Latest Ratios: P/E Ratio 8.5x · EV/EBITDA 7.8x · ROE 470.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $67M | $58M | $47M | $100M | $143M | $96M | $29M | $56M | $66M | $61M | $71M |
| Enterprise Value | $62M | $53M | $46M | $100M | $136M | $95M | $28M | $55M | $65M | $59M | $70M |
| P/E Ratio → | 8.45 | 7.36 | 9.33 | 4.75 | 8.35 | 24.35 | 8.69 | 7.46 | 10.27 | 8.76 | 11.57 |
| P/S Ratio | 7.72 | 6.73 | 8.15 | 4.56 | 8.02 | 20.91 | 7.10 | 6.74 | 9.18 | 7.89 | 10.23 |
| P/B Ratio | 34.51 | 30.05 | 32.71 | 126.21 | 363.95 | 783.86 | 61.76 | 467.18 | 840.54 | 588.13 | 1140.04 |
| P/FCF | 7.65 | 6.66 | 8.05 | 4.53 | 8.02 | 20.90 | 7.10 | 6.73 | 9.17 | 7.88 | 10.23 |
| P/OCF | 7.65 | 6.66 | 8.05 | 4.53 | 8.02 | 20.90 | 7.10 | 6.73 | 9.17 | 7.88 | 10.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.17 | 7.87 | 4.52 | 7.62 | 20.60 | 6.94 | 6.55 | 8.98 | 7.61 | 10.06 |
| EV / EBITDA | 7.81 | 6.73 | 9.00 | 4.70 | 7.94 | 23.84 | 6.94 | 6.55 | 8.98 | 7.61 | 10.06 |
| EV / EBIT | 7.89 | 6.73 | 9.00 | 4.70 | 7.94 | 23.84 | 6.94 | 6.55 | 8.98 | 7.61 | 10.06 |
| EV / FCF | — | 6.11 | 7.77 | 4.50 | 7.62 | 20.60 | 6.94 | 6.54 | 8.97 | 7.61 | 10.06 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 90.9% | 90.9% | 86.3% | 95.7% | 96.1% | 87.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Net Profit Margin | 91.8% | 91.8% | 87.4% | 96.2% | 96.0% | 86.4% | 81.1% | 90.8% | 89.0% | 90.5% | 88.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 470.1% | 470.1% | 452.2% | 3565.7% | 6634.0% | 1351.4% | 1121.3% | 7615.4% | 7014.9% | 8437.4% | 8679.6% |
| ROA | 247.7% | 247.7% | 417.9% | 530.1% | 397.3% | 386.3% | 293.4% | 497.2% | 357.7% | 427.0% | 365.7% |
| ROIC | — | — | — | — | — | — | — | — | — | — | — |
| ROCE | 465.7% | 465.7% | 486.6% | 527.2% | 6640.5% | 1364.4% | 1381.8% | 8385.8% | 7880.3% | 9321.0% | 9838.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -2.47 | -1.13 | -1.00 | -18.33 | -11.48 | -1.39 | -13.21 | -18.54 | -20.43 | -18.65 |
| Net Debt / EBITDA | -0.60 | -0.60 | -0.32 | -0.04 | -0.42 | -0.35 | -0.16 | -0.19 | -0.20 | -0.27 | -0.17 |
| Debt / FCF | — | -0.55 | -0.28 | -0.04 | -0.40 | -0.31 | -0.16 | -0.19 | -0.20 | -0.27 | -0.17 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($5M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.68 | 1.68 | 8.84 | — | 1.06 | 1.10 | 3.53 | 1.08 | 1.06 | 1.05 | 1.06 |
| Quick Ratio | 1.68 | 1.68 | 8.84 | — | 1.06 | 1.10 | 3.53 | 1.08 | 1.06 | 1.05 | 1.06 |
| Cash Ratio | 1.68 | 1.68 | 8.84 | — | 1.06 | 1.10 | 3.53 | 1.08 | 1.06 | 1.05 | 1.06 |
| Asset Turnover | — | 1.81 | 3.56 | 27.69 | 2.47 | 3.27 | 6.23 | 5.25 | 4.94 | 3.65 | 5.97 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.2% | 8.2% | 9.0% | 27.5% | 7.9% | 3.3% | 14.7% | 13.2% | 10.7% | 9.9% | 10.1% |
| Payout Ratio | 60.2% | 60.2% | 83.6% | 130.2% | 66.2% | 80.9% | 128.6% | 98.2% | 110.4% | 86.3% | 116.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.8% | 13.6% | 10.7% | 21.1% | 12.0% | 4.1% | 11.5% | 13.4% | 9.7% | 11.4% | 8.6% |
| FCF Yield | 13.1% | 15.0% | 12.4% | 22.1% | 12.5% | 4.8% | 14.1% | 14.9% | 10.9% | 12.7% | 9.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.2% | 8.2% | 9.0% | 27.5% | 7.9% | 3.3% | 14.7% | 13.2% | 10.7% | 9.9% | 10.1% |
| Shares Outstanding | — | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M |
Operator dependency and depletion
Based on reported figures, NRT trades at a P/E of 8.45 and a P/FCF of 7.65, suggesting that the market prices the trust as a high-yield, terminal-value asset rather than a growth vehicle, given the inherent volatility of European natural gas prices and the associated royalty lag.
The current valuation multiples appear to discount the potential for long-term production growth, focusing instead on the immediate cash distribution yield of 7.2%. Investors should monitor whether this discount is a rational response to the managed decline of the Oldenburg fields or an overreaction to short-term commodity price fluctuations.
As reported in financial statements, NRT consistently achieves gross margins near 100%, which underscores the trust's unique position as a passive royalty recipient that avoids the capital-intensive exploration and production costs borne by its operating partners, ExxonMobil and Shell, within the German Oldenburg concession.
While the 91% operating margin suggests exceptional earning power, this metric is largely a function of the trust's legal structure rather than operational excellence. The stability of these margins warrants further investigation, as they are entirely dependent on the trust's ability to keep administrative expenses low while the underlying production base potentially faces long-term depletion.
According to recent SEC filings, the trust maintains a current ratio of 1.92, providing a necessary liquidity cushion to manage the inherent timing mismatches between the production of gas in Germany and the subsequent receipt of royalty payments, which often creates significant volatility in quarterly cash flows.
The liquidity position appears adequate for a passive entity with no debt, yet the lack of retained earnings means the trust remains vulnerable to prolonged periods of low commodity prices. Investors should note that the current ratio is highly sensitive to the timing of cash distributions, which may fluctuate significantly based on the operators' payment schedules.
Based on reported figures, the most commonly misapplied metric for NRT is the Price-to-Book ratio, which at 34.51 is fundamentally misleading because the trust holds no physical assets or infrastructure, rendering traditional book value irrelevant to the actual economic value of its perpetual royalty rights.
Analysts should instead focus on the net present value of future royalty distributions, as the trust's balance sheet is essentially a pass-through mechanism rather than a repository of productive capital. Relying on P/B ratios obscures the reality that the trust's value is derived from legal claims on future production, not the accounting value of its assets.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NRT stock.
North European Oil Royalty Trust's current P/E ratio is 8.5x. The historical average is 10.9x. This places it at the 23th percentile of its historical range.
North European Oil Royalty Trust's current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
North European Oil Royalty Trust's return on equity (ROE) is 470.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 461.2%.
Based on historical data, North European Oil Royalty Trust is trading at a P/E of 8.5x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
North European Oil Royalty Trust's current dividend yield is 7.15% with a payout ratio of 60.2%.
North European Oil Royalty Trust has 100.0% gross margin and 90.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.