— Know what they know.
/
Not Investment Advice

TPL

NYSE · USD
Texas Pacific Land Corporation
Energy · Oil & Gas Exploration & Production
CEO Tyler Glover Employees 114 R&D / revenue 0.0%
Last price
$350.92+1.27%last session
Market cap
$24.2B
P/E (TTM)
44.7x
From 52w high
−35.9%
From 52w low
+30.3%
1-year return
−62.5%
RSI 14 · vs SMA200
48.4 · −12.3%
IS score
80.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

TPL   SPY   XLE (sector ETF) · weekly closes
50100150Jan 26Apr 26Jul 26Oct 26XLE 160SPY 116TPL 37

Score DNA

Each bar is a 0-100 score within the scored universe
100
Profitability
71
Growth
36
Value
88
Momentum
100
Risk (safety)
93
Quality
88
Balance sheet
69
Earnings quality

Flags

Strengths
✓ Net cash✓ Insider buying
Warnings
▲ Beneish M above -1.78
Observations
Moat model: Wide, Cost AdvantagePiotroski 7 / 9Altman Z 100.2Beta 0.623 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
113
$0.05M bought
Form 144 notices (12m): 4, $2.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+14
97 new holders, 71 closed
875 filers hold 73.3% · 348 added, 280 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+273
767 funds adding shares
494 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
68.0%
20-day avg 72.2%, 50-day avg 71.0%
Latest 4.2 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$798.2M
Revenue growth YoY+13.1%
Gross margin100.0%
Operating income$592.2M
Operating margin74.2%
Net income$481.4M
Net margin60.3%
EPS (diluted)$6.97
Cash flow
Operating cash flow$545.9M
Capital expenditure$59.5M
Free cash flow$486.4M
FCF conversion (FCF / OCF)89.1%
Stock-based compensation$15.1M
FCF less SBC$471.2M
Buybacks$23.2M
Dividends$147.8M
Balance sheet & returns
Cash & short-term investments$144.8M
Total debt$16.2M
Net cash$128.6M
Shareholders' equity$1.5B
Goodwill & intangibles$32.8M
Debt / equity0.01
ROE (TTM)35.8%
ROIC (TTM)30.1%
Operating margin by fiscal year
80.4%FY202184.3%FY202277.0%FY202376.4%FY202474.2%FY2025
Revenue $451.0M (FY2021) to $798.2M (FY2025), a 15.3% CAGR.

Valuation

P/E (TTM)44.7x
EV / EBITDA31.1x
Price / sales26.97x
Price / FCF46.0x
FCF yield2.18%
Buyback yield0.10%
SBC / revenue1.9%
Price / book14.47x
Forward P/E FY202638.0x
Forward P/E FY202734.4x
Forward P/E FY2028—
Forward multiples divide today's price by Street EPS estimates.

TPL vs industry median

473 companies in Oil & Gas Exploration & Production
Gross margin 85.8% 45.9% Operating margin 74.9% 19.2% Net margin 60.3% 12.3% ROIC 30.1% 5.3%
TPL (TTM)Industry median Asset turnover 0.48 vs industry 0.24 · financial leverage 1.11

Earnings delivery

Next report 2026-11-04 · consensus EPS $2.33
42%
beat rate, 5 of 12 quarters
−0.2%
median EPS surprise
2
longest beat streak
-5+19+9-7-14+6-0-8-8+0+2+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
TPL Texas Pacific Land Corporati $24.2B44.7x35.8%60.3%+13.1% −62.5%
EXE Expand Energy Corporation $21.6B8.0x14.9%17.6%+56.8% −4.8%
PR Permian Resources Corporatio $20.6B15.9x11.5%42.7%+12.8% +105.9%
OVV Ovintiv Inc. $19.2B19.7x8.4%15.1%+4.7% +91.7%
EQT EQT Corporation $34.0B11.9x12.2%15.6%+16.0% +3.2%
APA APA Corporation $17.2B10.4x25.9%31.1%−12.2% —
COG Cabot Oil & Gas Corporation $17.1B10.2x11.4%47.0%+26.0% —
WDS Woodside Energy Group Ltd $44.8B14.5x17.0%22.5%−10.8% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-09-25Officer/Director Change
2026-08-05Earnings Release; Regulation FD; Exhibits
2026-06-23Regulation FD; Exhibits
2026-05-18Regulation FD; Exhibits
2026-05-06Material Agreement; Earnings Release; Officer/Director Change; Regulation FD; Exhibits
2026-04-09Regulation FD; Exhibits

