Tearsheet

Cross Timbers Royalty Trust (CRT)

Market Price (4/18/2026): $10.52 | Market Cap: $63.1 Mil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Cross Timbers Royalty Trust (CRT)

Market Price (4/18/2026): $10.52
Market Cap: $63.1 Mil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 77%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Traditional Energy Sources. Themes include Domestic Oil & Gas Production.

Trading close to highs
Dist 52W High is -4.7%

Weak multi-year price returns
2Y Excs Rtn is -46%, 3Y Excs Rtn is -108%

Expensive valuation multiples
P/SPrice/Sales ratio is 11x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -20%

Key risks
CRT key risks include [1] a long-term annual production decline of 6-8% from its naturally depleting reserves, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 77%
2	Low stock price volatility Vol 12M is 31%
3	Megatrend and thematic drivers Megatrends include Traditional Energy Sources. Themes include Domestic Oil & Gas Production.
4	Trading close to highs Dist 52W High is -4.7%
5	Weak multi-year price returns 2Y Excs Rtn is -46%, 3Y Excs Rtn is -108%
6	Expensive valuation multiples P/SPrice/Sales ratio is 11x
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -20%
8	Key risks CRT key risks include [1] a long-term annual production decline of 6-8% from its naturally depleting reserves, Show more.

Valuation, Metrics & Events

	4/18/26	2025	2024	2023	2022
Share Price CYE	$10.52	$7.95	$9.90	$17.56	$25.44
Market Cap CYE ($ Mil)	63.1	47.7	59.4	105.4	152.6
Total Debt ($ Mil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Mil)	2.1	1.5	1.6	1.5	2.2
Enterprise Value ($ Mil)	61.0	47.7	59.4	105.4	152.6
Valuation Ratios
P/S TTM	11.0	8.6	7.8	8.3	13.4
P/EBIT TTM	14.2	10.8	8.8	8.9	14.3
P/E TTM	14.1	10.7	8.8	8.9	14.3
P/FCF TTM	-	-	-	-	-
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.5	1.5	1.1
P/EBIT TTM (Sector)	9.2	8.0	5.9	5.9	3.4
P/E TTM (Sector)	12.8	11.2	8.8	8.6	4.5
P/FCF TTM (Sector)	11.1	7.1	7.3	7.6	4.2

	4/18/26	2025	2024
Share Price CYE	$10.52	$7.95	$9.90
Market Cap CYE ($ Mil)	63.1	47.7	59.4
Total Debt ($ Mil)	0.0	0.0	0.0
Total Cash ($ Mil)	2.1	1.5	1.6
Enterprise Value ($ Mil)	61.0	47.7	59.4
Valuation Ratios
P/S TTM	11.0	8.6	7.8
P/EBIT TTM	14.2	10.8	8.8
P/E TTM	14.1	10.7	8.8
P/FCF TTM	-	-	-
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.5
P/EBIT TTM (Sector)	9.2	8.0	5.9
P/E TTM (Sector)	12.8	11.2	8.8
P/FCF TTM (Sector)	11.1	7.1	7.3

	CRT	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.0
Rev Chg Q	11.4%	7.5%
Rev Chg LTM	-12.6%	6.8%
Rev Chg 3Y Avg	-20.3%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	�
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	77.4%	18.6%
Net Inc Mgn	78.3%	12.8%
VALUATION	MODERATE
P/S	11.0	3.3
P/E	14.1	24.3
STABILITY	VERY GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.50	0.07

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Metric	Value	Date	Source
Proved Oil Reserves	1.4 million Bbls	12312023	Link
Proved Natural Gas Reserves	12.7 Bcf	12312023	Link
Oil Sales Volume (Annual)	192,119 Bbls	12312023	Link
Oil Sales Volume (Daily Average)	526 Bbls per day	12312023	Link
Gas Sales Volume (Annual)	1,773,864 Mcf	12312023	Link
Gas Sales Volume (Daily Average)	4,860 Mcf per day	12312023	Link
Average Oil Price	$77.05 per Bbl	12312023	Link
Average Natural Gas Price	$6.00 per Mcf	12312023	Link

