San Juan Basin Royalty Trust
SJT—
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San Juan Basin Royalty Trust AI Insights
Informational only. Not investment advice.Snapshot
- Zero revenue TTM with -298K operating loss - trust appears to have ceased distributions from underlying royalty assets[Total Revenue TTM]
- P/B of 106x on 2.4M equity while generating losses - market pricing speculative optionality, not fundamentals[Price to Book Ratio]
- PPE of 2.7M (99% of assets) with 98% accumulated depreciation - royalty interests nearly fully depleted[Property, Plant & Equipment]
Watch Triggers
- Total Revenue TTM: Any positive revenue reported — Would signal resumption of royalty payments from underlying gas production
- Cash and Short Term Investments: Falls below 15K — Would force trust termination or capital raise within months
- Dividends Paid Per Share TTM: Any distribution announced — Trust exists solely to pass through royalties - distributions are the thesis
Bull Case
254M market cap implies optionality on natural gas price spike or new drilling on underlying San Juan Basin acreage
Market Cap TTMProperty, Plant & Equipment
Bear Case
Zero revenue, negative equity returns (-10.8% ROE TTM), and 29K cash suggest terminal decline phase
Total Revenue TTMROE TTMCash and Short Term Investments
106x P/B for a depleting royalty trust with no distributions - extreme disconnect from fundamentals
Price to Book RatioDividends Paid Per Share TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
15%
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Forward Thesis
Trust likely to terminate or restructure within 1-3 years as depleted assets cannot cover G&A
1-3yhigh
- Zero revenue with 116K annual G&A burn
- Only 29K cash remaining
- 98% depreciated asset base
Operating expense TTM: 299K vs zero revenueCash: 29K covers ~3 months G&AAccumulated depreciation: 130.6M of 133.3M gross PPE
Valuation Context
Caveats
Public Strategies Rankings
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SJT Fundamentals
Real Estate and Rental and Leasing → Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$220.93M | — | ||
$0 | — | ||
0.00 | — | ||
$0 | — | ||
$-0.01 | — | ||
0% | — | ||
0% | — | ||
$0 | — | ||
-15.6% | -205.6% | — | |
Beta 5Y (Monthly) | unknown | — |
SJT Dividend History
274 dividends
2024
$0.110704/29/24$0.0229
03/27/24$0.0413
02/28/24$0.0303
01/30/24$0.0163
2023
$1.107912/28/23$0.0123
11/29/23$0.0169
10/30/23$0.0487
09/28/23$0.0538
08/30/23$0.0207
07/28/23$0.0102
06/29/23$0.0170
05/30/23$0.0527
04/27/23$0.1038
03/30/23$0.4097
02/27/23$0.2498
01/30/23$0.1123
2022
$1.664912/29/22$0.0963
11/29/22$0.1720
10/28/22$0.3491
09/29/22$0.1243
08/30/22$0.1834
07/28/22$0.1452
06/29/22$0.1116
05/27/22$0.0918
04/28/22$0.0829
03/30/22$0.1191
02/25/22$0.0857
01/28/22$0.1034
2021
$0.771712/30/21$0.1124
11/29/21$0.1498
10/28/21$0.0677
09/29/21$0.0370
07/29/21$0.0847
06/29/21$0.0176
05/27/21$0.0403
04/29/21$0.0958
03/30/21$0.0530
02/25/21$0.0547
01/28/21$0.0586
2020
$0.159212/30/20$0.0061
11/27/20$0.0274
10/29/20$0.0140
05/28/20$0.0043
04/29/20$0.0083
03/30/20$0.0322
02/27/20$0.0370
01/30/20$0.0300
2019
$0.173612/30/19$0.0017
05/30/19$0.0269
04/29/19$0.0160
03/28/19$0.0445
02/27/19$0.0567
01/30/19$0.0279
2018
$0.385712/28/18$0.0242
11/29/18$0.0374
10/30/18$0.0755
08/30/18$0.0316
07/30/18$0.0291
06/28/18$0.0006
05/30/18$0.0145
