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Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) and TELOS CORP (TLS). 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 $46.8M, roughly 1.1× TELOS CORP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs -34.9%, a 113.4% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs -21.8%). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% 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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
NRP vs TLS — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $46.8M |
| Net Profit | $40.3M | $-16.3M |
| Gross Margin | — | 35.0% |
| Operating Margin | 83.7% | -39.6% |
| Net Margin | 78.5% | -34.9% |
| Revenue YoY | -21.8% | 77.4% |
| Net Profit YoY | -28.4% | -74.8% |
| EPS (diluted) | — | $-0.22 |
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 | — | $46.8M | ||
| Q3 25 | — | $51.4M | ||
| Q2 25 | — | $36.0M | ||
| Q1 25 | $51.3M | $30.6M | ||
| Q4 24 | $61.8M | $26.4M | ||
| Q3 24 | $50.4M | $23.8M | ||
| Q2 24 | $54.6M | $28.5M | ||
| Q1 24 | $65.6M | $29.6M |
| Q4 25 | — | $-16.3M | ||
| Q3 25 | — | $-2.1M | ||
| Q2 25 | — | $-9.5M | ||
| Q1 25 | $40.3M | $-8.6M | ||
| Q4 24 | $42.8M | $-9.3M | ||
| Q3 24 | $38.6M | $-28.1M | ||
| Q2 24 | $46.1M | $-7.8M | ||
| Q1 24 | $56.2M | $-7.4M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | — | -39.6% | ||
| Q3 25 | — | -4.8% | ||
| Q2 25 | — | -27.5% | ||
| Q1 25 | 83.7% | -29.5% | ||
| Q4 24 | 74.9% | -37.6% | ||
| Q3 24 | 84.9% | -121.4% | ||
| Q2 24 | 92.3% | -30.3% | ||
| Q1 24 | 91.0% | -28.5% |
| Q4 25 | — | -34.9% | ||
| Q3 25 | — | -4.1% | ||
| Q2 25 | — | -26.5% | ||
| Q1 25 | 78.5% | -28.1% | ||
| Q4 24 | 69.2% | -35.4% | ||
| Q3 24 | 76.6% | -118.0% | ||
| Q2 24 | 84.4% | -27.2% | ||
| Q1 24 | 85.7% | -24.9% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.13 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | — | $-0.39 | ||
| Q2 24 | — | $-0.11 | ||
| Q1 24 | — | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | $138.8M | — |
| Stockholders' EquityBook value | — | $96.0M |
| Total Assets | $772.5M | $139.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $53.2M | ||
| Q3 25 | — | $59.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | $30.9M | $57.8M | ||
| Q4 24 | $30.4M | $54.6M | ||
| Q3 24 | $30.9M | $69.8M | ||
| Q2 24 | $32.3M | $80.1M | ||
| Q1 24 | $11.0M | $93.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $138.8M | — | ||
| Q4 24 | $142.1M | — | ||
| Q3 24 | $197.4M | — | ||
| Q2 24 | $210.3M | — | ||
| Q1 24 | $188.8M | — |
| Q4 25 | — | $96.0M | ||
| Q3 25 | — | $119.7M | ||
| Q2 25 | — | $118.4M | ||
| Q1 25 | — | $126.1M | ||
| Q4 24 | — | $127.1M | ||
| Q3 24 | — | $129.5M | ||
| Q2 24 | — | $149.1M | ||
| Q1 24 | — | $154.4M |
| Q4 25 | — | $139.9M | ||
| Q3 25 | — | $164.3M | ||
| Q2 25 | — | $165.0M | ||
| Q1 25 | $772.5M | $158.1M | ||
| Q4 24 | $772.9M | $158.2M | ||
| Q3 24 | $772.9M | $166.3M | ||
| Q2 24 | $789.6M | $182.4M | ||
| Q1 24 | $772.9M | $195.4M |
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 | $8.0M |
| Free Cash FlowOCF − Capex | — | $8.0M |
| FCF MarginFCF / Revenue | — | 17.0% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 0.86× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $9.1M | ||
| Q2 25 | — | $7.0M | ||
| Q1 25 | $34.4M | $6.1M | ||
| Q4 24 | $66.2M | $-10.5M | ||
| Q3 24 | $54.1M | $-7.1M | ||
| Q2 24 | $56.6M | $-8.0M | ||
| Q1 24 | $71.5M | $-350.0K |
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | — | $-7.1M | ||
| Q2 24 | — | $-8.2M | ||
| Q1 24 | — | $-447.0K |
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 19.5% | ||
| Q4 24 | — | -47.0% | ||
| Q3 24 | — | -30.0% | ||
| Q2 24 | — | -28.9% | ||
| Q1 24 | — | -1.5% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 0.0% | 7.1% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.8% | ||
| Q1 24 | 0.0% | 0.3% |
| 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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
