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Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $51.3M, roughly 1.8× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs 25.0%, a 53.5% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -21.8%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
NRP vs VCEL — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $92.9M |
| Net Profit | $40.3M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 83.7% | 24.1% |
| Net Margin | 78.5% | 25.0% |
| Revenue YoY | -21.8% | 23.3% |
| Net Profit YoY | -28.4% | 17.3% |
| EPS (diluted) | — | $0.46 |
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 | — | $92.9M | ||
| Q3 25 | — | $67.5M | ||
| Q2 25 | — | $63.2M | ||
| Q1 25 | $51.3M | $52.6M | ||
| Q4 24 | $61.8M | $75.4M | ||
| Q3 24 | $50.4M | $57.9M | ||
| Q2 24 | $54.6M | $52.7M | ||
| Q1 24 | $65.6M | $51.3M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | — | $5.1M | ||
| Q2 25 | — | $-553.0K | ||
| Q1 25 | $40.3M | $-11.2M | ||
| Q4 24 | $42.8M | $19.8M | ||
| Q3 24 | $38.6M | $-901.0K | ||
| Q2 24 | $46.1M | $-4.7M | ||
| Q1 24 | $56.2M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | — | 24.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | 83.7% | -24.3% | ||
| Q4 24 | 74.9% | 24.5% | ||
| Q3 24 | 84.9% | -4.3% | ||
| Q2 24 | 92.3% | -11.5% | ||
| Q1 24 | 91.0% | -10.7% |
| Q4 25 | — | 25.0% | ||
| Q3 25 | — | 7.5% | ||
| Q2 25 | — | -0.9% | ||
| Q1 25 | 78.5% | -21.4% | ||
| Q4 24 | 69.2% | 26.3% | ||
| Q3 24 | 76.6% | -1.6% | ||
| Q2 24 | 84.4% | -8.9% | ||
| Q1 24 | 85.7% | -7.5% |
| Q4 25 | — | $0.46 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $138.8M | — |
| Stockholders' EquityBook value | — | $354.6M |
| Total Assets | $772.5M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | $30.9M | $112.9M | ||
| Q4 24 | $30.4M | $116.2M | ||
| Q3 24 | $30.9M | $101.7M | ||
| Q2 24 | $32.3M | $102.5M | ||
| Q1 24 | $11.0M | $110.6M |
| 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 | — | $354.6M | ||
| Q3 25 | — | $321.9M | ||
| Q2 25 | — | $306.8M | ||
| Q1 25 | — | $295.5M | ||
| Q4 24 | — | $292.0M | ||
| Q3 24 | — | $257.5M | ||
| Q2 24 | — | $243.0M | ||
| Q1 24 | — | $233.9M |
| Q4 25 | — | $488.0M | ||
| Q3 25 | — | $453.3M | ||
| Q2 25 | — | $435.6M | ||
| Q1 25 | $772.5M | $424.6M | ||
| Q4 24 | $772.9M | $432.7M | ||
| Q3 24 | $772.9M | $390.4M | ||
| Q2 24 | $789.6M | $376.8M | ||
| Q1 24 | $772.9M | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 0.86× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $22.1M | ||
| Q2 25 | — | $8.2M | ||
| Q1 25 | $34.4M | $6.6M | ||
| Q4 24 | $66.2M | $22.2M | ||
| Q3 24 | $54.1M | $10.2M | ||
| Q2 24 | $56.6M | $18.5M | ||
| Q1 24 | $71.5M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | 0.0% | 18.3% | ||
| Q3 24 | 0.0% | 33.5% | ||
| Q2 24 | 0.0% | 31.8% | ||
| Q1 24 | 0.0% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.55× | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
