Permian Basin Royalty Trust (PBT) 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

+34.8%

$41.17

vs $30.55 price

Levered DCF

$34.06

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

423.06

Safe zone

Rating

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	54.77×	20.15×	23.27×	21.91×	43.91×	13.79×	9.19×	8.94×
P/B	4,868.28×	3,141.15×	2,937.87×	4,203.32×	1,334.75×	402.94×	423.81×	588.12×
P/S	49.07×	19.05×	22.36×	21.56×	39.86×	12.8×	8.77×	8.56×
EV / EBITDA	-64.59×	20.19×	23.04×	21.51×	39.67×	13.92×	-130.8×	8.82×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	88.7%	93.7%	96.2%	98.3%	90.8%	90.9%	94.7%	95.9%
Net margin	88.7%	93.7%	96.2%	98.3%	90.8%	90.9%	94.7%	95.9%
Current ratio	2.79×	2.08×	1.22×	1.63×	1.96×	2.76×	1.58×	1.42×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	1.9%	4.7%	4.3%	4.6%	2.3%	7.1%	10.8%	11.2%
Payout ratio	102.8%	96.0%	100.0%	100.0%	100.3%	100.0%	100.0%	100.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8796.5%	15458.6%	12632.6%	19161.7%	3040.1%	2862.3%	4575.0%	6584.8%
Return on invested capital	1132.6%	2010.0%	2117.2%	3881.6%	738.1%	739.0%	1317.1%	2028.8%
Return on assets	761.6%	1111.3%	446.0%	1708.0%	412.2%	519.8%	590.8%	770.8%
Free cash flow yield	0.0%	0.0%	-8.9%	-6.2%	-6.4%	-27.0%	10.8%	11.2%
Earnings yield	1.8%	4.9%	4.3%	4.6%	2.3%	7.1%	10.8%	11.2%
Enterprise value	-$923.7M	$514.3M	$644.6M	$1.2B	$468.5M	$152.6M	-$2.7B	$271.5M
Net debt / EBITDA	-119.92×	-0.08×	-0.22×	-0.05×	-0.19×	-0.16×	-139.57×	-0.11×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0