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Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Velocity Financial, Inc. is the larger business by last-quarter revenue ($51.6M vs $51.3M, roughly 1.0× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs 67.3%, a 11.2% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -21.8%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
NRP vs VEL — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $51.6M |
| Net Profit | $40.3M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | 83.7% | 97.0% |
| Net Margin | 78.5% | 67.3% |
| Revenue YoY | -21.8% | 32.8% |
| Net Profit YoY | -28.4% | 67.0% |
| EPS (diluted) | — | $0.90 |
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 | — | $51.6M | ||
| Q3 25 | — | $49.1M | ||
| Q2 25 | — | $47.6M | ||
| Q1 25 | $51.3M | $37.5M | ||
| Q4 24 | $61.8M | $38.9M | ||
| Q3 24 | $50.4M | $35.1M | ||
| Q2 24 | $54.6M | $32.4M | ||
| Q1 24 | $65.6M | $29.5M |
| Q4 25 | — | $34.8M | ||
| Q3 25 | — | $25.4M | ||
| Q2 25 | — | $26.0M | ||
| Q1 25 | $40.3M | $18.9M | ||
| Q4 24 | $42.8M | $20.8M | ||
| Q3 24 | $38.6M | $15.8M | ||
| Q2 24 | $46.1M | $14.8M | ||
| Q1 24 | $56.2M | $17.3M |
| Q4 25 | — | 97.0% | ||
| Q3 25 | — | 72.1% | ||
| Q2 25 | — | 71.3% | ||
| Q1 25 | 83.7% | 71.7% | ||
| Q4 24 | 74.9% | 82.5% | ||
| Q3 24 | 84.9% | 60.6% | ||
| Q2 24 | 92.3% | 61.3% | ||
| Q1 24 | 91.0% | 78.8% |
| Q4 25 | — | 67.3% | ||
| Q3 25 | — | 51.7% | ||
| Q2 25 | — | 54.6% | ||
| Q1 25 | 78.5% | 50.4% | ||
| Q4 24 | 69.2% | 53.5% | ||
| Q3 24 | 76.6% | 45.1% | ||
| Q2 24 | 84.4% | 45.6% | ||
| Q1 24 | 85.7% | 58.5% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | — | $0.65 | ||
| Q2 25 | — | $0.69 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $138.8M | — |
| Stockholders' EquityBook value | — | $672.5M |
| Total Assets | $772.5M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $92.1M | ||
| Q3 25 | — | $99.0M | ||
| Q2 25 | — | $79.6M | ||
| Q1 25 | $30.9M | $51.7M | ||
| Q4 24 | $30.4M | $49.9M | ||
| Q3 24 | $30.9M | $44.1M | ||
| Q2 24 | $32.3M | $47.4M | ||
| Q1 24 | $11.0M | $34.8M |
| 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 | — | $672.5M | ||
| Q3 25 | — | $634.3M | ||
| Q2 25 | — | $597.9M | ||
| Q1 25 | — | $563.2M | ||
| Q4 24 | — | $516.9M | ||
| Q3 24 | — | $484.6M | ||
| Q2 24 | — | $471.3M | ||
| Q1 24 | — | $452.9M |
| Q4 25 | — | $7.4B | ||
| Q3 25 | — | $7.0B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | $772.5M | $6.0B | ||
| Q4 24 | $772.9M | $5.5B | ||
| Q3 24 | $772.9M | $5.2B | ||
| Q2 24 | $789.6M | $4.9B | ||
| Q1 24 | $772.9M | $4.6B |
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 | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | 0.86× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $18.2M | ||
| Q3 25 | — | $11.5M | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | $34.4M | $3.5M | ||
| Q4 24 | $66.2M | $37.8M | ||
| Q3 24 | $54.1M | $-17.6M | ||
| Q2 24 | $56.6M | $11.5M | ||
| Q1 24 | $71.5M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $7.6M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | — | -50.3% | ||
| Q2 24 | — | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 0.0% | 0.7% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.3% | ||
| Q1 24 | 0.0% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | 0.86× | 0.19× | ||
| Q4 24 | 1.55× | 1.81× | ||
| Q3 24 | 1.40× | -1.11× | ||
| Q2 24 | 1.23× | 0.78× | ||
| Q1 24 | 1.27× | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
