Permian Basin Royalty Trust (PBT) vs WhiteHawk Minerals Corp. (WHK)

Permian Basin Royalty Trust and WhiteHawk Minerals Corp. are both Oil & Gas Midstream companies. Permian Basin Royalty Trust is the larger, with a market value of $1.3B against $730.7M — 1.8× the size. WhiteHawk Minerals Corp. has negative trailing earnings, so its P/E is not meaningful; Permian Basin Royalty Trust trades at 81.6×. Permian Basin Royalty Trust has the higher net margin (92.0% vs −81.9%) and the lower return on invested capital (0.00% vs 0.04%). Across the 14 metrics below, Permian Basin Royalty Trust leads on 8 and WhiteHawk Minerals Corp. on 6.

Valuation

Metric PBT WHK Oil & Gas Midstream median
P/E 81.60 n/m 11.68
P/S 75.54 5.92 2.39
P/B n/m 1.11 1.68
Price to free cash flow n/m n/m 8.52
EV/EBITDA 82.39 15.79 9.03
EV/Sales 75.42 6.79 3.43
Earnings yield 1.23% (21.24%) 7.78%
Free cash flow yield 0.00% (35.89%) 7.11%

Profitability

Metric PBT WHK Oil & Gas Midstream median
Gross margin 100.00% 100.00% 54.87%
Operating margin 91.54% 0.38% 34.73%
Net margin 91.96% (81.94%) 20.12%
Free cash flow margin 0.00% (212.45%) 14.43%
Return on equity 0.00% 0.00% 11.73%
Return on assets 757.27% 0.00% 4.43%
Return on invested capital 0.00% 0.04% 6.10%

Growth

Metric PBT WHK Oil & Gas Midstream median
Revenue growth (TTM) (3.71%) — 14.88%
EPS growth (last fiscal year) (43.64%) 66.36% (7.78%)
Revenue growth, 5-year CAGR 5.92% — 10.05%
Net income growth, 5-year CAGR 5.47% — 0.00%

Health

Metric PBT WHK Oil & Gas Midstream median
Debt to equity 0.00 0.18 0.77
Current ratio 1.00 1.39 1.19
Net debt to EBITDA (0.12) 4.91 3.46

Dividend

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

Size

Metric PBT WHK Oil & Gas Midstream median
Market cap 1.33b 730.66m 3.56b

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