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Texas Pacific Land Corporation (TPL) USD

At a glance: strengths & risks
✓Revenue growing (+13%)✓Margins improving (80%→82%)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 33.1 vs avg 45.1)

Sector: Oil

Geography: Permian Basin (US)

COMM_TPL

Price chart

358.52 USDDay 3.31%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
358.52 USD · 3.31%
Market cap
24.7 bn USD

Growth

Δ revenue y/y
31.2%
Δ EBITDA y/y
32.4%

Multiples

P/E (LTM)
45.7x
3y avg: 59.0x
P/B (FY)
16.9x
P/E (ann.)
40.1x
EV/EBITDA (LTM)
33.1x
3y avg: 45.1x
EV/EBITDA (ann.)
29.4x

Cash return

Dividend yield
0.6%
FCF yield (LTM)
-0.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+1.5%
↓ details

Liquidity

Daily turnover (listing)
116.7 mln USD

Shares: yahoo_fundamentals_timeseries/TPL

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL246.1
y/y 31.2%
191.8
y/y 33.4%
16.6
y/y 21.2%
208.4
y/y 32.4%
153.9
y/y 32.5%
172.9-21.91859.5
y/y 32.4%
1672.4
y/y 29.7%
38.1%-232.8Link
2026-03-31Q1 2026 (3M)OK236.8
y/y 20.8%
182.3
y/y 21.5%
14.0
y/y 17.6%
196.4
y/y 21.2%
142.9
y/y 18.4%
162.0-7.31751.5
y/y 29.4%
1555.9
y/y 29.0%
37.9%-231.7Link
2025-12-31Q4 2025 (3M)OK211.6
y/y 13.9%
149.2
y/y 4.7%
21.9
y/y 91.2%
171.2
y/y 11.1%
123.3
y/y 4.2%
113.7-570.41623.3
y/y 30.1%
1458.9
y/y 28.8%
34.1%-128.6Link
2025-09-30Q3 2025 (3M)OK203.1
y/y 17.0%
149.1
y/y 17.1%
15.0
y/y 159.7%
164.1
y/y 23.3%
121.2
y/y 13.7%
154.6-18.61524.9
y/y 29.7%
1368.0
y/y 30.0%
12.2%-515.3Link
2025-06-30Q2 2025 (3M)PARTIAL187.5
y/y 8.8%
143.8
y/y 7.9%
13.7
y/y 234.7%
157.5
y/y 14.7%
116.1
y/y 1.4%
120.9-3.31404.7
y/y 6.8%
1288.9
y/y 6.8%
37.2%-543.5Link
2025-03-31Q1 2025 (3M)PARTIAL196.0
y/y 12.5%
150.1
y/y 10.3%
11.9
y/y 211.0%
162.0
y/y 15.8%
120.7
y/y 5.4%
156.7-3.51353.3
y/y 7.5%
1206.3
y/y 7.5%
41.3%-459.9Link
2024-12-31Q4 2024 (3M)OK185.8
y/y 11.5%
142.5
y/y 6.5%
11.5
y/y 195.8%
154.0
y/y 11.8%
118.4
y/y 4.6%
126.6-246.01248.0
y/y 7.9%
1132.5
y/y 8.6%
41.6%-369.4Link
2024-09-30Q3 2024 (3M)PARTIAL173.6
y/y 9.9%
127.3
y/y 0.3%
5.8
y/y 60.8%
133.1
y/y 2.0%
106.6
y/y 1.0%
118.6-216.11175.6
y/y 8.9%
1052.1
y/y 9.1%
12.6%-532.7Link
2024-06-30Q2 2024 (3M)PARTIAL172.3
y/y 7.3%
133.2
y/y 10.8%
4.1
y/y 5.1%
137.3
y/y 10.6%
114.6
y/y 14.1%
98.3-7.41315.8
y/y 31.4%
1206.4
y/y 35.9%
39.4%-893.5Link
2024-03-31Q1 2024 (3M)OK174.1
y/y 19.0%
136.0
y/y 29.6%
3.8
y/y 12.8%
139.9
y/y 29.1%
114.4
y/y 32.2%
147.2-2.21259.2
y/y 31.8%
1122.4
y/y 35.4%
42.3%-836.0Link
2023-12-31Q4 2023 (3M)OK166.7
y/y —
133.9
y/y —
3.9
y/y —
137.7
y/y —
113.1
y/y —
111.454.41156.4
y/y —
1043.2
y/y —
40.4%-724.0Link
2023-09-30Q3 2023 (3M)OK158.0
y/y —
127.0
y/y —
3.6
y/y —
130.5
y/y —
105.6
y/y —
107.6-28.21079.3
y/y —
964.6
y/y —
15.2%-652.0Link
2023-06-30Q2 2023 (3M)PARTIAL160.6
y/y —
120.3
y/y —
3.9
y/y —
124.2
y/y —
100.4
y/y —
84.5-25.91001.3
y/y —
887.5
y/y —
46.8%-607.3Link
2023-03-31Q1 2023 (3M)PARTIAL146.4
y/y —
105.0
y/y —
3.4
y/y —
108.4
y/y —
86.6
y/y —
114.8-3.8955.3
y/y —
829.1
y/y —
—-588.7Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)16
− Cash & equivalents249
Net debt-233