Context

Shares outstanding68,974,678
Free float99.6%
Institutional ownership73.3%
Beta0.62
Dividend yield0.66%
Last dividend$0.60 on 2026-09-01
50 / 200-day average$357.71 / $399.79
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where TPL sits among 48 scored companies in Oil & Gas Exploration & Production (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureTPLIndustry medianIndustry percentileSector median
P/E (TTM) 44.7x 11.0x
94th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 27.0x 2.0x
98th		 1.8x
Price / book 14.5x 1.5x
98th		 1.9x
Price / tangible book 36.8x 1.3x
100th		 1.9x
Price / free cash flow 46.0x 11.4x
97th		 11.9x
Price / operating cash flow 40.1x 4.5x
98th		 6.9x
Enterprise value $24.0B $6.1B
83rd		 $5.3B
EV / sales 26.7x 2.7x
98th		 2.4x
EV / EBITDA 32.1x 6.0x
95th		 9.0x
EV / EBIT 35.3x 10.0x
88th		 14.1x
EV / free cash flow 45.5x 12.3x
95th		 14.6x
Earnings yield 2.2% 6.5%
32nd		 4.6%
FCF yield 2.2% 8.4%
23rd		 5.8%
Operating cash flow yield 2.5% 21.3%
4th		 13.6%
Graham number (per share) $65.38 $45.98
68th		 $32.92

Profitability (TTM)

MeasureTPLIndustry medianIndustry percentileSector median
Gross margin 85.8% 48.6%
98th		 31.9%
EBITDA margin 83.1% 48.0%
100th		 26.7%
Operating margin 74.9% 24.6%
100th		 15.2%
EBIT margin 75.6% 25.8%
100th		 13.3%
Net margin 60.3% 17.5%
100th		 8.0%
NOPAT margin 59.3% 20.3%
96th		 12.4%
FCF margin 58.7% 20.0%
91st		 7.8%
Operating cash flow margin 67.2% 46.3%
89th		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 0.8% 6.7%
0th		 6.7%
Stock comp / revenue 1.9% 0.9%
81st		 0.7%
Effective tax rate 20.9% 21.0%
35th		 21.0%

Returns on capital

MeasureTPLIndustry medianIndustry percentileSector median
ROE (on average equity) 36.6% 13.7%
98th		 12.2%
ROA 33.2% 7.0%
100th		 4.8%
ROIC 37.0% 10.7%
94th		 9.9%
ROCE 38.4% 9.8%
100th		 9.8%
Return on tangible assets 41.6% 9.4%
100th		 8.3%
Cash ROIC (OCF / invested capital) 41.9% 25.0%
87th		 18.4%
Gross profitability (GP / assets) 46.9% 15.7%
100th		 14.8%
ROIC, 3-yr average 36.3% 8.5%
98th		 7.0%
ROIC, 5-yr average 57.6% 17.7%
97th		 10.1%
ROE, 5-yr average 42.2% 21.1%
90th		 14.8%
Incremental ROIC 41.8% 18.2%
63rd		 14.8%

Growth

MeasureTPLIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 20.8% 14.4%
67th		 10.2%
Revenue growth (QoQ) 3.9% 25.4%
28th		 13.0%
Revenue CAGR, 3 yr 11.3% 2.1%
67th		 2.0%
Revenue CAGR, 5 yr 22.2% 19.9%
59th		 13.7%
Gross profit CAGR, 3 yr 12.7% -1.3%
76th		 1.7%
Operating income CAGR, 3 yr 9.5% -14.4%
88th		 -2.0%
Net income growth (TTM YoY) 17.3% 23.5%
42nd		 23.5%
Net income CAGR, 3 yr 9.1% -12.5%
93rd		 -7.8%
EPS growth (TTM YoY) 17.3% 23.6%
42nd		 19.9%
EPS CAGR, 3 yr -24.3% -20.5%
31st		 -9.8%
EPS CAGR, 5 yr -1.6% 22.1%
15th		 20.5%
FCF growth (TTM YoY) 7.6% 27.0%
30th		 19.9%
FCF CAGR, 3 yr 6.8% 3.0%
57th		 -3.4%
Operating cash flow CAGR, 3 yr 10.2% 4.9%
67th		 3.2%
Book value CAGR, 3 yr -14.3% 7.9%
7th		 5.6%
Dividend CAGR, 3 yr -47.8% -4.9%
0th		 -0.1%
Sustainable growth rate 26.0% 11.9%
91st		 9.4%

