United States Brent Oil Fund (BNO) EV to FCF (2012 - 2026)
United States Brent Oil Fund's (BNO) quarterly EV to FCF came in at 1.56 in Q2 2026, down 165.45% on a YoY basis from 2.39 in Q2 2025, and up 50.46% quarter-over-quarter from 3.16 in Q1 2026.
Analysis
United States Brent Oil Fund (BNO) EV to FCF (2012 - 2026) Analysis & Trends
United States Brent Oil Fund (BNO) has reported EV to FCF for 15 consecutive years, with 1.56 the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, EV to FCF fell 165.45% year-over-year to 1.56; the trailing twelve-month figure through Jun 2026 stood at 19.16 (down 186.11% YoY), and the FY2025 full-year result was 1.77, down 118.86% from the prior year.
- EV to FCF improved to 1.56 in Q2 2026 per BNO's latest filing, from 3.16 in the prior quarter.
- Across five years, EV to FCF topped out at 40.39 in Q2 2024 and bottomed at 6.98 in Q4 2022.
- Historically, EV to FCF has averaged 3.34 across 5 years, with a median of 0.75 in 2022.
- The sharpest annual moves came in 2022 and 2023: EV to FCF surged 1226.37% in 2022, then plunged 793.23% in 2023.
- Over 5 years, EV to FCF stood at 6.98 in 2022, then soared by 33.62% to 4.63 in 2023, then soared by 332.2% to 10.75 in 2024, then sank by 106.51% to 0.7 in 2025, then tumbled by 123.6% to 1.56 in 2026.
- According to Business Quant data, EV to FCF over the past three periods registered 1.56, 3.16, and 0.7 for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | BlackRock | 169.89 Bn | 156.02 Bn | - |
| 2 | Spdr Gold Trust | 144.81 Bn | -413.20 Bn | - |
| 3 | Ishares Gold Trust | 30.30 Bn | -29.81 Bn | - |
| 4 | World Gold Trust | 29.28 Bn | -73.79 Bn | - |
| 5 | Principal Financial | 24.84 Bn | -28.13 Bn | 1.91 Bn |
| 6 | iShares Silver Trust | 22.15 Bn | -6.05 Bn | - |
| 7 | Franklin Resources | 17.84 Bn | 14.12 Bn | - |
| 8 | Invesco | 14.63 Bn | 13.72 Bn | 1.79 Bn |
| 9 | Affiliated Managers | 9.51 Bn | 9.10 Bn | - |
| 10 | United States Brent Oil Fund | 920.37 Mn | 525.94 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -1.56 |
| Mar 31, 2026 | -3.16 |
| Dec 31, 2025 | -0.70 |
| Sep 30, 2025 | -2.05 |
| Jun 30, 2025 | 2.39 |
| Mar 31, 2025 | 15.48 |
| Dec 31, 2024 | 10.75 |
| Sep 30, 2024 | 0.71 |
| Jun 30, 2024 | 40.39 |
| Mar 31, 2024 | 2.32 |
| Dec 31, 2023 | -4.63 |
| Sep 30, 2023 | 1.21 |
| Jun 30, 2023 | 8.01 |
| Mar 31, 2023 | -5.51 |
| Dec 31, 2022 | -6.98 |
| Sep 30, 2022 | -4.69 |
| Jun 30, 2022 | 7.33 |
| Mar 31, 2022 | 0.79 |
| Dec 31, 2021 | -89.94 |
| Sep 30, 2021 | 12.97 |