United States 12 Month Natural Gas Fund, LP (UNL) intrinsic value & 10-year financials
United States 12 Month Natural Gas Fund, LP (UNL) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 18.5% a year to $8.1K.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $5.60
- Revenue (FY2025)
- $8.1K
- Revenue growth (10-yr CAGR)
- 18.5%
- Free cash flow (FY2025)
- —
UNL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.1K | -$971.5K | — | — | — | — |
| FY2024 | $11.2K | -$1.2M | — | — | — | — |
| FY2023 | $6.7K | -$13.3M | — | — | — | — |
| FY2022 | $9.1K | $3.6M | — | — | — | — |
| FY2021 | $3.5K | $3.2M | — | — | — | — |
| FY2020 | $1.4K | -$214.9K | — | — | — | — |
| FY2019 | $700 | -$814.3K | — | — | — | — |
| FY2018 | $2.8K | $567.1K | — | — | — | — |
| FY2017 | $2.5K | -$3.1M | — | — | — | — |
| FY2016 | $1.8K | $2.9M | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
United States 12 Month Natural Gas Fund, LP is a consistent compounder, expanding top-line revenue at 18.5% annually over the past decade.
United States 12 Month Natural Gas Fund, LP 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
United States 12 Month Natural Gas Fund, LP capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, United States 12 Month Natural Gas Fund, LP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment.