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Kimbell Royalty Partners, LP (KRP)

NYSE / Energy / Oil & Gas Exploration & Production

Share price

15.94 USD Market dataClose of Oct 15, 2026

Market capitalisation

1.61B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 26, 2026
Ratios computed
Oct 15, 2026
Filed years
8, FY2018 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

18.7% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

25.71x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

10.0% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2016 Revenue: 3.6M USDFY2016 Net income: -6.2M USDFY2017 Revenue: 30.7M USDFY2017 Net income: 1.2M USDFY2018 Revenue: 70.3M USDFY2018 Net income: -52.3M USDFY2019 Revenue: 108.2M USDFY2019 Net income: -158.2M USDFY2020 Revenue: 90.5M USDFY2020 Net income: -256.1M USDFY2021 Revenue: 135.6M USDFY2021 Net income: 42.4M USDFY2022 Revenue: 248.1M USDFY2022 Net income: 130.8M USDFY2023 Revenue: 294.1M USDFY2023 Net income: 83.0M USDFY2024 Revenue: 309.3M USDFY2024 Net income: 11.1M USDFY2025 Revenue: 333.8M USDFY2025 Net income: 99.7M USD
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 25.71x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Oil & Gas Exploration & Production industry (48 companies), 25.71x sits at the 73rd percentile; the middle half of that group runs from 10.64x to 25.81x.

Is it good

Return on equity was 18.7% in FY2025, in the band labelled "Strong" (15.0% to 25.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Oil & Gas Exploration & Production industry (66 companies), 18.7% sits at the 87th percentile; the middle half of that group runs from -2.2% to 14.0%.

Is it safe

Interest coverage was 3.85x in FY2025, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Kimbell Royalty Partners, LP's return on equity stayed above the median of the Oil & Gas Exploration & Production industry, year by year. (FY2024 to FY2025, 2 fiscal years of Kimbell Royalty Partners, LP with a comparable figure)
The direction
Which way Kimbell Royalty Partners, LP's operating margin has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Kimbell Royalty Partners, LP)
What could explain it
What in Kimbell Royalty Partners, LP's filed statements could explain the movements. (8 readings drawn from the statement lines Kimbell Royalty Partners, LP filed)
What to check next
What to check next on Kimbell Royalty Partners, LP, and where in its filings. (2 questions for Kimbell Royalty Partners, LP)
In one paragraph
One paragraph on Kimbell Royalty Partners, LP's returns, cash, balance sheet and price. (10 of sixteen figures read for Kimbell Royalty Partners, LP)

These are KRP’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research KRPPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 26, 2026, accession 0001104659-26-020477.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Kimbell Royalty Partners, LP: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Return on equity18.7% ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Return on capital employed, pre-tax10.9% ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Return on assets8.1% ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Operating margin39.8% ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Net margin29.9% ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
KRP 29.9%
DMLP 37.5%MNR 12.2%GPRK 10.1%HAWK -5.4%HPK 2.2%
-5.4%37.5%
Net margin: KRP against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Kimbell Royalty Partners, LP: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.84 ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Current ratio8.64 ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Quick ratio8.64 ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Interest coverage3.85x ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Net debt401.9M ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Total assets 1.23BTotal liabilities 456.2MShareholders' equity 531.8MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Kimbell Royalty Partners, LP owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 26, 2026, 0001104659-26-020477).

Kimbell Royalty Partners, LP: balance sheet position
Total assets1.23B FiledFY2025 10-K, filed Feb 26, 2026
Total liabilities456.2M FiledFY2025 10-K, filed Feb 26, 2026
Shareholders' equity531.8M FiledFY2025 10-K, filed Feb 26, 2026
Cash44.0M FiledFY2025 10-K, filed Feb 26, 2026
Total debt445.9M FiledFY2025 10-K, filed Feb 26, 2026
Net debt401.9M
Current ratio8.64
Debt to equity0.84

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Kimbell Royalty Partners, LP: what the market charges, each with its source
FigureValue, source and document
Price to earnings25.71x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
P/E on trailing twelve months18.79x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.64x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Price to sales5.79x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Enterprise value to EBIT17.58x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Enterprise value to EBITDA9.07x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Diluted earnings per share0.62 USD FiledFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Graham number7.82 USD ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477