04/27/18$0.0392
03/28/18$0.0308
02/27/18$0.0360
01/30/18$0.0668
2017
$0.839512/28/17$0.0733
11/29/17$0.0721
10/30/17$0.0727
09/28/17$0.2167
08/29/17$0.0408
07/27/17$0.0608
06/28/17$0.0389
05/26/17$0.0378
04/26/17$0.0516
03/29/17$0.0710
02/24/17$0.0634
01/27/17$0.0403
2016
$0.298912/28/16$0.0629
11/28/16$0.0492
10/27/16$0.0527
09/28/16$0.0402
08/29/16$0.0185
07/27/16$0.0278
06/28/16$0.0027
05/26/16$0.0026
04/27/16$0.0039
03/29/16$0.0043
02/25/16$0.0176
01/27/16$0.0164
2015
$0.364712/29/15$0.0275
11/25/15$0.0170
10/28/15$0.0371
09/28/15$0.0528
08/27/15$0.0290
07/29/15$0.0258
06/26/15$0.0304
03/27/15$0.0267
02/25/15$0.0698
01/28/15$0.0485
2014
$1.284612/29/14$0.0821
11/25/14$0.0823
10/29/14$0.1012
09/26/14$0.1141
08/27/14$0.1047
07/29/14$0.1179
06/26/14$0.1379
05/28/14$0.1396
04/28/14$0.1025
03/27/14$0.1193
02/26/14$0.0867
01/29/14$0.0963
2013
$0.783012/27/13$0.0958
11/26/13$0.1099
10/29/13$0.0969
09/26/13$0.0946
08/28/13$0.0902
07/29/13$0.1039
06/26/13$0.0806
05/29/13$0.0381
02/26/13$0.0267
01/29/13$0.0462
2012
$0.718412/27/12$0.0271
11/28/12$0.0011
10/29/12$0.0546
09/26/12$0.0108
08/29/12$0.0361
07/27/12$0.0522
06/27/12$0.0707
05/29/12$0.0695
04/26/12$0.0825
03/28/12$0.0860
02/27/12$0.1088
01/27/12$0.1189
2011
$1.441612/28/11$0.1490
11/28/11$0.1352
10/27/11$0.1221
09/28/11$0.1334
08/29/11$0.1157
07/27/11$0.1298
06/28/11$0.1236
05/26/11$0.1312
04/27/11$0.0826
03/29/11$0.0947
02/24/11$0.1384
01/27/11$0.0860
2010
$1.681112/29/10$0.1087
11/26/10$0.1085
10/27/10$0.1327
09/28/10$0.1657
08/27/10$0.1006
07/28/10$0.1379
06/28/10$0.1154
05/26/10$0.2026
04/28/10$0.1472
03/29/10$0.1802
02/24/10$0.1437
01/27/10$0.1380
2009
$0.647412/29/09$0.1113
11/25/09$0.0543
10/28/09$0.1010
09/28/09$0.0531
08/27/09$0.0615
07/29/09$0.0354
06/26/09$0.0060
05/27/09$0.0263
04/28/09$0.0061
03/27/09$0.0521
02/25/09$0.0989
01/28/09$0.0414
2008
$3.069812/29/08$0.1565
11/25/08$0.2109
10/29/08$0.2910
09/26/08$0.4501
08/27/08$0.3489
07/29/08$0.3215
06/26/08$0.2994
05/28/08$0.2717
04/28/08$0.1807
03/27/08$0.0806
02/27/08$0.2360
01/29/08$0.2226
2007
$2.429212/27/07$0.1915
11/28/07$0.1737
10/29/07$0.1933
09/26/07$0.2405
08/29/07$0.2563
07/27/07$0.3053
06/27/07$0.2054
05/29/07$0.1975
04/26/07$0.1506
03/28/07$0.1161
02/26/07$0.2172
01/29/07$0.1818
2006
$2.915112/27/06$0.0975
11/28/06$0.2108
10/27/06$0.2572
09/27/06$0.2262
08/29/06$0.2188
07/27/06$0.2220
06/28/06$0.1850
05/26/06$0.2330
04/26/06$0.1813
03/29/06$0.3312
02/24/06$0.3376
01/27/06$0.4145
2005
$3.251812/28/05$0.4089
11/28/05$0.3346
10/27/05$0.2438
09/28/05$0.1962
08/29/05$0.2171
07/27/05$0.2795
06/28/05$0.2622
05/26/05$0.2639
04/27/05$0.2145
03/29/05$0.2986
02/24/05$0.2365
01/27/05$0.2960
2004
$2.347012/29/04$0.2151
11/26/04$0.1995
10/27/04$0.2141
09/28/04$0.2269
08/27/04$0.2387
07/28/04$0.2724
06/28/04$0.1912
05/26/04$0.1801
04/28/04$0.1650
03/29/04$0.1962
02/25/04$0.1326
01/28/04$0.1152
2003
$1.938612/29/03$0.1495
11/25/03$0.1663
10/29/03$0.1438
09/26/03$0.1919
08/27/03$0.1741
07/29/03$0.1451
06/26/03$0.1279
05/28/03$0.2635
04/28/03$0.1582
03/27/03$0.1992
02/26/03$0.1184
01/29/03$0.1007
2002
$0.781312/27/02$0.0893
11/26/02$0.0434
10/29/02$0.1158
09/26/02$0.1041
08/28/02$0.0776
07/29/02$0.0821
06/26/02$0.0848
05/29/02$0.0987
04/26/02$0.0099
03/26/02$0.0644
02/26/02$0.0112
2001
$1.719211/28/01$0.0244
10/29/01$0.0378
09/26/01$0.0686
08/29/01$0.1094
07/27/01$0.1163
06/27/01$0.1670
05/29/01$0.1726
