What are the investment strengths of Marine Petroleum Trust (MARPS)?

65% ROE/ROA TTM with 64% operating margin - exceptional capital efficiency for income-focused investors seeking oil exposure without operational complexity P/E 13.8x below industry median 15x with 11.6% dividend yield (0.36/share) provides current income despite declining trajectory

What are the investment risks for Marine Petroleum Trust (MARPS)?

Structurally declining asset with no reinvestment - 5Y revenue growth +32% masks recent -28% 3Y CAGR acceleration in depletion P/B 9.4x for depleting trust vs book value 0.46/share - paying 9x for assets that will approach zero over time

Marine Petroleum Trust

MARPS

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Marine Petroleum Trust AI Insights

Informational only. Not investment advice.

As of 2025-12-11

Snapshot

Zero debt with 100% of assets in cash (916K) - pure royalty pass-through with no operational risk or capital needs[Debt to Equity]
Revenue down 24% 1Y and 28% 3Y CAGR while EPS fell 42% 1Y - declining oil/gas production from legacy wells[Total Revenue 1Y Growth]
Dividend payout ratio 116% of EPS (0.36 vs 0.31 TTM) - distributing more than earnings, depleting trust assets[Dividends Paid Per Share TTM]

Watch Triggers

Total Revenue TTM: Falls below 700K annually — Signals accelerated well depletion forcing dividend cuts
Dividends Paid Per Share TTM: Cut by >25% from current 0.36 — Income thesis breaks - yield buyers will exit
Cash and Equivalents: Drops below 500K — Trust liquidation timeline becomes visible

Bull Case

65% ROE/ROA TTM with 64% operating margin - exceptional capital efficiency for income-focused investors seeking oil exposure without operational complexity

ROE TTMOperating Margin TTM

P/E 13.8x below industry median 15x with 11.6% dividend yield (0.36/share) provides current income despite declining trajectory

PE RatioDividends Paid Per Share TTM

Bear Case

Structurally declining asset with no reinvestment - 5Y revenue growth +32% masks recent -28% 3Y CAGR acceleration in depletion

Total Revenue 3Y GrowthTotal Revenue 1Y Growth

P/B 9.4x for depleting trust vs book value 0.46/share - paying 9x for assets that will approach zero over time

PB RatioBook Value Per Share

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Trust distributions will continue declining as underlying wells deplete with no reinvestment mechanism

1-3yhigh

Revenue -28% 3Y CAGR reflects natural well decline
Payout >100% of earnings unsustainable long-term
No capex or exploration to offset depletion

Revenue 943K TTM vs 1.2M median peersEPS -35% 3Y CAGR vs +6% industry medianZero reinvestment - 100% cash balance

Valuation Context

Caveats

Public Strategies Rankings

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MARPS Fundamentals

Transportation and Warehousing → Pipeline Transportation

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$11.24M		—
Enterprise Value	$10.32M		—
P/E Ratio	18		—
Total Revenue - TTM	$943,132	-4.7%	—
Earnings Per Share (diluted) - TTM	$0.31	-16.2%	—
Operating Margin - TTM	64.0%	-3.3%	—
Net Margin - TTM	66.3%	-6.3%	—
Free Cash Flow - TTM	$0		—
Return on Common Equity - TTM	65.0%	-7.9%	—
Beta 5Y (Monthly)	unknown		—

