Kimbell Royalty Partners, LP (KRP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+158.2%

$42.65

vs $16.52 price

Levered DCF

$71.38

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.71

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.97×	-0.14×	11.85×	9.54×	16.23×	-1.63×	-2.28×	-4.96×
P/B	1.55×	1.59×	1.15×	1.5×	1.67×	0.91×	1×	0.69×
P/S	3.2×	3.98×	3.67×	3.17×	3.09×	2.94×	3.28×	3.74×
EV / EBITDA	11.08×	8.38×	6.05×	5.63×	8.6×	-2.16×	-4.53×	-14.02×
Gross margin	93.9%	49.9%	57.2%	76.7%	73.5%	41.5%	45.6%	55.8%
Operating margin	39.8%	11.9%	40.2%	48.0%	27.6%	-269.8%	-29.9%	-72.0%
Net margin	27.2%	3.9%	24.3%	39.3%	19.0%	-171.7%	-143.9%	-75.4%
Current ratio	8.64×	6.69×	7.95×	4.01×	1.6×	3.23×	6.28×	9.9×
Debt / equity	0.65×	0.31×	0.34×	0.39×	0.67×	0.58×	0.29×	0.24×
Interest coverage	3.85×	1.39×	4.23×	9.91×	5.37×	-38.99×	-5.66×	-11.77×
Dividend yield	17.5%	15.1%	15.3%	14.0%	13.0%	20.1%	21.9%	16.4%
Payout ratio	205.9%	1527.7%	230.2%	113.3%	211.8%	-34.4%	-49.8%	-81.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.2%	1.6%	7.6%	18.6%	10.3%	-53.0%	-44.1%	-13.8%
Return on invested capital	10.9%	3.3%	7.9%	12.7%	8.6%	-45.0%	-4.4%	-6.4%
Return on assets	7.4%	1.1%	5.0%	10.4%	5.6%	-28.3%	-21.1%	-6.7%
Free cash flow yield	23.0%	20.3%	-31.6%	2.8%	6.4%	-9.6%	18.9%	-71.2%
Earnings yield	8.5%	1.0%	6.6%	12.4%	6.1%	-58.4%	-43.9%	-20.2%
Enterprise value	$1.5B	$1.4B	$1.3B	$1.1B	$763.3M	$437.7M	$449.3M	$321.8M
Net debt / EBITDA	3.06×	1.21×	1.27×	1.07×	2.39×	-0.81×	-0.9×	-3.12×
Cash conversion cycle (days)	-16	42	61	38	-296,114	67	74	123