04/26/01$0.2236
03/28/01$0.3991
02/26/01$0.2630
01/29/01$0.1374
2000
$1.344712/27/00$0.1496
11/28/00$0.1010
10/27/00$0.1025
09/27/00$0.1586
08/29/00$0.1403
07/27/00$0.1228
06/28/00$0.2402
05/26/00$0.0504
04/26/00$0.0672
03/29/00$0.0599
02/25/00$0.0627
01/27/00$0.0895
SJT Stock Splits
No stock splits
SJT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/27/26 | 12/31/25 | Unknown | |
11/13/25 | 09/30/25 | 10-Q | |
08/13/25 | 06/30/25 | 10-Q | |
05/15/25 | 03/31/25 | 10-Q | |
03/31/25 | 12/31/24 | Unknown | |
11/14/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-Q | |
05/14/24 | 03/31/24 | 10-Q | |
04/01/24 | 12/31/23 | 10-K | |
11/14/23 | 09/30/23 | 10-Q | |
08/14/23 | 06/30/23 | 10-Q | |
05/15/23 | 03/31/23 | 10-Q | |
03/31/23 | 12/31/22 | 10-K | |
11/14/22 | 09/30/22 | 10-Q | |
08/15/22 | 06/30/22 | 10-Q | |
05/16/22 | 03/31/22 | 10-Q | |
03/31/22 | 12/31/21 | 10-K | |
11/15/21 | 09/30/21 | 10-Q | |
08/16/21 | 06/30/21 | 10-Q | |
05/17/21 | 03/31/21 | 10-Q | |
03/31/21 | 12/31/20 | 10-K | |
11/16/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
03/16/20 | 12/31/19 | 10-K | |
11/12/19 | 09/30/19 | 10-Q | |
08/09/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
03/18/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
08/09/18 | 06/30/18 | 10-Q | |
05/10/18 | 03/31/18 | 10-Q | |
03/16/18 | 12/31/17 | 10-K | |
11/09/17 | 09/30/17 | 10-Q | |
08/09/17 | 06/30/17 | 10-Q | |
05/10/17 | 03/31/17 | 10-Q | |
03/16/17 | 12/31/16 | 10-K | |
11/09/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
05/10/16 | 03/31/16 | 10-Q | |
02/29/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/10/15 | 06/30/15 | 10-Q | |
05/11/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
11/10/14 | 09/30/14 | 10-Q | |
08/11/14 | 06/30/14 | 10-Q | |
05/12/14 | 03/31/14 | 10-Q | |
03/03/14 | 12/31/13 | 10-K | |
11/12/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
05/10/13 | 03/31/13 | 10-Q | |
03/01/13 | 12/31/12 | 10-K | |
11/09/12 | 09/30/12 | 10-Q | |
08/09/12 | 06/30/12 | 10-Q | |
05/10/12 | 03/31/12 | 10-Q | |
02/29/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/09/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
03/01/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/10/10 | 03/31/10 | 10-Q | |
03/01/10 | 12/31/09 | 10-K | |
11/09/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/31/09 | 10-Q | |
03/02/09 | 12/31/08 | 10-K | |
11/10/08 | 09/30/08 | 10-Q | |
08/11/08 | 06/30/08 | 10-Q | |
05/12/08 | 03/31/08 | 10-Q | |
02/29/08 | 12/31/07 | 10-K | |
11/09/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/31/07 | 10-Q | |
03/01/07 | 12/31/06 | 10-K | |
11/08/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/05/06 | 03/31/06 | 10-Q | |
03/15/06 | 12/31/05 | 10-K | |
11/08/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 10-Q | |
05/10/05 | 03/31/05 | 10-Q | |
03/16/05 | 12/31/04 | 10-K | |
11/08/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/31/04 | 10-Q | |
03/15/04 | 12/31/03 | 10-K | |
11/13/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/15/03 | 03/31/03 | 10-Q | |
03/27/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/14/02 | 03/31/02 | 10-Q | |
04/01/02 | 12/31/01 | 10-K405 | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/31/01 | 10-Q | |
03/30/01 | 12/31/00 | 10-K405 | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/31/00 | 10-Q |