Latest Ratios: P/E Ratio -28.9x · EV/EBITDA 8.1x · ROE -2.8%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $686M | $531M | $608M | $550M | — | — | — |
| Enterprise Value | $968M | $813M | $758M | $574M | — | — | — |
| P/E Ratio → | -28.88 | — | 25.91 | — | — | — | — |
| P/S Ratio | 1.67 | 1.29 | 2.15 | 1.45 | — | — | — |
| P/B Ratio | 0.68 | 0.58 | 1.00 | 1.16 | — | — | — |
| P/FCF | — | — | — | 8.25 | — | — | — |
| P/OCF | 5.81 | 4.49 | 5.57 | 7.13 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.98 | 2.68 | 1.51 | — | — | — |
| EV / EBITDA | 8.14 | 6.84 | 13.26 | — | — | — | — |
| EV / EBIT | 43.43 | — | 24.17 | — | — | — | — |
| EV / FCF | — | — | — | 8.60 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 10.6% | 10.6% | 28.3% | 50.4% | 31.4% | 52.2% | 15.9% |
| Operating Margin | 5.4% | 5.4% | -2.4% | -32.5% | -10.4% | 19.4% | -142.8% |
| Net Profit Margin | -5.3% | -5.3% | 8.3% | -27.3% | -3.1% | 23.0% | -150.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -2.8% | -2.8% | 4.3% | -20.9% | -1.4% | 12.4% | -53.8% |
| ROA | -1.8% | -1.8% | 2.7% | -12.8% | -0.9% | 7.2% | -26.2% |
| ROIC | 1.7% | 1.7% | -0.8% | -16.4% | -2.9% | 5.9% | — |
| ROCE | 2.1% | 2.1% | -0.8% | -17.3% | -3.3% | 6.3% | -25.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.32 | 0.32 | 0.26 | 0.06 | 0.23 | 0.28 | 0.50 |
| Debt / EBITDA | 2.45 | 2.45 | 2.75 | — | 7.66 | 1.81 | — |
| Net Debt / Equity | — | 0.31 | 0.25 | 0.05 | 0.21 | 0.27 | 0.43 |
| Net Debt / EBITDA | 2.37 | 2.37 | 2.62 | — | 7.07 | 1.72 | — |
| Debt / FCF | — | — | — | 0.35 | 1.52 | — | 17.87 |
| Interest Coverage | -0.27 | -0.27 | 3.98 | -22.51 | 0.06 | 9.94 | -18.90 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.62 | 0.62 | 0.97 | 1.41 | 0.50 | 1.62 | 2.18 |
| Quick Ratio | 0.62 | 0.62 | 0.97 | 1.41 | 0.50 | 1.62 | 2.18 |
| Cash Ratio | 0.06 | 0.06 | 0.11 | 0.12 | 0.06 | 0.21 | 1.16 |
| Asset Turnover | — | 0.30 | 0.27 | 0.55 | 0.27 | 0.27 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 46.48 | 51.22 | 30.90 | 77.48 | 54.55 | 54.10 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 16.4% | 19.1% | 14.0% | 9.0% | — | — | — |
| Payout Ratio | — | — | 363.3% | — | — | 0.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 3.9% | — | — | — | — |
| FCF Yield | — | — | — | 12.1% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 16.4% | 19.1% | 14.0% | 9.0% | — | — | — |
| Shares Outstanding | — | $50M | $36M | $30M | $30M | $30M | $30M |
Commodity price and basis volatility
Based on reported figures, TXO's P/S ratio of 1.68 and negative TTM P/E of -29.09 suggest that the market is heavily discounting the company's earnings potential, likely due to the persistent net losses and the inherent volatility associated with its conventional asset-heavy business model.
The current valuation appears to reflect significant skepticism regarding the company's ability to convert revenue into sustainable bottom-line earnings. Investors should monitor whether the 16.3% dividend yield is a reflection of a value opportunity or a market signal that the current payout is unsustainable given the negative net margins.
As reported in financial statements, TXO's ROIC has trended into negative territory, reaching -5.1% in 2026Q1, which indicates that the company is currently failing to generate returns on its invested capital that exceed the cost of maintaining its mature, conventional production assets.
The decay in ROIC suggests that recent capital deployments have not yet achieved the necessary operational efficiency to offset the natural decline rates of the San Juan and Permian portfolios. This trend warrants further investigation into whether the company's acquisition strategy is creating value or merely expanding the asset base without improving underlying profitability.
According to recent quarterly data, TXO's asset turnover has remained consistently low at approximately 0.02 to 0.12, highlighting the capital-intensive nature of its operations and the difficulty in generating significant revenue relative to the growing asset base reported in recent filings.
The erratic nature of the company's DSO, which fluctuated between 32 and 176 days, suggests potential challenges in managing receivables or shifts in customer payment terms. This lack of consistency in working capital efficiency may indicate operational friction in the collection process that could further strain liquidity during periods of commodity price weakness.
As evidenced by the provided financial data, TXO's current ratio has deteriorated sharply from 1.41 in 2023Q4 to 0.43 in 2026Q1, indicating that the company's ability to cover short-term obligations with current assets has become increasingly constrained over the recent reporting periods.
This decline in liquidity suggests that the company may be relying more heavily on external financing or cash flow from operations to meet immediate liabilities. Investors should monitor this trend closely, as a current ratio below 1.0 often signals potential stress in managing working capital requirements during volatile commodity cycles.
The P/E ratio is frequently misapplied to TXO, as the company's MLP structure and high non-cash DD&A charges render net income a poor proxy for the actual cash-generating capacity of its mature, conventional oil and gas assets.
Analysts should instead focus on Distributable Cash Flow (DCF) or EV/EBITDA to better understand the underlying performance of the business. Relying on P/E obscures the impact of non-cash accounting adjustments and fails to capture the true economic value being returned to unit holders through distributions.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TXO stock.
TXO Partners, L.P.'s current P/E ratio is -28.9x. The historical average is 25.9x.
TXO Partners, L.P.'s current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
TXO Partners, L.P.'s return on equity (ROE) is -2.8%. The historical average is -10.4%.
Based on historical data, TXO Partners, L.P. is trading at a P/E of -28.9x. Compare with industry peers and growth rates for a complete picture.
TXO Partners, L.P.'s current dividend yield is 16.41%.
TXO Partners, L.P. has 10.6% gross margin and 5.4% operating margin.
TXO Partners, L.P.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.