NR
North European Oil Royalty Trust
NRT—
North European Oil Royalty Trust AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin 90.9% TTM vs industry median 18% - pure royalty model with near-zero operating costs (785K expenses on 8.7M revenue).[Operating Margin TTM]
- ROE 470% TTM (60x industry median 7.8%) driven by minimal equity base of 1.9M - capital-light royalty structure.[Return on Equity TTM]
- P/B ratio 40.4x TTM reflects premium for zero-debt, 100% cash balance sheet (4.8M cash = 100% of assets).[Price to Book TTM]
Watch Triggers
- Total Revenue TTM: Falls below 7M (>20% decline from current) — Would signal accelerating royalty depletion, forcing dividend cut.
- Dividends Paid Per Share TTM: Cut below $0.40 (>25% reduction) — Primary investment thesis is yield; cut would reprice equity materially.
- Free Cash Flow TTM: Drops below dividend obligations (~4.8M) — FCF of 3.2M already below implied dividend need - unsustainable gap.
Bull Case
Zero debt, 100% liquid assets (4.8M cash TTM), and 91% operating margins create fortress balance sheet immune to financing risk.
Debt to EquityOperating Margin TTMCash and Equivalents TTM
P/E 9.9x TTM below industry median 11.7x despite 470% ROE - valuation discounts declining revenue trajectory.
PE RatioReturn on Equity TTM
Bear Case
Revenue -24% 3Y CAGR signals depleting royalty assets with no replacement mechanism - terminal value risk.
Total Revenue 3Y GrowthTotal Revenue TTM
Micro-cap (78M market cap) with 132K daily volume creates illiquidity risk for institutional investors.
Market Cap TTMVolume
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Dividend sustainability at risk as 3Y revenue CAGR of -24% erodes royalty base.
1-3ymed
- Revenue declined from higher base to 8.7M TTM
- 7Y payout ratio 93% leaves no reinvestment buffer
- Underlying oil/gas production likely depleting
Revenue 3Y growth -24.3%Dividend payout ratio 7Y avg 92.7%5Y revenue growth 54% now reversing
Valuation Context
Caveats
Public Strategies Rankings
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NRT Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Oil and Gas Extraction
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$84.65M | — | ||
$79.86M | — | ||
11 | — | ||
$8.65M | +49.5% | — | |
$0.86 | +56.4% | — | |
90.9% | +4.6% | — | |
91.8% | +4.4% | — | |
$3.16M | +280.6% | — | |
4.7 | +17.8% | — | |
Beta 5Y (Monthly) | unknown | — |
NRT Dividend History
104 dividends
2026
$0.220002/13/26$0.2200
2025
$0.810011/14/25$0.3100
08/15/25$0.2600
05/16/25$0.2000
02/14/25$0.0400
2024
$0.480011/15/24$0.0200
