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Cross Timbers Royalty Trust (CRT) Fair Value & Analysis

Energy · US · Market cap $53.6M

CT Cross Timbers Royalty Trust logo Cross Timbers Royalty Trust CRT · US
Price$10.04
Fair Value$12.63
Upside+25.8%
Quality63/100
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Weak Growth
Highly profitable · 71.2% net margin
generates free cash flow
7.94% dividend yield
Ranks above peers (8/12)
Wide moat 83/100
Evidence: Medium Range $9.47 – $15.78 Share as image

Fair value as of: Jul 15, 2026

From 22 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from $10.48 to $12.63 (+20.5%) since Jun 24, 2026. Share price +9.8% over the past month.

A solid business, screening 26% undervalued on our models.

What matters now

  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from $9.47 (bear) to $15.78 (bull), base $12.63. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 63/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

$23.36 $6.24 Fair Value $12.63 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range $6.24 – $23.36 · fair‑value band $9.47 – $15.78 · the $10.04 price screens below the $12.63 fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Cross Timbers Royalty Trust (CRT) currently trades at $10.04, while our model-based Fair Value estimate is $12.63, implying the stock looks roughly 25.8% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Energy sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Cross Timbers Royalty Trust generated revenue of $4.5M at a net margin of 71.2%. Revenue declined 61.9% year over year. It earns a return on equity of 143.6%. The balance sheet holds a net cash position of $2.1B. Fundamentals as of Jul 15, 2026

Our scenario range runs from $9.47 (bear case) to $15.78 (bull case); at $10.04, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 49% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -26% fair-value upside, at 26%, CRT screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income $0.9800 $1.21 $4.63 76
Growth DCF $15,778 $19,444 $24,903 72
Gordon GGM $5.21 $5.57 $6.10 70
All 22 models by family
DCF Models
FCF DCF $15,398 $19,303 $25,588 38
5Y Revenue Exit $7,505 $7,978 $8,616 39
5Y EBITDA Exit $7,506 $7,980 $8,619 41
5Y P/E Exit $7,508 $7,983 $8,624 38
10Y Revenue Exit $11,217 $11,884 $12,366 36
10Y EBITDA Exit $11,218 $11,886 $12,368 37
10Y P/E Exit $11,219 $11,887 $12,370 35
Earnings-Based
Graham-Dodd $5.09 $6.22 $7.00 54
EPV $360.42 $361.00 $361.47 59
Dividend Discount
Gordon GGM $5.21 $5.57 $6.10 70
DDM Multi-Stage $5.21 $6.03 $7.06 61
Multiples
P/E Multiple $7.86 $10.48 $13.10 63
P/S Multiple $0.8700 $1.16 $1.45 58
P/B Multiple $0.4900 $0.6500 $0.8100 55
EV/EBIT $361.23 $363.10 $364.97 53
EV/EBITDA $359.21 $360.41 $361.61 54
EV/Revenue $356.42 $356.77 $357.12 43
Asset-Based
NCAV (Graham) $0.1800 $0.2400 $0.3600 50
Growth DCF
Growth DCF $15,778 $19,444 $24,903 72
Economic Profit
Residual Income $0.9800 $1.21 $4.63 76
ROIC Compounder $360.42 $361.00 $361.47 67
Growth Earnings
Growth-Adj P/E $5.65 $8.08 $10.50 68

Widest divergence: Growth DCF ($19,444) versus Asset-Based ($0.2400). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) $4.5M
Revenue growth (YoY) -61.9%
Net margin 71.2%
Return on equity 144%
Free cash flow $12.5B FY2023
P/E ratio 16.8
More key figures
Operating margin 70.2%
EPS (TTM) $0.5300
Dividend yield 7.9%
EPS growth (YoY) -71.8%
Net cash $2.1B FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 61 · Market factors (momentum, volatility) 61

Profitability 45
Margins and returns on capital today
Quality Growth 1
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 64
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Cross Timbers Royalty Trust operates as an express trust in the United States. It holds 90% net profits interests in certain producing and nonproducing royalty and overriding royalty interest properties in Texas, Oklahoma, and New Mexico; and 75% net profits working interest in four properties in Texas and three properties in Oklahoma.