Recent
3/27/2026	Earnings Release	Rev: $1.0 Mil (A) vs. $null (E) EPS: 0.23 (A) vs. $- (E)
3/31/2026	Dividend	Amount: $0.00 Payment On: 4/14/2026
Upcoming
5/12/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Cross Timbers Royalty Trust (CRT) stock has gained about 35% since 12/31/2025 because of the following key factors:

1. Significant Increase in Global Crude Oil Prices. The primary driver of Cross Timbers Royalty Trust's stock appreciation was the substantial rise in crude oil prices since the end of 2025. Brent crude oil prices, a key benchmark, surged approximately 68.3% from around $62.18 per barrel in early January 2026 to $104.63 per barrel by early April 2026, driven by factors such as Iran supply risks. This macroeconomic tailwind directly increased the value of the Trust's underlying royalty interests in oil production.

2. Improvement in Natural Gas Prices. Concurrently with oil, natural gas prices also experienced an upward trend. On December 31, 2025, natural gas was priced at $3.686 per Mcf. By March 2026, the average natural gas price attributable to the Trust's distributions had risen to $4.30 per Mcf. As natural gas sales constituted about 51% of the Trust's net profits income in 2025, this price increase positively impacted the Trust's revenues.

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Stock Movement Drivers

Fundamental Drivers

The 33.1% change in CRT stock from 12/31/2025 to 4/17/2026 was primarily driven by a 31.8% change in the company's P/E Multiple.

(LTM values as of)	12312025	4172026	Change
Stock Price ($)	7.88	10.48	33.1%
Change Contribution By:
Total Revenues ($ Mil)	6	6	3.0%
Net Income Margin (%)	79.8%	78.3%	-2.0%
P/E Multiple	10.6	14.0	31.8%
Shares Outstanding (Mil)	6	6	0.0%
Cumulative Contribution			33.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/17/2026

	Return	Correlation
CRT	33.1%
Market (SPY)	-5.4%	1.1%
Sector (XLE)	23.1%	16.5%

Fundamental Drivers

The 44.4% change in CRT stock from 9/30/2025 to 4/17/2026 was primarily driven by a 77.3% change in the company's P/E Multiple.

(LTM values as of)	9302025	4172026	Change
Stock Price ($)	7.26	10.48	44.4%
Change Contribution By:
Total Revenues ($ Mil)	7	6	-11.8%
Net Income Margin (%)	84.8%	78.3%	-7.7%
P/E Multiple	7.9	14.0	77.3%
Shares Outstanding (Mil)	6	6	0.0%
Cumulative Contribution			44.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/17/2026

	Return	Correlation
CRT	44.4%
Market (SPY)	-2.9%	4.7%
Sector (XLE)	24.2%	19.7%

Fundamental Drivers

The -15.3% change in CRT stock from 3/31/2025 to 4/17/2026 was primarily driven by a -12.6% change in the company's Total Revenues ($ Mil).

(LTM values as of)	3312025	4172026	Change
Stock Price ($)	12.38	10.48	-15.3%
Change Contribution By:
Total Revenues ($ Mil)	7	6	-12.6%
Net Income Margin (%)	86.5%	78.3%	-9.5%
P/E Multiple	13.1	14.0	7.0%
Shares Outstanding (Mil)	6	6	0.0%
Cumulative Contribution			-15.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/17/2026

	Return	Correlation
CRT	-15.3%
Market (SPY)	16.3%	24.3%
Sector (XLE)	20.7%	27.3%

Fundamental Drivers

The -29.5% change in CRT stock from 3/31/2023 to 4/17/2026 was primarily driven by a -54.1% change in the company's Total Revenues ($ Mil).

