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 $1.6B against $1.1B — 1.5× the size. Sabine Royalty Trust trades at the lower P/E: 14.7× against 96.4×. 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 (9.97% vs 4.49%). 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 96.37 14.65 13.19
P/S 89.22 13.88 2.60
P/B n/m n/m 2.08
Price to free cash flow n/m n/m 10.14
EV/EBITDA 97.32 14.52 8.11
EV/Sales 89.09 13.75 3.89
Earnings yield 1.04% 6.83% 6.83%
Free cash flow yield 0.00% 0.00% 6.94%

Profitability

Metric PBT SBR Oil & Gas Midstream median
Gross margin 100.00% 100.00% 58.81%
Operating margin 91.54% 94.71% 32.14%
Net margin 91.96% 94.71% 21.16%
Free cash flow margin 0.00% 0.00% 10.15%
Return on equity 0.00% 0.00% 11.30%
Return on assets 757.27% 806.27% 5.00%
Return on invested capital 0.00% 0.00% 6.13%

Growth

Metric PBT SBR Oil & Gas Midstream median
Revenue growth (TTM) (3.71%) (2.95%) 15.44%
EPS growth (last fiscal year) (43.64%) (7.69%) —
Revenue growth, 5-year CAGR 5.92% 16.35% 8.96%
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 0.78
Current ratio 1.00 7.25 1.19
Net debt to EBITDA (0.12) (0.10) 3.42

Dividend

Metric PBT SBR Oil & Gas Midstream median
Dividend yield 4.49% 9.97% 7.29%
Payout ratio 1.00 1.00 0.64

Size

Metric PBT SBR Oil & Gas Midstream median
Market cap 1.57b 1.06b 3.61b

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