United States 12 Month Natural Gas Fund, LP UNL

Financials SIC 6221 - Commodity Contracts Brokers & Dealers NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Securities and Commodity Contracts Intermediation and Brokerage › Commodity Contracts Intermediation derived NYSE

What is UNL?

The United States 12 Month Natural Gas Fund, LP ("UNL") is a Delaware limited partnership organized on June 27, 2007. UNL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. UNL's shares began trading on November 18, 2009. UNL is a commodity pool that issues limited partnership interests ("shares") traded on the NYSE Arca, Inc. (the "NYSE Arca"). It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the "LP Agreement"), which grants full management control to its general partner, United States Commodity Funds LLC ("USCF").

Last close 5.34 2026-10-23
Market cap $14.4M 2026-06-30 share count
52-week range 5.29 - 9.11

Valuation FY2025 figures against the last close

P/S1,791.1x
P/E—
P/FCF7.4x
EV/EBITDA—
Dividend yield—
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $8.1K$11.2K$6.7K$9.1K$3.5K$1.4K$700$2.8K$2.5K$1.8K
Total operating expenses $235.6K$375.1K$325.4K$483.1K$231.7K$103.6K$113.4K$117.8K$156.3K$224.9K
Net income -$971.5K-$1.2M-$13.3M$3.6M$3.2M-$214.9K-$814.3K$567.1K-$3.1M$2.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $18.2M$17.9M$14.5M$33.3M$15.7M$7.3M$3.8M$5.8M$8.9M$15.8M
Total assets $18.8M$19.0M$16.4M$25.1M$16.4M$7.4M$3.4M$5.8M$8.4M$18.7M
Total liabilities $104.6K$373.4K$93.8K$118.1K$72.4K$31.5K$60.5K$138.0K$79.7K$2.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.0M-$6.3M-$17.2M$12.5M$2.6M-$644.0K-$514.6K$103.8K-$1.9M-$232.4K
Financing cash flow $1.0M$3.6M$4.6M$5.0M$5.8M$4.2M-$1.5M-$3.3M-$5.0M$451.2K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-023411.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -15M -10M -5M 0 5M Revenue, FY2016: 1.8K Net income, FY2016: 2.9M Revenue, FY2017: 2.5K Net income, FY2017: -3.1M Revenue, FY2018: 2.8K Net income, FY2018: 567.1K Revenue, FY2019: 700 Net income, FY2019: -814.3K Revenue, FY2020: 1.4K Net income, FY2020: -214.9K Revenue, FY2021: 3.5K Net income, FY2021: 3.2M Revenue, FY2022: 9.1K Net income, FY2022: 3.6M Revenue, FY2023: 6.7K Net income, FY2023: -13.3M Revenue, FY2024: 11.2K Net income, FY2024: -1.2M Revenue, FY2025: 8.1K Net income, FY2025: -971.5K FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.8K $2.5K $2.8K $700 $1.4K $3.5K $9.1K $6.7K $11.2K $8.1K
Gross profit — — — — — — — — — —
Net income $2.9M -$3.1M $567.1K -$814.3K -$214.9K $3.2M $3.6M -$13.3M -$1.2M -$971.5K

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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