COMP <GO>

NRP vs AREC // EV/EBITDA & P/E VALUATION

Natural Resource Partners LP (NYSE) VS. American Resources Corporation (Class A) (NASDAQ) • 15-METRIC TALLY: NRP 3 — AREC 0

■ METRIC PARITY

LAST: $116.50 (-0.88%) • MKT CAP: $1.54B

valuation

10.6x

LAST: $1.27 (+4.51%) • MKT CAP: $136.4M

valuation

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NRP VS. AREC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NRP	AREC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	18.40%	-14.00%	+32.40	NRP	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	10.6x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	10.74%	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	0.20	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	4/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	62.3	34.0	+28.29	NRP	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.54B	$136.4M	$1.41B	NRP	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NRP REV	AREC REV	NRP GROSS %	AREC GROSS %	NRP FCF	AREC FCF
FY 2025	$0	$0	—	—	$165.9M	—
FY 2024	$232.4M	$34.1K	—	—	$248.5M	-$22.3M
FY 2023	$278.7M	$11.8M	—	—	$311.0M	-$19.5M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NRP // BETA —

AREC // BETA —