We publish no fair value or price target of our own. Value KRP on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Kimbell Royalty Partners, LP today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Kimbell Royalty Partners, LP: valuation
Share price15.94 USD
Market capitalisation1.61B USD
Enterprise value to EBITDA9.07x
Graham number7.82 USD
Diluted earnings per share, FY20250.62 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Mar 12, 2019: low 6.25x, median 22.82x, high 376.50x, latest 18.79x. 975 trading days with a meaningful ratio, 935 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Kimbell Royalty Partners, LP

  1. Dorchester Minerals, L.P. (DMLP)Market cap 1.47B USD
  2. Mach Natural Resources LP (MNR)Market cap 1.81B USD
  3. GeoPark Limited (GPRK)Market cap 748.2M USD
  4. Petrohawk Energy Corporation (HAWK)Market cap 1.26B USD
  5. HighPeak Energy, Inc. (HPK)Market cap 1.26B USD

Same industry (Oil & Gas Exploration & Production) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Kimbell Royalty Partners, LP: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Dividend yield10.0% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
FY2016 Free cash flow: 989.1K USDFY2016 Net income: -6.2M USDFY2017 Free cash flow: 18.7M USDFY2017 Net income: 1.2M USDFY2018 Free cash flow: 32.8M USDFY2018 Net income: -52.3M USDFY2019 Net income: -158.2M USDFY2020 Net income: -256.1M USDFY2021 Net income: 42.4M USDFY2022 Net income: 130.8M USDFY2023 Net income: 83.0M USDFY2024 Net income: 11.1M USDFY2025 Net income: 99.7M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Kimbell Royalty Partners, LP: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
25.71xFY2025Oct 15, 2026
3.64xFY2025Oct 15, 2026
17.58xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2025Feb 26, 2026
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
10.0%FY2025Oct 15, 2026
0.84FY2025Feb 26, 2026
8.64FY2025Feb 26, 2026
5.79xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
n/aFY2025Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-3.10FY2025Feb 26, 2026
5/9FY2025Feb 26, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 8 filed fiscal years on record, FY2018 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2016 to FY2025. 8 read from the annual reports Kimbell Royalty Partners, LP filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Kimbell Royalty Partners, LP: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025333.8M132.8M99.7M0.62n/a39.8%18.7%10-K, Feb 26, 20260001104659-26-020477
FY2024309.3M37.0M11.1M-0.12n/a12.0%2.4%10-K, Feb 27, 20250001558370-25-001800
FY2023294.1M109.9M83.0M0.91n/a37.4%14.9%10-K, Feb 21, 20240001558370-24-001427
FY2022248.1M136.9M130.8M1.72n/a55.2%28.2%10-K, Feb 23, 20230001558370-23-001907
FY2021135.6M49.3M42.4M0.51n/a36.4%12.9%10-K, Feb 25, 20220001558370-22-002143
FY202090.5M-250.7M-256.1M-4.85n/a-277.1%n/a10-K, Feb 26, 20210001558370-21-001906
FY2019108.2M-151.6M-158.2M-3.92n/a-140.1%n/a10-K, Feb 28, 20200001558370-20-001706
FY201870.3M-48.2M-52.3M-3.0832.8M-68.6%-17.7%10-K, Mar 12, 20190001558370-19-001822
FY201730.7M2.0M1.2M0.0718.7M6.7%0.5%Market data, supplied Oct 15, 2026accession n/a
FY20163.6M-5.8M-6.2M-0.38989.1K-159.9%-72.0%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2016 to FY2025: 65.4%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2016 to FY2018: 475.8%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Kimbell Royalty Partners, LP: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.10 ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Piotroski F-score5/9 ComputedFY2025 10-K, filed Feb 26, 2026, 0001104659-26-020477
Named tests met1 of 30 Computed
Beta0.29 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 25 not met, 4 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Owner earnings yield
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
High yield, low payout; ROIC at or above WACC; Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them Positive Earnings Streak, Return on Invested Capital, Altman Z-Score. Each blank in the table above names the rest, with its reason. 4 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 8 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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