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Texas Pacific Land

TPL NYSE Oil & Gas Exploration & Production Financials FY2016–FY2025

Texas Pacific Land's revenue rose 13.1% to $798 million in fiscal 2025. Its operating margin was 74.2%, down from 76.4% a year earlier. It paid out $156 million in dividends and buybacks.

Last close · Oct 23, 2026

$338.26

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$798M
13.1% vs prior year
Operating margin Operating income as a share of revenue.
74.2%
2.2 pts
Net income Profit after all expenses, interest and tax.
$481M
6.0%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
45.0%
33.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$23.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
43.1x
On $7.84 EPS (TTM)

About these figures. Years to 2019 come from Texas Pacific Land Trust, which became Texas Pacific Land Corporation in January 2021. Texas Pacific Land reports no borrowings, so debt is counted as zero. From 2023 Texas Pacific Land's filings label its capital spending in their own way, so capital spending and free cash flow are blank from 2023. Share counts and per-share figures for earlier years are restated for stock splits (3-for-1 and 3-for-1), so every year is on today's share basis.

What Texas Pacific Land does

No business description yet.

Legal name
TEXAS PACIFIC LAND CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001811074-26-000018
0001811074

Revenue and margins

Texas Pacific Land had $798M of revenue in fiscal 2025, up 13.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 31.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Texas Pacific Land returned $156M to shareholders in fiscal 2025. The diluted share count fell 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Texas Pacific Land yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $145M and divides by 69.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 43.1x · peers 7.3x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Texas Pacific Land can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $428M$511M$725M$370M$145M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −1.1x−0.9x−1.5x−0.7x−0.2x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage ————858.2x
Current ratio 10.3x16.0x19.4x10.8x4.4x
Quick ratio 10.3x16.0x19.4x10.8x4.4x
Total assets $764M$877M$1.2B$1.2B$1.6B
Total liabilities $112M$105M$113M$116M$164M
Shareholders' equity $652M$773M$1.0B$1.1B$1.5B
Net debt (− = net cash) −$428M−$511M−$725M−$370M−$145M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

2 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 29, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 4 $340.96 $0.0M Form 4
Sep 28, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $340.12 $0.0M Form 4
Sep 25, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $339.72 $0.0M Form 4
Sep 24, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $340.28 $0.0M Form 4
Sep 23, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $352.95 $0.0M Form 4
Sep 22, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $361.36 $0.0M Form 4
Sep 21, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $348.98 $0.0M Form 4
Sep 18, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $351.34 $0.0M Form 4
Sep 17, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $349.35 $0.0M Form 4
Sep 16, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $352.36 $0.0M Form 4
Sep 15, 2026 Horizon Kinetics Asset Management Llc10% owner Bought 1 $370.59 $0.0M Form 4
Sep 15, 2026 Peter DoyleDirector Bought 5 $371.64 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 84 / 85 / 8
Accruals ratio −1.2%−3.1%−4.5%
Altman Z'' 20.4418.9315.97

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Texas Pacific Land TPL $23.3B 13.1% 74.2% — 45.0% 43.1x 5
Magnolia Oil & Gas MGY $4.8B −0.3% 33.5% — 16.8% — 6 Compare →
Gulfport Energy GPOR $3.0B 48.5% 42.2% — 18.8% 6.6x 7 Compare →
Talos Energy TALO $3.1B −9.8% −31.5% — −12.4% — 5 Compare →
Comstock Resources CRK $4.1B 77.0% 29.1% −20.3% 9.7% 7.9x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $59.9M $132M $300M $491M $303M $451M $667M $632M $706M $798M
Operating income $62.9M $145M $261M $400M $217M $362M $562M $486M $539M $592M
Interest expense — — — — — — — $0.0M $0.0M $0.7M
Pretax income $62.9M $145M $262M $402M $220M $363M $569M $518M $579M $610M
Income tax $20.6M $47.8M $52.0M $83.5M $43.6M $93.0M $123M $112M $125M $129M
Net income $42.3M $97.2M $210M $319M $176M $270M $446M $406M $454M $481M
Diluted EPS $0.59 $1.38 $2.99 $4.57 $2.52 $3.87 $6.42 $5.86 $6.57 $6.97
Diluted shares 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $41.0M $93.8M $195M $343M $207M $265M $447M $418M $491M $546M
Capital expenditure $1.0M $18.7M $47.9M $32.2M $5.1M $16.4M $19.0M — — —
Free cash flow $40.0M $75.1M $148M $311M $202M $249M $428M — — —
Depreciation and amortization $0.0M $0.4M $2.6M $8.9M $14.4M $16.3M $15.4M $14.8M $25.2M $62.5M
Stock-based compensation — — — $0.0M $0.0M $0.0M $8.4M $10.3M $12.5M $15.1M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $45.0M $0.0M
Share buybacks $33.1M $34.3M $38.4M $4.4M $0.0M $19.7M $87.8M $42.6M $29.2M $8.4M
Dividends paid $2.5M $10.7M $31.7M $46.5M $202M $85.3M $247M $100M $347M $148M
Dividends and buybacks $35.6M $45.0M $70.1M $50.9M $202M $105M $335M $143M $376M $156M
Balance sheet
Cash and short-term investments $49.4M $79.6M $120M $304M $281M $428M $511M $725M $370M $145M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — — — — $333M $527M $633M $863M $503M $319M
Current liabilities — — — — $21.4M $50.9M $39.6M $44.4M $46.6M $72.6M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.2M $19.5M $64.8M $88.3M $79.3M $79.7M $85.5M $89.6M $123M $165M
Total assets $62.5M $120M $285M $598M $572M $764M $877M $1.2B $1.2B $1.6B
Total liabilities $14.8M $14.9M $40.4M $86.0M $86.5M $112M $105M $113M $116M $164M
Shareholders' equity $52.7M $105M $245M $512M $485M $652M $773M $1.0B $1.1B $1.5B
Margins
Operating margin 105.0% 109.5% 86.9% 81.5% 71.8% 80.4% 84.3% 77.0% 76.4% 74.2%
EBITDA margin 105.1% 109.8% 87.7% 83.3% 76.6% 84.0% 86.6% 79.3% 80.0% 82.0%
Net margin 70.6% 73.5% 69.9% 65.0% 58.2% 59.9% 66.9% 64.2% 64.3% 60.3%
FCF margin 66.7% 56.7% 49.2% 63.3% 66.8% 55.2% 64.2% — — —
Returns
Return on capital — 675.7% 277.6% 189.9% 84.4% 126.1% 181.8% 131.3% 78.3% 45.0%
Return on capital employed — — — — — 57.4% 72.5% 49.9% 46.6% 43.0%
Return on equity 86.0% 123.3% 119.9% 84.2% 35.3% 47.5% 62.7% 44.7% 41.7% 37.2%
Return on assets 74.9% 106.6% 103.6% 72.2% 30.1% 40.4% 54.4% 39.9% 37.8% 33.5%
Growth
Revenue growth −24.6% 120.9% 126.9% 63.4% −38.3% 49.1% 48.0% −5.4% 11.8% 13.1%
Net income growth −15.5% 130.0% 115.7% 52.0% −44.8% 53.4% 65.3% −9.1% 11.9% 6.0%
EPS growth −13.3% 134.0% 117.5% 52.6% −44.8% 53.4% 65.9% −8.7% 12.1% 6.1%
FCF growth −19.0% 87.8% 96.5% 110.5% −35.0% 23.2% 72.1% — — —
Share count change −2.5% −1.7% −0.9% −0.4% 0.0% −0.1% −0.3% −0.5% −0.2% −0.1%
Financial health
Net debt / EBITDA −0.8x −0.6x −0.5x −0.7x −1.2x −1.1x −0.9x −1.5x −0.7x −0.2x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage — — — — — — — — — 858.2x
Current ratio — — — — 15.6x 10.3x 16.0x 19.4x 10.8x 4.4x
Quick ratio — — — — 15.6x 10.3x 16.0x 19.4x 10.8x 4.4x
Capital allocation
Capex / revenue 1.6% 14.2% 16.0% 6.6% 1.7% 3.6% 2.8% — — —
Stock comp / revenue — — — 0.0% 0.0% 0.0% 1.3% 1.6% 1.8% 1.9%
Payouts / FCF 89.0% 59.9% 47.5% 16.4% 99.9% 42.2% 78.3% — — —
Quality scores
Piotroski F-score — — — — — 5.0 7.0 5.0 4.0 5.0
Altman Z'' — — — — 14.8 16.2 19.7 20.4 18.9 16.0
Accruals ratio 2.3% 3.7% 7.1% −5.5% −5.3% 0.7% −0.1% −1.2% −3.1% −4.5%

Source: SEC EDGAR XBRL filings (CIK 0001811074). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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