Margin history & stability

MeasureTPLIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 92.7% 46.5%
100th		 31.0%
Operating margin, 3-yr average 76.6% 26.4%
100th		 15.4%
Net margin, 3-yr average 63.1% 16.5%
98th		 8.7%
FCF margin, 3-yr average 63.7% 15.4%
98th		 7.2%
Revenue stability (0-1) 0.95 0.70
84th		 0.64
Earnings stability (0-1) 0.85 0.14
93rd		 0.22
Margin stability (0-1) 0.97 0.80
98th		 0.73

Liquidity (latest quarter)

MeasureTPLIndustry medianIndustry percentileSector median
Cash & short-term investments $248.6M $119.5M
64th		 $248.6M
Net cash (− = net debt) $233.1M −$1.1B
100th		 −$1.1B
Working capital $334.3M −$48.6M
87th		 $205.0M
Current ratio 4.55 0.95
94th		 1.41
Quick ratio 4.55 0.90
94th		 1.13
Cash ratio (cash + ST investments / current liabilities) 2.64 0.27
94th		 0.36
Defensive interval (days) 774 days 340 days
79th		 768 days

Leverage & solvency (latest quarter)

MeasureTPLIndustry medianIndustry percentileSector median
Total debt $15.5M $1.3B
6th		 $1.3B
Debt / equity 0.01 0.48
4th		 0.61
Net debt / equity −0.14 0.38
4th		 0.45
Debt / assets 0.8% 23.7%
4th		 28.7%
Debt / capital 0.9% 32.6%
4th		 37.9%
Debt / EBITDA 0.02 1.74
5th		 1.98
Net debt / EBITDA −0.31 1.32
5th		 1.43
Interest coverage (EBIT / interest) 345.2x 4.9x
100th		 4.1x
Cash interest coverage 306.9x 11.9x
100th		 6.7x
Debt payback (years of OCF) 0.0 yrs 1.4 yrs
7th		 2.3 yrs
Liabilities / assets 10.1% 47.1%
2nd		 54.6%
IS credit model rating AAA — —
Implied credit spread (bps) 50 312
0th		 275

Efficiency

MeasureTPLIndustry medianIndustry percentileSector median
Asset turnover 0.55 0.39
91st		 0.49
Fixed asset turnover 4.58 0.47
89th		 0.94
Inventory turnover —
Receivables turnover 6.2 9.4
13th		 7.8
Days sales outstanding 59 days 39 days
87th		 46 days
Days inventory outstanding —
Days payables outstanding 488 days 49 days
98th		 41 days
Cash conversion cycle (days) −429 days −2 days
2nd		 18 days
Capex / revenue 8.5% 24.8%
20th		 11.9%
Capex / depreciation 1.13 0.99
59th		 1.04
Operating expense ratio 10.6% 25.0%
19th		 16.5%

Cash flow & earnings quality

MeasureTPLIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.11 2.19
0th		 2.02
FCF / net income 0.97 0.98
47th		 0.96
FCF / operating cash flow 87.3% 45.0%
86th		 48.4%
Capex / operating cash flow 12.7% 54.4%
13th		 51.6%
Accruals ratio -3.8% -12.1%
91st		 -7.7%
Sloan accruals ratio -21.0% -9.7%
6th		 -4.7%
Earnings quality score (0-1) 1.00 0.75
82nd		 0.75

Dividends & buybacks

MeasureTPLIndustry medianIndustry percentileSector median
Dividend yield 0.7% 2.3%
28th		 1.7%
Dividend per share (TTM) $2.33 $0.78
89th		 $0.66
Payout ratio (dividends / net income) 29.0% 27.5%
61st		 29.4%
Dividends / FCF 29.8% 21.1%
64th		 28.1%
Dividend growth (YoY) -57.4% -1.5%
8th		 0.5%
Buyback yield 0.0% 0.3%
34th		 0.2%
Shareholder yield (dividends + buybacks) 0.7% 3.5%
15th		 3.2%
Share count change (YoY) -0.0% 0.2%
40th		 0.2%
Buybacks, last 5 years $104.7M $74.3M
51st		 $38.8M

