UNL Financials United States 12 Month Natural Gas Fund, LP
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | -$735860 | -$971479 | 0.0% | 0.0% | — | — | $18M |
| 2024 | -$925374 | -$1M | 0.0% | 0.0% | — | — | $18M |
| 2023 | -$13M | -$13M | 0.0% | 0.0% | — | — | $14M |
| 2022 | $4M | $4M | 0.0% | 0.0% | — | — | $22M |
| 2021 | $3M | $3M | 0.0% | 0.0% | — | — | $14M |
| 2020 | -$171776 | -$214880 | 0.0% | 0.0% | — | — | $6M |
| 2019 | -$775272 | -$814326 | 0.0% | 0.0% | — | — | $3M |
| 2018 | $624970 | $567143 | 0.0% | 0.0% | — | — | $5M |
| 2017 | -$3M | -$3M | 0.0% | 0.0% | — | — | $7M |
| 2016 | $3M | $3M | 0.0% | 0.0% | — | — | $15M |
| 2015 | -$4M | -$5M | 0.0% | 0.0% | — | — | $11M |
| 2014 | -$4M | -$4M | 0.0% | 0.0% | — | — | $15M |
| 2013 | $4M | $4M | 0.0% | 0.0% | — | — | $26M |
| 2012 | -$4M | -$5M | 0.0% | 0.0% | — | — | $40M |
| 2011 | -$14M | -$14M | 0.0% | 0.0% | — | — | $20M |
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | -$594349 | -$660149 | 0.0% | 0.0% | — | — | $14M |
| Dec '25 | -$1M | -$1M | 0.0% | 0.0% | — | — | $18M |
| Sep '25 | -$1M | -$1M | 0.0% | 0.0% | — | — | $10M |
| Jun '25 | -$2M | -$2M | 0.0% | 0.0% | — | — | $12M |
| Mar '25 | $4M | $4M | 0.0% | 0.0% | — | — | $15M |
| Dec '24 | $552059 | $476681 | 0.0% | 0.0% | — | — | $18M |
| Sep '24 | -$494126 | -$596136 | 0.0% | 0.0% | — | — | $19M |
| Jun '24 | $1M | $1M | 0.0% | 0.0% | — | — | $17M |
| Mar '24 | -$2M | -$2M | 0.0% | 0.0% | — | — | $15M |
| Dec '23 | -$5M | -$5M | 0.0% | 0.0% | — | — | $14M |
| Sep '23 | -$881541 | -$921473 | 0.0% | 0.0% | — | — | $14M |
| Jun '23 | -$138182 | -$173137 | 0.0% | 0.0% | — | — | $15M |
| Mar '23 | -$8M | -$8M | 0.0% | 0.0% | — | — | $12M |
| Dec '22 | -$7M | -$7M | 0.0% | 0.0% | — | — | $22M |
| Sep '22 | $9M | $8M | 0.0% | 0.0% | — | — | $32M |
| Jun '22 | -$7M | -$7M | 0.0% | 0.0% | — | — | $38M |
| Mar '22 | $10M | $10M | 0.0% | 0.0% | — | — | $21M |
| Dec '21 | -$4M | -$4M | 0.0% | 0.0% | — | — | $14M |
| Sep '21 | $5M | $5M | 0.0% | 0.0% | — | — | $14M |
| Jun '21 | $2M | $2M | 0.0% | 0.0% | — | — | $9M |
Valuation over time
How the market has priced UNL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 7.8× (Mar '23) to 5.8× (Dec '23).
- The price-to-sales ratio has fallen from 7.2× (Mar '23) to 5.3× (Dec '23).
Frequently asked questions
Is UNL growing its revenue and profit?
See the revenue and net-income charts above for United States 12 Month Natural Gas Fund, LP's multi-year trend.
How much debt does UNL have?
As of FY2025, United States 12 Month Natural Gas Fund, LP reported — of total debt against $18M of cash.
What is UNL's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin 132.0%.
What is UNL's P/E ratio?
As of Jun '26, United States 12 Month Natural Gas Fund, LP traded at a price-to-earnings ratio of about 5.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.