(LTM values as of)	3312023	4172026	Change
Stock Price ($)	14.87	10.48	-29.5%
Change Contribution By:
Total Revenues ($ Mil)	12	6	-54.1%
Net Income Margin (%)	94.0%	78.3%	-16.7%
P/E Multiple	7.6	14.0	84.3%
Shares Outstanding (Mil)	6	6	0.0%
Cumulative Contribution			-29.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/17/2026

	Return	Correlation
CRT	-29.5%
Market (SPY)	63.3%	15.1%
Sector (XLE)	45.5%	29.0%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CRT Return	53%	146%	-24%	-39%	-13%	33%	101%
Peers Return	218%	166%	-43%	-17%	57%	31%	730%
S&P 500 Return	27%	-19%	24%	23%	16%	3%	87%
Monthly Win Rates [3]
CRT Win Rate	50%	75%	58%	42%	42%	75%
Peers Win Rate	67%	58%	33%	42%	50%	100%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
CRT Max Drawdown	-9%	0%	-46%	-47%	-25%	-2%
Peers Max Drawdown	0%	0%	-43%	-22%	-20%	0%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: PBT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/17/2026 (YTD)

How Low Can It Go

Unique Key	Event	CRT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-55.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	122.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-53.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	115.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	351 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-60.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	154.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	892 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-77.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	338.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to PBT

In The Past

Cross Timbers Royalty Trust's stock fell -55.1% during the 2022 Inflation Shock from a high on 2/14/2023. A -55.1% loss requires a 122.8% gain to breakeven.

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Asset Allocation

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About Cross Timbers Royalty Trust (CRT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Cross Timbers Royalty Trust operates as an express trust in the United States. It holds 90% net profits interests in certain producing and nonproducing royalty and overriding royalty interest properties in Texas, Oklahoma, and New Mexico; and 75% net profits working interest in four properties in Texas and three properties in Oklahoma. The company was founded in 1991 and is based in Dallas, Texas.

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Here are 1-3 brief analogies for Cross Timbers Royalty Trust (CRT):

A REIT for oil and gas royalties.
Like Royal Gold or Franco-Nevada, but for oil and gas wells instead of mines.
Like a landlord for oil and gas wells, collecting a percentage of profits instead of rent.

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Crude Oil Royalties: Income generated from the trust's net profits and working interests tied to crude oil production from its underlying properties.
Natural Gas Royalties: Income generated from the trust's net profits and working interests tied to natural gas production from its underlying properties.

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Cross Timbers Royalty Trust (CRT) operates as a passive trust that holds royalty and net profits interests in oil and gas properties. Its business model is to receive income generated from these interests (paid by the operators of the underlying properties) and distribute it to its unitholders. As such, the Trust does not directly engage in the production or sale of oil, gas, or related services, nor does it provide services to external clients in a traditional business sense.

Therefore, Cross Timbers Royalty Trust does not have "major customers" in the conventional sense of companies or individuals purchasing goods or services from it. However, if "customers" is interpreted as the primary beneficiaries or stakeholders that the Trust serves through its distributions, then its focus is on its investors (unitholders). Based on this interpretation, the Trust primarily serves:

Individual Investors: Retail investors who purchase units of CRT on public exchanges for the purpose of receiving regular distributions from the Trust's income.
Institutional Investors: Large organizations such as investment funds (mutual funds, hedge funds, pension funds, endowments), and other financial institutions that hold significant blocks of CRT units as part of their investment portfolios.

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Argent Trust Company, Trustee

Argent Trust Company serves as the independent Trustee for the Cross Timbers Royalty Trust. In this fiduciary role, it is responsible for the entire governance and administration of the Trust, including calculating and distributing the monthly cash payouts to unitholders. The Trustee's core purpose, derived from the Trust Indenture, involves collecting net profits income from the underlying oil and gas properties, managing necessary administrative expenses, and timely distributing the remaining net proceeds to the unitholders.

Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee

Nancy Willis is the Director of Royalty Trust Services at Argent Trust Company, which acts as the Trustee for Cross Timbers Royalty Trust. She serves as a contact for the Trust.

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The key risks to Cross Timbers Royalty Trust (CRT) primarily stem from its nature as an oil and gas royalty trust and its operational characteristics:

Volatility of Oil and Natural Gas Prices: The income and distributable cash flow of Cross Timbers Royalty Trust are highly dependent on the prices of oil and natural gas. Significant fluctuations or a sustained decline in commodity prices can directly and materially reduce the trust's revenue and, consequently, its distributions to unitholders. Falling commodity prices have previously weighed on the trust's income, and its future results are inherently tied to these volatile prices.
Decline in Production and Reserves of Underlying Properties: As a royalty trust, CRT's long-term viability and income are contingent upon the continued production and the quantity of recoverable reserves from the oil and gas properties in which it holds interests. A natural decline in production volumes from these properties, or a downward revision of estimated reserves, would lead to reduced revenue for the trust. This risk is amplified by the fact that the trust's income can be impacted by a decrease in its oil and gas volumes.
Micro-Cap Status and Low Trading Volume: Cross Timbers Royalty Trust is categorized as a micro-cap company with a relatively small market capitalization. This status can lead to increased stock price volatility and lower trading liquidity compared to larger companies. Low trading volume can make it challenging to buy or sell large blocks of shares without significantly impacting the stock price, posing a liquidity risk for investors.

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The accelerated global transition to renewable energy sources and electric vehicles, which could lead to a sustained decrease in demand and prices for oil and natural gas, directly threatening the profitability and value of Cross Timbers Royalty Trust's underlying fossil fuel assets.

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For Cross Timbers Royalty Trust (CRT), a company operating as an express trust holding net profits interests in oil and gas properties, future revenue growth over the next 2-3 years will primarily be driven by external market factors given its passive operational model and static asset base.

The key expected drivers of future revenue growth include:

Increases in Crude Oil Prices: As a royalty trust with significant net profits interests in producing oil properties, the revenue of Cross Timbers Royalty Trust is highly sensitive to fluctuations in the market price of crude oil. An increase in crude oil prices would directly lead to higher revenue for the trust.
Increases in Natural Gas Prices: Similarly, given the trust's holdings in natural gas properties, an upward trend in natural gas prices would positively impact its overall revenue.
Stabilization or Enhancement of Production Volumes from Underlying Properties: While Cross Timbers Royalty Trust cannot add new properties, any successful efforts by the operators of its existing oil and gas properties to stabilize natural decline rates or improve production efficiencies could contribute to maintaining or growing the trust's revenue base. However, recent trends have shown declines in oil and gas volumes.

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Share Repurchases

Cross Timbers Royalty Trust has reported a 0.00% share buyback ratio as of February 28, 2026, indicating no share repurchases.
The number of shares outstanding for Cross Timbers Royalty Trust has remained consistently at 6,000,000 units from 2020 through 2025.

Share Issuance

The number of shares outstanding for Cross Timbers Royalty Trust has remained consistently at 6,000,000 units from 2020 through 2025, indicating no share issuances.

Capital Expenditures

Cross Timbers Royalty Trust has reported zero capital expenditures for the years 2020 through 2025.
Capital and operating expenses related to the underlying oil and gas properties are deducted by the operators (XTO Energy Inc., an ExxonMobil affiliate) before net profits are distributed to the Trust.

Interactive Breakdown

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Better Bets vs. Cross Timbers Royalty Trust (CRT)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Cross Timbers Royalty Trust Earnings Notes	12/16/2025
2	Can Cross Timbers Royalty Trust Stock Recover If Markets Fall?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to CRT.