Scores & forensic checks

MeasureTPLIndustry medianIndustry percentileSector median
IS score 81 57
91st		 51
IS profitability 100 66
96th		 50
IS growth 71 61
70th		 61
IS value 36 71
9th		 57
IS momentum 88 86
57th		 77
IS risk (safety) 100 30
91st		 50
IS quality 93 81
91st		 68
IS balance sheet 88 56
96th		 55
IS earnings quality 69 61
70th		 65
IS cash flow 85 61
77th		 50
Piotroski F-score (0-9) 7 7
43rd		 6
Altman Z-score 100.2 1.6
100th		 2.0
Beneish M-score −0.56 −2.72
87th		 −2.62
Ohlson O-score −16.27 −8.38
2nd		 −7.87
IS credit score 97 54
94th		 58

Per share

MeasureTPLIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.84 $2.27
89th		 $1.88
Book value per share $24.23 $18.64
60th		 $14.22
Tangible book per share $11.89 $19.14
32nd		 $12.86
Revenue per share $13.00 $14.22
47th		 $19.06
FCF per share $7.63 $2.65
81st		 $2.05
Operating cash flow per share $8.74 $6.43
57th		 $4.95
Cash per share $3.60 $1.32
81st		 $1.70

Size (TTM)

MeasureTPLIndustry medianIndustry percentileSector median
Market cap $24.2B $4.3B
85th		 $4.1B
Revenue $897.5M $1.9B
36th		 $2.0B
EBITDA $745.9M $719.1M
51st		 $606.3M
Net income $541.4M $288.8M
62nd		 $134.0M
Free cash flow $526.7M $254.3M
66th		 $199.4M
Total assets $1.9B $5.6B
34th		 $4.4B
Shareholders' equity $1.7B $2.1B
40th		 $1.8B
Employees 114 429
21st		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-29Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 4$340.96$1,3643,364,203
2026-09-28Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$340.12$3403,390,856
2026-09-25Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$339.72$3403,390,855
2026-09-24Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$340.28$3403,390,854
2026-09-23Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$352.95$3533,390,853
2026-09-22Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$361.36$3613,390,852
2026-09-21Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$348.98$3493,390,851
2026-09-18Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$351.34$3513,390,850
2026-09-17Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$349.35$3493,390,849
2026-09-16Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$352.36$3523,390,848
2026-09-15Doyle Peter
Director
 Open-market buy 5$371.64$1,858146,941
2026-09-15Horizon Kinetics Asset Management Llc
10 percent owner
 Open-market buy 1$370.59$3713,390,847

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired3256$803
Open-market buyAcquired113125$48,297
Open-market saleDisposed34,000$1.6M
—Disposed40—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 4 notices · 5,205 shares · $2.2M
FiledFilerShares proposedEst. proceeds
2026-09-17Horizon Kinetics Asset Management Llc250$74,880
2026-06-12Horizon Kinetics Asset Management Llc60$22,173
2026-06-05Chris Steddum4,000$1.6M
2026-02-26Donna Epps895$458,723
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 0 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2025-08-12Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-09-15
2025-07-22Lisa McClainHousePurchase$1,001 - $15,0002025-08-13
2025-07-21Lisa C. McClainHousePurchase$1,001 - $15,0002025-08-13
2025-04-08Rob BresnahanHousePurchase$1,001 - $15,0002025-05-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
HORIZON KINETICS ASSET MANAGEMENT LLC9,802,899$4.3B14.21%
BlackRock, Inc.5,296,254$2.3B7.68%
STATE STREET CORP3,964,748$1.7B5.75%
VANGUARD CAPITAL MANAGEMENT LLC3,808,863$1.7B5.52%
VANGUARD PORTFOLIO MANAGEMENT LLC3,184,079$1.4B4.62%
GEODE CAPITAL MANAGEMENT, LLC1,646,584$717.9M2.39%
FIRST MANHATTAN CO. LLC.1,064,741$466.0M1.54%
MORGAN STANLEY813,002$355.8M1.18%
Invesco Ltd.715,743$313.2M1.04%
PACIFIC HEIGHTS ASSET MANAGEMENT LLC590,000$258.2M0.86%
NORTHERN TRUST CORP512,572$224.3M0.74%
UBS Group AG444,839$194.7M0.64%
DIMENSIONAL FUND ADVISORS LP442,988$193.8M0.64%
SCHWARTZ INVESTMENT COUNSEL INC413,457$180.9M0.60%
Legal & General Group Plc350,454$153.4M0.51%

