A Business at a Glance
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Texas Pacific Land Corporation (which, together with its subsidiaries as the context requires, may be referred to as “TPL,” the “Company,” “our,” “we,” or “us”) is a Delaware Corporation and one of the largest landowners in the State of Texas with approximately 882,000 surface acres of land, principally concentrated in the Permian Basin. Additionally, we own a 1/128th nonparticipating perpetual oil and gas royalty interest (“NPRI”) under approximately 85,000 acres of land, a 1/16th NPRI under approximately 371,000 acres of land, and approximately 33,000 additional net royalty acres (normalized to 1/8th) (“NRA”), for a collective total of approximately 224,000 NRA, principally concentrated in the Permian Basin.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 798M | 798M | 706M | 632M | 667M | 451M |
| Net Income | 481M | 481M | 454M | 406M | 446M | 270M |
| EPS | $6.97 | $6.97 | $6.57 | $5.86 | $6.42 | $3.87 |
| Free Cash Flow | 510M | 510M | 489M | 398M | 428M | 249M |
| ROIC | 35.5% | 37.2% | 40.1% | 38.9% | 57.8% | 41.4% |
| Gross Margin | 92.7% | 92.7% | 92.4% | 93.1% | 93.8% | 91.1% |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.11 | 0.14 | 0.17 |
| Dividends/Share | $2.14 | $2.13 | $5.03 | $1.44 | $3.56 | $1.22 |
| Operating Income | 592M | 592M | 539M | 486M | 562M | 362M |
| Operating Margin | 74.2% | 74.2% | 76.4% | 77.0% | 84.3% | 80.4% |
| ROE | 33.0% | 37.2% | 40.1% | 38.9% | 57.8% | 41.4% |
| Shares Outstanding | 69M | 69M | 69M | 69M | 70M | 70M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 300M | 490M | 303M | 451M | 667M | 632M | 706M | 798M | 798M |
| Gross Margin | N/A | 92.9% | 89.4% | 91.1% | 93.8% | 93.1% | 92.4% | 92.7% | 92.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 4.7M | 9.5M | 9.8M | 12M | 13M | 46M | 34M | 24M | 24M |
| EBIT | 261M | 400M | 217M | 362M | 562M | 486M | 539M | 592M | 592M |
| Op. Margin | 86.9% | 81.5% | 71.8% | 80.4% | 84.3% | 77.0% | 76.4% | 74.2% | 74.2% |
| Net Income | 210M | 319M | 176M | 270M | 446M | 406M | 454M | 481M | 481M |
| Net Margin | 69.9% | 65.0% | 58.2% | 59.9% | 66.9% | 64.2% | 64.3% | 60.3% | 60.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | N/A | 62.2% | 36.3% | 41.4% | 57.8% | 38.9% | 40.1% | 37.2% | 35.5% |
| ROE | N/A | 62.2% | 36.3% | 41.4% | 57.8% | 38.9% | 40.1% | 37.2% | 33.0% |
| ROA | N/A | 53.3% | 30.8% | 35.3% | 50.9% | 35.1% | 36.4% | 33.5% | 29.7% |
| Cash Flow | |||||||||
| Op. Cash Flow | 195M | 343M | 207M | 265M | 447M | 418M | 491M | 546M | 546M |
| Free Cash Flow | 148M | 268M | 202M | 249M | 428M | 398M | 489M | 510M | 510M |
| Owner Earnings | 193M | 334M | 193M | 249M | 423M | 393M | 453M | 468M | 468M |
| CapEx | 48M | 75M | 5.1M | 16M | 19M | 20M | 1.5M | 36M | 36M |
| Maint. CapEx | 2.6M | 8.9M | 14M | 16M | 15M | 15M | 25M | 63M | 63M |
| Growth CapEx | 45M | 66M | 0 | 158K | 3.6M | 5.6M | 0 | 0 | 0 |
| D&A | 2.6M | 8.9M | 14M | 16M | 15M | 15M | 25M | 63M | 63M |
| CapEx/OCF | N/A | 21.8% | 2.5% | 6.2% | 4.2% | 4.9% | 0.3% | 6.6% | 6.6% |
| Capital Allocation | |||||||||
| Dividends Paid | 32M | 47M | 202M | 85M | 247M | 100M | 347M | 148M | 148M |
| Dividend Yield | N/A | 0.9% | 4.9% | 0.9% | 2.0% | 0.8% | 1.9% | 0.6% | 0.5% |
| Share Buybacks | 38M | 4.4M | 0 | 20M | 88M | 43M | 29M | 8.4M | 8.4M |
| Buyback Yield | 0.0% | 0.1% | N/A | 0.2% | 0.5% | 0.4% | 0.1% | 0.0% | 0.0% |
| Stock-Based Comp | 0 | 0 | 0 | 28K | 8.4M | 10M | 12M | 15M | 15M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.1M | 5.1M |
| Balance Sheet | |||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | -740M | -290M | -145M |
| Cash & Equiv. | 123M | 304M | 281M | 428M | 511M | 725M | 370M | 145M | 145M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | 0.17 | 0.18 | 0.17 | 0.14 | 0.11 | 0.00 | 0.00 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 858.2 | 858.2 |
| Equity | N/A | 512M | 485M | 652M | 773M | 1.0B | 1.1B | 1.5B | 1.5B |
