Permian Basin Royalty Trust (PBT) vs Summit Midstream Partners, LP (SMC)

Permian Basin Royalty Trust and Summit Midstream Partners, LP are both Oil & Gas Midstream companies. Permian Basin Royalty Trust is the larger, with a market value of $1.3B against $544.1M — 2.4× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Permian Basin Royalty Trust trades at 81.6×. Summit Midstream Partners, LP grew revenue faster over the last twelve months: 20.9% against −3.71%. Permian Basin Royalty Trust has the higher net margin (92.0% vs −2.29%) and the lower return on invested capital (0.00% vs 2.59%). Across the 19 metrics below, Permian Basin Royalty Trust leads on 10 and Summit Midstream Partners, LP on 9.

Valuation

Metric PBT SMC Oil & Gas Midstream median
P/E 81.60 n/m 11.68
P/S 75.54 0.63 2.39
P/B n/m 0.43 1.68
Price to free cash flow n/m 8.26 8.52
EV/EBITDA 82.39 7.74 9.03
EV/Sales 75.42 2.71 3.43
Earnings yield 1.23% (4.10%) 7.78%
Free cash flow yield 0.00% 12.11% 7.11%

Profitability

Metric PBT SMC Oil & Gas Midstream median
Gross margin 100.00% 45.03% 54.87%
Operating margin 91.54% 15.10% 34.73%
Net margin 91.96% (2.29%) 20.12%
Free cash flow margin 0.00% 7.69% 14.43%
Return on equity 0.00% (1.57%) 11.73%
Return on assets 757.27% (0.55%) 4.43%
Return on invested capital 0.00% 2.59% 6.10%

Growth

Metric PBT SMC Oil & Gas Midstream median
Revenue growth (TTM) (3.71%) 20.94% 14.88%
EPS growth (last fiscal year) (43.64%) 87.40% (7.78%)
Revenue growth, 5-year CAGR 5.92% 7.95% 10.05%
Net income growth, 5-year CAGR 5.47% 0.00% 0.00%

Health

Metric PBT SMC Oil & Gas Midstream median
Debt to equity 0.00 1.35 0.77
Current ratio 1.00 0.94 1.19
Net debt to EBITDA (0.12) 5.27 3.46

Dividend

Metric PBT SMC Oil & Gas Midstream median
Dividend yield 1.08% — 4.94%
Payout ratio 0.88 — 0.73

Size

Metric PBT SMC Oil & Gas Midstream median
Market cap 1.33b 544.05m 3.56b

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