Texas Pacific Land Corporation

TPL · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$19,800	$25,409	$12,068	$18,061	$9,674	$5,632	$6,052	$4,196	$3,460	$2,299	$1,014	$991	$860	$159	$1,139	$1,058	$903	$718	$1,414	$1,394	$970	$894	$384	$286	$272	$284	$304	$440	$379	$241	$236	$175	$187	$174	$185	$228	$380	$340	$275	$276	$363
Enterprise value	$19,688	$25,040	$11,344	$17,552	$9,247	$5,353	$5,751	$4,072	$3,380	$2,249	$969	$964	$847	$151	$1,126	$1,051	$895	$709	$1,404	$1,386	$961	$888	$380	$283	$270	$283	$302	$438	$377	$239	$233	–	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	41.13×	55.97×	29.75×	40.46×	35.83×	31.99×	18.99×	20.00×	45.31×	61.73×	20.27×	28.50×	31.60×	8.11×	55.33×	93.60×	130.66×	65.68×	171.38×	120.50×	113.99×	51.33×	72.11×	58.35×	39.52×	75.61×	103.38×	72.97×	56.48×	56.57×	70.80×	35.03×	109.90×	87.00×	80.45×	81.46×	135.58×	147.86×	101.71×	88.90×	51.86×
P/S (TTM) at period end	24.81×	36.00×	19.11×	27.06×	21.45×	18.61×	12.34×	13.98×	26.15×	38.37×	12.77×	17.95×	19.50×	4.89×	34.09×	52.75×	69.04×	37.23×	91.42×	62.07×	62.98×	30.67×	38.62×	31.35×	20.26×	36.43×	51.26×	42.01×	28.97×	28.11×	36.60×	19.25×	35.25×	40.47×	37.76×	40.73×	70.30×	69.40×	50.86×	44.45×	29.76×
P/B at period end	13.57×	22.44×	11.57×	23.37×	14.84×	11.61×	11.82×	17.15×	43.69×	48.27×	22.20×	37.08×	47.97×	10.21×	55.46×	57.83×	45.85×	30.54×	56.81×	57.05×	39.42×	39.37×	27.47×	20.45×	20.62×	25.22×	25.85×	32.27×	31.00×	23.82×	22.89×	16.07×	20.31×	15.96×	15.82×	17.54×	24.98×	21.94×	17.06×	15.66×	20.28×
EV / EBITDA (TTM)	30.07×	44.37×	22.65×	30.38×	24.42×	23.11×	14.08×	15.46×	28.13×	40.82×	12.87×	18.74×	21.09×	5.15×	36.63×	64.05×	89.23×	45.40×	121.60×	84.72×	78.74×	34.40×	49.68×	39.56×	26.70×	52.45×	71.06×	49.17×	38.15×	38.90×	48.85×	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	24.67×	35.48×	17.96×	26.30×	20.51×	17.69×	11.73×	13.56×	25.54×	37.55×	12.20×	17.46×	19.20×	4.63×	33.70×	52.39×	68.42×	36.73×	90.77×	61.69×	62.35×	30.47×	38.17×	30.98×	20.07×	36.23×	50.95×	41.76×	28.83×	27.90×	36.13×	–	–	–	–	–	–	–	–	–	–
Returns
Return on equity	33.0%	40.1%	38.9%	57.8%	41.4%	36.3%	62.2%	85.7%	96.4%	78.2%	109.5%	130.1%	151.8%	126.0%	100.2%	61.8%	35.1%	46.5%	33.1%	47.3%	34.6%	76.7%	38.1%	35.0%	52.2%	33.4%	25.0%	44.2%	54.9%	42.1%	32.3%	45.9%	18.5%	18.3%	19.7%	21.5%	18.4%	14.8%	16.8%	17.6%	39.1%
Return on invested capital	34.7%	55.4%	119.3%	167.1%	119.8%	84.5%	149.4%	172.4%	299.0%	–	7391.7%	–	580.1%	273.8%	273.8%	101.2%	59.5%	77.7%	54.2%	70.3%	34.9%	77.9%	38.5%	35.4%	52.5%	34.2%	25.5%	44.7%	55.4%	42.8%	32.6%	65.4%	46.0%	34.0%	36.3%	35.2%	31.3%	24.9%	27.4%	27.0%	49.2%
Dividend yield	0.7%	1.4%	0.8%	1.4%	0.9%	3.6%	0.8%	0.8%	0.3%	0.1%	0.2%	0.2%	–	2.7%	0.2%	0.2%	0.2%	0.3%	0.1%	0.4%	0.1%	0.6%	0.4%	0.3%	0.4%	0.4%	0.4%	0.3%	0.3%	0.5%	0.5%	0.7%	0.7%	0.7%	0.8%	0.6%	–	–	–	–	–
Financial health
Current ratio	4.40×	10.81×	19.43×	16.00×	10.34×	15.56×	14.99×	14.99×	15.26×	18.32×	29.29×	22.78×	15.16×	13.97×	10.24×	1.51×	1.51×	1.81×	4.14×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.01×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Effective tax rate	21.1%	21.6%	21.6%	21.5%	25.6%	19.9%	20.8%	19.9%	36.3%	32.4%	33.5%	32.4%	32.2%	33.0%	33.0%	31.1%	31.2%	30.8%	30.5%	31.5%	30.1%	32.4%	29.8%	30.9%	31.4%	29.7%	30.0%	31.8%	31.8%	30.5%	29.9%	31.5%	30.6%	25.9%	30.3%	31.7%	30.0%	37.8%	34.1%	36.7%	35.2%
Share count
Diluted shares outstanding	69	69	69	70	70	70	70	70	71	72	74	76	77	27	252	261	270	281	285	289	293	298	308	317	333	345	358	369	382	398	409	427	441	450	470	478	491	493	499	510	534

