Permian Basin Royalty Trust holds royalty interests in various oil and gas properties in the United States. The company holds a 75% net overriding royalty interest in Waddell Ranch properties, including Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian), and Waddell fields in Crane County, Texas. In addition, it holds a 95% net overriding royalty interest …
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Competitive advantage assessment
Key strengths
Margins Consistently Above PeersGross margin at 100.0% (top 0%) and operating margin at 88.7% (top 2%) indicate strong pricing power.
Consistent Cash GenerationCash generation is strong and consistent (score 0.98).
Key risks
Revenue Volatility Signals Weak StickinessRevenue volatility is high (stability score 0.05), suggesting weak customer stickiness.
ROIC Below WACC or PeersROIC at 0th percentile suggests inefficient capital deployment.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Permian Basin Royalty Trust ranks #7 of 56
scored companies in Oil & Gas Midstream by moat score — the top 12%.
The widest moat in the group is Hess Midstream LP (HESM)
at 84/100.
Moat scores for companies ranked near PBT in Oil & Gas Midstream
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 53
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 61
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 71
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 87
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 65
· 15% of the moat score
Scale matters only when it converts into economics.
Permian Basin Royalty Trust (PBT) scores 71 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #7 of 56 scored companies in Oil & Gas Midstream, the top 12%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 67 companies in Oil & Gas Midstream. Its strongest defense is Resilience (87/100) and its weakest is Cost Advantage (53/100).
How does Permian Basin Royalty Trust compare with other Oil & Gas Midstream companies?
Permian Basin Royalty Trust ranks #7 of 56 scored companies in Oil & Gas Midstream by moat score. The widest moat in Oil & Gas Midstream is Hess Midstream LP (HESM) at 84/100. The companies ranked closest are Dynagas LNG Partners LP (DLNG) at 72 just above it and Western Midstream Partners, LP (WES) at 68 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 67 companies in Oil & Gas Midstream. The defenses are then weighted to produce the overall score out of 100.
Why is Permian Basin Royalty Trust scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for Permian Basin Royalty Trust?
The Corporate Default template measures 6 defenses, and PBT scores: Pricing Power (86), Cost Advantage (53), Customer Stickiness (61), Capital Efficiency (71), Resilience (87), Scale & Market Position (65). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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