Is Natural Resource Partners LP overvalued or undervalued?

As of 8 September 2025, the valuation grade for Natural Resource Partners LP moved from expensive to attractive, indicating a shift towards a more favorable assessment. The company is currently considered undervalued, supported by a P/E ratio of 8, an EV to EBITDA ratio of 7.93, and a robust ROE of 30.27%. In comparison to peers, CONSOL Energy, Inc. has a significantly higher P/E ratio of 48.73, while Alliance Resource Partners LP shows a more favorable EV to EBITDA of 5.29.
Despite recent challenges, including a year-to-date return of -8.29% compared to the S&P 500's 12.22%, Natural Resource Partners LP has demonstrated impressive long-term performance, with a 5-year return of 748.33% against the benchmark's 96.61%. This strong historical performance reinforces the attractiveness of the current valuation.