NYSE: TPL
Texas Pacific Land
Energy · Oil Royalty Traders
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$30.2B
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| Period | Market cap |
|---|---|
| FY2018, ended Dec 31, 2018 | $4.22B |
| FY2019, ended Dec 31, 2019 | $6.06B |
| FY2020, ended Dec 31, 2020 | $5.64B |
| FY2021, ended Dec 31, 2021 | $9.67B |
| FY2022, ended Dec 31, 2022 | $18.0B |
| FY2023, ended Dec 31, 2023 | $12.1B |
| FY2024, ended Dec 31, 2024 | $25.4B |
| FY2025, ended Dec 31, 2025 | $19.8B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $30.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$898M
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| Period | Revenue |
|---|---|
| FY2018, ended Dec 31, 2018 | $300M |
| FY2019, ended Dec 31, 2019 | $490M |
| FY2020, ended Dec 31, 2020 | $303M |
| FY2021, ended Dec 31, 2021 | $451M |
| FY2022, ended Dec 31, 2022 | $667M |
| FY2023, ended Dec 31, 2023 | $632M |
| FY2024, ended Dec 31, 2024 | $706M |
| FY2025, ended Dec 31, 2025 | $798M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $898M |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2018, ended Dec 31, 2018 | $210M | $148M |
| FY2019, ended Dec 31, 2019 | $319M | $311M |
| FY2020, ended Dec 31, 2020 | $176M | $202M |
| FY2021, ended Dec 31, 2021 | $270M | $249M |
| FY2022, ended Dec 31, 2022 | $446M | $428M |
| FY2023, ended Dec 31, 2023 | $406M | — |
| FY2024, ended Dec 31, 2024 | $454M | — |
| FY2025, ended Dec 31, 2025 | $481M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $541M | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$249M
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| Period | Cash and cash equivalents |
|---|---|
| FY2018, ended Dec 31, 2018 | $123M |
| FY2019, ended Dec 31, 2019 | $304M |
| FY2020, ended Dec 31, 2020 | $281M |
| FY2021, ended Dec 31, 2021 | $428M |
| FY2022, ended Dec 31, 2022 | $511M |
| FY2023, ended Dec 31, 2023 | $725M |
| FY2024, ended Dec 31, 2024 | $370M |
| FY2025, ended Dec 31, 2025 | $145M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $249M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 1.6% since 2018.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.69.0M
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| Period | Shares outstanding |
|---|---|
| FY2018, ended Dec 31, 2018 | 70.1M |
| FY2019, ended Dec 31, 2019 | 69.8M |
| FY2020, ended Dec 31, 2020 | 69.8M |
| FY2021, ended Dec 31, 2021 | 69.7M |
| FY2022, ended Dec 31, 2022 | 69.3M |
| FY2023, ended Dec 31, 2023 | 69.0M |
| FY2024, ended Dec 31, 2024 | 69.0M |
| FY2025, ended Dec 31, 2025 | 68.9M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 69.0M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $8.42M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2018, ended Dec 31, 2018 | $38.4M | — |
| FY2019, ended Dec 31, 2019 | $4.35M | $0 |
| FY2020, ended Dec 31, 2020 | $0 | $0 |
| FY2021, ended Dec 31, 2021 | $19.7M | $28.0K |
| FY2022, ended Dec 31, 2022 | $87.8M | $8.43M |
| FY2023, ended Dec 31, 2023 | $42.6M | $10.3M |
| FY2024, ended Dec 31, 2024 | $29.2M | $12.5M |
| FY2025, ended Dec 31, 2025 | $8.38M | $15.1M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $8.28M | $16.7M |
Revenue (TTM)
$898M
+20.8% YoY
Net income (TTM)
$541M
+17.3% YoY
Cash
$249M
−54.3% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $22.9B
- P/E
- 42.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 25.5×
- Price / Book
- 13.7×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $898M
- Revenue Growth YoY
- 20.8%
- Revenue CAGR 3Y
- 6.1%
- Revenue CAGR 5Y
- 21.4%
- EPS Growth YoY
- 15,580%
- Net Income Growth YoY
- 17.3%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 74.9%
- Net Margin
- 60.3%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 36.6%
Earnings
Trailing 12 months- Net Income
- $541M
- EPS (diluted)
- $7.84
- EBITDA
- $740M
- Operating Income
- $672M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $249M
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $1.86B
- Total Liabilities
- $187M
- Shareholders' Equity
- $1.67B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $603M
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 0.7%
- Dividend / Share
- $2.33
- Beta (5Y)
- 0.58
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 20.8% year over year, at $898M.
