Sabine Royalty Trust

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Sabine Royalty Trust trades at $71.9, building a base and 2 weeks into that stage. That is −1.8% against its own 200-day average. It sits at 32% of a 52-week range of $67 to $82. On relative strength it is currently behind the S&P 500 on a trailing-13-week view (11 weeks and counting).

Today the stock is building a base — week 2 of stage 1. At $71.9 it trades −1.8% versus its 200-day average and sits at 32% of its 52-week range ($67–$82).

Against the market, two honest reads. Cumulative: over the last 10.1 years the stock moved +97% while the S&P 500 moved +263% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (11 weeks and counting; last ahead the week of 2026-05-22) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

Sabine Royalty Trust trades at 15.3× P/E, at the pricey end of its own range (91st percentile). Its long-run median P/E is 11.1×, measured across 4.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 15.3× is at the pricey end of its own range (91st percentile), against a long-run median of 11.1× measured over 4.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −7.7% against a +8.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 3y, of the +1.8%/yr price move, ~−16.0%/yr came from earnings growth and ~+17.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Sabine Royalty Trust reads as deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −12.5% latest against +50.0% at its 12-quarter best), ROCE slipping at 600.0%. The read is built from 12 quarters across 4 curves, on full evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

4-Factor Sector Score

No sector-relative score — Sabine Royalty Trust is not among the largest members shown in this industry comparison for Oil & Gas Midstream.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Sabine Royalty Trust reported $0.0 B of revenue in the Mar 26 quarter, −50.0% year on year. Over 4 years it has compounded at 7.5% a year. The last full year, FY25, came in at $0.1 B. The last four reported quarters add to $0.1 B.

FY25 revenue came in at $0.1 B (+0.0% on the year), capping 4 years at 7.5% compound. The latest quarter (Mar 26) printed $0.0 B, −50.0% year on year.

Pace check: the last four quarters averaged −12.5% growth against the decade's 7.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −12.5% over the last 4 quarters against −6.5%/yr over the last 8 — rolling over; TTM profit −33.3% vs −18.4%/yr — rolling over.

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Sabine Royalty Trust's operating margin is 100.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 87.5% to 112.5%. The current quarter sits inside that band.

The latest quarter's operating margin is 100.0%, +0.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 87.5%–112.5%.

Why the margin moved: operating margin went +0.0 pp year on year while gross margin went +0.0 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Sabine Royalty Trust earned $0.0 B of net profit in the Mar 26 quarter, −50.0% year on year. Full-year FY25 profit was $0.1 B. The 4-year compound rate is 3.9%. That is 100.0% of the quarter's revenue. The same quarter a year earlier earned $0.0 B.

Mar 26 profit was $0.0 B, −50.0% year on year. On the full year, FY25 printed $0.1 B (−22.2%), and the 4-year compound rate is 3.9%.

🚨 Why profit moved: revenue contributed −50.0% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit −29.2% vs revenue −12.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Sabine Royalty Trust does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Nothing is estimated in place of the missing day-counts, so no cash-cycle chart is drawn.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

Sabine Royalty Trust earns a ROE of 700% in FY25. That is up from a trough of 600% in FY21. Return on invested capital clears the cost of that capital by +518.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 87.5% net margin on 8.00× asset turns.

FY25 ROE is 700%, recovered from a FY21 trough of 600% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 87.5% net margin × 8.00× asset turns × 1.00× balance-sheet leverage ≈ 700.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 524.0% − 5.5% = a +518.5 pp spread. The 5.5% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. A spread this wide means every dollar reinvested creates more than a dollar of value — the engine compounds.

Dividend A dividend is cash paid out per share. Dividend per share is the declared amount for the period; the trailing twelve-month total is the four most recent quarters added together.

Sabine Royalty Trust paid $4.87 per share over the last four reported quarters, down 25.1% on a year ago. The most recent declaration was $0.89 for Mar 26. Against the current price of $71.9 that is a trailing yield of 6.78%, measured on dividends already paid rather than on a forecast.

Sabine Royalty Trust paid $4.87 per share across the last four reported quarters, most recently $0.89 for Mar 26. That is down 25.1% against the same quarter a year earlier. Against the current price of $71.9 the trailing twelve months work out to 6.78% — trailing dividends measured against today's price, not a forward estimate.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

A borrowings history is not in our numbers for this stock.

A borrowings history is not in our numbers for this stock, so this section says that plainly rather than working around it.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

0.1% of Sabine Royalty Trust's tradable float is currently sold short — the crowd is not positioned against this stock. At typical trading volumes those positions would take about 0.5 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 0.1% of the float is sold short, and at typical trading volumes it would take about 0.5 days to buy those positions back. The crowd is not positioned against this stock. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Sabine Royalty Trust: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions