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Texas Pacific Land Corporation

TPL Energy Oil & Gas E&P

Texas Pacific Land Corporation’s revenue for fiscal 2025 (year ended December 2025) was $798.2 million, up 13.1% from fiscal 2024.

Revenue
+34.6%
EPS
+38.3%
Free cash flow
+84.0%

Quarter to September 2026, against a year earlier

275.50 12.15 −4.22%
Market cap
$18.8B
P/E
32.3×
Fwd P/E
35.9×
Dividend yield
0.85%
F-score
5/9
Altman Z
75.56
Beneish M
−2.25
Dividend safety
77/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Bought, $m 0.10
Sold, $m 2.87
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 21 20 19 21 21 17 22 22 21 21 — —
Sell — — 2 — — — 1 — — — — —
Insider Ownership 0.41%

Capital & Financial Ratios $m

Size
Market Cap 18,770.00
Revenue ttm 967.85
Net income ttm 587.55
Free cash flow ttm 640.93
Net debt Q (369.56)
Valuation
P/E 32.34
Forward P/E 35.90 (above 35: high)
Price / sales 19.63 (above 10: high)
Forward P/S Powerpack
Price / FCF 44.94
Price / book 10.54 (above 6: high)
Financial health
Current ratio Q 0.00 (below 1: weak)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 211.81
Growth
Revenue growth Q +34.62% (above 0%: growing)
Operating income growth Q +39.37% (above 0%: growing)
EPS, this year +32.60% (at or above 15%: strong)
EPS, next year A +10.41%
Revenue, next year A +27.79% (at or above 10%: strong)
EPS, past 5 yrs +22.54% (at or above 15%: strong)
EPS, next 5 yrs A +12.15%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 19.3×, against a ten-year median of 23.2×; over the ten years it ranged from 6.9× in 2020 to 52.8× in 2024.
P/E against its own 10 years 32.71%
10-year low 10-year high
P/S against its own 10 years 28.38%
10-year low 10-year high
P/B against its own 10 years 7.55%
10-year low 10-year high
EV/Sales against its own 10 years 30.03%
10-year low 10-year high
EV/FCF against its own 10 years 56.14%
10-year low 10-year high

Dividends raised 4 years running

Yield
0.85%
Annual rate
2.33
Payout ratio
27.4%
Growth, 2016–25
+40.0%/yr
  1. 0.10 ’16
  2. 0.00 ’18 −100
  3. 0.00 ’19
  4. 5.33 ’20
  5. 1.22 ’21 −77
  6. 1.33 ’22 +9
  7. 1.44 ’23 +8
  8. 1.70 ’24 +18
  9. 2.13 ’25 +25
  10. 2.40 ’26e +13
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 725 370 145 370
Receivables 129 127 165 —
Inventory — — — —
Other — — — —
854 497 310 —
2023 2024 2025 Q'26
Payables 23 27 40 42
ST’ Debt — — — —
Other — — — —
23 27 40 42

Compound Annual Growth %

10y 5y 3y
Sales 25.96% 21.41% 6.15%
Cash Flow 27.11% 21.40% 6.88%
Earnings 25.41% 22.28% 2.55%
Book Value 41.39% 24.63% 23.59%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.35 Actual 2.42

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.73 1.79 Beat by 0.06
Q1 FY26 2.03 2.07 Beat by 0.04
Q2 FY26 2.14 2.23 Beat by 0.09
Q3 FY26 2.35 2.42 Beat by 0.07
Q4 FY26 2.32 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.07 2.23 2.43 — —
’25 1.75 1.68 1.76 1.79 6.97
’24 1.66 1.66 1.54 1.71 6.57
’23 1.25 1.45 1.53 1.64 5.86
’22 1.40 1.71 1.87 1.44 6.42
’21 0.72 0.82 1.20 1.13 3.87
’20 0.82 0.40 0.66 0.64 2.52
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 237 246 273 — —
’25 196 188 203 212 798
’24 174 172 174 186 706
’23 146 161 158 167 632
’22 147 176 191 153 667
’21 84 96 124 147 451
’20 97 57 74 74 303
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 162 173 192 — —
’25 157 121 155 114 546
’24 147 98 119 127 491
’23 115 84 108 111 418
’22 108 88 119 133 447
’21 52 44 78 91 265
’20 69 35 58 45 207
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 155 41 192 — —
’25 148 113 105 85 450
’24 145 91 111 113 460
’23 113 60 81 107 362
’22 104 85 113 126 427
’21 51 41 73 86 250
’20 61 35 57 45 198
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.0% a year for ten years. It grew 29.0% a year over the last ten.

Implied
11.0%
10 years, reported
29.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 66 155 300 490 303 451 667 632 706 798 968 +31.9% 1,020 1,136 — +19.3%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 63 145 262 402 220 363 569 518 579 610 739 +28.7%
EBT margin, % 95.14 93.81 87.19 82.01 72.60 80.50 85.23 81.95 82.01 76.46 76.40 (18.7) pt
Net income 42 97 210 319 176 270 446 406 454 481 588 +31.0%
Per share, $
Per share, $ Revenue 0.92 2.19 4.28 7.03 4.33 6.46 9.60 9.14 10.24 11.58 14.03 +32.5%
Earnings 0.59 1.38 2.99 4.60 2.52 3.87 6.42 5.87 6.58 6.98 8.52 +31.6%
Cash flow 0.57 1.33 2.79 4.91 2.97 3.80 6.43 6.05 7.12 7.92 9.29 +34.0%
Capex (0.01) (0.26) (0.82) (1.53) (0.13) (0.21) (0.28) (0.82) (0.45) (1.38) 0.00 +67.6%
Free cash flow 0.56 1.06 1.97 3.38 2.84 3.59 6.15 5.23 6.66 6.53 9.29 +31.5%
Book value 0.66 1.49 3.49 7.34 6.95 9.34 11.12 15.09 16.42 21.16 26.13 +46.9%
Shares, m 72 71 70 70 70 70 69 69 69 69 69 (0.5%)
Valuation, ×
Valuation, × P/E 56.57 43.78 20.13 18.88 32.03 35.85 36.38 30.39 56.00 41.15 32.34 37.1
P/S 36.21 23.40 14.05 12.35 18.64 21.47 24.33 19.52 36.02 24.81 19.63 23.1
P/B 50.26 34.43 17.24 11.83 11.62 14.85 21.01 11.82 22.45 13.57 10.54 20.9
EV/Sales 35.46 22.88 13.65 11.73 17.71 20.52 23.56 18.37 35.49 24.63 19.25 22.4
EV/FCF 58.61 47.11 29.65 24.38 27.06 36.99 36.79 30.29 54.52 43.64 44.06 38.9
Cash, $m
Cash, $m Operating cash flow 41 94 195 343 207 265 447 418 491 546 641 +33.3%
Capex (1) (19) (57) (107) (9) (15) (20) (57) (31) (95) (218) +66.7%
Free cash flow 40 75 138 236 198 250 427 362 460 450 641 +30.9%
Balance, $m
Balance, $m Working capital 55 92 158 347 314 505 591 831 469 270 (42) +19.3%
Net debt (49) (80) (120) (304) (281) (428) (511) (725) (370) (145) (370) +12.7%
Shareholders’ equity 48 105 245 512 485 652 773 1,043 1,132 1,459 1,802 +46.3%
Returns, %
Returns, % ROA 74.90 106.56 103.55 72.17 30.10 40.43 54.38 39.89 37.76 33.53 33.45 (41.4) pt
ROIC 0.00 355.01 130.37 119.78 66.52 101.35 134.11 95.52 44.18 28.16 31.90 +28.2 pt
ROE 90.61 127.33 119.92 84.23 35.30 47.49 62.66 44.67 41.73 37.15 37.07 (53.5) pt
People
People Employees 10 32 71 94 102 92 99 100 111 114 — +31.0%
Revenue/emp, $m 6.61 4.83 4.23 5.22 2.97 4.90 6.74 6.32 6.36 7.00 — +0.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Business profile

Updated

Texas Pacific Land Corporation (TPL) owns land and oil and gas royalty interests, principally in the Permian Basin of West Texas. It is not an oil and gas producer. Instead, it earns money when operators develop and produce from properties where TPL owns royalty interests, and when customers use its land, water and other resources.

At December 31, 2025, TPL owned approximately 882,000 surface acres and approximately 224,000 net royalty acres. A royalty interest gives TPL a share of revenue from oil and gas production; its surface ownership gives it separate opportunities to charge for uses of the land. The company’s royalty interests do not require it to fund well development or pay the associated operating expenses.

Texas Pacific Land Corporation vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DVN Devon Energy Corporation $47.2B 10.2× 9.6× +73.13% (above 0%: growing) +43.66% (above 0%: growing) −130.16% (below 0%: shrinking) 81.22% 32.14% Compare
WDS Woodside Energy Group Ltd $40.7B 3.3× 12.0× +196.99% (above 0%: growing) +178.60% (above 0%: growing) −173.74% (below 0%: shrinking) 42.87% 0.00% Compare
EQT EQT Corporation $31.7B 12.0× 14.3× −9.61% (below 0%: shrinking) −16.67% (below 0%: shrinking) +12.15% (above 0%: growing) 73.39% 25.95% Compare
EXE Expand Energy Corporation $19.7B 7.4× 7.9× +10.79% (above 0%: growing) −2.61% (below 0%: shrinking) +2.49% (above 0%: growing) 74.25% 19.48% Compare
TPL Texas Pacific Land Corporation $18.8B 32.3× 35.9× +34.62% (above 0%: growing) +38.33% (above 0%: growing) +83.99% (above 0%: growing) 100.00% 76.00%
PR Permian Resources Corporation $17.9B 10.9× 11.1× +48.11% (above 0%: growing) +525.00% (above 0%: growing) −56.18% (below 0%: shrinking) 0.00% 45.35% Compare
APA APA Corporation $15.2B 7.1× 7.7× +39.35% (above 0%: growing) +252.63% (above 0%: growing) +81.05% (above 0%: growing) 0.00% 42.67% Compare
RRC Range Resources Corporation $11.7B 13.3× 13.3× +12.60% (above 0%: growing) +22.95% (above 0%: growing) +59.63% (above 0%: growing) 93.57% 29.00% Compare
AR Antero Resources Corporation $11.2B 8.2× 8.7× +28.74% (above 0%: growing) +377.72% (above 0%: growing) −55.76% (below 0%: shrinking) 45.18% 25.07% Compare
Median of peers $18.8B 9.2× 10.4× +34.05% +111.13% −26.63% 59.29% 27.48%

All 74 Oil & Gas E&P stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Holder Shares Stake Change
HORIZON KINETICS ASSET MANAGEMENT LLC 9.80m — −212.48k
Vanguard 7.59m — +77.73k
BlackRock 5.30m — −656.26k
State Street 3.96m — +179.79k
Geode Capital Management 1.65m — +13.19k
FIRST MANHATTAN CO. LLC. 1.06m — +1.97k
SoftVest Advisors, LLC 1.06m — 0.00
Morgan Stanley 972.32k — +7.85k
UBS 923.17k — +3.05k
Invesco 715.74k — +93.57k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Texas Pacific Land Corporation (TPL) Latest News

5 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

4 Nov

Impact 3 · · StockStory
Impact 3 · · Business Wire

28 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 3 · · Trefis

23 Oct

Impact 4 · · Barchart

21 Oct

Impact 3 · · StockStory

19 Oct

Impact 4 · · Trefis

12 Oct

Impact 3 · · StockStory

7 Oct

Impact 3 · · Insider Monkey

25 Sep

Impact 3 · · Barchart

14 Aug

Impact 3 ·

12 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 4 ·
Impact 4 · · credaily.com

10 Aug

Impact 3 ·

9 Aug

Impact 3 · · MarketBeat transcript

6 Aug

Impact 4 · transcript

5 Aug

Impact 3 ·

13 Jul

Impact 3 · · The Motley Fool

11 Jul

Impact 4 ·

29 Jun

Impact 3 ·

27 Jun

Impact 3 · · The Motley Fool

24 Jun

Impact 4 · · Zacks

23 Jun

Impact 4 · · Business Wire

8 Jun

Impact 3 · · StockStory

4 Jun

Impact 3 · · Simply Wall St.

TPL metrics, ten years each

stockrow.com/TPL · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com