회사 개요
Cross Timbers Royalty Trust is an express trust entity incorporated in the United States that strategically holds significant mineral rights, specifically 90% net profits interests in producing and nonproducing royalty and overriding royalty interest properties located across Texas, Oklahoma, and New Mexico, alongside a 75% net profits working interest in four specific properties within the Texas region. The company operates within the broader Energy sector, specifically focusing on the Oil & Gas E&P industry, a classification that indicates its primary revenue stream is derived from the extraction and sale of hydrocarbon resources rather than direct exploration or production operations. The current market capitalization stands at $63.48M, while the trailing twelve-month revenue recorded is $5.79M, and the organization reports no publicly disclosed employee count, suggesting a highly streamlined operational structure typical of royalty trusts. These valuation metrics indicate that the firm maintains a relatively small market footprint compared to major integrated oil majors, positioning it as a niche player whose financial performance is heavily dependent on commodity price fluctuations and the specific production volumes of its underlying asset portfolio in the specified geographic regions.
재무 건전성
The company reported a trailing twelve-month revenue of $5.79M and generated a net income of $4.49M during the same period, while EBITDA figures are not disclosed in the available financial data. The substantial gap between the reported revenue and net income, where net income constitutes approximately 77.6% of total revenue, reveals an exceptionally lean cost structure with virtually no operating expenses deducted from gross receipts, a characteristic common to pure-play royalty trust models that do not incur significant drilling or maintenance costs. Although free cash flow data is unavailable, the reported cash balance of $2.13M combined with zero total debt suggests a highly conservative balance sheet with no external leverage to manage. The balance sheet is entirely debt-free, as indicated by a debt figure of $0, which eliminates interest expense risks but also limits the company's ability to utilize leverage for expansion. The current ratio stands at 1.00, indicating that the company's current assets exactly match its current liabilities, reflecting a neutral short-term liquidity position that relies heavily on the continuous cash inflows from royalty payments. Management effectiveness is highlighted by an impressive return on equity of 195.6% and a return on assets of 76.2%, metrics that demonstrate the ability to generate substantial profits relative to the shareholders' equity and the total asset base employed.
밸류에이션 평가
The trailing twelve-month P/E ratio is calculated at 14.11, whereas the forward P/E ratio is not available, a discrepancy that implies the market is pricing in current earnings without a specific forward-looking multiple provided for comparison or growth expectations. The price-to-book ratio is significantly elevated at 29.39, indicating that the market is valuing the company at a premium of nearly 30 times its net book value, likely reflecting the high quality of the underlying royalty assets or the scarcity of such low-cost income-generating opportunities. The price-to-sales ratio sits at 10.97, and since the EV/EBITDA multiple is not available, these alternative valuation metrics suggest that investors are willing to pay a high multiple for sales, driven by the high profit margins inherent in the royalty business model. The stock has traded within a 52-week range bounded by a high of $11.46 and a low of $7.07, and without a specific current price point in the provided facts, the trading range defines the historical volatility envelope for the security. The beta value is recorded at 0.04, which indicates an extremely low level of price volatility relative to the broader market, suggesting the stock price moves independently of general market sentiment.
Growth & Income
Year-over-year revenue growth is reported at 11.2%, while earnings growth is recorded at 3.3%, indicating that earnings are growing at a slower pace than revenue, which may reflect one-time adjustments, changes in commodity pricing, or the amortization of intangible assets affecting the bottom line more significantly than top-line sales. For this dividend payer, the dividend yield stands at 5.1% with a payout ratio of exactly 100.0%, meaning the entire net income is distributed to shareholders, which must be carefully evaluated against the 3.3% earnings growth rate to assess sustainability, as a 100% payout leaves no room for reinvestment in the absence of retained earnings. The company does not reinvest earnings into internal growth projects but instead returns all cash flow to investors, relying on organic growth from increased production or commodity prices rather than capital expenditures. The overall profile presents a high-yield income strategy with moderate revenue expansion, offering capital appreciation potential within a narrow beta range while providing a substantial cash return to shareholders through a full payout of current earnings.