FRU Stock Analysis: Freehold Royalties | TO

Oil & Gas E&P | TO, Canada | Market Cap: 2.897m CAD | 12M Return: 29% | CA3565001086 | Charts, Fundamentals & Technical Analysis

Crude Oil, Natural Gas, Liquids, Potash
Total Rating 50
Safety 18
Buy Signal -0.66
Oil & Gas E&P
Industry Rotation: -3.4
Market Cap: 2.07B
Avg Turnover: 8.39M
Risk 3d forecast
Volatility23.6%
VaR 5th Pctl4.46%
VaR vs Median14.7%
Reward TTM
Sharpe Ratio1.16
Rel. Str. IBD64.5
Rel. Str. Peer Group30.4 pctl
Character TTM
Beta0.302
Beta Downside0.325
Hurst Exponent0.482
Choppyness72.1%
Drawdowns 3y
Max DD22.21%
CAGR/Max DD0.69
CAGR/Mean DD3.06
EPS (Earnings per Share) EPS (Earnings per Share) of FRU over the last years for every Quarter: "2021-09": 0.17, "2021-12": 0.21, "2022-03": 0.25, "2022-06": 0.44, "2022-09": 0.42, "2022-12": 0.27, "2023-03": 0.21, "2023-06": 0.16, "2023-09": 0.28, "2023-12": 0.23, "2024-03": 0.23, "2024-06": 0.37, "2024-09": 0.17, "2024-12": 0.33, "2025-03": 0.2267, "2025-06": 0.04, "2025-09": 0.21, "2025-12": 0.09, "2026-03": 0.2142, "2026-06": 0.34,
EPS CAGR: -13.79%
EPS Trend: -57.3%
Last SUE: 0.77
Qual. Beats: 0
Revenue Revenue of FRU over the last years for every Quarter: 2021-09: 50.879, 2021-12: 73.642, 2022-03: 86, 2022-06: 106.713, 2022-09: 96, 2022-12: 98.502, 2023-03: 76.572, 2023-06: 73.707, 2023-09: 84.234, 2023-12: 80.062, 2024-03: 74.273, 2024-06: 84.471, 2024-09: 73.875, 2024-12: 76.861, 2025-03: 91.065, 2025-06: 78.272, 2025-09: 74.364, 2025-12: 69.759, 2026-03: 77.818, 2026-06: 100.285,
Rev. CAGR: -0.94%
Rev. Trend: -31.0%
Last SUE: 2.24
Qual. Beats: 2

Warnings

Beneish M-Score Likely Earnings Manipulation

Tailwinds

No distinct edge detected

Seasonality 11.8 years of data

Jan +2.2% 23
Feb +1.6% 20
Mar -1.7% 19
Apr +2.0% 2
May -3.3% 32
Jun +1.0% 13
Jul +3.3% 48
Aug -0.7% 20
Sep +1.9% 19
Oct +0.5% 2
Nov +0.8% 13
Dec -0.1% 5

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: FRU Freehold Royalties

Freehold Royalties Ltd. acquires and manages royalty interests in crude oil, natural gas, natural gas liquids, and potash properties in Canada and the United States. Founded in 1996 and headquartered in Calgary, the company earns royalties from production without directly operating the underlying properties.

As an energy-sector royalty business, its revenue is generally linked to production volumes and commodity prices. Its shares trade as FRU on the Toronto Stock Exchange.

Headlines to Watch Out For
  • Oil and natural gas price swings drive royalty revenue and cash flow
  • U.S. production growth and acquisitions diversify royalty exposure
  • Commodity-linked cash flow supports dividends but limits payout flexibility
Piotroski VR-10 (Strict) 7.0
Net Income: 140.3m TTM > 0 and > 6% of Revenue
FCF/TA: 0.13 > 0.02 and ΔFCF/TA 16.82 > 1.0
NWC/Revenue: 9.97% < 20% (prev 6.88%; Δ 3.09% < -1%)
CFO/TA 0.17 > 3% & CFO 232.8m > Net Income 140.3m
Net Debt (286.6m) to EBITDA (300.9m): 0.95 < 3
Current Ratio: 1.80 > 1.5 & < 3
Outstanding Shares: last quarter (164.7m) vs 12m ago 0.02% < -2%
Gross Margin: 65.85% > 18% (prev 62.97%; Δ 2.88% > 0.5%)
Asset Turnover: 22.93% > 50% (prev 22.74%; Δ 0.19% > 0%)
Interest Coverage Ratio: 11.73 > 6 (EBIT TTM 196.8m / Interest Expense TTM 16.8m)
Altman Z'' 2.27
A: 0.02 (Total Current Assets 72.2m - Total Current Liabilities 40.1m) / Total Assets 1.40b
B: -0.48 (Retained Earnings -677.2m / Total Assets 1.40b)
C: 0.14 (EBIT TTM 196.8m / Avg Total Assets 1.41b)
D: 2.62 (Book Value of Equity 1.02b / Total Liabilities 387.8m)
Altman-Z'' = 2.27 = BBB
Beneish M 0.22
DSRI: 1.34 (Receivables 72.2m/53.5m, Revenue 322.2m/320.1m)
GMI: 0.96 (GM 62.97% / 65.85%)
AQI: 6.08 (AQ_t 0.13 / AQ_t-1 0.02)
SGI: 1.01 (Revenue 322.2m / 320.1m)
TATA: -0.07 (NI 140.3m - CFO 232.8m) / TA 1.40b)
Beneish M = 0.22 (Cap -4..+1) = D
What is the price of FRU shares?