Net debt / LTM EBITDA: -0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502002502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%10%20%30%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-400-300-200-10001002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 000-800-600-400-20002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.03x of reported net profit; after capex, 0.96x.
year20212022202320242025
cash flow / profit0.98x1.00x1.03x1.08x1.13x
accruals, % of assets0.6%-0.1%-1.1%-2.9%-4.0%
Last twelve months (to 2025-Q3): 1.11x of profit came back as operating cash flow.
net debt / EBITDA -0.2x · EBIT covers interest 845.9x · capex 0.3x of depreciation · dividends 85% of free cash flow · share count +72.7% a year
● Capex is 29% of depreciation - the asset base is being consumed faster than replaced.
● Diluted share count grew 72.7% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Annual production
12.68 mln boe
2025

Production, mln boe

6.8220217.83202221.30202324.14202412.682025

Production

YearProduction, mln boeper day, mln boe
20263.38 * (3M)
+19.3%		0.04
202512.68
−47.4%		0.03
202424.14
+13.3%		0.07
202321.30
+172.1%		0.06
20227.83
+14.8%		0.02
20216.820.02
20204.43 * (9M)0.02

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI

Current 82spot vs LTM +14%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +1.5% ▼ -0.0 pp 1d

Main driver: WTI +15% vs LTM; revenue ×1.03 vs costs ×1.04; EBITDA 747→759; at 3.5× EV/EBITDA → +1%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI (rev)+60%82.4071.9676.26+15%+6%
Henry Hub gas (rev)+30%2.723.383.11-20%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue898
LTM EBITDA747
LTM cash costs (revenue − EBITDA)150
2 · Revenue projection
Revenue multiplier — spot×1.028 (+3%)
= Spot revenue923
Revenue multiplier — 3y price×1.012 (+1%)
= 3-year-price revenue908
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs156
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs156
4 · EBITDA projection (revenue − costs)
= Spot EBITDA767
= 3-year-price EBITDA752
Conservative EBITDA = min(spot, avg)759
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)3.5x
Target EV = EV/EBITDA × conservative EBITDA2 635
Net debt-233
Target market cap = EV − net debt2 867
Current market cap2 825