08/16/24$0.2100
05/16/24$0.2000
02/15/24$0.0500
2023
$2.260008/17/23$0.2100
05/18/23$1.0500
02/16/23$1.0000
2022
$1.830011/17/22$0.7400
08/18/22$0.4600
05/12/22$0.3800
02/10/22$0.2500
2021
$0.470011/10/21$0.1400
08/12/21$0.1500
05/13/21$0.1400
02/11/21$0.0400
2020
$0.320011/12/20$0.0200
08/13/20$0.1100
05/14/20$0.1100
02/13/20$0.0800
2019
$0.820011/14/19$0.1600
08/15/19$0.2200
05/16/19$0.2200
02/14/19$0.2200
2018
$0.700011/15/18$0.1500
08/16/18$0.1900
05/17/18$0.1900
02/15/18$0.1700
2017
$0.760011/16/17$0.2200
08/16/17$0.2000
05/17/17$0.1900
02/15/17$0.1500
2016
$0.670011/16/16$0.1200
08/17/16$0.1500
05/11/16$0.2400
02/10/16$0.1600
2015
$1.270011/10/15$0.2300
08/12/15$0.3600
05/13/15$0.3300
02/11/15$0.3500
2014
$1.950011/12/14$0.3900
08/13/14$0.4600
05/13/14$0.5600
02/12/14$0.5400
2013
$2.250011/13/13$0.5300
08/14/13$0.4900
05/15/13$0.6400
02/13/13$0.5900
2012
$2.460011/14/12$0.5100
08/08/12$0.6100
05/09/12$0.6800
02/15/12$0.6600
2011
$2.630011/10/11$0.6400
08/10/11$0.7100
05/11/11$0.7300
02/09/11$0.5500
2010
$2.040011/09/10$0.5600
08/11/10$0.4700
05/12/10$0.5100
02/10/10$0.5000
2009
$3.010011/10/09$0.3800
08/12/09$0.5800
05/13/09$0.9900
02/11/09$1.0600
2008
$3.660011/12/08$1.0300
08/12/08$0.8900
05/14/08$0.9800
02/13/08$0.7600
2007
$2.910011/14/07$0.6400
08/08/07$0.5800
05/09/07$0.8000
02/09/07$0.8900
2006
$3.280011/08/06$0.7800
08/09/06$0.7700
05/10/06$0.8800
02/08/06$0.8500
2005
$2.220011/08/05$0.4200
08/10/05$0.5700
05/11/05$0.6900
02/09/05$0.5400
2004
$1.590011/09/04$0.3300
08/11/04$0.3700
05/12/04$0.4300
02/11/04$0.4600
2003
$1.950011/12/03$0.4500
08/13/03$0.4900
05/14/03$0.5000
02/12/03$0.5100
2002
$1.890011/13/02$0.3800
08/07/02$0.5000
05/08/02$0.5000
02/13/02$0.5100
2001
$2.460011/14/01$0.6000
08/08/01$0.5400
05/09/01$0.6100
02/14/01$0.7100
2000
$1.660011/08/00$0.4300
08/09/00$0.4300
05/10/00$0.4100
02/09/00$0.3900
NRT Stock Splits
No stock splits
NRT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/31/25 | 10/31/25 | 10-K | |
08/29/25 | 07/31/25 | 10-Q | |
05/30/25 | 04/30/25 | 10-Q | |
02/28/25 | 01/31/25 | 10-Q | |
12/31/24 | 10/31/24 | Unknown | |
08/30/24 | 07/31/24 | 10-Q | |
05/31/24 | 04/30/24 | 10-Q | |
02/29/24 | 01/31/24 | 10-Q | |
12/29/23 | 10/31/23 | 10-K | |
08/31/23 | 07/31/23 | 10-Q | |
05/31/23 | 04/30/23 | 10-Q | |
02/28/23 | 01/31/23 | 10-Q | |
12/30/22 | 10/31/22 | 10-K | |
08/31/22 | 07/31/22 | 10-Q | |
05/27/22 | 04/30/22 | 10-Q | |
02/25/22 | 01/31/22 | 10-Q | |
12/30/21 | 10/31/21 | 10-K | |
08/30/21 | 07/31/21 | 10-Q | |
05/28/21 | 04/30/21 | 10-Q | |
02/25/21 | 01/31/21 | 10-Q | |