Strength
Keeps 74.9% of revenue as operating profit.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 18, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K69Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 19, 2025 · Read the filing on EDGAR
- Revenue rose 11.8% to $705.8 million and net income rose 11.9% to $454.0 million, reversing the prior year's declines.
- Water was the main growth driver: water sales rose 34.3% and produced water royalties reached $104.1 million, while oil and gas royalties rose 4.5%.
- TPL spent about $440 million on land and royalty acquisitions and paid $347.3 million in dividends, including a $10 special dividend.
- Cash fell to $369.8 million, below the new $700 million target, but TPL still has no debt and now reports no material legal proceedings.
Business momentum
Improving
“Total revenues increased $74.2 million, or 11.8%, to $705.8 million for the year ended December 31, 2024 compared to $631.6 million for the year ended December 31, 2023.”
Outlook
Neutral
“We believe that cash from operations, together with our cash and cash equivalents balances, will be sufficient to meet ongoing capital expenditures, working capital requirements and other cash needs for at least the next 12 months.”
Financial stress
None
“We had no debt, credit facilities, or any off-balance sheet arrangements as of December 31, 2024.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Strong growth in water sales
“Water sales revenue increased $38.5 million, or 34.3% to $150.7 million for the year ended December 31, 2024 compared to 2023.”
Higher royalty production offset lower prices
“Our share of production volumes increased to 26.8 thousand Boe per day for the year ended December 31, 2024 compared to 23.5 thousand Boe per day for 2023.”
Legal costs fell and no major lawsuits are pending
“There are no material pending legal proceedings to which we are a party or of which any of our property is the subject.”
Concerns
Cash roughly halved after acquisitions and dividends, and sits below target
“As of December 31, 2024, we had cash and cash equivalents of $369.8 million”
Lower average prices received for royalties, especially natural gas
“The average realized prices decreased to $39.87 per Boe for the year ended December 31, 2024 from $42.58 per Boe for 2023.”
Fewer wellbore easements reduced land segment surface income
“The decrease in easements and other surface-related income was principally related to a decrease of $5.1 million in wellbore easements for the year ended December 31, 2024 compared to 2023.”
New risks since the previous report
Very weak local Permian natural gas prices
“Since mid-2022, the Waha Hub located in Pecos County, Texas has at times experienced significant negative price differentials relative to Henry Hub, located in Erath, Louisiana, due in part to growing local Permian natural gas production and limited natural gas pipeline takeaway capacity.”
Third party stopped paying certain property taxes
“We have received an indication from one such obligor that it does not intend to continue to make ad valorem tax payments related to historical royalty interests.”
Biggest risks named
- Oil and gas price swings
- Dependence on decisions by well operators
- Lower customer spending on water services
- Regulatory limits on produced water disposal
- Long-term shift away from fossil fuels
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | +2 | |
| Red flags | 0 | |
| New risks | −1 | |
| Score | 69 | |
Written by AI (Claude Opus 5.5) from the report’s text. 11 of 11 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 18, 2026 | Pro | |||
| 10-K | Feb 19, 2025 | 69 | Improving | None | |
| 10-K | Feb 21, 2024 | 53 | Weakening | 1 minor | |
| 10-K | Feb 22, 2023 | 70 | Strong improvement | 2 minor | |
| 10-K | Feb 23, 2022 | 56 | Strong improvement | 1 serious1 medium | |
| 10-K | Feb 25, 2021 | 45 | Sharp deterioration | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR