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Freehold Royalties Ltd. (FRU · TSX)

Name: Freehold Royalties Ltd. (FRU) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Minerals & royalty — HQ Canada. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Minerals & royaltyRegion N. AmericaCEO David Spyker (2017)Jurisdiction risk Low (14)

Overview

Canada's largest publicly traded oil & gas royalty company: it owns royalty and mineral-title interests (not working interests) over ~6.5 million gross acres in the WCSB plus a rapidly expanded US position, collecting a top-line share of production revenue with essentially no capital or operating costs and ~90%+ cash margins.

FY2025 delivered ~16.3 mboe/d of royalty volumes and ~C$313M revenue (US$0.23bn), ~C$235M free cash flow and a C$1.08/sh dividend (~6.6% yield); US mineral acquisitions (Permian, Eagle Ford, Bakken) now drive a growing share of volumes, diversifying away from mature Canadian conventional oil.

Valuation snapshot (FY2025)

Market cap

$2.0bn

Enterprise value

$2.2bn

EV / EBITDA

11.4x

P / E

29.4x

FCF yield

6.1%

Dividend yield

6.5%

ROACE

10%

Debt / equity

29%

Net debt / EBITDA

1.1x

EV / reserves

$51.67/boe

EV / flowing

$133k/boe/d

Free cash flow

$0.1bn

Its EV/EBITDA of 11.4x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.1% is lower than the 6.5% median, and at $51.67/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Freehold Royalties Ltd. scores 51/100, strongest on safety (70/100). Sub-scores: value 31, quality 58, growth 51, risk 30 (higher = riskier).

Reserves & production

Freehold Royalties Ltd. holds approximately 0.04 billion boe of proved (1P) reserves with FY2025 production of about 16 thousand boe/d (66% liquids), a reserve life of roughly 7.1 years. Break-even: n/a (royalty model — no operating breakeven) — royalty income, no capex/opex

Net asset value (public-source)

For Freehold Royalties Ltd., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

14 /100

Low jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
Canada	58%	8	Stable; pipeline egress constraints, oil-sands emissions policy.
United States	42%	23	Stable, deep; federal-lands leasing and permitting policy swings.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Royalty	Canada	Oil royalty	Southeast Saskatchewan / Manitoba conventional & Bakken oil royalty lands
Royalty	Canada	Oil/liquids royalty	Alberta Clearwater & Mannville heavy/light-oil royalty acreage
Royalty	Canada	Gas royalty	Alberta Deep Basin / Montney liquids-rich gas royalty interests
Royalty	United States	Oil royalty	Permian Basin (Midland & Delaware) mineral & royalty interests
Royalty	United States	Oil royalty	Eagle Ford mineral title, South Texas
Royalty	United States	Oil royalty	Bakken / Williston Basin royalty acreage
Royalty	United States	Oil royalty	Anadarko (SCOOP/STACK) & other US mineral interests
Royalty	Canada	Gas/potash royalty	Diversified GORR + potash royalty lands across WCSB

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	12	14	15	15	16
Proved reserves (bnboe)	0.05	0.06	0.07	0.08	0.04
Revenue ($bn)	0.1	0.3	0.2	0.2	0.2
EBITDA ($bn)	0.1	0.3	0.2	0.2	0.2
Net income ($bn)	0.1	0.1	0.1	0.1	0.1
Free cash flow ($bn)	0.1	0.2	0.2	0.2	0.1

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Peer companies — Minerals & royalty

TPL · Texas Pacific Land Corporation VNOM · Viper Energy PSK · PrairieSky Royalty Ltd.TPZ · Topaz Energy Corp.BSM · Black Stone Minerals, L.P.KRP · Kimbell Royalty Partners, LP DMLP · Dorchester Minerals, L.P.VTS · Vitesse Energy

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare FRU against 141 peers in the interactive screener