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KGS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KGS	Kodiak Gas Services	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
KOS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KOS	Kosmos Energy	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
TPL_12262025_Dip_Buyer_ValueBuy	12262025	TPL	Texas Pacific Land	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	65.2%	65.2%	-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	NOV	NOV	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	15.3%	15.3%	-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	RIG	Transocean	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	60.5%	60.5%	-7.0%

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Peer Comparisons

Peers to compare with:

Financials

	CRT	PBT	Median
Name	Cross Ti.	Permian .
Mkt Price	10.48	21.41	15.95
Mkt Cap	0.1	1.0	0.5
Rev LTM	6	16	11
Op Inc LTM	4	14	9
FCF LTM	-	-	-
FCF 3Y Avg	-	-	-
CFO LTM	-	-	-
CFO 3Y Avg	-	-	-

Growth & Margins

	CRT	PBT	Median
Name	Cross Ti.	Permian .
Rev Chg LTM	-12.6%	-40.5%	-26.5%
Rev Chg 3Y Avg	-20.3%	-31.3%	-25.8%
Rev Chg Q	11.4%	-29.8%	-9.2%
QoQ Delta Rev Chg LTM	3.0%	-6.6%	-1.8%
Op Inc Chg LTM	-20.9%	-43.7%	-32.3%
Op Inc Chg 3Y Avg	-24.7%	-33.5%	-29.1%
Op Mgn LTM	77.4%	88.7%	83.0%
Op Mgn 3Y Avg	85.5%	92.9%	89.2%
QoQ Delta Op Mgn LTM	-1.5%	0.1%	-0.7%
CFO/Rev LTM	-	-	-
CFO/Rev 3Y Avg	-	-	-
FCF/Rev LTM	-	-	-
FCF/Rev 3Y Avg	-	-	-

Valuation

	CRT	PBT	Median
Name	Cross Ti.	Permian .
Mkt Cap	0.1	1.0	0.5
P/S	11.0	61.9	36.4
P/Op Inc	14.2	69.8	42.0
P/EBIT	14.2	69.8	42.0
P/E	14.0	69.8	41.9
P/CFO	-	-	-
Total Yield	7.1%	1.4%	4.3%
Dividend Yield	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	-	-
D/E	0.0	0.0	0.0
Net D/E	-0.0	-0.0	-0.0