MARPS Dividend History

106 dividends

2026

$0.1016

02/27/26$0.1016

2025

$0.3053

11/28/25$0.0491

08/29/25$0.0681

05/30/25$0.1110

02/28/25$0.0771

2024

$0.3554

11/29/24$0.1029

08/30/24$0.0949

05/31/24$0.0560

02/28/24$0.1016

2023

$0.4750

11/29/23$0.0837

08/30/23$0.1218

05/30/23$0.1102

02/27/23$0.1593

2022

$0.8112

11/29/22$0.2444

08/30/22$0.2618

05/27/22$0.1975

02/25/22$0.1075

2021

$0.2174

11/29/21$0.1067

08/30/21$0.0643

05/27/21$0.0282

02/25/21$0.0181

2020

$0.2209

11/27/20$0.0072

08/28/20$0.0445

05/28/20$0.1038

02/27/20$0.0655

2019

$0.2740

11/27/19$0.0488

08/29/19$0.0855

05/30/19$0.0599

02/27/19$0.0799

2018

$0.3537

11/29/18$0.0959

08/30/18$0.0901

05/30/18$0.0929

02/27/18$0.0748

2017

$0.3210

11/29/17$0.0532

08/29/17$0.1263

05/26/17$0.0957

02/24/17$0.0458

2016

$0.2977

11/28/16$0.0911

08/29/16$0.0435

05/26/16$0.0733

02/25/16$0.0898

2015

$0.6334

11/25/15$0.0665

08/27/15$0.1119

05/27/15$0.1449

02/25/15$0.3101

2014

$1.3175

11/25/14$0.2920

08/27/14$0.3672

05/28/14$0.2968

02/26/14$0.3615

2013

$1.4596

11/26/13$0.3785

08/28/13$0.3514

05/29/13$0.3946

02/26/13$0.3352

2012

$1.6105

11/28/12$0.2933

08/29/12$0.3838

05/29/12$0.4311

02/27/12$0.5023

2011

$1.8352

11/28/11$0.5216

08/29/11$0.5400

05/26/11$0.4148

02/24/11$0.3587

2010

$1.4183

11/26/10$0.3443

08/27/10$0.3748

05/26/10$0.3760

02/24/10$0.3231

2009

$1.1318

11/25/09$0.3228

08/27/09$0.2460

05/27/09$0.2614

02/25/09$0.3016

2008

$3.0460

11/25/08$0.8852

08/27/08$0.7698

05/28/08$0.7457

02/27/08$0.6453

2007

$2.8487

11/28/07$0.7613

08/29/07$0.7714

05/29/07$0.7032

02/26/07$0.6128

2006

$1.9830

11/28/06$0.5763

08/29/06$0.5685

05/26/06$0.4467

02/24/06$0.3915

2005

$2.4823

11/28/05$0.7891

08/29/05$0.6089

05/26/05$0.5426

02/24/05$0.5417

2004

$2.2941

11/26/04$0.5586

08/27/04$0.6449

05/26/04$0.5337

02/25/04$0.5569

2003

$2.6070

11/25/03$0.7615

08/27/03$0.7776

05/28/03$0.4120

02/26/03$0.6559

2002

$2.1157

11/26/02$0.6292

08/28/02$0.5417

05/29/02$0.4586

02/26/02$0.4862

2001

$3.9666

11/28/01$0.7236

08/29/01$1.1341

05/29/01$1.1738

02/26/01$0.9351

2000

$3.2363

11/28/00$0.8618

08/29/00$0.6228

05/26/00$0.6425

02/29/00$0.5546

02/25/00$0.5546

MARPS Stock Splits

No stock splits

MARPS SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/13/25	09/30/25	10-Q	0001193125-25-279240
09/29/25	06/30/25	Unknown	0001193125-25-222224
05/14/25	03/31/25	10-Q	0000950170-25-071172
02/13/25	12/31/24	10-Q	0000950170-25-019761
11/12/24	09/30/24	10-Q	0000950170-24-125222
09/30/24	06/30/24	10-K	0000950170-24-110332
05/14/24	03/31/24	10-Q	0000950170-24-059356
02/14/24	12/31/23	10-Q	0001193125-24-035193
11/13/23	09/30/23	10-Q	0001193125-23-275671
09/26/23	06/30/23	10-K	0001193125-23-242126
05/15/23	03/31/23	10-Q	0001193125-23-144500
02/14/23	12/31/22	10-Q	0001193125-23-038647
11/14/22	09/30/22	10-Q	0001193125-22-284049
08/31/22	06/30/22	10-K	0001193125-22-235092
05/16/22	03/31/22	10-Q	0001193125-22-151234
02/14/22	12/31/21	10-Q	0001193125-22-041298
11/15/21	09/30/21	10-Q	0001193125-21-329735
09/24/21	06/30/21	10-K	0001193125-21-282134
05/17/21	03/31/21	10-Q	0001193125-21-163391
02/16/21	12/31/20	10-Q	0001193125-21-043892
11/16/20	09/30/20	10-Q	0001193125-20-294326
09/28/20	06/30/20	10-K	0001193125-20-256699
05/15/20	03/31/20	10-Q	0001193125-20-143921
