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Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $51.3M, roughly 1.4× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs -20.3%, a 98.9% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -21.8%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
NRP vs TH — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $73.5M |
| Net Profit | $40.3M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 83.7% | -22.9% |
| Net Margin | 78.5% | -20.3% |
| Revenue YoY | -21.8% | 22.0% |
| Net Profit YoY | -28.4% | -219.1% |
| EPS (diluted) | — | $-0.14 |
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 | — | $73.5M | ||
| Q3 25 | — | $91.6M | ||
| Q2 25 | — | $54.9M | ||
| Q1 25 | $51.3M | $54.9M | ||
| Q4 24 | $61.8M | $60.2M | ||
| Q3 24 | $50.4M | $65.8M | ||
| Q2 24 | $54.6M | $67.5M | ||
| Q1 24 | $65.6M | $72.4M |
| Q4 25 | — | $-14.9M | ||
| Q3 25 | — | $-795.0K | ||
| Q2 25 | — | $-14.9M | ||
| Q1 25 | $40.3M | $-6.5M | ||
| Q4 24 | $42.8M | $12.5M | ||
| Q3 24 | $38.6M | $20.0M | ||
| Q2 24 | $46.1M | $18.4M | ||
| Q1 24 | $56.2M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | — | -22.9% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | 83.7% | -2.0% | ||
| Q4 24 | 74.9% | 34.5% | ||
| Q3 24 | 84.9% | 42.5% | ||
| Q2 24 | 92.3% | 43.8% | ||
| Q1 24 | 91.0% | 42.0% |
| Q4 25 | — | -20.3% | ||
| Q3 25 | — | -0.9% | ||
| Q2 25 | — | -27.2% | ||
| Q1 25 | 78.5% | -11.8% | ||
| Q4 24 | 69.2% | 20.8% | ||
| Q3 24 | 76.6% | 30.4% | ||
| Q2 24 | 84.4% | 27.2% | ||
| Q1 24 | 85.7% | 28.2% |
| Q4 25 | — | $-0.14 | ||
| Q3 25 | — | $-0.01 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.07 | ||
| Q4 24 | — | $0.12 | ||
| Q3 24 | — | $0.20 | ||
| Q2 24 | — | $0.18 | ||
| Q1 24 | — | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | $138.8M | $1.7M |
| Stockholders' EquityBook value | — | $389.3M |
| Total Assets | $772.5M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $8.3M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $19.2M | ||
| Q1 25 | $30.9M | $34.5M | ||
| Q4 24 | $30.4M | $190.7M | ||
| Q3 24 | $30.9M | $177.7M | ||
| Q2 24 | $32.3M | $154.3M | ||
| Q1 24 | $11.0M | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | $138.8M | $42.9M | ||
| Q4 24 | $142.1M | $1.5M | ||
| Q3 24 | $197.4M | $994.0K | ||
| Q2 24 | $210.3M | $1.1M | ||
| Q1 24 | $188.8M | $179.9M |
| Q4 25 | — | $389.3M | ||
| Q3 25 | — | $402.4M | ||
| Q2 25 | — | $401.3M | ||
| Q1 25 | — | $415.3M | ||
| Q4 24 | — | $421.1M | ||
| Q3 24 | — | $417.6M | ||
| Q2 24 | — | $397.2M | ||
| Q1 24 | — | $375.5M |
| Q4 25 | — | $530.2M | ||
| Q3 25 | — | $541.2M | ||
| Q2 25 | — | $533.7M | ||
| Q1 25 | $772.5M | $562.5M | ||
| Q4 24 | $772.9M | $725.8M | ||
| Q3 24 | $772.9M | $709.8M | ||
| Q2 24 | $789.6M | $697.0M | ||
| Q1 24 | $772.9M | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| 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.
| Q4 25 | — | $5.7M | ||
| Q3 25 | — | $53.4M | ||
| Q2 25 | — | $11.1M | ||
| Q1 25 | $34.4M | $3.9M | ||
| Q4 24 | $66.2M | $30.6M | ||
| Q3 24 | $54.1M | $31.4M | ||
| Q2 24 | $56.6M | $39.1M | ||
| Q1 24 | $71.5M | $50.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.55× | 2.44× | ||
| Q3 24 | 1.40× | 1.57× | ||
| Q2 24 | 1.23× | 2.13× | ||
| Q1 24 | 1.27× | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
