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Texas Pacific Land Corporation (TPL) stock

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NYSE: TPL NYSE Oil & Gas Exploration & Production Next results ~November 4, 2026

B+ Fundamentals grade

Texas Pacific Land Corporation is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$300

Cash-flow model

Base case. Range ~$230–$390 across our lower- and higher-growth cases (11.1%–21.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 11% above our base value.

Price used: $329.95, November 2, 2026

Texas Pacific Land Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 3 selling230 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds434 adding, 349 cuttingOf 45 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Texas Pacific Land files

Where Texas Pacific Land stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $898m, up 20.8% on a year earlier, faster than 15.3% a quarter earlier. Free-cash-flow margin fell to 67.2% from 70.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $323 a share, against a share price of $346. At that price, our model says the market is pricing in about 17.1% a year of cash-flow growth for five years, faster than the 14.8% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Texas Pacific Land Corporation's trailing-twelve-month revenue grew 20.8% year on year, with a free-cash-flow margin of 59.7%. Where it stands out: operating margin of 74.9% ranks 1 of 42 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$300 per share in the base case (~$230–$390 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 20.8% (+5.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.8% over the last 12 months, against a median of 10.6% for oil & gas exploration & production companies we cover.
  • Growth speeding up. The growth rate is 5.5 points higher than a quarter earlier.
  • High operating margin. 74.9% of revenue is left as operating profit, against a median of 19.9% for oil & gas exploration & production companies we cover.
  • Strong cash generation. 59.7% of revenue turned into free cash flow, against a median of 23.2% for oil & gas exploration & production companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of 0.4 against the S&P 500.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$2.23 against an average estimate of $2.18: beat by 2.1%
Revenue
$246m, up 31.2% on a year earlier
Share reaction
-10.1% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 4, 2026

Texas Pacific Land's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.5%
  • 1 week-1.1%
  • 1 month-3.0%
  • This year+15.4%
  • 1 year+5.6%
  • 5 years+147.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$898M
Operating margin
74.9%
Net margin
60.3%

Growth

Revenue growth
+20.8%
Change in growth rate
+5.5 pts

Cash

Free cash flow (TTM)
$536M
FCF margin
59.7%
Stock pay % of revenue
1.9%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Texas Pacific Land Corporation valuation models and calculator

What the price is pricing in

The share price implies about 17.7% a year of cash-flow growth for five years.That is close to the 14.8% a year revenue growth Texas Pacific Land has delivered.

  • Priced in17.7%
  • Last 12 months20.8%
  • 3 years a year11.3%
  • 5 years a year14.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($324.71, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$300
Price used
$324.71close November 3, 2026
Implied change
▼ 8%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Texas Pacific Land Corporation's free cash flow after stock-based pay with after-tax interest added back ($552M, FY2026 Q2 TTM), growing 18.3% and 15.1% in the next two years (forecasts, guidance and its record), then back to 16.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$230–~$390 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Texas Pacific Land Corporation's free cash flow after stock-based pay ( $552M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Texas Pacific Land Corporation as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.76 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$300 ~$230–$390 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$96–$140 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$240 ~$110–$300 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Texas Pacific Land Corporation with Energy sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $119$161$215$287$382$503
8.5% $92$122$162$213$280$367
10% $76$99$129$169$220$285

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025
Share price$53.72$78.13$75.63$131.03$250.65$169.44$364.84$285.99
Market value$22.6bn$32.7bn$31.7bn$54.9bn$104.6bn$11.7bn$25.2bn$19.7bn
+ Net debt (− = net cash)−$123m−$304m−$281m−$428m−$511m−$725m−$370m−$145m
Enterprise value$22.5bn$32.4bn$31.4bn$54.4bn$104.1bn$11.0bn$24.8bn$19.6bn
Multiples
Price / sales 75.2x66.7x104.7x121.6x156.7x18.6x35.7x24.7x
Price / earnings 107.7x102.7x179.9xn/mn/m28.9x55.5x41.0x
Price / free cash flow 153.1x105.4x156.9xn/mn/m28.0x51.3x36.2x
EV / EBITDA 85.3x79.4x135.5x143.7x180.2x22.0x44.0x29.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

100 /100

Strong moat

How hard Texas Pacific Land's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 33.4% of total assets over 6 years.

