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Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) and System1, Inc. (SST). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $51.3M, roughly 1.0× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs -26.0%, a 104.5% gap on every dollar of revenue. On growth, NATURAL RESOURCE PARTNERS LP posted the faster year-over-year revenue change (-21.8% vs -31.3%). Over the past eight quarters, NATURAL RESOURCE PARTNERS LP's revenue compounded faster (-8.3% CAGR vs -21.8%).
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.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
NRP vs SST — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $51.9M |
| Net Profit | $40.3M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 83.7% | -33.6% |
| Net Margin | 78.5% | -26.0% |
| Revenue YoY | -21.8% | -31.3% |
| Net Profit YoY | -28.4% | 4.8% |
| EPS (diluted) | — | $-3.58 |
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 | — | $51.9M | ||
| Q3 25 | — | $61.6M | ||
| Q2 25 | — | $78.1M | ||
| Q1 25 | $51.3M | $74.5M | ||
| Q4 24 | $61.8M | $75.6M | ||
| Q3 24 | $50.4M | $88.8M | ||
| Q2 24 | $54.6M | $94.6M | ||
| Q1 24 | $65.6M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | — | $-18.5M | ||
| Q2 25 | — | $-17.5M | ||
| Q1 25 | $40.3M | $-15.9M | ||
| Q4 24 | $42.8M | $-14.2M | ||
| Q3 24 | $38.6M | $-23.6M | ||
| Q2 24 | $46.1M | $-26.4M | ||
| Q1 24 | $56.2M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 28.0% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | — | -33.6% | ||
| Q3 25 | — | -25.3% | ||
| Q2 25 | — | -20.4% | ||
| Q1 25 | 83.7% | -17.6% | ||
| Q4 24 | 74.9% | -15.7% | ||
| Q3 24 | 84.9% | -24.6% | ||
| Q2 24 | 92.3% | -30.8% | ||
| Q1 24 | 91.0% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | — | -30.1% | ||
| Q2 25 | — | -22.4% | ||
| Q1 25 | 78.5% | -21.3% | ||
| Q4 24 | 69.2% | -18.7% | ||
| Q3 24 | 76.6% | -26.6% | ||
| Q2 24 | 84.4% | -27.9% | ||
| Q1 24 | 85.7% | -12.4% |
| Q4 25 | — | $-3.58 | ||
| Q3 25 | — | $-2.30 | ||
| Q2 25 | — | $-2.23 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | — | $-3.37 | ||
| Q2 24 | — | $-3.80 | ||
| Q1 24 | — | $-0.16 |
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 | $86.9M |
| Total DebtLower is stronger | $138.8M | $305.1M |
| Stockholders' EquityBook value | — | $30.5M |
| Total Assets | $772.5M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $86.9M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $63.6M | ||
| Q1 25 | $30.9M | $43.9M | ||
| Q4 24 | $30.4M | $63.6M | ||
| Q3 24 | $30.9M | $69.1M | ||
| Q2 24 | $32.3M | $75.7M | ||
| Q1 24 | $11.0M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | $138.8M | $267.4M | ||
| Q4 24 | $142.1M | $255.1M | ||
| Q3 24 | $197.4M | $259.2M | ||
| Q2 24 | $210.3M | $263.3M | ||
| Q1 24 | $188.8M | $268.6M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $42.7M | ||
| Q2 25 | — | $58.2M | ||
| Q1 25 | — | $67.2M | ||
| Q4 24 | — | $80.3M | ||
| Q3 24 | — | $90.3M | ||
| Q2 24 | — | $109.4M | ||
| Q1 24 | — | $131.7M |
| Q4 25 | — | $405.0M | ||
| Q3 25 | — | $385.2M | ||
| Q2 25 | — | $429.2M | ||
| Q1 25 | $772.5M | $419.2M | ||
| Q4 24 | $772.9M | $459.1M | ||
| Q3 24 | $772.9M | $479.3M | ||
| Q2 24 | $789.6M | $511.3M | ||
| Q1 24 | $772.9M | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | $-10.6M |
| 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 | — | $-10.6M | ||
| Q3 25 | — | $-2.1M | ||
| Q2 25 | — | $24.5M | ||
| Q1 25 | $34.4M | $-15.9M | ||
| Q4 24 | $66.2M | $772.0K | ||
| Q3 24 | $54.1M | $-5.0K | ||
| Q2 24 | $56.6M | $10.0M | ||
| Q1 24 | $71.5M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| 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 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.55× | — | ||
| 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% |
SST
Segment breakdown not available.
