NYSE : TPL
Texas Pacific Land Corporation — Financial statements
Energy · Oil & Gas Exploration & Production · United States
Last price 331.68 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 22.88B
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Financial statements
Texas Pacific Land Corporation (TPL) reported revenue of 897.54M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 897.54M | 798.19M | 705.82M | 631.60M | 667.42M | 450.96M |
| Revenue | 897.54M | 798.19M | 705.82M | 631.60M | 667.42M | 450.96M |
| Cost of Revenue | 59.81M | 53.53M | 46.12M | 33.57M | 17.46M | 13.23M |
| Gross Profit | 837.73M | 744.66M | 659.70M | 598.03M | 649.96M | 437.73M |
| Selling, General & Admin | 86.95M | 80.83M | 82.91M | 89.32M | 63.06M | 58.82M |
| Other Operating Expenses | 9.20M | 8.26M | 7.29M | 7.38M | 8.85M | 144.00K |
| Operating Expenses | 163.72M | 151.63M | 115.37M | 111.46M | 87.29M | 75.22M |
| Operating Income | 674.01M | 593.03M | 544.33M | 486.57M | 562.67M | 362.51M |
| Interest Expense | -2.65M | -690.00K | ||||
| Interest & Investment Income | 12.81M | 17.97M | 32.14M | 28.63M | 6.21M | 78.00K |
| Other Non Operating Income (Expenses) | 15.00K | 15.00K | 2.35M | 964.00K | -22.00K | 433.00K |
| EBT Excluding Unusual Items | 684.18M | 610.33M | 578.82M | 516.16M | 568.86M | 363.02M |
| Other Unusual Items | 27.00K | 1.40M | ||||
| Pretax Income | 684.21M | 610.33M | 578.82M | 517.56M | 568.86M | 363.02M |
| Income Tax Expense | 142.79M | 128.95M | 124.86M | 111.92M | 122.49M | 93.04M |
| Net Income | 541.42M | 481.38M | 453.96M | 405.64M | 446.36M | 269.98M |
| Net Income to Common | 541.42M | 481.38M | 453.96M | 405.64M | 446.36M | 269.98M |
| Shares Outstanding (Basic) | 68.96M | 68.95M | 68.96M | 69.13M | 69.50M | 69.77M |
| Shares Outstanding (Diluted) | 69.02M | 69.03M | 69.06M | 69.18M | 69.54M | 69.77M |
| EPS (Basic) | 7.85 | 6.98 | 6.58 | 5.87 | 6.42 | 3.87 |
| EPS (Diluted) | 7.84 | 6.97 | 6.57 | 5.86 | 6.42 | 3.87 |
| Free Cash Flow | 526.70M | 486.38M | 460.98M | 403.26M | 427.94M | 249.62M |
| Free Cash Flow Per Share | 7.63 | 7.05 | 6.67 | 5.83 | 6.15 | 3.58 |
| Dividend Per Share | 2.27 | 2.13 | 1.70 | 1.44 | 1.33 | 1.22 |
| Gross Margin | 93.34% | 93.29% | 93.47% | 94.69% | 97.38% | 97.07% |
| Operating Margin | 75.09% | 74.30% | 77.12% | 77.04% | 84.30% | 80.39% |
| Profit Margin | 60.32% | 60.31% | 64.32% | 64.22% | 66.88% | 59.87% |
| Free Cash Flow Margin | 58.68% | 60.93% | 65.31% | 63.85% | 64.12% | 55.35% |
| EBITDA | 741.59M | 655.57M | 569.49M | 501.32M | 578.05M | 378.76M |
| EBITDA Margin | 82.62% | 82.13% | 80.69% | 79.37% | 86.61% | 83.99% |
| D&A For EBITDA | 67.58M | 62.53M | 25.16M | 14.76M | 15.38M | 16.26M |
| EBIT | 674.01M | 593.03M | 544.33M | 486.57M | 562.67M | 362.51M |
| EBIT Margin | 75.09% | 74.30% | 77.12% | 77.04% | 84.30% | 80.39% |
| Effective Tax Rate | 20.87% | 21.13% | 21.57% | 21.62% | 21.53% | 25.63% |
| Revenue as Reported | 897.54M | 798.19M | 705.82M | 631.60M | 667.42M | 450.96M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 248.61M | 144.81M | 369.83M | 725.17M | 510.83M | 428.24M |
| Cash & Short-Term Investments | 248.61M | 144.81M | 369.83M | 725.17M | 510.83M | 428.24M |
| Receivables | 174.77M | 164.91M | 126.67M | 128.97M | 103.98M | 95.22M |
| Prepaid Expenses | 5.06M | 5.29M | 5.32M | 2.94M | 7.43M | 3.05M |
| Other Current Assets | 4.31M | 1.55M | 5.38M | 11.16M | ||
| Total Current Assets | 428.44M | 319.32M | 503.37M | 862.46M | 633.40M | 526.51M |
| Property, Plant & Equipment | 196.01M | 178.22M | 123.74M | 91.45M | 88.00M | 81.55M |
| Long-Term Investments | 870.37M | 890.02M | 432.40M | 46.61M | 45.02M | 44.39M |
| Other Intangible Assets | 31.68M | 32.85M | 35.19M | 21.02M | ||
| Other Long-Term Assets | 312.60M | 202.87M | 153.32M | 134.85M | 111.00M | 111.61M |
| Total Assets | 1.86B | 1.62B | 1.25B | 1.16B | 877.43M | 764.06M |
| Accounts Payable | 38.27M | 37.97M | 26.96M | 22.50M | 23.44M | 17.91M |
| Accrued Expenses | 5.43M | 8.91M | 8.42M | 10.76M | 8.50M | 101.00K |
| Current Portion of Leases | 2.50M | 1.61M | ||||
| Current Income Taxes Payable | 28.93M | 4.01M | 4.39M | 4.79M | 3.17M | 29.08M |
| Current Unearned Revenue | 18.99M | 20.11M | 6.80M | 6.33M | 4.49M | 3.81M |
| Total Current Liabilities | 94.12M | 72.60M | 46.56M | 44.39M | 39.59M | 50.90M |
| Long-Term Leases | 15.51M | 16.18M | 453.00K | 1.17M | 1.96M | 1.45M |
| Long-Term Unearned Revenue | 18.04M | 21.07M | 20.64M | 25.01M | 21.71M | 20.45M |
| Long-Term Deferred Tax Liabilities | 59.30M | 54.11M | 47.40M | 42.37M | 41.15M | 38.95M |
| Other Long-Term Liabilities | 104.00K | 413.00K | 504.00K | 274.00K | 131.00K | 611.00K |
| Total Liabilities | 187.08M | 164.37M | 115.56M | 113.20M | 104.54M | 112.35M |
| Common Stock | 691.00K | 691.00K | 231.00K | 78.00K | 78.00K | 78.00K |
| Additional Paid-In Capital | 7.01M | 9.91M | 19.90M | 14.61M | 8.29M | 28.00K |
| Retained Earnings | 1.79B | 1.60B | 1.28B | 1.17B | 866.14M | 668.03M |
| Treasury Stock | -132.67M | -151.24M | -168.84M | -145.00M | -104.14M | -15.42M |
| Comprehensive Income & Other | 3.43M | 4.15M | 3.58M | 1.83M | 2.52M | -1.01M |
| Shareholders' Equity | 1.67B | 1.46B | 1.13B | 1.04B | 772.89M | 651.71M |
| Total Liabilities & Equity | 1.86B | 1.62B | 1.25B | 1.16B | 877.43M | 764.06M |
| Total Debt | 18.02M | 17.79M | 453.00K | 1.17M | 1.96M | 1.45M |
| Net Cash (Debt) | 230.60M | 127.02M | 369.38M | 724.00M | 508.88M | 426.80M |
| Net Cash Per Share | 3.34 | 1.84 | 5.35 | 10.47 | 7.32 | 6.12 |
| Filing Date Shares Outstanding | 68.97M | 68.94M | 68.95M | 69.02M | 69.26M | 69.71M |
| Total Common Shares Outstanding | 68.97M | 68.94M | 68.92M | 69.02M | 69.26M | 69.70M |
| Working Capital | 334.32M | 246.72M | 456.81M | 818.08M | 593.81M | 475.61M |
| Book Value Per Share | 24.25 | 21.16 | 16.43 | 15.11 | 11.16 | 9.35 |
| Tangible Book Value | 1.64B | 1.43B | 1.10B | 1.02B | 772.89M | 651.71M |
| Tangible Book Value Per Share | 23.79 | 20.69 | 15.92 | 14.81 | 11.16 | 9.35 |
| Machinery | 12.41M | 12.09M | 9.93M | 9.80M | 9.72M | 9.07M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 541.42M | 481.38M | 453.96M | 405.64M | 446.36M | 269.98M |
| Depreciation & Amortization | 67.58M | 62.53M | 25.16M | 14.76M | 15.38M | 16.26M |
| Other Amortization | 211.00K | 211.00K | ||||
| Stock-Based Compensation | 16.70M | 15.13M | 12.50M | 10.34M | 8.43M | 28.00K |
| Other Operating Activities | -10.42M | 6.55M | -12.00K | 1.40M | 1.26M | 220.00K |
| Change in Accounts Receivable | -52.93M | -52.93M | -610.00K | -24.46M | -13.83M | -47.60M |
| Change in Unearned Revenue | 13.75M | 13.75M | -3.90M | 5.14M | 1.94M | -1.91M |
| Change in Income Taxes | 24.75M | -4.10M | -407.00K | 6.44M | -30.73M | 25.03M |
| Change in Other Net Operating Assets | 2.10M | 23.39M | 3.98M | -976.00K | 18.34M | 3.16M |
| Operating Cash Flow | 603.15M | 545.91M | 490.67M | 418.29M | 447.15M | 265.16M |
| Capital Expenditures | -76.45M | -59.53M | -29.70M | -15.03M | -19.21M | -15.55M |
| Sale of Property, Plant & Equipment | 5.00K | 106.00K | 1.09M | |||
| Cash Acquisitions | -45.00M | |||||
| Sale (Purchase) of Intangibles | -450.70M | -454.24M | -395.58M | -24.97M | -1.66M | |
| Sale (Purchase) of Real Estate | -141.61M | -35.95M | -1.48M | -20.32M | -633.00K | -535.00K |
| Investment in Securities | -50.00M | -50.00M | ||||
| Other Investing Activities | 3.88M | |||||
| Investing Cash Flow | -718.76M | -595.85M | -471.75M | -60.31M | -21.40M | -15.00M |
| Repurchase of Common Stock | -17.88M | -23.18M | -30.78M | -44.64M | -89.53M | -19.68M |
| Common Dividends Paid | -156.76M | -147.80M | -117.47M | -99.97M | -92.54M | -85.26M |
| Other Financing Activities | -5.07M | -5.07M | ||||
| Financing Cash Flow | -179.71M | -176.04M | -378.09M | -144.61M | -336.81M | -104.95M |
| Net Cash Flow | -295.32M | -225.98M | -359.17M | 213.37M | 88.94M | 145.22M |
| Free Cash Flow | 526.70M | 486.38M | 460.98M | 403.26M | 427.94M | 249.62M |
| Free Cash Flow Margin | 58.68% | 60.93% | 65.31% | 63.85% | 64.12% | 55.35% |