Institutional ownership by quarter

2023-092026-0673.3%
% of shares held by 13F filers
2023-092026-06875
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3087573.3%9734828071
2026-03-3186172.4%19128325648
2025-12-3173271.2%1026141266
2025-09-3070870.4%7523524990
2025-06-3073170.5%8225025091
2025-03-3174869.8%11624324641
2024-12-3168369.8%14620222145
2024-09-3059065.6%7818419947
2024-06-3056565.0%13817216740
2024-03-3147258.8%573951342
2023-12-3146560.4%5715115343
2023-09-3045859.8%7214614732

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-07SCHEDULE 13D/AHORIZON KINETICS ASSET MANAGEMENT LLC14.7%10,109,933
2026-05-07SCHEDULE 13D/AHorizon Kinetics Holding Corp14.7%10,109,933
2026-04-30SCHEDULE 13GVanguard Capital Management6.3%4,348,379
2026-04-13SCHEDULE 13D/AHORIZON KINETICS ASSET MANAGEMENT LLC14.5%9,974,556
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$678.1M
VTSAX0.03%$678.1M
VSMPX0.03%$678.1M
VTI0.03%$678.1M
VOO0.03%$501.6M
VFINX0.03%$501.6M

Share structure

Shares outstanding68,974,678
Float68,694,594
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$451.0M$667.4M$631.6M$705.8M$798.2M
Cost of revenue$29.5M$32.9M$48.3M$71.3M$0
Gross profit$421.5M$634.5M$583.3M$634.5M$798.2M
R&D$0$0$0$0$0
SG&A$59.1M$63.5M$89.8M$34.5M$23.8M
Operating income$362.4M$562.3M$486.1M$539.1M$592.2M
EBITDA$378.6M$577.7M$500.8M$564.3M$655.5M
Pretax income$363.0M$568.9M$517.6M$578.8M$610.3M
Income tax$93.0M$122.5M$111.9M$124.9M$129.0M
Net income$270.0M$446.4M$405.6M$454.0M$481.4M
EPS, diluted$11.61$19.26$17.59$19.72$6.97
Diluted shares23.3M23.2M23.1M23.0M69.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$428.2M$510.8M$725.2M$369.8M$144.8M
Receivables$95.2M$104.0M$129.0M$126.7M$164.9M
Inventory$109.1M$109.7M$0$0$0
Total current assets$526.5M$633.4M$862.5M$503.4M$319.3M
PP&E, net$125.9M$133.0M$138.1M$556.1M$178.2M
Goodwill & intangibles$0$0$21.0M$35.2M$32.8M
Total assets$764.1M$877.4M$1.2B$1.2B$1.6B
Accounts payable$17.9M$23.4M$22.5M$27.0M$48.5M
Total current liabilities$67.5M$56.8M$63.1M$60.4M$72.6M
Long-term debt$0$0$0$0$16.2M
Total liabilities$112.4M$104.5M$113.2M$115.6M$164.4M
Shareholders' equity$651.7M$772.9M$1.0B$1.1B$1.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$270.0M$446.4M$405.6M$454.0M$481.4M
Depreciation & amortization$16.3M$15.4M$14.8M$25.2M$62.5M
Stock-based compensation$28,000$8.4M$10.3M$12.5M$15.1M
Change in working capital−$21.3M−$24.3M−$13.9M−$936,000−$29.5M
Operating cash flow$265.2M$447.1M$418.3M$490.7M$545.9M
Capital expenditure−$15.5M−$19.2M−$15.0M−$29.7M−$59.5M
Free cash flow$249.6M$427.9M$403.3M$461.0M$486.4M
Investing cash flow−$15.0M−$21.4M−$60.3M−$471.7M−$595.8M
Net debt issued / repaid$0$0$0$0$0
Buybacks−$19.7M−$89.5M−$44.6M−$30.8M−$23.2M
Dividends paid−$85.3M−$247.3M−$100.0M−$347.3M−$147.8M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin93.5%95.1%92.3%90.7%100.0%
Operating margin80.4%84.3%77.0%76.4%74.2%
Net margin59.9%66.9%64.2%64.3%60.3%
FCF margin55.4%64.1%63.8%65.3%60.9%
ROE47.5%62.7%44.7%41.7%37.2%
ROIC119.8%167.1%119.3%55.4%34.7%
ROA40.4%54.4%39.9%37.8%33.5%
Debt / equity0.000.000.000.000.02
Interest coverage—————
Current ratio7.8011.1513.688.334.40
Revenue growth+49.0%+48.0%−5.4%+11.8%+13.1%
EPS growth+53.6%+66.2%−8.8%+12.0%−64.6%
P/E at year end34.0x39.1x29.0x55.7x41.2x
EV / EBITDA at year end23.1x29.3x22.0x44.2x30.1x
FCF yield at year end2.72%2.45%3.43%1.82%2.45%
Dividend payout31.6%55.4%24.6%76.5%30.7%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Oil And Gas Royalties$286.5M$452.4M$357.4M$373.3M$411.7M
Water Sales And Royalties$67.8M$84.7M$112.2M$150.7M$169.7M
Produced Water Royalties$58.1M$72.2M$84.3M$104.1M$124.2M
Easement and Sundry$37.6M$48.1M$70.9M$73.3M$91.8M
Land Sales and Other Revenue$1.0M$10.0M$6.8M——
Land Sales———$4.4M$819,000

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $2.33 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$1.0B$1.0B – $1.0B$9.24$9.24 – $9.24138.0x
2027$1.1B$1.1B – $1.1B$10.20$10.20 – $10.20134.4x
2028$1.2B$1.2B – $1.2B$0.00$0.00 – $0.000—

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$2.18$2.23+2.3%$249.5M$246.1M−1.4%
2026-05-06$2.02$2.07+2.5%$233.0M$236.8M+1.6%
2026-02-18$1.79$1.790.0%$207.5M$211.6M+2.0%
2025-11-05$1.92$1.76−8.5%$175.0M$203.1M+16.0%
2025-08-06$1.83$1.68−8.0%$198.0M$187.5M−5.3%
2025-05-07$1.76$1.75−0.4%$211.0M$196.0M−7.1%
2025-02-19$1.61$1.71+6.0%$185.0M$185.8M+0.4%
2024-11-06$1.78$1.54−13.6%$180.8M$173.6M−4.0%
2024-08-07$1.79$1.66−7.1%$182.3M$172.3M−5.5%
2024-05-08$1.53$1.66+8.7%$158.2M$174.1M+10.1%
2024-02-21$1.38$1.64+18.8%$152.2M$166.7M+9.5%
2023-11-01$1.61$1.53−5.0%$171.3M$158.0M−7.8%
2023-08-02$1.23$1.45+17.9%$153.1M$160.6M+4.9%
2023-05-03$1.47$1.25−15.0%$146.4M$146.4M0.0%
2023-02-22$1.68$1.44−14.3%$171.7M$152.7M−11.1%
2022-11-02$1.60$1.87+16.9%$175.7M$191.1M+8.8%
2022-08-03$1.70$1.71+0.6%$174.8M$176.3M+0.8%
2022-05-04$1.54$1.40−9.1%$156.3M$147.3M−5.7%
2022-02-23$1.22$1.13−7.4%$129.2M$147.2M+13.9%
2021-11-04$0.98$1.20+22.4%$110.2M$123.7M+12.2%
2021-08-05$0.82$0.820.0%$94.2M$95.9M+1.8%
2021-05-06$0.64$0.72+12.5%$74.2M$84.2M+13.4%
2021-02-25$0.50$0.64+28.0%$56.1M$74.3M+32.3%
2020-11-02$0.40$0.66+65.0%$62.0M$74.4M+19.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.206-220.206-290.107-060.107-130.107-200.107-270.208-030.208-100.208-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$111.4M303,82922,877
2026-08-24$111.4M299,88621,822
2026-08-17$217.7M589,33036,421
2026-08-10$187.3M532,80234,555
2026-08-03$240.1M647,27236,401
2026-07-27$135.2M341,91227,594