  • Durability 20 / 20

    Operating margin has been a median 77.2%; its worst year was 74.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 6 of 6 years, at a median 62.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $257m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.24 +33% $1.0bn +28%
Next $10.20 +10% $1.1bn +11%

Next year's EPS estimate has moved +5.3% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.7% on 90 days ago. In the last 30 days, 2 analysts raised Texas Pacific Land Corporation's forecast and 0 cut it.

Consensus EPS forecast Texas Pacific Land Corporation, last 90 days
$8.50 $9.00 $9.50 $10.00 $10.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.66 Current fiscal year, 60 days ago: $8.71 Current fiscal year, 30 days ago: $9.13 Current fiscal year, 7 days ago: $9.30 Current fiscal year, Now: $9.24 $9.24 Next fiscal year, 90 days ago: $9.69 Next fiscal year, 60 days ago: $9.58 Next fiscal year, 30 days ago: $10.14 Next fiscal year, 7 days ago: $10.32 Next fiscal year, Now: $10.20 $10.20

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.66$9.69
60 days ago $8.71$9.58
30 days ago $9.13$10.14
7 days ago $9.30$10.32
Now $9.24$10.20

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.18 $2.23 +2.1%
Mar 2026 $2.02 $2.07 +2.5%
Dec 2025 $3.60 $1.79 −50.2%
Sept 2025 $1.92 $1.76 −8.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Texas Pacific Land Corporation's latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Texas Pacific Land Corporation's revenue by +18.3% next year and +15.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+20.2%, weight 56%) and the company's own record (+16.1%, weight 44%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy150%
Hold00%
Sell150%

Monthly trend

  1. Oct 2026112
  2. Sep 2026112
  3. Aug 2026112
  4. Jul 2026112

Counts of recommendations published by analysts covering Texas Pacific Land Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.2%
of tradable shares
Days to cover
11.28
at average volume
Short interest, 1 month
−0%
to October 15, 2026
Held by institutions
75%
of shares
Held by insiders
0.4%
of shares
Employees
114
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +5.6%

$312.54 on October 31, 2025 to $329.95

ThenNowEffect
Revenue (last 12 months) $743m $898m +20.8%
Net margin 62.2% 60.3% −3.0%
P/E multiple 163.6x 94.7x −42.1%
Share count 242m 155m +55.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TPL+73%+91%−32%+115%−22%+15%
Industry peers (median)+88%+54%−8%+1%−15%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TPL50%67%33%75%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TPL−34%−23%−45%−37%−42%−39%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 65% from April 12, 2019 to March 23, 2020. Getting back needed a 185% gain, reached on January 11, 2021, 294 days after the low.

Price behaviour

52-week range
$272.40 – $538.10
From 52-week high
−38.7%
vs 50-day average
−6.3%
vs 200-day average
−17.7%
Volatility (1 year)
49%
Beta vs S&P 500
0.40

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±7.2%
After a week
7 up, 5 down
typical move ±8.9%
After a month
6 up, 6 down
typical move ±8.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −10.1% −0.4% −13.3% −7.2%
May 6, 2026 −7.3% +1.1% −10.2% −9.3%
February 18, 2026 +14.1% +0.2% +19.7% +25.0%
November 5, 2025 +10.6% −0.7% +10.1% +1.4%
August 6, 2025 −9.5% +0.7% −8.0% −7.1%
May 7, 2025 −3.5% +1.1% +5.4% −16.4%
February 19, 2025 +1.4% −0.2% −4.2% −2.7%
November 6, 2024 +7.4% +3.3% +9.9% +7.8%
August 7, 2024 +7.1% +1.6% +6.0% +3.5%
May 8, 2024 +8.0% +0.6% +5.6% +2.4%
February 21, 2024 +4.9% +2.2% +3.4% +14.3%
November 1, 2023 −2.6% +3.0% −10.6% −5.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Texas Pacific Land Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Texas Pacific Land Corporation in five measures