| Free Cash Flow Per Share | 7.63 | 7.05 | 6.67 | 5.83 | 6.15 | 3.58 |
| Levered Free Cash Flow | -32.84M | -82.23M | -41.47M | 279.27M | 319.00M | 210.04M |
| Unlevered Free Cash Flow | -31.39M | -82.01M | -41.47M | 279.27M | 319.00M | 210.04M |
| Cash Income Tax Paid | 107.91M | 126.95M | 120.67M | 104.08M | 151.96M | 68.22M |
| Change in Working Capital | -12.34M | -19.90M | -936.00K | -13.86M | -24.28M | -21.32M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 22.76B | 19.80B | 25.41B | 12.07B | 18.06B | 9.67B |
| Enterprise Value | 22.53B | 19.29B | 24.88B | 11.42B | 17.61B | 9.30B |
| Last Close Price | 329.95 | 285.99 | 364.84 | 169.44 | 250.65 | 131.03 |
| PE Ratio | 42.09 | 41.13 | 55.97 | 29.75 | 40.46 | 35.83 |
| Forward PE | 33.08 | 36.66 | 36.38 | 28.76 | 36.87 | 24.37 |
| PS Ratio | 25.36 | 24.81 | 36.00 | 19.11 | 27.06 | 21.45 |
| PB Ratio | 13.61 | 13.57 | 22.44 | 11.57 | 23.37 | 14.84 |
| P/TBV Ratio | 13.87 | 13.88 | 23.16 | 11.81 | 23.37 | 14.84 |
| P/FCF Ratio | 43.21 | 40.71 | 55.12 | 29.93 | 42.20 | 38.76 |
| P/OCF Ratio | 37.73 | 36.27 | 51.78 | 28.85 | 40.39 | 36.48 |
| EV/Sales Ratio | 25.10 | 24.16 | 35.24 | 18.07 | 26.39 | 20.63 |
| EV/EBITDA Ratio | 30.38 | 29.42 | 43.68 | 22.77 | 30.47 | 24.56 |
| EV/EBIT Ratio | 33.42 | 32.52 | 45.70 | 23.46 | 31.30 | 25.66 |
| EV/FCF Ratio | 42.77 | 39.65 | 53.97 | 28.31 | 41.16 | 37.27 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA Ratio | 0.02 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / FCF Ratio | 0.03 | 0.04 | 0.00 | 0.00 | 0.01 | 0.01 |
| Net Debt / Equity Ratio | -0.14 | -0.09 | -0.33 | -0.69 | -0.66 | -0.66 |
| Net Debt / EBITDA Ratio | -0.31 | -0.19 | -0.65 | -1.44 | -0.88 | -1.13 |
| Net Debt / FCF Ratio | -0.44 | -0.26 | -0.80 | -1.79 | -1.19 | -1.71 |
| Asset Turnover | 0.55 | 0.56 | 0.59 | 0.62 | 0.81 | 0.68 |
| Quick Ratio | 4.50 | 4.27 | 10.66 | 19.24 | 15.53 | 10.28 |
| Current Ratio | 4.55 | 4.40 | 10.81 | 19.43 | 16.00 | 10.34 |
| Return on Equity (ROE) | 36.57% | 37.15% | 41.73% | 44.67% | 62.67% | 47.49% |
| Return on Assets (ROA) | 25.81% | 25.82% | 28.30% | 29.90% | 42.85% | 33.92% |
| Return on Invested Capital (ROIC) | 38.54% | 44.65% | 78.89% | 130.78% | 180.61% | 125.08% |
| Return on Capital Employed (ROCE) | 38.20% | 38.20% | 45.30% | 43.80% | 67.20% | 50.80% |
| Earnings Yield | 2.38% | 2.43% | 1.79% | 3.36% | 2.47% | 2.79% |
| FCF Yield | 2.31% | 2.46% | 1.81% | 3.34% | 2.37% | 2.58% |
| Dividend Yield | 0.73% | 0.74% | 0.46% | 0.82% | 0.51% | 0.88% |
| Payout Ratio | 30.61% | 30.70% | 25.88% | 24.64% | 20.73% | 31.58% |
| Buyback Yield / Dilution | 0.03% | 0.05% | 0.17% | 0.52% | 0.33% | 0.05% |
| Total Shareholder Return | 0.76% | 0.79% | 0.64% | 1.34% | 0.84% | 0.93% |