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1568.0%
DateShort shareShort volumeTotal volume
2026-10-1568.0%59,60287,665
2026-10-1471.1%78,543110,543
2026-10-1371.0%56,12879,103
2026-10-1272.3%60,61383,864
2026-10-0972.2%67,52993,476
2026-10-0870.2%100,204142,698
2026-10-0772.0%82,054113,919
2026-10-0675.9%128,823169,745
2026-10-0576.0%84,604111,342
2026-10-0274.6%74,20999,484
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.9Jan+8.3Feb+5.0Mar+4.2Apr+2.7May+3.9Jun+0.6Jul+3.3Aug+0.9Sep+0.6Oct+3.7Nov-3.9Dec
MonthAvg returnUp yearsYears
Jan+1.9%50%20
Feb+8.3%70%20
Mar+5.0%62%21
Apr+4.2%70%20
May+2.7%50%20
Jun+3.9%60%20
Jul+0.6%50%20
Aug+3.3%65%20
Sep+0.9%35%20
Oct+0.6%50%20
Nov+3.7%55%20
Dec−3.9%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1448.4
MFI63.1
ADX11.9
Stochastic %K / %D57.3 / 71.3
Williams %R-42.0
CCI9
TSI / signal-2.2 / -7.0
Chaikin money flow-0.05
ATR$12.30
Bollinger width14.1%
Volume vs 20-day avg0.65x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$347.87 (+0.9%)
SMA 50$357.50 (−1.8%)
SMA 200$399.94 (−12.3%)
EMA 21$352.88 (−0.6%)
EMA 50$361.00 (−2.8%)
EMA 200$463.63 (−24.3%)
Bollinger upper$372.31 (−5.7%)
Bollinger lower$323.43 (+8.5%)
Parabolic SAR$369.46 (−5.0%)
Open the live chart, 110+ indicators

About Texas Pacific Land Corporation

Texas Pacific Land Corporation (TPL) operates in two core business segments: land and resource management, and water services. Its Land and Resource Management division oversees a vast land portfolio, spanning nearly 880,000 acres. This segment also holds significant oil and gas royalty interests. These include perpetual non-participating royalty interests (NPRIs) covering approximately 85,000 acres (at a 1/128th rate) and about 371,000 acres (at a 1/16th rate). Furthermore, it possesses around 4,000 additional net royalty acres, primarily located in West Texas. The segment grants various easements and commercial leases for purposes such as oil, gas, and hydrocarbon infrastructure, power and utility lines, and subsurface wellbores. It also leases its land for facilities like processing, storage, and compression plants, as well as roads, and sells materials such as caliche. The Water Services and Operations division provides comprehensive water solutions to energy operators throughout the Permian Basin. Its services encompass water sourcing, the gathering and treatment of produced water, infrastructure development, disposal solutions, water tracking, analytics, and well testing. This segment also generates royalty income from water extracted from its own lands. Founded in 1888, Texas Pacific Land Corporation maintains its headquarters in Dallas, Texas.

https://www.texaspacific.com

Key executives

NameTitlePayBorn
Tyler GloverPresident, Chief Executive Officer & Trustee$2.0M1985
Chris SteddumChief Financial Officer$1.2M1981
Micheal W. DobbsSenior Vice President, Secretary & General Counsel$923,4831973
Katie KeenanSenior Vice President of Commercial Transactions and Assistant General Counsel——
Lawrence F. LabanowskiSenior Vice President of Mergers & Acquisitions——
Robert A. CrainExecutive Vice President of Texas Pacific Water Resources LLC—1979
Shawn AminiVice President of Finance & Investor Relations——
Stephanie D. BuffingtonChief Accounting Officer—1967

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Tyler Glover President and Chief Executive Officer2025$850,000$5.0M$1.2M$7.1M
Chris Steddum Chief Financial Officer2025$545,000$2.5M$670,350$3.7M
Micheal W. Dobbs Senior Vice President, Secretary and General Counsel2025$455,000$1.4M$447,720$2.3M

Employees

0k20200k20210k20220k20230k20240k2025

Dividends

Ex-dateAmountPaid
2026-09-01$0.62026-09-15
2026-06-01$0.62026-06-15
2026-03-02$0.62026-03-16
2025-12-01$0.53332025-12-15
2025-09-02$0.53332025-09-16
2025-06-02$0.53332025-06-16
2025-03-03$0.53332025-03-17
2024-12-02$0.53332024-12-16

Moat model

Wide · Cost Advantage · 2026-06-30
Cost advantage96
Intangibles73
Switching costs71
Network effect42
Efficient scale68
Our component scores (0-100) and overall 71.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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