SBR
Sabine Royalty Trust
SBR's fundamentals are mixed, but it looks expensive: trading at 13x earnings, in line with its usual 12x.
SBR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Strong |
SBR's profitability and balance sheet are currently healthy, and its revenue is stable, but its cash flow is under pressure.
SBR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.9x | $48.25 | -25% |
| Fair | 12x | $58.12 | -9.6% |
| Current | 13x | $64.31 | — |
| Expensive | 16x | $76.21 | +19% |
Historical ranges are pointers, not guarantees.
SBR's PE is in its fair range at 13x.
SBR Forward outlook
There aren't enough analyst estimates for SBR to show an outlook.
SBR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $4.89 | -3% |
| Q1 2026 | $4.68 | -12% |
| Q4 2025 | $5.03 | -7.9% |
| Q3 2025 | $5.43 | -16% |
| Q2 2025 | $5.04 | -18% |
| Q1 2025 | $5.33 | -7.5% |
| Q4 2024 | $5.46 | -12% |
| Q3 2024 | $6.49 | +5.2% |
SBR's earnings per share have fallen from their peak: $4.89 over the past year, against $8.63 in early 2023.
SBR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $21.7M | +17% |
| Q1 2026 | $14.3M | -26% |
| Q4 2025 | $13.6M | -30% |
| Q3 2025 | $25.5M | +29% |
| Q2 2025 | $18.6M | -18% |
| Q1 2025 | $19.4M | -6.6% |
| Q4 2024 | $19.4M | -43% |
| Q3 2024 | $19.8M | +38% |
SBR's revenue is recovering but still below its 2022 peak: $22M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 96% | +0.6 points |
| Q1 2026 | 91% | -1.6 points |
| Q4 2025 | 93% | -1.6 points |
| Q3 2025 | 96% | +0.7 points |
| Q2 2025 | 95% | -1.8 points |
| Q1 2025 | 93% | -2.2 points |
| Q4 2024 | 95% | -2.7 points |
| Q3 2024 | 96% | +1 points |
SBR's operating margin was 96% last quarter, up 0.6 points from the same quarter a year ago.
SBR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | $0 |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | $0 |
| Q3 2025 | $0 | -100% |
| Q2 2025 | $0 | -100% |
| Q1 2025 | $0 | $0 |
| Q4 2024 | $0 | +$16.7M |
| Q3 2024 | $19.1M | +$19.1M |
SBR's free cash flow was $0 over the past year, against $19M the year before.
SBR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | 0% | -- |
| 5 years | 0% | -- |
| Available history | 0% | -- |
SBR has 15M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
SBR hasn't bought back shares in the past year.
SBR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.1x | Net Cash |
| Q1 2026 | -0.1x | Net Cash |
| Q4 2025 | -0.1x | Net Cash |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.1x | Net Cash |
| Q3 2024 | -0.1x | Net Cash |
SBR has more cash than debt.
SBR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.1 | Neutral |
| Stochastic | 11.2 | Oversold |
SBR's weekly RSI is 30 (neutral) and its Stochastic is 11 (oversold).
SBR PE vs Energy Sector
| Metric | SBR | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 0.2% above |
| PE % | 65 | 61 | 4 pts above |
SBR is trading at 13x earnings, in line with the Energy sector's median of 13x.
SBR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $70.1 | 8.3% below |
| 20 week MA | $72.2 | 11% below |
| 50 week MA | $72.5 | 11% below |
| 100 week MA | $70.6 | 8.9% below |
| 200 week MA | $68.4 | 6% below |
SBR is in a downtrend: it's below all five of its weekly moving averages, and 6% below its 200-week average.
SBR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $40.7 | $28.7 | -29% |
| 2021 | $28.7 | $40.6 | +41% |
| 2022 | $40.6 | $82.5 | +103% |
| 2023 | $82.5 | $67.9 | -18% |
| 2024 | $67.9 | $64.0 | -5.7% |
| 2025 | $64.0 | $69.8 | +9% |
| 2026 YTD | $69.8 | $64.3 | -7.8% |
SBR has finished lower in three of the last six years. It's down 7.8% so far in 2026.