Upside = target market cap ÷ current − 1 = +1.5%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q3158142+11.6%131110+19.1%
2023 Q4167147+13.6%138114+20.7%
2024 Q1174146+18.9%140113+23.9%
2024 Q2172165+4.7%137132+4.0%
2024 Q3174157+10.3%133125+6.4%
2024 Q4186174+6.6%154139+11.0%
2025 Q1196202-2.9%162166-2.1%
2025 Q2188181+3.9%157144+9.1%
2025 Q3203176+15.4%164141+16.3%
2025 Q4212190+11.1%171156+9.8%
2026 Q1237209+13.1%196173+13.7%
2026 Q2246253-2.6%216214+0.7%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +13% vs +12% the year before — a +1.3 pp move. 3-year CAGR +6%.
revenue growth by year: 2023 -5% · 2024 +12% · 2025 +13%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.0x · target 75th pct (3y) 3.8x · LTM avg 4.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-010.6 USDEx-dividend: 0.6 USD per sharePaidYahoo Finance (ex-div)
2026-03-020.6 USDEx-dividend: 0.6 USD per sharePaidYahoo Finance (ex-div)
2025-12-010.5333 USDEx-dividend: 0.5333 USD per sharePaidYahoo Finance (ex-div)
2025-09-020.5333 USDEx-dividend: 0.5333 USD per sharePaidYahoo Finance (ex-div)
2025-06-020.5333 USDEx-dividend: 0.5333 USD per sharePaidYahoo Finance (ex-div)
2025-03-030.5333 USDEx-dividend: 0.5333 USD per sharePaidYahoo Finance (ex-div)
2024-12-020.5333 USDEx-dividend: 0.5333 USD per sharePaidYahoo Finance (ex-div)
2024-09-030.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2024-07-013.3333 USDEx-dividend: 3.3333 USD per sharePaidYahoo Finance (ex-div)
2024-06-030.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2024-02-290.3889 USDEx-dividend: 0.3889 USD per sharePaidYahoo Finance (ex-div)
2023-11-300.3611 USDEx-dividend: 0.3611 USD per sharePaidYahoo Finance (ex-div)
2023-08-310.3611 USDEx-dividend: 0.3611 USD per sharePaidYahoo Finance (ex-div)
2023-06-070.3611 USDEx-dividend: 0.3611 USD per sharePaidYahoo Finance (ex-div)
2023-03-070.3611 USDEx-dividend: 0.3611 USD per sharePaidYahoo Finance (ex-div)
2022-12-070.3333 USDEx-dividend: 0.3333 USD per sharePaidYahoo Finance (ex-div)
2022-09-070.3333 USDEx-dividend: 0.3333 USD per sharePaidYahoo Finance (ex-div)
2022-06-072.5556 USDEx-dividend: 2.5556 USD per sharePaidYahoo Finance (ex-div)
2022-03-070.3333 USDEx-dividend: 0.3333 USD per sharePaidYahoo Finance (ex-div)
2021-12-070.3056 USDEx-dividend: 0.3056 USD per sharePaidYahoo Finance (ex-div)
2021-09-070.3056 USDEx-dividend: 0.3056 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Texas Pacific Land Corporation (TPL) — from primary filings.

Texas Pacific Land Corporation manages land and resources in the Permian Basin, including leasing surface acres for various uses and holding oil and gas royalty interests. It also provides water services such as sourcing, treatment, and disposal for operators in the region.

Frequently asked questions

What is Texas Pacific Land Corporation (TPL)'s P/E ratio?
Texas Pacific Land Corporation (TPL) trades at a P/E of 45.7x (price to trailing 12-month earnings).
What is Texas Pacific Land Corporation (TPL)'s EV/EBITDA?
Texas Pacific Land Corporation (TPL) trades at 33.1x EV/EBITDA.
What is Texas Pacific Land Corporation (TPL)'s P/B ratio?
Texas Pacific Land Corporation (TPL) trades at a P/B of 16.9x.
What is Texas Pacific Land Corporation (TPL)'s dividend yield?
Texas Pacific Land Corporation (TPL)'s trailing 12-month dividend yield is 0.6%.
What is Texas Pacific Land Corporation (TPL)'s return on equity (ROE)?
Texas Pacific Land Corporation (TPL)'s ROE is 38.1%.
What is Texas Pacific Land Corporation (TPL)'s market capitalization?
Texas Pacific Land Corporation (TPL)'s market cap is 24.7 bn USD.

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