Permian Basin Royalty Trust (PBT) vs Sabine Royalty Trust (SBR)

Permian Basin Royalty Trust and Sabine Royalty Trust are both Oil & Gas Midstream companies. Permian Basin Royalty Trust is the larger, with a market value of $1.3B against $960.2M — 1.4× the size. Sabine Royalty Trust trades at the lower P/E: 13.4× against 82.9×. Sabine Royalty Trust grew revenue faster over the last twelve months: −2.95% against −3.71%. Sabine Royalty Trust has the higher net margin (94.7% vs 92.0%) and the higher return on invested capital (0.00% vs 0.00%). Both pay a dividend; Sabine Royalty Trust yields more (6.86% vs 1.06%). Across the 15 metrics below, Sabine Royalty Trust leads on 14 and Permian Basin Royalty Trust on 1.

Valuation

Metric PBT SBR Oil & Gas Midstream median
P/E 82.86 13.40 11.80
P/S 76.71 12.70 2.38
P/B n/m n/m 1.65
Price to free cash flow n/m n/m 7.76
EV/EBITDA 83.66 13.27 7.88
EV/Sales 76.58 12.57 3.36
Earnings yield 1.21% 7.46% 7.98%
Free cash flow yield 0.00% 0.00% 7.23%

Profitability

Metric PBT SBR Oil & Gas Midstream median
Gross margin 100.00% 100.00% 55.22%
Operating margin 91.54% 94.71% 35.83%
Net margin 91.96% 94.71% 20.12%
Free cash flow margin 0.00% 0.00% 14.43%
Return on equity 0.00% 0.00% 14.03%
Return on assets 757.27% 806.27% 4.62%
Return on invested capital 0.00% 0.00% 6.10%

Growth

Metric PBT SBR Oil & Gas Midstream median
Revenue growth (TTM) (3.71%) (2.95%) 15.70%
EPS growth (last fiscal year) (43.64%) (7.69%) (7.78%)
Revenue growth, 5-year CAGR 5.92% 16.35% 10.05%
Net income growth, 5-year CAGR 5.47% 17.13% 0.00%

Health

Metric PBT SBR Oil & Gas Midstream median
Debt to equity 0.00 0.00 0.77
Current ratio 1.00 7.25 1.16
Net debt to EBITDA (0.12) (0.10) 3.46

Dividend

Metric PBT SBR Oil & Gas Midstream median
Dividend yield 1.06% 6.86% 5.03%
Payout ratio 0.88 0.92 0.73

Size

Metric PBT SBR Oil & Gas Midstream median
Market cap 1.33b 960.20m 3.30b

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