 |
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 | — | $470.1M |
| Total Assets | $772.5M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $30.9M | — | ||
| Q4 24 | $30.4M | — | ||
| Q3 24 | $30.9M | — | ||
| Q2 24 | $32.3M | — | ||
| Q1 24 | $11.0M | — | ||
| Q4 23 | $12.0M | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $138.8M | — | ||
| Q4 24 | $142.1M | $646.4M | ||
| Q3 24 | $197.4M | — | ||
| Q2 24 | $210.3M | — | ||
| Q1 24 | $188.8M | — | ||
| Q4 23 | $155.1M | $873.4M |
| Q3 25 | — | $470.1M | ||
| Q2 25 | — | $539.6M | ||
| Q1 25 | — | $571.0M | ||
| Q4 24 | — | $579.5M | ||
| Q3 24 | — | $436.5M | ||
| Q2 24 | — | $475.2M | ||
| Q1 24 | — | $484.6M | ||
| Q4 23 | — | $483.0M |
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | $772.5M | $1.4B | ||
| Q4 24 | $772.9M | $1.4B | ||
| Q3 24 | $772.9M | $1.5B | ||
| Q2 24 | $789.6M | $1.4B | ||
| Q1 24 | $772.9M | $1.4B | ||
| Q4 23 | $797.9M | $1.4B |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | 1.81× |
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 | $20.0M |
| 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.
| Q3 25 | — | $20.0M | ||
| Q2 25 | — | $23.4M | ||
| Q1 25 | $34.4M | $15.6M | ||
| Q4 24 | $66.2M | $96.1M | ||
| Q3 24 | $54.1M | $17.6M | ||
| Q2 24 | $56.6M | $19.9M | ||
| Q1 24 | $71.5M | $16.6M | ||
| Q4 23 | $77.8M | $18.6M |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — | ||
| Q4 23 | 0.0% | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.86× | 2.67× | ||
| Q4 24 | 1.55× | 0.65× | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 1.23× | 15.12× | ||
| Q1 24 | 1.27× | 2.67× | ||
| Q4 23 | 1.20× | 2.01× |
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% |
PLYM
Segment breakdown not available.