Returns

	CRT	PBT	Median
Name	Cross Ti.	Permian .
1M Rtn	6.0%	2.8%	4.4%
3M Rtn	27.9%	15.4%	21.6%
6M Rtn	52.3%	27.3%	39.8%
12M Rtn	8.0%	123.0%	65.5%
3Y Rtn	-36.0%	-11.3%	-23.6%
1M Excs Rtn	-1.6%	-4.7%	-3.2%
3M Excs Rtn	26.1%	14.1%	20.1%
6M Excs Rtn	38.7%	18.2%	28.4%
12M Excs Rtn	-31.7%	99.0%	33.7%
3Y Excs Rtn	-107.8%	-83.9%	-95.8%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	3/27/2026	3/27/2026	3/27/2025	4/1/2024	3/30/2023	3/29/2022	4/13/2021
Key Financials
Total Revenue	6	6	7	12	12	7	5
EBITDA	4	4	6	11	12	7	5
Operating Income	4	4	6	11	12	7	5
Net Income	4	4	6	12	12	7	5
EPS	0.75	0.75	0.95	1.92	1.96	1.11	0.78
Growth Rates
Total Revenue Growth	-12.6%	-12.6%	-46.6%	-1.5%	68.0%	40.1%	-10.6%
EBITDA Growth	-20.9%	-20.9%	-51.1%	-2.1%	75.7%	42.9%	-10.8%
Operating Income Growth	-20.9%	-20.9%	-51.1%	-2.1%	75.7%	42.9%	-10.8%
Net Income Growth	-20.9%	-20.9%	-50.8%	-1.7%	76.0%	42.8%	-11.1%
Margins
EBITDA Margin	77.4%	77.4%	85.6%	93.4%	93.9%	89.7%	88.0%
Operating Income Margin	77.4%	77.4%	85.6%	93.4%	93.9%	89.7%	88.0%
Net Income Margin	78.3%	78.3%	86.5%	93.9%	94.0%	89.7%	88.1%
Cash & Debt
Total Cash	2	2	1	2	2	2	1
Total Debt	0	0	0	0	0	0	0
Net Debt / (Cash)	-2	-2	-1	-2	-2	-2	-1
Cash Flows
Net Cash from Operations	-	�	�	�	�	�	�
Free Cash from Operations	-	�	�	�	�	�	�
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	3/27/2026	11/13/2025	8/13/2025	5/14/2025	3/27/2025	11/13/2024	8/13/2024	5/14/2024	4/1/2024	11/13/2023	8/11/2023	5/12/2023
Key Financials Quarterly
Total Revenue	2	1	1	2	1	2	2	2	3	3	3	4
Ebitda	1	0	1	2	1	2	1	1	2	2	3	4
Operating Income	1	0	1	2	1	2	1	1	2	2	3	4
Net Income	1	0	1	2	1	2	1	1	2	2	3	4
EPS	0.23	0.08	0.15	0.30	0.22	0.25	0.22	0.25	0.40	0.41	0.51	0.61
Key Financials TTM
Total Revenue TTM	6	6	7	7	7	8	9	10	12	13	14	14
Ebitda TTM	4	4	5	6	6	7	8	9	11	12	13	14
Operating Income TTM	4	4	5	6	6	7	8	9	11	12	13	14
Net Income TTM	4	4	6	6	6	7	8	9	12	12	13	14
Growth Rates Quarterly
Total Revenue Growth	11.4%	-55.1%	-17.3%	11.7%	-42.6%	-36.6%	-50.5%	-53.0%	-13.8%	-29.9%	-16.0%	100.5%
EBITDA Growth	3.4%	-70.8%	-33.8%	20.0%	-45.7%	-38.1%	-56.0%	-59.3%	-12.8%	-34.8%	-15.0%	115.1%
Operating Income Growth	3.4%	-70.8%	-33.8%	20.0%	-45.7%	-38.1%	-56.0%	-59.3%	-12.8%	-34.8%	-15.0%	115.1%
Net Income Growth	3.3%	-70.2%	-33.7%	19.5%	-45.5%	-37.9%	-55.7%	-59.0%	-12.5%	-34.4%	-14.6%	116.0%
Margins Quarterly
EBITDA Margin	82.7%	57.9%	68.1%	86.3%	89.1%	88.8%	85.0%	80.3%	94.2%	91.0%	95.6%	92.6%
Operating Income Margin	82.7%	57.9%	68.1%	86.3%	89.1%	88.8%	85.0%	80.3%	94.2%	91.0%	95.6%	92.6%
Net Income Margin	83.5%	59.5%	69.0%	86.9%	90.1%	89.6%	86.0%	81.3%	94.8%	91.6%	96.1%	93.0%
Cash & Debt
Total Cash	2	1	1	2	1	2	1	1	2	2	1	2
Total Debt	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt / (Cash)	-2	-1	-1	-2	-1	-2	-1	-1	-2	-2	-1	-2
Cash Flows Quarterly
FCF from Operations	-	-	-	-	-	-	-	-	-	-	-	-
Cash Flows TTM
FCF from Operations TTM	-	-	-	-	-	-	-	-	-	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	21792.4%	235.9%	379.2%	1728.3%	490.2%	693.0%	387.1%	391.2%	1172.2%	815.5%	908.4%	1900.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	17948.4%	588.7%	588.2%	1441.9%	528.0%	772.0%	555.8%	618.5%	1401.7%	991.2%	986.5%	1791.6%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	12	12	7	5	6
Total	12	12	7	5	6