| Total Assets | N/A | 598M | 572M | 764M | 877M | 1.2B | 1.2B | 1.6B | 1.6B |
| Total Liabilities | N/A | 86M | 86M | 112M | 105M | 113M | 116M | 164M | 164M |
| Intangibles | N/A | N/A | N/A | N/A | 0 | 21M | 35M | 33M | 33M |
| Retained Earnings | N/A | 514M | 488M | 668M | 866M | 1.2B | 1.3B | 1.6B | 1.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||
| EPS | 2.99 | 4.57 | 2.52 | 3.87 | 6.42 | 5.86 | 6.57 | 6.97 | 6.97 |
| Owner EPS | 2.75 | 4.78 | 2.76 | 3.57 | 6.09 | 5.68 | 6.56 | 6.78 | 6.78 |
| Book Value | N/A | 7.34 | 6.95 | 9.34 | 11.11 | 15.08 | 16.39 | 21.12 | 21.12 |
| Cash Flow/Share | 2.79 | 4.91 | 2.97 | 3.80 | 6.43 | 6.05 | 7.10 | 7.90 | 7.88 |
| Dividends/Share | 0.45 | 0.67 | 2.89 | 1.22 | 3.56 | 1.44 | 5.03 | 2.13 | 2.14 |
| Shares Out. | 70.1M | 69.8M | 69.8M | 69.8M | 69.5M | 69.2M | 69.1M | 69.1M | 69.1M |
| Valuation | |||||||||
| P/E Ratio | N/A | 17.5 | 28.7 | 34.4 | 39.1 | 29.5 | 57.7 | 41.2 | 59.8 |
| P/FCF | N/A | 20.8 | 25.0 | 37.3 | 40.8 | 30.0 | 53.5 | 38.9 | 56.4 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 47.2 | 33.0 | 48.4 |
| Price/Book | N/A | 10.9 | 10.4 | 14.2 | 22.6 | 11.5 | 23.1 | 13.6 | 19.7 |
| Price/Sales | N/A | 10.2 | 13.7 | 21.5 | 18.7 | 19.9 | 25.7 | 31.7 | 36.1 |
| FCF Yield | N/A | 4.8% | 4.0% | 2.7% | 2.5% | 3.3% | 1.9% | 2.6% | 1.8% |
| Market Cap | 0 | 5.6B | 5.1B | 9.3B | 17.5B | 12.0B | 26.2B | 19.8B | 28.8B |
| Avg. Price | 0.00 | 71.67 | 59.30 | 139.14 | 179.50 | 181.87 | 262.47 | 366.26 | 416.77 |
| Year-End Price | 0.00 | 79.76 | 72.42 | 132.95 | 251.20 | 172.75 | 378.94 | 287.21 | 416.77 |
Texas Pacific Land Corp passes 6 of 9 quality checks, suggesting mixed fundamentals.
Texas Pacific Land Corp trades at 59.8x trailing earnings, compared to its 15-year median P/E of 34.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 56.4x vs a median of 37.3x. The company's 5-year average ROIC is 43.1% with a gross margin of 92.6%. Total shareholder yield (dividends) is 0.5%. At current prices, the estimated annualized return to fair value is +13.2%.
Texas Pacific Land Corp (TPL) has a current P/E ratio of 59.8, compared to its historical median P/E of 34.4. The stock is currently considered Expensive based on its historical valuation range.
Texas Pacific Land Corp (TPL) has a 5-year average return on invested capital (ROIC) of 43.1%. This indicates strong capital allocation and a potential competitive advantage.
Texas Pacific Land Corp (TPL) has a market capitalization of $28.8B. It is classified as a large-cap stock.
Yes, Texas Pacific Land Corp (TPL) pays a dividend with a trailing twelve-month yield of 0.51%. The company also returns capital through share buybacks, with a buyback yield of 0.03%.
Based on historical P/E analysis, Texas Pacific Land Corp (TPL) appears expensive. The current P/E of 59.8 is 74% above its historical median of 34.4. The estimated fair value CAGR (P/E method) is 10.2%.
Texas Pacific Land Corp (TPL) operates in the Oil Royalty Traders industry, within the Financials sector.
Texas Pacific Land Corp (TPL) reported annual revenue of $798 million in its most recent fiscal year, based on SEC EDGAR filings.
Texas Pacific Land Corp (TPL) has a net profit margin of 60.3%. This is a strong margin indicating high profitability.
Texas Pacific Land Corp (TPL) generated $510 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Texas Pacific Land Corp (TPL) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
Texas Pacific Land Corp (TPL) reported earnings per share (EPS) of $6.97 in its most recent fiscal year.
Texas Pacific Land Corp (TPL) has a return on equity (ROE) of 37.2%. This indicates the company generates strong returns for shareholders.
Texas Pacific Land Corp (TPL) has a 5-year average gross margin of 92.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for Texas Pacific Land Corp (TPL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Texas Pacific Land Corp (TPL) has a book value per share of $21.12, based on its most recent annual SEC filing.