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Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
RE/MAX Holdings, Inc. is the larger business by last-quarter revenue ($71.1M vs $51.3M, roughly 1.4× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs 2.0%, a 76.5% gap on every dollar of revenue. On growth, RE/MAX Holdings, Inc. posted the faster year-over-year revenue change (-1.8% vs -21.8%). Over the past eight quarters, RE/MAX Holdings, Inc.'s revenue compounded faster (-4.7% 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.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
NRP vs RMAX — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $71.1M |
| Net Profit | $40.3M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | 83.7% | 13.1% |
| Net Margin | 78.5% | 2.0% |
| Revenue YoY | -21.8% | -1.8% |
| Net Profit YoY | -28.4% | -75.2% |
| EPS (diluted) | — | — |
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 | — | $71.1M | ||
| Q3 25 | — | $73.2M | ||
| Q2 25 | — | $72.8M | ||
| Q1 25 | $51.3M | $74.5M | ||
| Q4 24 | $61.8M | $72.5M | ||
| Q3 24 | $50.4M | $78.5M | ||
| Q2 24 | $54.6M | $78.5M | ||
| Q1 24 | $65.6M | $78.3M |
| Q4 25 | — | $1.4M | ||
| Q3 25 | — | $4.0M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | $40.3M | $-2.0M | ||
| Q4 24 | $42.8M | $5.8M | ||
| Q3 24 | $38.6M | $966.0K | ||
| Q2 24 | $46.1M | $3.7M | ||
| Q1 24 | $56.2M | $-3.4M |
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | 83.7% | 7.2% | ||
| Q4 24 | 74.9% | 5.9% | ||
| Q3 24 | 84.9% | 19.4% | ||
| Q2 24 | 92.3% | 20.6% | ||
| Q1 24 | 91.0% | 5.8% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | 78.5% | -2.6% | ||
| Q4 24 | 69.2% | 8.0% | ||
| Q3 24 | 76.6% | 1.2% | ||
| Q2 24 | 84.4% | 4.7% | ||
| Q1 24 | 85.7% | -4.3% |
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 | $118.7M |
| Total DebtLower is stronger | $138.8M | $432.2M |
| Stockholders' EquityBook value | — | $452.4M |
| Total Assets | $772.5M | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $118.7M | ||
| Q3 25 | — | $107.5M | ||
| Q2 25 | — | $94.3M | ||
| Q1 25 | $30.9M | $89.1M | ||
| Q4 24 | $30.4M | $96.6M | ||
| Q3 24 | $30.9M | $83.8M | ||
| Q2 24 | $32.3M | $66.1M | ||
| Q1 24 | $11.0M | $82.1M |
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | $138.8M | $435.3M | ||
| Q4 24 | $142.1M | $436.2M | ||
| Q3 24 | $197.4M | $437.2M | ||
| Q2 24 | $210.3M | $438.1M | ||
| Q1 24 | $188.8M | $439.0M |
| Q4 25 | — | $452.4M | ||
| Q3 25 | — | $448.1M | ||
| Q2 25 | — | $442.4M | ||
| Q1 25 | — | $433.5M | ||
| Q4 24 | — | $429.5M | ||
| Q3 24 | — | $423.1M | ||
| Q2 24 | — | $418.4M | ||
| Q1 24 | — | $412.0M |
| Q4 25 | — | $582.5M | ||
| Q3 25 | — | $582.2M | ||
| Q2 25 | — | $574.8M | ||
| Q1 25 | $772.5M | $571.4M | ||
| Q4 24 | $772.9M | $581.6M | ||
| Q3 24 | $772.9M | $578.6M | ||
| Q2 24 | $789.6M | $571.4M | ||
| Q1 24 | $772.9M | $566.7M |
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | — | $33.5M |
| FCF MarginFCF / Revenue | — | 47.1% |
| Capex IntensityCapex / Revenue | — | 10.4% |
| Cash ConversionOCF / Net Profit | 0.86× | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $40.9M | ||
| Q3 25 | — | $17.7M | ||
| Q2 25 | — | $4.6M | ||
| Q1 25 | $34.4M | $5.7M | ||
| Q4 24 | $66.2M | $59.7M | ||
| Q3 24 | $54.1M | $17.6M | ||
| Q2 24 | $56.6M | $15.9M | ||
| Q1 24 | $71.5M | $9.4M |
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $6.8M |
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 8.6% |
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | 0.0% | 9.1% | ||
| Q3 24 | 0.0% | 1.7% | ||
| Q2 24 | 0.0% | 2.4% | ||
| Q1 24 | 0.0% | 3.3% |
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.55× | 10.28× | ||
| Q3 24 | 1.40× | 18.22× | ||
| Q2 24 | 1.23× | 4.29× | ||
| Q1 24 | 1.27× | — |
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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
