Texas Pacific Land Corporation (TPL) 10-Year Financial Performance & Capital Metrics

TPL • • Industrial / General

EnergyOil & Gas E&PMineral & Royalty CompaniesLarge-Scale Mineral Owners

AboutTexas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company's Land and Resource Management segment manages approximately 880,000 acres of land. This segment also holds 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 4,000 additional net royalty acres located in the western part of Texas. In addition, this segment engages in easements and commercial leases activities, such as oil, gas and related hydrocarbons, power line and utility easements, and subsurface wellbore easements. Further, this segment leases its land for processing, storage, and compression facilities and roads; and is involved in sale of materials, such as caliche. Its Water Services and Operations segment provides full-service water offerings, including water sourcing, produced-water gathering/treatment, infrastructure development, disposal solutions, water tracking, analytics, and well testing services to operators in the Permian Basin. This segment also holds royalties for water sourced from its land. Texas Pacific Land Corporation was founded in 1888 and is headquartered in Dallas, Texas.Show more

Revenue $706M +11.8%
EBITDA $564M +12.7%
Net Income $454M +11.9%
EPS (Diluted) 19.72 +12.1%
Gross Margin 89.9% -2.7%
EBITDA Margin 79.95% +0.8%
Operating Margin 76.38% -0.7%
Net Margin 64.32% +0.1%
ROE 41.73% -6.6%
ROIC 74.72% -40.2%
Debt/Equity 0.00 -64.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 49.7%
✓FCF machine: 65.3% free cash flow margin
✓Healthy dividend yield of 4.6%
✓Healthy 5Y average net margin of 62.7%

✗Weaknesses

✗Weak momentum: RS Rating 2 (bottom 2%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y29.03%

5Y7.55%

3Y16.11%

TTM12.48%

Profit (Net Income) CAGR

10Y29.3%

5Y7.33%

3Y18.91%

TTM6.17%

EPS CAGR

10Y30.47%

5Y7.41%

3Y19.32%

TTM6.2%

ROCE

10Y Avg91.94%

5Y Avg54.1%

3Y Avg57.4%

Latest47.27%

Peer Comparison

Large-Scale Mineral Owners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TPLTexas Pacific Land Corporation	22.81B	330.94	16.78	11.75%	61.68%	34.82%	2.02%	0.00
BSMBlack Stone Minerals, L.P.	3B	14.15	12.30	-12.31%	67.81%	24.36%	12.84%	0.02
DMLPDorchester Minerals, L.P.	1.12B	23.31	10.94	-1.39%	35.84%	16.69%	11.79%	0.00
NOGNorthern Oil and Gas, Inc.	2.2B	22.56	4.39	13.46%	8.26%	8.07%		1.02
KRPKimbell Royalty Partners, LP	1.16B	12.46	-0.16	13.72%	11.14%	4.66%	21.54%	0.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	79.41M	59.91M	132.33M	300.22M	490.5M	302.55M	450.96M	667.42M	631.6M	705.82M
Revenue Growth %	0.44%	-0.25%	1.21%	1.27%	0.63%	-0.38%	0.49%	0.48%	-0.05%	0.12%
Cost of Goods Sold+	35.83K	43.29K	867K	13.75M	29.71M	32.6M	29.49M	32.89M	48.32M	71.29M
COGS % of Revenue	0%	0%	0.01%	0.05%	0.06%	0.11%	0.07%	0.05%	0.08%	0.1%
Gross Profit+	79.38M	59.87M	131.46M	286.47M	460.78M	269.95M	421.47M	634.53M	583.27M	634.54M
Gross Margin %	1%	1%	0.99%	0.95%	0.94%	0.89%	0.93%	0.95%	0.92%	0.9%
Gross Profit Growth %	0.44%	-0.25%	1.2%	1.18%	0.61%	-0.41%	0.56%	0.51%	-0.08%	0.09%
Operating Expenses+	4.12M	4.81M	11.69M	25.64M	59.01M	52.7M	59.08M	72.22M	97.22M	95.4M
OpEx % of Revenue	0.05%	0.08%	0.09%	0.09%	0.12%	0.17%	0.13%	0.11%	0.15%	0.14%
Selling, General & Admin	2.64M	3.02M	8.52M	25.64M	59.01M	52.7M	59.08M	63.49M	89.83M	34.48M
SG&A % of Revenue	0.03%	0.05%	0.06%	0.09%	0.12%	0.17%	0.13%	0.1%	0.14%	0.05%
Research & Development	0	1	1	1	1	1	0	0	0	0
R&D % of Revenue	-	0%	0%	0%	0%	0%	-	-	-	-
Other Operating Expenses	1.48M	1.79M	3.17M	0	0	0	0	8.73M	7.38M	60.92M
Operating Income+	75.26M	55.06M	119.78M	260.83M	401.77M	217.25M	362.39M	562.31M	486.05M	539.14M
Operating Margin %	0.95%	0.92%	0.91%	0.87%	0.82%	0.72%	0.8%	0.84%	0.77%	0.76%
Operating Income Growth %	0.46%	-0.27%	1.18%	1.18%	0.54%	-0.46%	0.67%	0.55%	-0.14%	0.11%
EBITDA+	75.28M	59.91M	129.46M	300.22M	410.68M	231.65M	378.65M	577.68M	500.81M	564.3M
EBITDA Margin %	0.95%	1%	0.98%	1%	0.84%	0.77%	0.84%	0.87%	0.79%	0.8%
EBITDA Growth %	0.46%	-0.2%	1.16%	1.32%	0.37%	-0.44%	0.63%	0.53%	-0.13%	0.13%
D&A (Non-Cash Add-back)	25.37K	4.85M	9.69M	39.39M	8.91M	14.39M	16.26M	15.38M	14.76M	25.16M
EBIT	75.27M	55.06M	144.98M	260.83M	399.69M	217.44M	362.51M	562.67M	486.05M	539.14M
Net Interest Income+	27K	29.07K	84K	0	0	0	0	0	0	32.14M
Interest Income	27K	29.07K	84K	0	0	0	0	0	0	32.14M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	27.44K	29.07K	114K	916K	2.68M	2.4M	624K	6.55M	31.51M	39.68M
Pretax Income+	75.28M	55.09M	119.86M	261.75M	402.25M	219.66M	363.02M	568.86M	517.56M	578.82M
Pretax Margin %	0.95%	0.92%	0.91%	0.87%	0.82%	0.73%	0.8%	0.85%	0.82%	0.82%
Income Tax+	25.24M	17.85M	43.5M	52.01M	83.53M	43.61M	93.04M	122.49M	111.92M	124.86M
Effective Tax Rate %	0.66%	0.68%	0.64%	0.8%	0.79%	0.8%	0.74%	0.78%	0.78%	0.78%
Net Income+	50.04M	37.24M	76.36M	209.74M	318.73M	176.05M	269.98M	446.36M	405.64M	453.96M
Net Margin %	0.63%	0.62%	0.58%	0.7%	0.65%	0.58%	0.6%	0.67%	0.64%	0.64%
Net Income Growth %	0.44%	-0.26%	1.05%	1.75%	0.52%	-0.45%	0.53%	0.65%	-0.09%	0.12%
Net Income (Continuing)	50.04M	37.24M	97.23M	209.74M	318.73M	176.05M	269.98M	446.36M	405.64M	453.96M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.03	1.55	3.24	8.98	13.79	7.57	11.61	19.26	17.59	19.72
EPS Growth %	0.47%	-0.24%	1.09%	1.77%	0.54%	-0.45%	0.53%	0.66%	-0.09%	0.12%
EPS (Basic)	2.03	1.55	3.24	8.98	13.79	7.57	11.61	19.27	17.60	19.75
Diluted Shares Outstanding	24.59M	23.97M	23.56M	23.36M	23.27M	23.27M	23.26M	23.18M	23.06M	23.02M
Basic Shares Outstanding	24.59M	23.97M	23.56M	23.36M	23.27M	23.27M	23.26M	23.17M	23.04M	22.99M
Dividend Payout Ratio	0.05%	0.07%	0.14%	0.15%	0.15%	0.44%	0.32%	0.55%	0.25%	0.77%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	48.94M	55.97M	98.56M	181.59M	366.64M	332.53M	526.51M	633.4M	862.46M	503.37M
Cash & Short-Term Investments	45.01M	49.42M	79.58M	119.65M	303.64M	281.05M	428.24M	510.83M	725.17M	369.83M
Cash Only	45.01M	49.42M	79.58M	119.65M	303.64M	281.05M	428.24M	510.83M	725.17M	369.83M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.93M	6.65M	17.77M	48.75M	62.99M	48.22M	95.22M	103.98M	128.97M	126.67M
Days Sales Outstanding	18.05	40.49	49.02	59.27	46.88	58.17	77.07	56.87	74.53	65.5
Inventory	1.11M	1.11M	1.11M	10.49M	107.08M	108.54M	109.07M	109.7M	0	0
Days Inventory Outstanding	11.35K	9.4K	469.41	278.49	1.32K	1.22K	1.35K	1.22K	-	-
Other Current Assets	-1.11M	-1.11M	-1.11M	-6.69M	-107.08M	-106.56M	-106.02M	-95.93M	8.32M	6.86M
Total Non-Current Assets+	1.5M	6.49M	21.48M	103.48M	231.54M	239.1M	237.55M	244.03M	293.93M	744.65M
Property, Plant & Equipment	260.9K	1.17M	19.52M	89.11M	120.48M	127.39M	125.94M	133.03M	138.06M	556.14M
Fixed Asset Turnover	304.39x	51.29x	6.78x	3.37x	4.07x	2.38x	3.58x	5.02x	4.57x	1.27x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	21.02M	35.19M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.24M	1.44M	-5.03M	14.38M	111.06M	111.72M	111.61M	111M	134.85M	153.32M
Total Assets+	50.44M	62.45M	127.46M	285.07M	598.18M	571.63M	764.06M	877.43M	1.16B	1.25B
Asset Turnover	1.57x	0.96x	1.04x	1.05x	0.82x	0.53x	0.59x	0.76x	0.55x	0.57x
Asset Growth %	0.52%	0.24%	1.04%	1.24%	1.1%	-0.04%	0.34%	0.15%	0.32%	0.08%
Total Current Liabilities+	1.67M	3.06M	6.46M	12.11M	24.46M	39.55M	67.54M	56.81M	63.06M	60.4M
Accounts Payable	868.81K	827K	5.61M	10.51M	19.19M	13.32M	17.91M	23.44M	22.5M	26.96M
Days Payables Outstanding	8.85K	6.97K	2.36K	278.84	235.76	149.19	221.64	260.13	169.96	138.03
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	29.29x	18.32x	15.26x	14.99x	14.99x	8.41x	7.80x	11.15x	13.68x	8.33x
Quick Ratio	28.62x	17.96x	15.09x	14.13x	10.61x	5.66x	6.18x	9.22x	13.68x	8.33x
Cash Conversion Cycle	2.52K	2.47K	-1.84K	58.92	1.13K	1.12K	1.21K	1.01K	-	-
Total Non-Current Liabilities+	3.08M	11.78M	8.48M	28.27M	61.58M	46.9M	44.81M	47.73M	50.14M	55.16M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	3.37M	2.03M	1.45M	1.96M	1.17M	453K
Deferred Tax Liabilities	163.21K	0	114K	14.9M	40.83M	38.73M	38.95M	41.15M	42.37M	47.4M
Other Non-Current Liabilities	333.24K	0	0	0	0	2.15M	611K	131K	274K	504K
Total Liabilities	4.75M	14.83M	48.27M	40.38M	86.04M	86.45M	112.35M	104.54M	113.2M	115.56M
Total Debt+	0	0	0	0	3.37M	2.03M	1.45M	1.96M	1.17M	453K
Net Debt	-45.01M	-49.42M	-79.58M	-119.65M	-300.28M	-279.02M	-426.8M	-508.88M	-724M	-369.38M
Debt / Equity	-	-	-	-	0.01x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	-	-	-	-	0.01x	0.01x	0.00x	0.00x	0.00x	0.00x
Net Debt / EBITDA	-0.60x	-0.82x	-0.61x	-0.40x	-0.73x	-1.20x	-1.13x	-0.88x	-1.45x	-0.65x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	45.69M	47.62M	105.1M	244.69M	512.14M	485.18M	651.71M	772.89M	1.04B	1.13B
Equity Growth %	0.71%	0.04%	1.21%	1.33%	1.09%	-0.05%	0.34%	0.19%	0.35%	0.09%
Book Value per Share	1.86	1.99	4.46	10.47	22.01	20.85	28.02	33.34	45.24	49.20
Total Shareholders' Equity	45.69M	47.62M	79.19M	244.69M	512.14M	485.18M	651.71M	772.89M	1.04B	1.13B
Common Stock	0	0	0	0	0	0	78K	78K	78K	231K
Retained Earnings	0	0	0	0	0	0	668.03M	866.14M	1.17B	1.28B
Treasury Stock	0	0	0	0	0	0	-15.42M	-104.14M	-145M	-168.84M
Accumulated OCI	-1.25M	-959.56K	-804K	-1.08M	-1.46M	-2.69M	-1.01M	2.52M	1.83M	3.58M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	49.57M	40.96M	93.83M	195.45M	342.79M	207.04M	265.16M	447.15M	418.29M	490.67M
Operating CF Margin %	0.62%	0.68%	0.71%	0.65%	0.7%	0.68%	0.59%	0.67%	0.66%	0.7%
Operating CF Growth %	0.28%	-0.17%	1.29%	1.08%	0.75%	-0.4%	0.28%	0.69%	-0.06%	0.17%
Net Income	50.04M	42.27M	97.23M	209.74M	318.73M	176.05M	269.98M	446.36M	405.64M	453.96M
Depreciation & Amortization	25K	43K	376K	2.58M	8.91M	14.39M	16.26M	15.38M	14.76M	25.16M
Stock-Based Compensation	0	0	0	0	0	0	28K	8.43M	10.34M	12.5M
Deferred Taxes	-129.93K	-1.26M	1.1M	14.79M	25.92M	-2.1M	220K	1.26M	1.4M	4.6M
Other Non-Cash Items	-1K	8K	0	0	-22M	-1.42M	0	0	0	-4.62M
Working Capital Changes	-367K	-105K	-4.88M	-31.66M	11.23M	20.11M	-21.32M	-24.28M	-13.86M	-936K
Change in Receivables	-1.14M	-1.33M	-7.63M	-29M	-9.79M	27.61M	-47.6M	-13.83M	-24.46M	-610K
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-270K	-89K	4.94M	4.78M	7.96M	-6.29M	0	0	0	0
Cash from Investing+	-196.46K	-958.87K	-18.72M	-81.53M	-111.69M	-26M	-15M	-21.4M	-60.31M	-471.75M
Capital Expenditures	-221K	-977K	-18.75M	-72.18M	-37.23M	-22.03M	-15.55M	-20.87M	-18.59M	-425.27M
CapEx % of Revenue	0%	0.02%	0.14%	0.24%	0.08%	0.07%	0.03%	0.03%	0.03%	0.6%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	25K	18K	27K	-9.35M	-74.47M	-3.97M	551K	-527K	-41.72M	-1.48M
Cash from Financing+	-31.17M	-35.59M	-44.95M	-70.05M	-50.9M	-201.66M	-104.95M	-336.81M	-144.61M	-378.09M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.4M	-2.51M	-10.68M	-31.65M	-46.55M	-201.66M	-85.26M	-247.28M	-99.97M	-347.31M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	49.34M	39.98M	75.08M	147.57M	310.58M	201.95M	249.62M	427.94M	403.26M	460.98M
FCF Margin %	0.62%	0.67%	0.57%	0.49%	0.63%	0.67%	0.55%	0.64%	0.64%	0.65%
FCF Growth %	0.27%	-0.19%	0.88%	0.97%	1.1%	-0.35%	0.24%	0.71%	-0.06%	0.14%
FCF per Share	2.01	1.67	3.19	6.32	13.35	8.68	10.73	18.46	17.49	20.03
FCF Conversion (FCF/Net Income)	0.99x	1.10x	1.23x	0.93x	1.08x	1.18x	0.98x	1.00x	1.03x	1.08x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	24.39M	20.73M	49M	45.88M	44.44M	46.62M	68.22M	151.96M	104.08M	120.67M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	138.21%	79.82%	100%	119.92%	84.23%	35.3%	47.49%	62.67%	44.67%	41.73%
Return on Invested Capital (ROIC)	19403.5%	-	757.31%	259.86%	178.88%	77.96%	126.1%	172.51%	125.01%	74.72%
Gross Margin	99.95%	99.93%	99.34%	95.42%	93.94%	89.22%	93.46%	95.07%	92.35%	89.9%
Net Margin	63.01%	62.16%	57.71%	69.86%	64.98%	58.19%	59.87%	66.88%	64.23%	64.32%
Debt / Equity	-	-	-	-	0.01x	0.00x	0.00x	0.00x	0.00x	0.00x
FCF Conversion	0.99x	1.10x	1.23x	0.93x	1.08x	1.18x	0.98x	1.00x	1.03x	1.08x
Revenue Growth	43.86%	-24.56%	120.87%	126.87%	63.38%	-38.32%	49.05%	48%	-5.37%	11.75%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Oil And Gas Royalties	123.83M	154.73M	137.95M	286.47M	452.43M	357.39M	373.33M
Oil And Gas Royalties Growth	-	24.95%	-10.85%	107.66%	57.94%	-21.01%	4.46%
Water Sales And Royalties	63.91M	84.95M	54.86M	67.77M	84.72M	112.2M	150.72M
Water Sales And Royalties Growth	-	32.91%	-35.42%	23.52%	25.03%	32.43%	34.33%
Produced Water Royalties	-	-	-	58.08M	72.23M	84.26M	104.12M
Produced Water Royalties Growth	-	-	-	-	24.37%	16.65%	23.57%
Easement and Sundry	88.74M	115.36M	92.04M	37.62M	48.06M	70.93M	73.26M
Easement and Sundry Growth	-	30.00%	-20.22%	-59.13%	27.76%	47.60%	3.28%
Land Sales	4.37M	135.02M	17.38M	-	-	-	4.39M
Land Sales Growth	-	2991.83%	-87.13%	-	-	-	-
Land Sales and Other Revenue	-	-	-	1.03M	9.97M	6.81M	-
Land Sales and Other Revenue Growth	-	-	-	-	870.98%	-31.75%	-
Other Revenues	492K	436K	323K	-	-	-	-
Other Revenues Growth	-	-11.38%	-25.92%	-	-	-	-
Oil And Gas Royalty Interests	18.88M	-	-	-	-	-	-
Oil And Gas Royalty Interests Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Texas Pacific Land Corporation (TPL) has a price-to-earnings (P/E) ratio of 16.8x. This is roughly in line with market averages.

Growth & Financials

Texas Pacific Land Corporation (TPL) reported $772.4M in revenue for fiscal year 2024. This represents a 2211% increase from $33.4M in 2011.

Texas Pacific Land Corporation (TPL) grew revenue by 11.8% over the past year. This is steady growth.

Yes, Texas Pacific Land Corporation (TPL) is profitable, generating $476.4M in net income for fiscal year 2024 (64.3% net margin).

Dividend & Returns

Yes, Texas Pacific Land Corporation (TPL) pays a dividend with a yield of 4.56%. This makes it attractive for income-focused investors.

Texas Pacific Land Corporation (TPL) has a return on equity (ROE) of 41.7%. This is excellent, indicating efficient use of shareholder capital.

Texas Pacific Land Corporation (TPL) generated $514.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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