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United States 12 Month Natural Gas Fund, LP

UNL Clue Score49
United States Fiscal year ends December CIK 0001405513
$5.90 +1.55% Close, 13 Oct 2026
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Price $5.90 −59.81% Close, 13 Oct 2026

Closing prices at the end of each trading day, from 14 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue3.0Net income2.9Fiscal year 2017Revenue−3.1 −202.0%Net income−3.1 −209.7%Fiscal year 2018Revenue0.6Net income0.6Fiscal year 2019Revenue−0.8 −224.0%Net income−0.8 −243.6%Fiscal year 2020Revenue−0.2Net income−0.2Fiscal year 2021Revenue3.3Net income3.2Fiscal year 2022Revenue4.0 +21.1%Net income3.6 +15.0%Fiscal year 2023Revenue−13.1 −432.1%Net income−13.3 −465.6%Fiscal year 2024Revenue−0.9Net income−1.2Fiscal year 2025Revenue−0.7Net income−1.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.0 −3.1 0.6 −0.8 −0.2 3.3 4.0 −13.1 −0.9 −0.7
Growth −202.0% −224.0% +21.1% −432.1%
Net income 2.9 −3.1 0.6 −0.8 −0.2 3.2 3.6 −13.3 −1.2 −1.0
Growth −209.7% −243.6% +15.0% −465.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin95.9%Fiscal year 2017Net margin103.1%Fiscal year 2018Net margin90.7%Fiscal year 2019Net margin105.0%Fiscal year 2020Net margin125.1%Fiscal year 2021Net margin96.8%Fiscal year 2022Net margin91.9%Fiscal year 2023Net margin101.2%Fiscal year 2024Net margin131.8%Fiscal year 2025Net margin132.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 95.9% 103.1% 90.7% 105.0% 125.1% 96.8% 91.9% 101.2% 131.8% 132.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow−0.2Fiscal year 2017Operating cash flow−1.9Fiscal year 2018Operating cash flow0.1Fiscal year 2019Operating cash flow−0.5Fiscal year 2020Operating cash flow−0.6Fiscal year 2021Operating cash flow2.6Fiscal year 2022Operating cash flow12.5Fiscal year 2023Operating cash flow−17.2Fiscal year 2024Operating cash flow−6.3Fiscal year 2025Operating cash flow2.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.2 −1.9 0.1 −0.5 −0.6 2.6 12.5 −17.2 −6.3 2.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash and securities
Fiscal year 2016Cash and securities15.1Shareholders’ equity16.4Fiscal year 2017Cash and securities7.2Shareholders’ equity8.3Fiscal year 2018Cash and securities5.2Shareholders’ equity5.6Fiscal year 2019Cash and securities3.0Shareholders’ equity3.4Fiscal year 2020Cash and securities6.5Shareholders’ equity7.4Fiscal year 2021Cash and securities14.4Shareholders’ equity16.3Fiscal year 2022Cash and securities22.0Shareholders’ equity25.0Fiscal year 2023Cash and securities14.5Shareholders’ equity16.3Fiscal year 2024Cash and securities17.9Shareholders’ equity18.7Fiscal year 2025Cash and securities18.2Shareholders’ equity18.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash and securities 15.1 7.2 5.2 3.0 6.5 14.4 22.0 14.5 17.9 18.2
Shareholders’ equity 16.4 8.3 5.6 3.4 7.4 16.3 25.0 16.3 18.7 18.7

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018† 31 Dec 2018 FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
15.1 7.2 5.2 3.0 6.5 14.4 22.0 14.5 17.9 18.2
18.7 8.4 5.8 3.4 7.4 16.4 25.1 16.4 19.0 18.8
Growth −54.9% −31.3% −40.6% +115.0% +121.9% +53.2% −34.7% +16.2% −1.2%
Liabilities
2.2 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.4 0.1
Equity
16.4 8.3 5.6 3.4 7.4 16.3 25.0 16.3 18.7 18.7
Growth −49.3% −32.3% −40.2% +117.9% +121.9% +53.2% −34.8% +14.6% +0.2%
Per share and net cash
1.1 0.8 0.5 0.4 1.0 1.7 1.2 2.0 1.8 2.1
calc 14.95 10.42 12.54 8.43 7.74 9.60 21.73 8.15 10.37 8.91

† The number of shares outstanding jumps at 2018 and 2020 and 2021 and 2023, so per-share figures either side of that column are not comparable. Usually a split. This count is a different filed figure from the diluted average on the income statement, so it can break in a different year.

Lines marked calc are worked out here from filed figures; point at one for how.