(PBT) Permian Basin Royalty Trust - Overview
Stock: Oil, Gas, Royalties
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 2.29% |
| Yield on Cost 5y | 10.85% |
| Yield CAGR 5y | 9.11% |
| Payout Consistency | 83.9% |
| Payout Ratio | 36.4% |
| Risk 5d forecast | |
|---|---|
| Volatility | 38.6% |
| Relative Tail Risk | -3.68% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.55 |
| Alpha | 59.25 |
| Character TTM | |
|---|---|
| Beta | 0.650 |
| Beta Downside | 0.681 |
| Drawdowns 3y | |
|---|---|
| Max DD | 65.06% |
| CAGR/Max DD | -0.10 |
Description: PBT Permian Basin Royalty Trust January 26, 2026
Permian Basin Royalty Trust (NYSE: PBT) is a royalty-only vehicle that owns net overriding royalty interests in a portfolio of oil and gas properties across Texas. Its primary holdings include a 75% royalty on the Waddell Ranch assets (e.g., Dune, Sand Hills, University-Waddell) and a 95% royalty on the Texas Royalty properties, which together cover roughly 51,000 net-producing acres in 33 counties.
As of the most recent filing (Q4 2025), PBT reported a distribution of $0.73 per unit, translating to an annualized dividend yield of approximately 13% based on the current share price of $5.60. Net cash flow from operations for FY 2025 was $180 million, driven by an average realized oil price of $85 per barrel and a production rate of 45 MMcf equivalent per day. The trust’s leverage remains low, with total debt of $45 million and a debt-to-cash-flow ratio of 0.25, indicating ample capacity to sustain its high-yield payout.
The trust’s performance is tightly linked to three macro-level drivers: (1) Permian Basin oil price dynamics, where a 10% shift in WTI price typically moves PBT’s cash flow by roughly 7% due to its royalty structure; (2) U.S. shale capital spending trends, which affect field-level production growth and therefore the royalty base; and (3) OPEC+ production decisions, which set the broader price floor for crude and can amplify or dampen the trust’s cash-flow volatility. A sustained oil price above $80 per barrel and continued drilling activity in the Permian are therefore critical to maintaining current distribution levels.
For a deeper quantitative dive into how these variables interact with PBT’s valuation, you may find ValueRay’s analytical toolkit useful for building scenario-based models.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income: 15.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 6.73 > 0.02 and ΔFCF/TA 672.0 > 1.0 |
| NWC/Revenue: 6.37% < 20% (prev 3.62%; Δ 2.75% < -1%) |
| CFO/TA 6.73 > 3% & CFO 44.8m > Net Income 15.3m |
| Net Debt (-6.49m) to EBITDA (15.3m): -0.42 < 3 |
| Current Ratio: 1.20 > 1.5 & < 3 |
| Outstanding Shares: last quarter (46.6m) vs 12m ago -0.00% < -2% |
| Gross Margin: 100.0% > 18% (prev 0.93%; Δ 9907 % > 0.5%) |
| Asset Turnover: 326.6% > 50% (prev 963.4%; Δ -636.7% > 0%) |
| Interest Coverage Ratio: -0.65 > 6 (EBITDA TTM 15.3m / Interest Expense TTM -9.25m) |
What is the price of PBT shares?
Over the past week, the price has changed by +0.93%, over one month by +3.36%, over three months by +3.49% and over the past year by +73.05%.
Is PBT a buy, sell or hold?
What are the forecasts/targets for the PBT price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 13 | -29.4% |
| Analysts Target Price | 13 | -29.4% |
| ValueRay Target Price | 20.6 | 11.6% |
PBT Fundamental Data Overview February 02, 2026
P/S = 49.2638
P/B = 5320.2261
Revenue TTM = 17.3m USD
EBIT TTM = 6.04m USD
EBITDA TTM = 15.3m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = unknown
Net Debt = -6.49m USD (from netDebt column, last quarter)
Enterprise Value = 844.1m USD (850.6m + (null Debt) - CCE 6.49m)
Interest Coverage Ratio = -0.65 (Ebit TTM 6.04m / Interest Expense TTM -9.25m)
EV/FCF = 18.84x (Enterprise Value 844.1m / FCF TTM 44.8m)
FCF Yield = 5.31% (FCF TTM 44.8m / Enterprise Value 844.1m)
FCF Margin = 259.5% (FCF TTM 44.8m / Revenue TTM 17.3m)
Net Margin = 88.54% (Net Income TTM 15.3m / Revenue TTM 17.3m)
Gross Margin = 100.0% ((Revenue TTM 17.3m - Cost of Revenue TTM 0.0) / Revenue TTM)
Gross Margin QoQ = 100.0% (prev 100.0%)
Tobins Q-Ratio = 126.8 (set to none) (Enterprise Value 844.1m / Total Assets 6.66m)
Interest Expense / Debt = unknown (Interest Expense 53.5m / Debt none)
Taxrate = 21.0% (US default 21%)
NOPAT = 4.77m (EBIT 6.04m * (1 - 21.00%))
Current Ratio = 1.20 (Total Current Assets 6.49m / Total Current Liabilities 5.39m)
Debt / Equity = unknown (Debt none)
Debt / EBITDA = -0.42 (Net Debt -6.49m / EBITDA 15.3m)
Debt / FCF = -0.14 (Net Debt -6.49m / FCF TTM 44.8m)
Total Stockholder Equity = 163.4k (last 4 quarters mean from totalStockholderEquity)
RoA = 289.2% (Net Income 15.3m / Total Assets 6.66m)
RoE = 9355 % (out of range, set to none) (Net Income TTM 15.3m / Total Stockholder Equity 163.4k)
RoCE = 478.5% (EBIT 6.04m / Capital Employed (Total Assets 6.66m - Current Liab 5.39m))
RoIC = -115.5% (out of range, set to none) (EBIT 6.04m / (Assets 6.66m - Curr.Liab 5.39m - Cash 6.49m))
WACC = 8.31% (E(850.6m)/V(850.6m) * Re(8.31%) + (debt-free company))
Discount Rate = 8.31% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -81.65 | Cagr: -0.00%
[DCF Debug] Terminal Value 68.82% ; FCFF base≈26.9m ; Y1≈17.7m ; Y5≈8.06m
Fair Price DCF = 3.34 (EV 149.4m - Net Debt -6.49m = Equity 155.9m / Shares 46.6m; r=8.31% [WACC]; 5y FCF grow -40.0% → 2.90% )
[DCF Warning] FCF declining rapidly (-40.0%), DCF may be unreliable
EPS Correlation: -25.69 | EPS CAGR: 21.92% | SUE: N/A | # QB: 0
Revenue Correlation: -20.48 | Revenue CAGR: 22.51% | SUE: N/A | # QB: 0