As of November 04, 2026, the stock is trading at CAD 17.10 with a total of 386,311 shares traded. Over the past week, the price has changed by -2.78%, over one month by +3.42%, over three months by +1.58% and over the past year by +28.97%.

Current recommended Stop Loss: 16.60 (which is 2.9% or 1.7 ATR below the current price).

Is FRU a buy, sell or hold?

Freehold Royalties has no consensus analysts rating.

Freehold Royalties (FRU) - Fundamental Data Overview as of 03 November 2026
Market Cap USD = 2.07b (2.90b CAD * 0.7147 CAD.USD)
P/E Trailing = 20.5465
P/E Forward = 14.4092
P/S = 8.9911
P/B = 2.8427
P/EG = -2.97
Revenue TTM = 322.2m CAD
EBIT TTM = 196.8m CAD
EBITDA TTM = 300.9m CAD
Long Term Debt = 283.2m CAD (from longTermDebt, last quarter)
Short Term Debt = 408k CAD (from shortTermDebt, last quarter)
Debt = 286.6m CAD (from shortLongTermDebtTotal, last quarter) + Leases 1.67m
Net Debt = 286.6m CAD (using Total Debt 286.6m, CCE unavailable)
Enterprise Value = 3.18b CAD (2.90b + Debt 286.6m - (null CCE))
Interest Coverage Ratio = 11.73 (Ebit TTM 196.8m / Interest Expense TTM 16.8m)
EV/FCF = 16.85x (Enterprise Value 3.18b / FCF TTM 188.9m)
FCF Yield = 5.93% (FCF TTM 188.9m / Enterprise Value 3.18b)
FCF Margin = 58.64% (FCF TTM 188.9m / Revenue TTM 322.2m)
Net Margin = 43.54% (Net Income TTM 140.3m / Revenue TTM 322.2m)
Gross Margin = 65.85% ((Revenue TTM 322.2m - Cost of Revenue TTM 110.0m) / Revenue TTM)
Gross Margin QoQ = 74.61% (prev 68.06%)
Tobins Q-Ratio = 2.27 (Enterprise Value 3.18b / Total Assets 1.40b)
Interest Expense / Debt = 5.85% (Interest Expense 16.8m / Debt 286.6m)
Taxrate = 22.21% (40.1m / 180.4m)
NOPAT = 153.1m (EBIT 196.8m * (1 - 22.21%))
Current Ratio = 1.80 (Total Current Assets 72.2m / Total Current Liabilities 40.1m)
Debt / Equity = 0.28 (Debt 286.6m / totalStockholderEquity, last quarter 1.02b)
Debt / EBITDA = 0.95 (Net Debt 286.6m / EBITDA 300.9m)
Debt / FCF = 1.52 (Net Debt 286.6m / FCF TTM 188.9m)
Total Stockholder Equity = 1.01b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.98% (Net Income 140.3m / Total Assets 1.40b)
RoE = 13.88% (Net Income TTM 140.3m / Total Stockholder Equity 1.01b)
RoCE = 15.20% (EBIT 196.8m / Capital Employed (Equity 1.01b + L.T.Debt 283.2m))
RoIC = 11.22% (NOPAT 153.1m / Invested Capital 1.36b)
WACC = 6.47% (E(2.90b)/V(3.18b) * Re(6.66%) + D(286.6m)/V(3.18b) * Rd(5.85%) * (1-Tc(0.22)))
Discount Rate = 6.66% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 86.41 | Cagr: 3.84%
[DCF] Terminal Value 75.44% ; FCFF base≈188.9m ; Y1≈189.7m ; Y5≈201.0m
[DCF] Fair Price = 17.32 (EV 3.13b - Net Debt 286.6m = Equity 2.84b / Shares 164.0m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: -57.32 | EPS CAGR: -13.79% | SUE: 0.77 | # QB: 0
Revenue Correlation: -30.97 | Revenue CAGR: -0.94% | SUE: 2.24 | # QB: 2
EPS current Quarter (2026-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=0.76 | Chg30d=-18.72% | Revisions=+0% | GrowthEPS=+35.7% | GrowthRev=+12.3%
EPS next Year (2027-12-31): EPS=0.79 | Chg30d=+3.97% | Revisions=+0% | GrowthEPS=+3.3% | GrowthRev=+1.4%
[Analyst] Revisions Ratio: +0% (up=0, down=0)