Fundamentals grade B+
Growth Profitability Cash Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Texas Pacific Land Corporation
$600M $700M $800M $900M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $617.6M Revenue (TTM), FY23 Q4: $631.6M Revenue (TTM), FY24 Q1: $659.4M Revenue (TTM), FY24 Q2: $671.1M Revenue (TTM), FY24 Q3: $686.7M Revenue (TTM), FY24 Q4: $705.8M Revenue (TTM), FY25 Q1: $727.7M Revenue (TTM), FY25 Q2: $742.9M Revenue (TTM), FY25 Q3: $772.4M Revenue (TTM), FY25 Q4: $798.2M Revenue (TTM), FY26 Q1: $839M Revenue (TTM), FY26 Q2: $897.5M $897.5M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $617.6M
FY23 Q4 $631.6M
FY24 Q1 $659.4M
FY24 Q2 $671.1M
FY24 Q3 $686.7M
FY24 Q4 $705.8M
FY25 Q1 $727.7M
FY25 Q2 $742.9M
FY25 Q3 $772.4M
FY25 Q4 $798.2M
FY26 Q1 $839M
FY26 Q2 $897.5M
Revenue growth, TTM YoY Texas Pacific Land Corporation
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -6.7% Revenue growth, TTM YoY, FY23 Q4: -5.4% Revenue growth, TTM YoY, FY24 Q1: -1.1% Revenue growth, TTM YoY, FY24 Q2: 3.1% Revenue growth, TTM YoY, FY24 Q3: 11.2% Revenue growth, TTM YoY, FY24 Q4: 11.8% Revenue growth, TTM YoY, FY25 Q1: 10.4% Revenue growth, TTM YoY, FY25 Q2: 10.7% Revenue growth, TTM YoY, FY25 Q3: 12.5% Revenue growth, TTM YoY, FY25 Q4: 13.1% Revenue growth, TTM YoY, FY26 Q1: 15.3% Revenue growth, TTM YoY, FY26 Q2: 20.8% 20.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -6.7%
FY23 Q4 -5.4%
FY24 Q1 -1.1%
FY24 Q2 3.1%
FY24 Q3 11.2%
FY24 Q4 11.8%
FY25 Q1 10.4%
FY25 Q2 10.7%
FY25 Q3 12.5%
FY25 Q4 13.1%
FY26 Q1 15.3%
FY26 Q2 20.8%
Operating margin (TTM) Texas Pacific Land Corporation
74% 76% 78% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 77.1% Operating margin (TTM), FY23 Q4: 77.0% Operating margin (TTM), FY24 Q1: 78.4% Operating margin (TTM), FY24 Q2: 79.0% Operating margin (TTM), FY24 Q3: 77.2% Operating margin (TTM), FY24 Q4: 76.4% Operating margin (TTM), FY25 Q1: 76.0% Operating margin (TTM), FY25 Q2: 75.9% Operating margin (TTM), FY25 Q3: 75.8% Operating margin (TTM), FY25 Q4: 74.2% Operating margin (TTM), FY26 Q1: 74.4% Operating margin (TTM), FY26 Q2: 74.9% 74.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 77.1%
FY23 Q4 77.0%
FY24 Q1 78.4%
FY24 Q2 79.0%
FY24 Q3 77.2%
FY24 Q4 76.4%
FY25 Q1 76.0%
FY25 Q2 75.9%
FY25 Q3 75.8%
FY25 Q4 74.2%
FY26 Q1 74.4%
FY26 Q2 74.9%
FCF margin (TTM) Texas Pacific Land Corporation
55% 60% 65% 70% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 68.4% FCF margin (TTM), FY23 Q4: 63.9% FCF margin (TTM), FY24 Q1: 66.1% FCF margin (TTM), FY24 Q2: 66.9% FCF margin (TTM), FY24 Q3: 66.7% FCF margin (TTM), FY24 Q4: 66.0% FCF margin (TTM), FY25 Q1: 64.2% FCF margin (TTM), FY25 Q2: 64.6% FCF margin (TTM), FY25 Q3: 65.6% FCF margin (TTM), FY25 Q4: 60.6% FCF margin (TTM), FY26 Q1: 58.0% FCF margin (TTM), FY26 Q2: 59.7% 59.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 68.4%
FY23 Q4 63.9%
FY24 Q1 66.1%
FY24 Q2 66.9%
FY24 Q3 66.7%
FY24 Q4 66.0%
FY25 Q1 64.2%
FY25 Q2 64.6%
FY25 Q3 65.6%
FY25 Q4 60.6%
FY26 Q1 58.0%
FY26 Q2 59.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Texas Pacific Land took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $798M
  2. Other income $18.2M · 2.3%
  3. Selling, general and admin $23.8M · 3.0%
  4. Other operating costs $182M · 22.8%
  5. Operating income $592M · 74.2%
  6. Income tax $129M · 16.2%
  7. Net income $481M · 60.3%