Price Behavior

Price Behavior

Market Price	$10.48
Market Cap ($ Bil)	0.1
First Trading Date	02/28/1992
Distance from 52W High	-4.7%
	50 Days	200 Days
DMA Price	$9.63	$8.48
DMA Trend	up	up
Distance from DMA	8.9%	23.6%
	3M	1YR
Volatility	32.8%	30.8%
Downside Capture	-0.37	0.11
Upside Capture	74.24	25.63
Correlation (SPY)	-1.2%	5.4%

CRT Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.50	0.28	0.02	0.12	0.45	0.40
Up Beta	-0.32	0.01	0.59	-0.57	0.47	0.32
Down Beta	-0.19	0.46	-0.26	-0.07	0.51	0.58
Up Capture	201%	83%	74%	79%	18%	6%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	13	24	37	66	122	353
Down Capture	-15%	-34%	-71%	-3%	58%	73%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	8	16	22	55	120	380

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CRT
CRT	0.4%	31.2%	0.03	-
Sector ETF (XLE)	42.9%	20.1%	1.67	16.1%
Equity (SPY)	21.1%	12.9%	1.32	7.2%
Gold (GLD)	50.9%	27.5%	1.49	0.1%
Commodities (DBC)	25.2%	16.2%	1.40	12.5%
Real Estate (VNQ)	17.5%	13.7%	0.93	2.8%
Bitcoin (BTCUSD)	-10.5%	42.6%	-0.14	-4.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CRT
CRT	12.7%	50.5%	0.42	-
Sector ETF (XLE)	22.5%	26.1%	0.77	43.3%
Equity (SPY)	10.8%	17.1%	0.49	19.4%
Gold (GLD)	22.6%	17.8%	1.04	7.3%
Commodities (DBC)	11.6%	18.8%	0.51	33.0%
Real Estate (VNQ)	4.4%	18.8%	0.14	16.5%
Bitcoin (BTCUSD)	4.6%	56.5%	0.30	4.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CRT
CRT	4.9%	46.1%	0.28	-
Sector ETF (XLE)	10.2%	29.5%	0.38	47.0%
Equity (SPY)	14.0%	17.9%	0.67	28.5%
Gold (GLD)	14.3%	15.9%	0.75	5.4%
Commodities (DBC)	8.5%	17.6%	0.40	32.6%
Real Estate (VNQ)	5.6%	20.7%	0.24	27.0%
Bitcoin (BTCUSD)	68.0%	66.9%	1.07	7.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	0.0 Mil
Short Interest: % Change Since 3152026	-4.8%
Average Daily Volume	0.1 Mil
Days-to-Cover Short Interest	1
Basic Shares Quantity	6.0 Mil
Short % of Basic Shares	0.5%

Returns Analyses

	Title
0	Can Cross Timbers Royalty Trust Stock Recover If Markets Fall?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
3/20/2026	1.3%	9.4%
12/19/2025	-1.1%	-0.3%	8.0%
9/19/2025	-4.5%	-0.8%	-7.1%
6/20/2025	-1.0%	0.4%	-2.2%
3/21/2025	0.6%	5.3%	-12.2%
12/20/2024	-0.4%	1.2%	15.9%
9/20/2024	5.3%	11.6%	22.5%
6/17/2024	-4.8%	-17.0%	-22.5%
...
SUMMARY STATS
# Positive	13	15	14
# Negative	12	10	10
Median Positive	3.1%	7.3%	13.1%
Median Negative	-1.7%	-5.0%	-8.8%
Max Positive	9.1%	19.9%	30.6%
Max Negative	-4.8%	-17.0%	-22.5%