Full company description

Cross Timbers Royalty Trust operates as an express trust in the United States. It holds 90% net profits interests in certain producing and nonproducing royalty and overriding royalty interest properties in Texas, Oklahoma, and New Mexico; and 75% net profits working interest in four properties in Texas and three properties in Oklahoma. Cross Timbers Royalty Trust was founded in 1991 and is headquartered in Dallas, Texas.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cross Timbers Royalty Trust reported revenue of $5.8M in FY2025 versus $7.4M in FY2021, a compound −6.1%/yr. Reported net income was $4.5M in FY2025, compounding −9.4%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
$5.8M
Latest YoY
−11.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−22.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.7%
Avg. growth/yr (33Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.7%
Revenue −6.1%/yr
FY21 $7.4M
FY22 $12.5M
FY23 $12.4M
FY24 $6.6M
FY25 $5.8M
Net income −9.4%/yr
FY21 $6.7M
FY22 $11.7M
FY23 $11.5M
FY24 $5.7M
FY25 $4.5M
Character of growth · EPS growth decomposed (2012-2023) −4.4 % p.a.
Revenue per share −3.9 pp

of which total revenue −3.9 pp · buybacks/dilution +0.0 pp

EBIT margin −0.5 pp
Tax rate +0.2 pp
Residual (interest, one-offs) −0.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Cross Timbers Royalty Trust Fair Value". https://www.fairvalue-calculator.com/stock/CRT

Peer Group

Oil & Gas E&P · 315 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 63 · Top 25%
Fair Value upside +26% · Top 25%
Return on equity (TTM) 144% · Top 25%
Return on assets 59% · Top 25%
Net margin (TTM) 71% · Top 25%
Operating margin (TTM) 70% · Top 25%
Revenue growth -62% · Bottom 25%
Dividend yield (TTM) 7.9% · Top 25%

Valuation Multiples vs Oil & Gas E&P median · lower = cheaper

P/E (TTM) 16.8× · Pricier than median
P/B 24.82× · Pricier than 75% of peers
P/S (TTM) 11.88× · Pricier than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 68 · sector 14
FUTURE 0 · sector 0
PAST 100 · sector 0
HEALTH 0 · sector 87
DIVIDEND 100 · sector 66

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas E&P stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
CNOOC Limited 600938 ¥28.97 ¥32.55 +12%
ConocoPhillips explores for, COP $109.04 $91.79 -16%
Canadian Natural Resources Limited CNQ $42.86 $31.54 -26%
EOG Resources, Inc EOG $139.89 $130.19 -7%
Occidental Petroleum Corporation OXY $54.86 $30.68 -44%
Diamondback Energy, Inc FANG $183.39 $106.12 -42%
Devon Energy Corporation DVN $43.83 $27.06 -38%
Woodside Energy Group WDS A$30.46 A$20.71 -32%
EQT Corporation EQT $48.85 $42.85 -12%
Texas Pacific Land Corporation TPL $415.70 $79.20 -81%

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Frequently asked questions

Is Cross Timbers Royalty Trust (CRT) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of $12.63 versus a price of $10.04, about +26% (undervalued).
What is the fair value of CRT?
Our model-based fair value for Cross Timbers Royalty Trust is $12.63 (as of Jul 15, 2026), built from audited fundamentals. The current price is $10.04.
What is the quality score of CRT?
Cross Timbers Royalty Trust has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Cross Timbers Royalty Trust (CRT)?
Cross Timbers Royalty Trust reported trailing-twelve-month revenue of about $4.5M (latest available figure, as of Jul 15, 2026).
What is the net profit margin of CRT?
The net profit margin of Cross Timbers Royalty Trust is about 71.2%, meaning it keeps roughly 71.2% of revenue as net income. Based on the latest reported figures.
Does Cross Timbers Royalty Trust pay a dividend?
Cross Timbers Royalty Trust currently shows a dividend yield of about 7.94% relative to its recent price (as of Jul 15, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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