Mesa Royalty Trust (MTR) vs PermRock Royalty Trust (PRT)

Mesa Royalty Trust and PermRock Royalty Trust are both Oil & Gas E&P companies. PermRock Royalty Trust is the larger, with a market value of $16.4M against $3.7M — 4.5× the size. Mesa Royalty Trust trades at the lower P/E: 9.8× against 10.9×. Mesa Royalty Trust grew revenue faster over the last twelve months: −3.01% against −41.7%. PermRock Royalty Trust has the higher net margin (78.4% vs 76.6%) and the lower return on invested capital (6.33% vs 20.9%). Both pay a dividend; PermRock Royalty Trust yields more (13.8% vs 6.23%). Across the 18 metrics below, Mesa Royalty Trust leads on 11 and PermRock Royalty Trust on 7.

Valuation

Metric MTR PRT Oil & Gas E&P median
P/E 9.82 10.93 9.65
P/S 7.55 4.64 1.73
P/B 1.14 0.65 1.23
Price to free cash flow n/m n/m 9.34
EV/EBITDA 3.49 6.21 4.58
EV/Sales 3.21 4.26 2.27
Earnings yield 10.19% 9.15% 7.67%
Free cash flow yield 0.00% 0.00% 4.40%

Profitability

Metric MTR PRT Oil & Gas E&P median
Gross margin 100.00% 100.00% 80.16%
Operating margin 92.05% 68.56% 24.33%
Net margin 76.63% 78.37% 14.15%
Free cash flow margin 0.00% 0.00% 10.07%
Return on equity 11.61% 5.94% 9.41%
Return on assets 11.09% 5.77% 5.35%
Return on invested capital 20.94% 6.33% 6.33%

Growth

Metric MTR PRT Oil & Gas E&P median
Revenue growth (TTM) (3.01%) (41.73%) 13.60%
EPS growth (last fiscal year) (8.00%) (7.14%) (10.17%)
Revenue growth, 5-year CAGR (6.29%) 11.79% 18.67%
Net income growth, 5-year CAGR (2.02%) 19.79% 0.00%

Health

Metric MTR PRT Oil & Gas E&P median
Debt to equity 0.00 0.00 0.29
Current ratio 17.12 3.70 0.90
Net debt to EBITDA (3.50) (0.26) 0.93

Dividend

Metric MTR PRT Oil & Gas E&P median
Dividend yield 6.23% 13.83% 3.80%
Payout ratio 0.61 1.51 0.33

Size

Metric MTR PRT Oil & Gas E&P median
Market cap 3.68m 16.42m 895.85m

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