Barnwell Industries, Inc. (BRN) vs PermRock Royalty Trust (PRT)

Barnwell Industries, Inc. and PermRock Royalty Trust are both Oil & Gas E&P companies. PermRock Royalty Trust is the larger, with a market value of $24.5M against $14.0M — 1.7× the size. Barnwell Industries, Inc. has negative trailing earnings, so its P/E is not meaningful; PermRock Royalty Trust trades at 15.8×. Barnwell Industries, Inc. grew revenue faster over the last twelve months: −13.2% against −41.7%. PermRock Royalty Trust has the higher net margin (78.4% vs −46.7%) and the higher return on invested capital (6.33% vs −74.5%). Both pay a dividend; PermRock Royalty Trust yields more (11.0% vs 1.87%). Across the 19 metrics below, PermRock Royalty Trust leads on 16 and Barnwell Industries, Inc. on 3.

Valuation

Metric BRN PRT Oil & Gas E&P median
P/E n/m 15.80 10.57
P/S 1.15 6.70 1.80
P/B 1.51 0.94 1.27
Price to free cash flow n/m n/m 9.99
EV/EBITDA n/m 9.23 5.08
EV/Sales 0.78 6.33 2.39
Earnings yield (52.13%) 6.33% 6.06%
Free cash flow yield (12.32%) 0.00% 6.17%

Profitability

Metric BRN PRT Oil & Gas E&P median
Gross margin 28.37% 100.00% 80.41%
Operating margin (45.66%) 68.56% 21.39%
Net margin (46.69%) 78.37% 14.17%
Free cash flow margin (14.22%) 0.00% 9.71%
Return on equity (62.16%) 5.94% 10.05%
Return on assets (24.07%) 5.77% 5.81%
Return on invested capital (74.45%) 6.33% 6.32%

Growth

Metric BRN PRT Oil & Gas E&P median
Revenue growth (TTM) (13.17%) (41.73%) 9.94%
EPS growth (last fiscal year) (26.79%) (7.14%) —
Revenue growth, 5-year CAGR (5.68%) 11.79% 18.67%
Net income growth, 5-year CAGR 0.00% 19.79% 0.00%

Health

Metric BRN PRT Oil & Gas E&P median
Debt to equity 0.00 0.00 0.28
Current ratio 1.90 3.70 0.96
Net debt to EBITDA 2.06 (0.26) 0.91

Dividend

Metric BRN PRT Oil & Gas E&P median
Dividend yield 1.87% 11.00% 4.93%
Payout ratio 0.00 1.00 0.07

Size

Metric BRN PRT Oil & Gas E&P median
Market cap 14.00m 24.45m 923.59m

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