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Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) and ARS Pharmaceuticals, Inc. (SPRY). 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 $28.1M, roughly 1.8× ARS Pharmaceuticals, Inc.). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs -147.1%, a 225.7% gap on every dollar of revenue. On growth, NATURAL RESOURCE PARTNERS LP posted the faster year-over-year revenue change (-21.8% vs -67.6%).
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.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
NRP vs SPRY — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $28.1M |
| Net Profit | $40.3M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | 83.7% | -147.6% |
| Net Margin | 78.5% | -147.1% |
| Revenue YoY | -21.8% | -67.6% |
| Net Profit YoY | -28.4% | -182.8% |
| EPS (diluted) | — | $-0.41 |
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 | — | $28.1M | ||
| Q3 25 | — | $32.5M | ||
| Q2 25 | — | $15.7M | ||
| Q1 25 | $51.3M | $8.0M | ||
| Q4 24 | $61.8M | $86.6M | ||
| Q3 24 | $50.4M | $2.1M | ||
| Q2 24 | $54.6M | $500.0K | ||
| Q1 24 | $65.6M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | — | $-51.2M | ||
| Q2 25 | — | $-44.9M | ||
| Q1 25 | $40.3M | $-33.9M | ||
| Q4 24 | $42.8M | $49.9M | ||
| Q3 24 | $38.6M | $-19.1M | ||
| Q2 24 | $46.1M | $-12.5M | ||
| Q1 24 | $56.2M | $-10.3M |
| Q4 25 | — | -147.6% | ||
| Q3 25 | — | -163.7% | ||
| Q2 25 | — | -302.9% | ||
| Q1 25 | 83.7% | -466.3% | ||
| Q4 24 | 74.9% | 54.5% | ||
| Q3 24 | 84.9% | -1051.6% | ||
| Q2 24 | 92.3% | -3068.0% | ||
| Q1 24 | 91.0% | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | — | -157.4% | ||
| Q2 25 | — | -285.6% | ||
| Q1 25 | 78.5% | -425.7% | ||
| Q4 24 | 69.2% | 57.7% | ||
| Q3 24 | 76.6% | -925.0% | ||
| Q2 24 | 84.4% | -2503.2% | ||
| Q1 24 | 85.7% | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.46 | ||
| Q1 25 | — | $-0.35 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | — | $-0.20 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | — | $-0.11 |
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 | $245.0M |
| Total DebtLower is stronger | $138.8M | $96.4M |
| Stockholders' EquityBook value | — | $114.3M |
| Total Assets | $772.5M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $245.0M | ||
| Q3 25 | — | $288.2M | ||
| Q2 25 | — | $240.1M | ||
| Q1 25 | $30.9M | $275.7M | ||
| Q4 24 | $30.4M | $314.0M | ||
| Q3 24 | $30.9M | $204.6M | ||
| Q2 24 | $32.3M | $218.7M | ||
| Q1 24 | $11.0M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | $138.8M | — | ||
| Q4 24 | $142.1M | $0 | ||
| Q3 24 | $197.4M | — | ||
| Q2 24 | $210.3M | — | ||
| Q1 24 | $188.8M | — |
| Q4 25 | — | $114.3M | ||
| Q3 25 | — | $147.7M | ||
| Q2 25 | — | $192.3M | ||
| Q1 25 | — | $229.0M | ||
| Q4 24 | — | $256.8M | ||
| Q3 24 | — | $201.0M | ||
| Q2 24 | — | $215.2M | ||
| Q1 24 | — | $223.9M |
| Q4 25 | — | $327.7M | ||
| Q3 25 | — | $372.8M | ||
| Q2 25 | — | $313.5M | ||
| Q1 25 | $772.5M | $327.3M | ||
| Q4 24 | $772.9M | $351.2M | ||
| Q3 24 | $772.9M | $217.6M | ||
| Q2 24 | $789.6M | $222.0M | ||
| Q1 24 | $772.9M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 0.86× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-43.5M | ||
| Q3 25 | — | $-47.0M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | $34.4M | $-40.7M | ||
| Q4 24 | $66.2M | $42.0M | ||
| Q3 24 | $54.1M | $-14.5M | ||
| Q2 24 | $56.6M | $-7.3M | ||
| Q1 24 | $71.5M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | 0.0% | 0.3% | ||
| Q3 24 | 0.0% | 6.8% | ||
| Q2 24 | 0.0% | 7.6% | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.55× | 0.84× | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 1.23× | — | ||
| 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% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
