Texas Pacific Land

TPL · NYSE · Energy · Financials, fiscal 2016 to 2025

TPL · Last close · October 26, 2026

$333.46

Texas Pacific Land's revenue rose 13.1% to $798 million in fiscal 2025. Its operating margin was 74.2%, down from 76.4% a year earlier. It paid out $156 million in dividends and buybacks.

TEXAS PACIFIC LAND CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0001811074-26-000018 Updated October 10, 2026

Revenue

$798M

13.1%

Operating margin

74.2%

2.2 pts

Net income

$481M

6.0%

Free cash flow

—

Return on capital

45.0%

33.3 pts

Market cap

$23.0B

Oct 26 close

P/E

42.5x

On $7.84 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 31.6% a year and net income 31.0% a year, as buybacks cut the share count by 4%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Texas Pacific Land yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Texas Pacific Land's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Texas Pacific Land's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $483M, net cash of $145M at December 31, 2025 and 69 million diluted shares, from its filings. The scenarios are fitted to Texas Pacific Land: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 6.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11% for a cyclical or higher-risk business (Oil & Gas Exploration & Production); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Texas Pacific Land's own revenue growth, as above. Cautious: growth of 3% then 2.5% a year, 2% after year 10, a 12% discount rate. Base: growth of 6% then 4% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 9% then 6% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $333.46
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Texas Pacific Land's earnings per share of $7.84 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.1×, the middle of Texas Pacific Land's own P/E today, its peers' median and its sector's median (the Energy median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Gulfport Energy, Comstock Resources.

Earnings growth in the years ahead (% a year) Starts at Texas Pacific Land's revenue growth over the last 3 years, 6.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $333.46
Value at this multiple, against the last close: —
Texas Pacific Land's P/E at the last close: 42.5×

Company	Last close	Earnings per share	P/E today
Texas Pacific LandTPL	$333.46	$7.84	42.5×
Comstock ResourcesCRK	$14.33	$1.79	8.0×
Gulfport EnergyGPOR	$165.96	$25.08	6.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	428	511	725	370	145
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−428	−511	−725	−370	−145
Net debt to EBITDA	−1.1x	−0.9x	−1.4x	−0.7x	−0.2x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	—	—	—	—	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

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $575,651 of Texas Pacific Land shares on the open market, and 3 insiders sold $2.9 million, $1.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 29, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	4	$340.96	$1,364	Form 4
Sep 28, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$340.12	$340	Form 4
Sep 25, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$339.72	$340	Form 4
Sep 24, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$340.28	$340	Form 4
Sep 23, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$352.95	$353	Form 4
Sep 22, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$361.36	$361	Form 4
Sep 21, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$348.98	$349	Form 4
Sep 18, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$351.34	$351	Form 4
Sep 17, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$349.35	$349	Form 4
Sep 16, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$352.36	$352	Form 4
Sep 15, 2026	Peter DoyleDirector	Bought	5	$371.64	$1,858	Form 4
Sep 15, 2026	Horizon Kinetics Asset Management Llc10% owner	Bought	1	$370.59	$371	Form 4

The latest 12 of 237 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 8	4 of 8	5 of 8
Accruals ratio	−1.2%	−3.0%	−4.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Texas Pacific Land side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Texas Pacific Land	FY25	13.1%	74.2%	—	45.0%	−0.2x	5
Magnolia Oil & Gas	FY25	−0.3%	33.5%	—	16.8%	0.1x	6	Compare
Gulfport Energy	FY25	48.5%	42.2%	—	18.8%	0.9x	7	Compare
Talos Energy	FY25	−9.8%	−31.5%	—	−12.4%	2.0x	5	Compare
Comstock Resources	FY25	77.0%	29.1%	−20.2%	9.7%	2.2x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	60	132	300	490	303	451	667	632	706	798
Revenue growth	−24.6%	120.9%	126.9%	63.4%	−38.3%	49.0%	48.0%	−5.4%	11.8%	13.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	63	145	261	400	217	362	562	486	539	592
Net income	42	97	210	319	176	270	446	406	454	481
Diluted EPS (US$)	0.59	1.38	2.99	4.57	2.52	3.87	6.42	5.86	6.57	6.97
Diluted shares (millions)	72	71	70	70	70	70	70	69	69	69
Cash flow
Cash from operations	41	94	195	343	207	265	447	418	491	546
Capital expenditure	1	19	48	32	5	16	19	—	—	—
Free cash flow	40	75	148	311	202	249	428	—	—	—
Dividends paid	2	11	32	46	202	85	247	100	347	148
Share buybacks	33	34	38	4	0	20	88	43	29	8
Acquisitions	0	0	0	0	0	0	0	0	45	0
Stock-based compensation	—	—	—	0	0	0	8	10	12	15
Balance sheet at fiscal year end
Cash and short-term investments	49	80	120	304	281	428	511	725	370	145
Debt incl. finance leases	0	0	0	0	0	0	0	0	0	0
Total assets	62	120	285	598	572	764	877	1,156	1,248	1,623
Total liabilities	15	15	40	86	86	112	104	113	116	164
Shareholders' equity	53	105	245	512	485	652	773	1,043	1,132	1,459
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	105.0%	109.5%	86.9%	81.5%	71.8%	80.4%	84.2%	77.0%	76.4%	74.2%
Net margin	70.6%	73.5%	69.9%	65.0%	58.2%	59.9%	66.9%	64.2%	64.3%	60.3%
Free cash flow margin	66.7%	56.7%	49.1%	63.3%	66.8%	55.2%	64.2%	—	—	—
Return on capital	—	675.6%	277.6%	189.8%	84.4%	126.1%	181.8%	131.3%	78.3%	45.0%
Return on equity	86.0%	123.3%	119.9%	84.2%	35.3%	47.5%	62.7%	44.7%	41.7%	37.1%
Return on assets	74.9%	106.6%	103.5%	72.2%	30.1%	40.4%	54.4%	39.9%	37.8%	33.5%
Net debt to EBITDA	−0.8x	−0.6x	−0.5x	−0.7x	−1.2x	−1.1x	−0.9x	−1.4x	−0.7x	−0.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Texas Pacific Land's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Texas Pacific Land.