North European Oil Royality Trust
NRT Energy Oil & Gas E&P
In the quarter to July 2026, revenue was flat and EPS grew 3.85%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years.
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North European Oil Royality Trust (NRT) Altman Z-score
North European Oil Royality Trust's Altman Z-score for fiscal 2025 is 21.08, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 21.08 | (150.45) |
| FY2024 | 171.53 | 148.15 |
| FY2022 | 23.38 | (35.76) |
| FY2021 | 59.14 | (63.44) |
| FY2020 | 122.58 | 76.88 |
| FY2019 | 45.70 | (4.44) |
| FY2018 | 50.14 | 16.15 |
| FY2017 | 33.99 | (30.58) |
| FY2016 | 64.57 | 14.36 |
| FY2015 | 50.22 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.40 | — | 0.49 | |
| Retained earnings / total assets | 0.40 | — | 0.57 | |
| EBIT / total assets | 1.81 | — | 5.97 | |
| Market value of equity / total liabilities | 20.42 | — | 12.25 | |
| Sales / total assets | 1.81 | — | 1.81 | |
| Altman Z-score | Safe zone | 21.08 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 16.83 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NRT North European Oil Royality Trust | 21.1× |
| EPM Evolution Petroleum Corporation, Inc. compare | 1.3× |
| PROP Prairie Operating Co. compare | 0.4× |
| BATL Battalion Oil Corporation compare | −0.5× |
| EP Empire Petroleum Corporation compare | −5.7× |
| BSIN Big Sky Industrial Inc. compare | −7.3× |
| CRT Cross Timbers Royalty Trust compare | — |
| VOC VOC Energy Trust compare | — |
| PVL PERMIANVILLE ROYALTY TRUST compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets