TPL NYSE Oil & Gas Exploration & Production Financials FY2016βFY2025
Texas Pacific Land had $798M of revenue in fiscal 2025, up 13.1% on the year before. Over five years, revenue changed +21.4% a year on average.
Hi! I read Texas Pacific Landβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+13.1%
Yes. Sales grew 13.1% last year.
Does it make a profit?
60.3%
Yes. It keeps 60.3% of every sale as profit.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
How is the share priced?
43.1x
One share costs 43.1 times its yearly profit per share. Typical for its sector: 16.9x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Texas Pacific Land did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday Β· in 9 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 5, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 5, 2026 | Q1 '26 | Time not announced | 8-K β |
| Feb 18, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 5, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 6, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 7, 2025 | Q1 '25 | After the market closes | 8-K β |
| Feb 19, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 6, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Texas Pacific Land had $798M of revenue in fiscal 2025, up 13.1% on the year before. Over five years, revenue changed +21.4% a year on average. Its operating margin was 74.2%, down 2.2Β pts: of every 100 in sales, about 74 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Texas Pacific Land made $481M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 31.6% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Texas Pacific Land returned $156M to shareholders in fiscal 2025. The diluted share count fell 0.1%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.0M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
2 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Texas Pacific Land has $145M more cash than debt.
Cash, debt and the ratios that show how comfortably Texas Pacific Land can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | β1.1x | β0.9x | β1.5x | β0.7x | β0.2x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | β | β | β | β | 858.2x |
| Current ratio | 10.3x | 16.0x | 19.4x | 10.8x | 4.4x |
| Quick ratio | 10.3x | 16.0x | 19.4x | 10.8x | 4.4x |
| 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 (β = net cash) | β$428M | β$511M | β$725M | β$370M | β$145M |
KIRA Β· Its return on capital was 45.0%: every 100 invested in the business earned about 45 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Texas Pacific Land passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 5 / 8 | 4 / 8 | 5 / 8 |
| Accruals ratio | β1.2% | β3.1% | β4.5% |
| Altman Z'' | 20.44 | 18.93 | 15.97 |
What does the share cost, and how does it compare?
KIRA Β· At $338.26 a share, the company is worth $23.3B: 43.1 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $145M and divides by 69.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 43.1x Β· peers 7.3x Β· sector 16.9x.
KIRA Β· Texas Pacific Land grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 2 of 2.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Texas Pacific Land TPL | $23.3B | 13.1% | 74.2% | β | 45.0% | 43.1x | 5 | |
| Magnolia Oil & Gas MGY | $4.8B | β0.3% | 33.5% | β | 16.8% | β | 6 | Compare β |
| Gulfport Energy GPOR | $3.0B | 48.5% | 42.2% | β | 18.8% | 6.6x | 7 | Compare β |
| Talos Energy TALO | $3.1B | β9.8% | β31.5% | β | β12.4% | β | 5 | Compare β |
| Comstock Resources CRK | $4.1B | 77.0% | 29.1% | β20.3% | 9.7% | 7.9x | 7 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β | β | β | β | β | β | β | $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 | β | β | β |
| Free cash flow | $40.0M | $75.1M | $148M | $311M | $202M | $249M | $428M | β | β | β |
| 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 | β | β | β | $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 | β | β | β | β | $333M | $527M | $633M | $863M | $503M | $319M |
| Current liabilities | β | β | β | β | $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% | β | β | β |
| Returns | ||||||||||
| Return on capital | β | 675.7% | 277.6% | 189.9% | 84.4% | 126.1% | 181.8% | 131.3% | 78.3% | 45.0% |
| Return on capital employed | β | β | β | β | β | 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 | β24.6% | 120.9% | 126.9% | 63.4% | β38.3% | 49.1% | 48.0% | β5.4% | 11.8% | 13.1% |
| Net income growth | β15.5% | 130.0% | 115.7% | 52.0% | β44.8% | 53.4% | 65.3% | β9.1% | 11.9% | 6.0% |
| EPS growth | β13.3% | 134.0% | 117.5% | 52.6% | β44.8% | 53.4% | 65.9% | β8.7% | 12.1% | 6.1% |
| FCF growth | β19.0% | 87.8% | 96.5% | 110.5% | β35.0% | 23.2% | 72.1% | β | β | β |
| Share count change | β2.5% | β1.7% | β0.9% | β0.4% | 0.0% | β0.1% | β0.3% | β0.5% | β0.2% | β0.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | β0.8x | β0.6x | β0.5x | β0.7x | β1.2x | β1.1x | β0.9x | β1.5x | β0.7x | β0.2x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | β | β | β | β | β | β | β | β | β | 858.2x |
| Current ratio | β | β | β | β | 15.6x | 10.3x | 16.0x | 19.4x | 10.8x | 4.4x |
| Quick ratio | β | β | β | β | 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% | β | β | β |
| Stock comp / revenue | β | β | β | 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% | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | β | β | β | 5.0 | 7.0 | 5.0 | 4.0 | 5.0 |
| Altman Z'' | β | β | β | β | 14.8 | 16.2 | 19.7 | 20.4 | 18.9 | 16.0 |
| Accruals ratio | 2.3% | 3.7% | 7.1% | β5.5% | β5.3% | 0.7% | β0.1% | β1.2% | β3.1% | β4.5% |
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 β not investment advice. Check the original filings before relying on any figure.
