San Juan Basin Royalty Trust (SJT) 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

-100.2%

-$0.01

vs $3.14 price

Levered DCF

-$0.01

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

96.04

Safe zone

Rating

D+

Overall 1 / 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	-677.11×	34.82×	4.58×	6.88×	7.91×	16.69×	14.94×	12.31×
P/B	114.39×	66.67×	86×	179.29×	76.91×	24.29×	21.71×	38.28×
P/S	22,035.96×	25.7×	4.44×	6.74×	7.54×	14.06×	11.96×	11.49×
EV / EBITDA	-676.38×	35.05×	4.57×	6.79×	7.42×	15.9×	11.85×	12.35×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	96.3%	100.0%	100.0%
Operating margin	-3262.5%	73.0%	96.7%	98.1%	95.6%	83.8%	81.5%	92.3%
Net margin	-3262.5%	74.3%	96.7%	98.2%	95.6%	83.8%	81.7%	92.3%
Current ratio	0.06×	0×	2.74×	1.22×	1.19×	4.49×	13.59×	1.89×
Debt / equity	0.17×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	2.9%	21.8%	14.6%	12.7%	5.4%	6.8%	6.5%
Payout ratio	0.0%	100.0%	100.0%	100.0%	100.0%	91.2%	100.0%	80.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-16.9%	192.6%	1875.5%	2613.9%	974.6%	144.8%	148.4%	307.6%
Return on invested capital	-14.4%	147.5%	1375.8%	1953.8%	766.8%	121.1%	125.0%	262.6%
Return on assets	-14.4%	150.0%	1193.2%	917.6%	362.2%	115.7%	123.9%	225.5%
Free cash flow yield	0.0%	0.0%	0.0%	14.6%	1.0%	0.5%	6.5%	1079.2%
Earnings yield	-0.1%	2.9%	21.8%	14.6%	12.7%	6.0%	6.8%	8.0%
Enterprise value	$262.3M	$177.8M	$235.2M	$526.8M	$277.6M	$123.2M	$117.3M	$221.6M
Net debt / EBITDA	-0.94×	-0.15×	-0.03×	-0.07×	-0.17×	-0.17×	-0.11×	-0.12×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0