12/30/20 | 10/31/20 | 10-K | |
08/28/20 | 07/31/20 | 10-Q | |
05/28/20 | 04/30/20 | 10-Q | |
02/27/20 | 01/31/20 | 10-Q | |
12/30/19 | 10/31/19 | 10-K | |
08/29/19 | 07/31/19 | 10-Q | |
05/30/19 | 04/30/19 | 10-Q | |
02/27/19 | 01/31/19 | 10-Q | |
12/28/18 | 10/31/18 | 10-K | |
08/30/18 | 07/31/18 | 10-Q | |
05/30/18 | 04/30/18 | 10-Q | |
02/27/18 | 01/31/18 | 10-Q | |
12/28/17 | 10/31/17 | 10-K | |
08/30/17 | 07/31/17 | 10-Q | |
05/30/17 | 04/30/17 | 10-Q | |
02/27/17 | 01/31/17 | 10-Q | |
12/29/16 | 10/31/16 | 10-K | |
08/30/16 | 07/31/16 | 10-Q | |
05/27/16 | 04/30/16 | 10-Q | |
02/26/16 | 01/31/16 | 10-Q | |
12/30/15 | 10/31/15 | 10-K | |
08/28/15 | 07/31/15 | 10-Q | |
05/21/15 | 04/30/15 | 10-Q | |
02/26/15 | 01/31/15 | 10-Q | |
12/30/14 | 10/31/14 | 10-K | |
08/28/14 | 07/31/14 | 10-Q | |
05/29/14 | 04/30/14 | 10-Q | |
02/27/14 | 01/31/14 | 10-Q | |
12/30/13 | 10/31/13 | 10-K | |
08/29/13 | 07/31/13 | 10-Q | |
05/30/13 | 04/30/13 | 10-Q | |
02/28/13 | 01/31/13 | 10-Q | |
12/28/12 | 10/31/12 | 10-K | |
08/30/12 | 07/31/12 | 10-Q | |
05/30/12 | 04/30/12 | 10-Q | |
02/29/12 | 01/31/12 | 10-Q | |
12/30/11 | 10/31/11 | 10-K | |
08/31/11 | 07/31/11 | 10-Q | |
05/26/11 | 04/30/11 | 10-Q | |
02/25/11 | 01/31/11 | 10-Q | |
12/30/10 | 10/31/10 | 10-K | |
08/30/10 | 07/31/10 | 10-Q | |
05/26/10 | 04/30/10 | 10-Q | |
02/25/10 | 01/31/10 | 10-Q | |
12/29/09 | 10/31/09 | 10-K | |
08/27/09 | 07/31/09 | 10-Q | |
05/29/09 | 04/30/09 | 10-Q | |
02/26/09 | 01/31/09 | 10-Q | |
12/30/08 | 10/31/08 | 10-K | |
08/28/08 | 07/31/08 | 10-Q | |
05/30/08 | 04/30/08 | 8-K | |
02/28/08 | 01/31/08 | 8-K | |
12/28/07 | 10/31/07 | 8-K | |
08/31/07 | 07/31/07 | 8-K | |
05/31/07 | 04/30/07 | 8-K | |
02/28/07 | 01/31/07 | 8-K | |
12/29/06 | 10/31/06 | 8-K | |
08/30/06 | 07/31/06 | 8-K | |
06/01/06 | 04/30/06 | 8-K | |
02/28/06 | 01/31/06 | 8-K | |
01/06/06 | 10/31/05 | 8-K | |
08/29/05 | 07/31/05 | 8-K | |
05/27/05 | 04/30/05 | 8-K | |
03/09/05 | 01/31/05 | 8-K | |
01/12/05 | 10/31/04 | 8-K | |
08/27/04 | 07/31/04 | 8-K | |
05/27/04 | 04/30/04 | 8-K | |
03/09/04 | 01/31/04 | 10-Q | |
01/07/04 | 10/31/03 | 8-K | |
09/09/03 | 07/31/03 | 8-K | |
06/12/03 | 04/30/03 | 10-Q | |
03/13/03 | 01/31/03 | 10-Q | |
12/20/02 | 10/31/02 | 10-K | |
09/16/02 | 07/31/02 | 8-K | |
06/05/02 | 04/30/02 | 10-Q | |
03/15/02 | 01/31/02 | 8-K | |
01/14/02 | 10/31/01 | 10-K | |
09/07/01 | 07/31/01 | 10-Q | |
05/30/01 | 04/30/01 | 10-Q | |
03/13/01 | 01/31/01 | 10-Q | |
01/10/01 | 10/31/00 | 10-K | |
08/29/00 | 07/31/00 | 8-K | |
06/01/00 | 04/30/00 | 10-Q | |
03/14/00 | 01/31/00 | 10-Q |