Is Natural Resource Partners LP overvalued or undervalued?

As of 17 October 2025, the valuation grade for Natural Resource Partners LP moved from very expensive to attractive, indicating a significant improvement in its perceived value. The company is currently considered undervalued, supported by a P/E ratio of 8, an EV to EBITDA ratio of 7.93, and an EV to Sales ratio of 6.04. In comparison, CONSOL Energy, Inc. has a much higher P/E ratio of 48.73, while Alliance Resource Partners LP, deemed very attractive, has a P/E of 10.86, highlighting Natural Resource Partners LP's relative value.
Despite recent underperformance with a year-to-date return of -6.45% compared to the S&P 500's 13.30%, the company's strong long-term performance is notable, with a 5-year return of 743.54% versus the S&P 500's 91.29%. This suggests that while short-term fluctuations may be concerning, the long-term outlook remains promising for investors considering the current valuation metrics.