	Forward Returns
3/20/2026	1.3%	9.4%
12/19/2025	-1.1%	-0.3%	8.0%
9/19/2025	-4.5%	-0.8%	-7.1%
6/20/2025	-1.0%	0.4%	-2.2%
3/21/2025	0.6%	5.3%	-12.2%
12/20/2024	-0.4%	1.2%	15.9%
9/20/2024	5.3%	11.6%	22.5%
6/17/2024	-4.8%	-17.0%	-22.5%
3/18/2024	-3.9%	-9.7%	-15.0%
12/18/2023	0.5%	-1.0%	-8.4%
9/19/2023	-3.1%	-5.4%	-9.2%
6/20/2023	5.4%	5.7%	-7.7%
3/21/2023	-1.5%	16.3%	30.6%
12/19/2022	3.1%	18.2%	13.1%
9/20/2022	2.7%	-14.4%	13.1%
6/17/2022	9.1%	7.3%	10.3%
3/21/2022	-1.5%	-4.8%	8.5%
12/20/2021	3.1%	6.8%	28.4%
9/20/2021	4.7%	10.3%	17.6%
6/21/2021	7.6%	19.9%	14.2%
3/19/2021	-1.4%	-5.1%	1.3%
12/18/2020	1.8%	3.0%	1.5%
9/18/2020	-2.0%	-4.1%	-6.1%
6/19/2020	-2.5%	1.2%	-10.9%
3/20/2020	5.7%	13.2%	8.8%
SUMMARY STATS
# Positive	13	15	14
# Negative	12	10	10
Median Positive	3.1%	7.3%	13.1%
Median Negative	-1.7%	-5.0%	-8.8%
Max Positive	9.1%	19.9%	30.6%
Max Negative	-4.8%	-17.0%	-22.5%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	03/27/2026	10-K
09/30/2025	11/13/2025	10-Q
06/30/2025	08/13/2025	10-Q
03/31/2025	05/14/2025	10-Q
12/31/2024	03/27/2025	10-K
09/30/2024	11/13/2024	10-Q
06/30/2024	08/13/2024	10-Q
03/31/2024	05/14/2024	10-Q
12/31/2023	04/01/2024	10-K
09/30/2023	11/13/2023	10-Q
06/30/2023	08/11/2023	10-Q
03/31/2023	05/12/2023	10-Q
12/31/2022	03/30/2023	10-K
09/30/2022	11/14/2022	10-Q
06/30/2022	08/12/2022	10-Q
03/31/2022	05/13/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 3/20/2026

null

Prior: Q1 2026 Earnings Reported 1/20/2026

null

Insider Activity

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Oliver, Eric L	SoftVest, LP	Buy	3272026	9.69	26,134	253,238	6,068,120	Form
2	Oliver, Eric L	SoftVest, LP	Buy	3272026	9.91	3,159	31,306	6,237,195	Form
3	Oliver, Eric L	SoftVest, LP	Buy	3312026	10.24	68,467	701,102	7,145,994	Form
4	Oliver, Eric L	SoftVest, LP	Buy	4022026	10.50	42	441	7,327,876	Form
5	Oliver, Eric L	SoftVest, LP	Buy	4022026	10.50	12,851	134,936	7,462,812	Form

CRT Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing CRT?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What CRT Makes & Who Pays

TTM figures based on

CRT Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Cross Timbers Royalty Trust (CRT)

Market Price (4/18/2026): $10.52 | Market Cap: $63.1 MilSector: Energy | Industry: Oil & Gas Exploration & Production

Cross Timbers Royalty Trust (CRT)

Market Price (4/18/2026): $10.52Market Cap: $63.1 MilSector: EnergyIndustry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Cross Timbers Royalty Trust (CRT)

Share Repurchases

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Interactive Breakdown

Better Bets vs. Cross Timbers Royalty Trust (CRT)

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FDA Approved Drugs Data

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

CRT Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Market Price (4/18/2026): $10.52 | Market Cap: $63.1 Mil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Market Price (4/18/2026): $10.52
Market Cap: $63.1 Mil
Sector: Energy
Industry: Oil & Gas Exploration & Production