NRP, EXE, FKWL, SIEB, BRID
Natural Resource Partners (NRP) — Founded in 2002 as a master limited partnership (MLP) headquartered in Houston. Diversified natural resource company that owns, manages, and leases 13 million acres of mineral rights across the U.S. (pure royalty/lease model — does not operate mines).
Market cap $1.33 billion at $100.55/unit (13.25M units). EV $1.4 billion. 2025 revenue $207.3 million, net income $133.6 million. Three-year average FCF $244.3 million, 18.4% yield on current equity.
Long-term debt $46.1 million, down from $1.2 billion in 2015. Cash of $31.5 million. Very low leverage with strong interest coverage. Insiders own about 25% of outstanding common units. Saber Capital (John Huber) owns 1.6% of units.
“Philosophy – The concept of intrinsic value is the foundation for every decision we make, whether to retire debt, pay distributions or make investments. We define it as the present value of future cash flows per common unit, calculated using a range of discount rates.” – 2025 annual report
Expand Energy (EXE) — Formed in 2024 via the combination of Chesapeake Energy and Southwestern Energy. North America’s largest natural gas producer.
Worst-performing large-cap in the energy sector year to date. Market cap $21.2 billion at $88.78/share (239.2M shares). EV $24.1 billion. 2025 revenue $11.6 billion, net income $1.82 billion.
Price to tangible book value 1.1x. Long-term debt $4.1 billion, cash $2.2 billion. 2025 net income/interest expense 7.7x. Paid down $1.3 billion of debt in Q1. Insiders are buying (CEO and CFO).
“Global natural gas demand is set to rise sharply, with LNG consumption expected to increase by over 50% by 2040. Gulf Coast liquefaction facilities, connected to our leading Haynesville position, will deliver this secure supply.” – Interim President and CEO Mike Wichterich (Q1 2026 earnings call)
Franklin Wireless (FKWL) — Market cap $31.1 million at $2.64/share (11.78M shares outstanding). Enterprise value $2.19 million. Cash $32.9 million. No long-term debt. 2025 revenue $46.1 million, 2025 net income -$243k.
Offers 5G/4G wireless broadband products, including portable Wi-Fi mobile hotspot routers, mobile hotspots, fixed wireless routers, and mobile device management (MDM) solutions.
Management is shifting from consumer hotspots to higher-margin commercial and industrial connectivity products. Founded in 1981, headquartered in San Diego, CA. 67 employees.
Siebert Financial (SIEB) — Market cap $74.7 million at $1.82/share (40.9 million shares). 2025 revenue $93.8 million, net income $5.1 million. Price to book 0.83x (book value per share $2.20; Long-term debt $4 million.
Offers self-directed trading, market making and fixed income investment, stock borrow/stock loan, equity compensation plans, and wealth management/financial advisory; Investment banking/capital markets; and advanced trading services; corporate services; independent retail execution services; and retail customer services.
Founded in 1967 (legacy of Muriel Siebert, first woman to own a NYSE seat). Headquartered in Miami Beach, FL. Insiders own 67.2%.
Bridgford Foods (BRID) — Market cap $63.5 million at $6.99/share (9.1 million shares). Enterprise value $70.8 million. 2025 revenue $231 million, net income -$13.4 million.
Price to book 0.55x (tangible book value per share $12.06) -- long-term debt $1.4 million, cash $7.8 million.
Manufacturer and distributor of frozen and snack food products (sliced meats, cheeses, sandwiches, biscuits, dry sausages, jerky, bread dough, etc.) in the United States.
Recent quarters show revenue pressure, margin compression from higher meat/commodity costs, and widening losses.
Significant real estate holdings (owned properties used for production, warehousing, distribution, and admin): Anaheim, California (100,000 sf on 5.0 acres); multiple Dallas, Texas locations (94,000 sf on 4.0 acres; 30,000 sf on 2.0 acres; 16,000 sf on 1.0 acre; 3,200 sf on 1.5 acres; Statesville, North Carolina (42,000 sf on 8.0 acres); Chicago, Illinois (177,000 sf on 8.0 acres).
Altogether, probably worth around the current market cap of $63.5 million.
Family-controlled business (owns about 80% of shares) founded in 1932, headquartered in Dallas, TX, with 668 employees.
Thanks for the summaries. Took a glance at NRP. Revenues have been declining. Coal royalties aren't what they used to be. What are the prospects for other sources of revenue?