02/11/20	12/31/19	10-Q	0001193125-20-030902
11/14/19	09/30/19	10-Q	0001193125-19-291988
08/30/19	06/30/19	10-K	0001193125-19-235293
05/15/19	03/31/19	10-Q	0001193125-19-147656
02/11/19	12/31/18	10-Q	0001193125-19-033480
11/06/18	09/30/18	10-Q	0001193125-18-319185
09/28/18	06/30/18	10-K	0001193125-18-286914
05/15/18	03/31/18	10-Q	0001193125-18-164161
02/14/18	12/31/17	10-Q	0001193125-18-045283
11/14/17	09/30/17	10-Q	0001193125-17-342161
09/28/17	06/30/17	10-K	0001193125-17-297298
05/12/17	03/31/17	10-Q	0001193125-17-168194
02/14/17	12/31/16	10-Q	0001193125-17-042399
11/14/16	09/30/16	10-Q	0001193125-16-767329
09/23/16	06/30/16	10-K	0001193125-16-718322
05/16/16	03/31/16	10-Q	0001193125-16-591539
02/16/16	12/31/15	10-Q	0001193125-16-464332
11/16/15	09/30/15	10-Q	0001193125-15-378089
09/25/15	06/30/15	10-K	0001193125-15-329160
05/14/15	03/31/15	10-Q	0001193125-15-187813
02/17/15	12/31/14	10-Q	0000950123-15-002558
11/14/14	09/30/14	10-Q	0001193125-14-413067
09/29/14	06/30/14	10-K	0001193125-14-357308
05/15/14	03/31/14	10-Q	0001193125-14-201220
02/14/14	12/31/13	10-Q	0001193125-14-054256
11/12/13	09/30/13	10-Q	0001193125-13-437189
09/26/13	06/30/13	10-K	0001193125-13-380269
05/10/13	03/31/13	10-Q	0001193125-13-213016
02/14/13	12/31/12	10-Q	0001193125-13-058317
11/14/12	09/30/12	10-Q	0001193125-12-470461
09/24/12	06/30/12	10-K	0001193125-12-401781
05/10/12	03/31/12	10-Q	0001193125-12-225216
02/09/12	12/31/11	10-Q	0001193125-12-049182
11/10/11	09/30/11	10-Q	0000950123-11-097382
09/16/11	06/30/11	10-K	0000950123-11-085006
05/16/11	03/31/11	10-Q	0000950123-11-050635
02/14/11	12/31/10	10-Q	0000950123-11-013692
11/15/10	09/30/10	10-Q	0000950123-10-105576
09/27/10	06/30/10	10-K	0000950123-10-089062
05/17/10	03/31/10	10-Q	0000950123-10-050155
02/16/10	12/31/09	10-Q	0000950123-10-012919
11/06/09	09/30/09	10-Q	0000950123-09-059052
09/21/09	06/30/09	10-K	0000950123-09-044552
05/12/09	03/31/09	10-Q	0000950134-09-010428
02/17/09	12/31/08	10-Q	0000950134-09-003054
11/14/08	09/30/08	10-Q	0000950134-08-020515
09/25/08	06/30/08	10-K	0000950134-08-017168
05/14/08	03/30/08	Unknown	--
02/14/08	12/31/07	10-Q	0000950134-08-002612
11/14/07	09/30/07	10-Q	0000950134-07-023922
09/28/07	06/30/07	10-K	0000950134-07-020632
05/15/07	03/30/07	Unknown	--
02/14/07	12/31/06	10-Q	0000950134-07-003262
11/13/06	09/30/06	10-Q	0000950134-06-021325
09/27/06	06/30/06	8-K	0000950134-06-015048
05/12/06	03/30/06	Unknown	--
02/14/06	12/31/05	10-Q	0000950134-06-002865
11/14/05	09/30/05	10-Q	0000950134-05-021542
09/27/05	06/30/05	10-K	0000950134-05-018423
05/13/05	03/30/05	Unknown	--
02/14/05	12/31/04	10-Q	0000950134-05-003028
11/12/04	09/30/04	10-Q	0000950134-04-017416
09/24/04	06/30/04	10-K	0000950134-04-014082
05/14/04	03/30/04	Unknown	--
02/13/04	12/31/03	10-Q	0000950134-04-001746
11/14/03	09/30/03	10-Q	0000950134-03-015442
09/29/03	06/30/03	10-K	0000950134-03-013071
05/21/03	03/30/03	Unknown	--
02/13/03	12/31/02	10-Q	0000950134-03-002426
11/14/02	09/30/02	8-K	0000950134-02-011945
09/30/02	06/30/02	10-K	0000950134-02-011944
05/14/02	03/30/02	Unknown	--
02/12/02	12/31/01	10-Q	0000950134-02-001088
11/14/01	09/30/01	10-Q	0000950134-01-508574
09/27/01	06/30/01	10-K405	0000950134-01-506807
05/14/01	03/30/01	Unknown	--
02/12/01	12/31/00	10-Q	0000950134-01-001070
11/13/00	09/30/00	10-Q	0000950134-00-009518
09/27/00	06/30/00	10-K405	0000950134-00-008231
05/15/00	03/30/00	Unknown	--