TXO Partners, L.P. (TXO) 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

-1482.8%

-$188.61

vs $13.64 price

Levered DCF

-$113.00

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.08

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-24.81×	25.52×	-5.28×	-84.62×	10.48×	-3.37×
P/B	0.77×	0.98×	1.16×	1.27×	1.02×	1.81×
P/S	1.29×	2.12×	1.44×	2.68×	2.41×	5.06×
EV / EBITDA	8.84×	7.85×	-12.29×	16.08×	6.75×	-6.25×
Gross margin	10.6%	28.3%	50.4%	31.4%	52.2%	15.9%
Operating margin	5.4%	-2.4%	-32.5%	-10.4%	19.4%	-142.8%
Net margin	-5.3%	8.3%	-27.3%	-3.1%	23.0%	-150.1%
Current ratio	0.62×	0.97×	1.41×	0.5×	1.62×	2.18×
Debt / equity	0.42×	0.26×	0.06×	0.23×	0.28×	0.5×
Interest coverage	1.31×	-0.87×	-27.99×	-3.13×	7.53×	-18.93×
Dividend yield	19.1%	14.3%	9.1%	2.0%	0.0%	0.0%
Payout ratio	-469.1%	363.3%	-47.9%	-171.9%	0.3%	-0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-3.1%	3.9%	-21.9%	-1.5%	9.7%	-53.8%
Return on invested capital	1.9%	-0.7%	-18.9%	-3.3%	5.5%	-25.7%
Return on assets	-1.6%	2.3%	-14.9%	-0.8%	6.3%	-26.2%
Free cash flow yield	-27.4%	-26.0%	12.1%	11.1%	-26.5%	1.3%
Earnings yield	-4.1%	3.9%	-18.9%	-1.2%	9.5%	-29.7%
Enterprise value	$812.8M	$748.6M	$573.2M	$770.9M	$694.6M	$679.3M
Net debt / EBITDA	3.06×	1.57×	-0.51×	2.31×	1.4×	-1.19×
Cash conversion cycle (days)	19	18	14	46	41	39