PermRock Royalty Trust (PRT) vs Trio Petroleum Corp. (TPET)

PermRock Royalty Trust and Trio Petroleum Corp. are both Oil & Gas E&P companies. PermRock Royalty Trust is the larger, with a market value of $16.4M against $8.0M — 2.1× the size. Trio Petroleum Corp. has negative trailing earnings, so its P/E is not meaningful; PermRock Royalty Trust trades at 10.5×. Trio Petroleum Corp. grew revenue faster over the last twelve months: 180.3% against −41.7%. PermRock Royalty Trust has the higher net margin (78.4% vs −830.2%) and the higher return on invested capital (6.33% vs −35.0%). Across the 18 metrics below, PermRock Royalty Trust leads on 12 and Trio Petroleum Corp. on 6.

Valuation

Metric PRT TPET Oil & Gas E&P median
P/E 10.53 n/m 9.67
P/S 4.47 8.78 1.76
P/B 0.63 0.20 1.19
Price to free cash flow n/m n/m 8.37
EV/EBITDA 5.97 2.57 4.59
EV/Sales 4.09 (19.75) 2.27
Earnings yield 9.49% (217.93%) 7.55%
Free cash flow yield 0.00% (60.55%) 3.98%

Profitability

Metric PRT TPET Oil & Gas E&P median
Gross margin 100.00% 18.82% 79.54%
Operating margin 68.56% (802.46%) 24.01%
Net margin 78.37% (830.20%) 14.11%
Free cash flow margin 0.00% (531.73%) 7.72%
Return on equity 5.94% (29.50%) 8.99%
Return on assets 5.77% (27.75%) 4.63%
Return on invested capital 6.33% (35.01%) 6.33%

Growth

Metric PRT TPET Oil & Gas E&P median
Revenue growth (TTM) (41.73%) 180.31% 13.60%
EPS growth (last fiscal year) (7.14%) 81.48% (10.17%)
Revenue growth, 5-year CAGR 11.79% — 18.67%
Net income growth, 5-year CAGR 19.79% 0.00% 0.00%

Health

Metric PRT TPET Oil & Gas E&P median
Debt to equity 0.00 0.00 0.29
Current ratio 3.70 20.55 0.92
Net debt to EBITDA (0.26) 0.19 0.93

Dividend

Metric PRT TPET Oil & Gas E&P median
Dividend yield 14.35% — 3.76%
Payout ratio 1.51 — 0.33

Size

Metric PRT TPET Oil & Gas E&P median
Market cap 16.42m 7.99m 953.29m

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