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 $21.1M against $13.0M — 1.6× the size. Barnwell Industries, Inc. has negative trailing earnings, so its P/E is not meaningful; PermRock Royalty Trust trades at 14.0×. 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%). Across the 18 metrics below, PermRock Royalty Trust leads on 15 and Barnwell Industries, Inc. on 3.

Valuation

Metric BRN PRT Oil & Gas E&P median
P/E n/m 13.99 11.01
P/S 1.13 5.94 1.98
P/B 1.47 0.83 1.30
Price to free cash flow n/m n/m 10.68
EV/EBITDA n/m 8.11 5.09
EV/Sales 1.04 5.56 2.63
Earnings yield (53.26%) 7.15% 5.78%
Free cash flow yield (12.59%) 0.00% 4.91%

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% 8.18%
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%) (10.50%)
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) 0.89

Dividend

Metric BRN PRT Oil & Gas E&P median
Dividend yield — 11.67% 3.29%
Payout ratio — 1.63 0.35

Size

Metric BRN PRT Oil & Gas E&P median
Market cap 12.99m 21.05m 1.04b

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