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$898	$798	$706	$632	$667	$451	$303	$490	$300	$132	$60	$79	$55	$44	$33	$33	$20	$13	$19	$15	$22	$15	$29	$10	$9	$13	$8	$6	$10	$13	$9	$6	$9	$5	$4	$5	$6	$5	$5	$5	$6	$12
Cost of revenue	($127)	($116)	($71)	($48)	($33)	($29)	($33)	($30)	($14)	($1)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$770	$682	$635	$583	$635	$421	$270	$461	$286	$131	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	($0)	($0)	($0)	($0)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($29)	($24)	($34)	($46)	($22)	($12)	($10)	($10)	($5)	($9)	($3)	($3)	($2)	($3)	($2)	($3)	($3)	($2)	($3)	($1)	($1)	($0)	($0)	($0)	($0)	($1)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($1)	($1)	($0)	($0)	–	–	–	–	–
Total operating expenses	($98)	($90)	($95)	($97)	($72)	($59)	($53)	($61)	($26)	($12)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($225)	($206)	($167)	($146)	($105)	($89)	($85)	($91)	($39)	($13)	($5)	($4)	($4)	($4)	($3)	($3)	($4)	($3)	($4)	($4)	($6)	($3)	($3)	($2)	($2)	($3)	($2)	($2)	($2)	($3)	($2)	($2)	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1
Operating income	$672	$592	$539	$486	$562	$362	$217	$400	$261	$120	$55	$75	$51	$40	$29	$31	$16	$10	$16	$12	$16	$12	$26	$8	$7	$10	$5	$4	$9	$10	$6	$5	$10	$6	$5	$6	$7	$7	$6	$7	$8	$14
Earnings
EBITDA	$740	$655	$564	$501	$578	$379	$232	$408	$263	$120	$55	$75	$51	$40	$29	$31	$16	$10	$16	$12	$16	$12	$26	$8	$7	$10	$5	$4	$9	$10	$6	$5	–	–	–	–	–	–	–	–	–	–
Interest income	$13	$18	$32	$29	$6	–	–	–	–	$0	$0	$0	$0	$0	$0	$1	$0	$1	$2	$2	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	–	($1)	–	–	–	–	–	–	–	–	–	–	–	–	–	($1)	–	($1)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$684	$610	$579	$518	$569	$363	$220	$402	$262	$120	$55	$75	$51	$40	$29	$31	$16	$10	$16	$12	$17	$12	$26	$8	$7	$10	$5	$4	$9	$10	$6	$5	$7	$4	$3	$3	$4	$4	$4	$4	$5	$11
Income tax expense	($143)	($129)	($125)	($112)	($122)	($93)	($44)	($84)	($52)	($43)	($18)	($25)	($17)	($13)	($10)	($10)	($5)	($3)	($5)	($4)	($5)	($4)	($8)	($2)	($2)	($3)	($2)	($1)	($3)	($3)	($2)	($1)	($2)	($1)	($1)	($1)	($1)	($1)	($1)	($1)	($2)	($4)
Net income	$541	$481	$454	$406	$446	$270	$176	$319	$210	$76	$37	$50	$35	$27	$20	$21	$11	$7	$11	$8	$12	$9	$17	$5	$5	$7	$4	$3	$6	$7	$4	$3	$5	$2	$2	$2	$3	$3	$2	$3	$3	$7
Per share
Diluted EPS (GAAP)	$7.84	$6.97	$6.57	$5.86	$6.42	$3.87	$2.52	$4.57	$2.99	$1.38	$0.5867	$0.6767	$0.46	$0.35	$0.7333	$0.2451	$0.1298	$0.0767	$0.1168	$0.0868	$0.12	$0.0871	$0.1753	$0.052	$0.0464	$0.062	$0.0327	$0.0246	$0.0491	$0.0527	$0.0322	$0.0244	$0.0351	$0.0116	$0.0133	$0.0147	$0.0176	$0.0171	$0.014	$0.0162	$0.0182	$0.0393
Basic EPS (GAAP)	$7.85	$6.98	$6.58	$5.87	$6.42	$3.87	$2.52	$4.57	$2.99	$1.38	$0.5867	$0.6767	$0.46	$0.35	$0.7333	$0.2451	$0.1298	$0.0767	$0.1174	$0.087	$0.12	$0.0871	$0.1753	$0.052	$0.0464	$0.062	$0.0327	$0.0247	$0.0493	$0.0531	$0.0322	$0.0244	$0.0351	$0.0116	$0.0133	$0.0147	$0.0176	$0.0171	$0.014	$0.0162	$0.0182	$0.0393
Basic shares outstanding	69	69	69	69	69	70	70	70	70	71	72	74	76	77	27	252	261	270	280	284	289	293	298	308	317	333	345	357	367	379	398	409	427	441	450	470	478	491	493	499	510	534
Margins
Gross margin	85.8%	85.5%	89.9%	92.3%	95.1%	93.5%	89.2%	93.9%	95.4%	99.3%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	74.9%	74.2%	76.4%	77.0%	84.3%	80.4%	71.8%	81.5%	86.9%	90.5%	91.9%	94.8%	93.1%	91.0%	89.9%	92.0%	81.7%	76.4%	80.7%	74.4%	72.6%	79.0%	88.4%	76.3%	77.8%	74.8%	68.5%	70.9%	84.4%	75.2%	71.5%	73.8%	114.3%	115.1%	116.3%	124.5%	119.6%	125.9%	126.5%	124.1%	121.0%	111.5%
Net margin	60.3%	60.3%	64.3%	64.2%	66.9%	59.9%	58.2%	65.0%	69.9%	57.7%	62.2%	63.0%	63.0%	61.7%	60.3%	61.6%	56.4%	52.8%	56.7%	53.3%	51.5%	55.2%	59.8%	53.6%	53.7%	51.3%	48.2%	49.6%	57.6%	51.3%	49.7%	51.7%	54.9%	32.1%	46.5%	46.9%	50.0%	51.9%	46.9%	50.0%	50.0%	57.4%

Analyst consensus

Buy5 analysts

Bearish · 1 · Hold · 1 · Bullish · 3

Earnings history

	EPS	Estimate
Q3 2024	$1.54	$1.78	Miss
Q4 2024	$1.71	$1.61	Beat
Q1 2025	$1.75	$1.76	Miss
Q2 2025	$1.68	$1.83	Miss
Q3 2025	$1.76	$1.92	Miss
Q4 2025	$1.79	$1.79	Match
Q1 2026	$2.07	$2.02	Beat
Q2 2026	$2.23	$2.18	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOTyler Glover

Employees114

SectorEnergy

IndustryOil & Gas Exploration & Production

CountryUS

ExchangeNew York Stock Exchange

Websitewww.texaspacific.com

Texas Pacific Land Corporation (TPL) operates in two core business segments: land and resource management, and water services. Its Land and Resource Management division oversees a vast land portfolio, spanning nearly 880,000 acres. This segment also holds significant oil and gas royalty interests. These include perpetual non-participating royalty interests (NPRIs) covering approximately 85,000 acres (at a 1/128th rate) and about 371,000 acres (at a 1/16th rate). Furthermore, it possesses around 4,000 additional net royalty acres, primarily located in West Texas. The segment grants various easements and commercial leases for purposes such as oil, gas, and hydrocarbon infrastructure, power and utility lines, and subsurface wellbores. It also leases its land for facilities like processing, storage, and compression plants, as well as roads, and sells materials such as caliche. The Water Services and Operations division provides comprehensive water solutions to energy operators throughout the Permian Basin. Its services encompass water sourcing, the gathering and treatment of produced water, infrastructure development, disposal solutions, water tracking, analytics, and well testing. This segment also generates royalty income from water extracted from its own lands. Founded in 1888, Texas Pacific Land Corporation maintains its headquarters in Dallas, Texas.

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