Shares of revenue. Source: Texas Pacific Land's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 300 490 303 451 667 632 706 798 898
EBITDA 263 408 232 379 578 501 564 655 740
Operating income 261 400 217 362 562 486 539 592 672
Net income 210 319 176 270 446 406 454 481 541
Diluted EPS $0.50 $0.76 $3.78 $5.80 $1.07 $5.86 $6.57 $6.97 —
Growth (year on year)
Revenue — +63.4% −38.3% +49.0% +48.0% −5.4% +11.8% +13.1% +20.8%
EBITDA — +55.1% −43.3% +63.5% +52.6% −13.3% +12.7% +16.0% +22.0%
Operating income — +53.2% −45.6% +66.8% +55.2% −13.6% +10.9% +9.8% +19.3%
Net income — +52.0% −44.8% +53.4% +65.3% −9.1% +11.9% +6.0% +17.3%
Diluted EPS — +52.6% +397.2% +53.4% −81.6% +447.7% +12.1% +6.1% —
Margins
EBITDA margin 87.7% 83.3% 76.6% 84.0% 86.6% 79.3% 79.9% 82.0% 82.5%
Operating margin 86.9% 81.5% 71.8% 80.4% 84.3% 77.0% 76.4% 74.2% 74.9%
Net margin 69.9% 65.0% 58.2% 59.9% 66.9% 64.2% 64.3% 60.3% 60.3%
Free-cash-flow margin 49.2% 63.3% 66.7% 55.2% 64.2% 66.2% 69.5% 68.4% 67.2%
Cash flow
Cash from operations 195 343 207 265 447 418 491 546 603
Capital spending 48 32 5 16 19 0 0 0 0
Free cash flow 148 311 202 249 428 418 491 546 603
Stock-based pay — 0 0 0 8 10 12 15 17
Free cash flow after stock pay — 311 202 249 420 408 478 531 586
Balance sheet
Cash 123 304 281 428 511 725 370 145 249
Total debt 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −123 −304 −281 −428 −511 −725 −370 −145 −249
Diluted shares 421m 419m 419m 419m 417m 69m 69m 69m —
Returned to shareholders
Dividends 32 47 202 85 247 100 347 148 157
Buybacks 38 4 0 20 88 43 29 8 8
Total returned 70 51 202 105 335 143 376 156 165

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $1.9bn
Short-term assets $428mLonger-term assets $1.4bn
What it owes, and who funded it · $1.9bn
Short-term liabilities $94mLonger-term liabilities $93mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $428m of assets due within a year against $94m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $428m short-term assets against $93m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Texas Pacific Land Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$8.3M
Dividends (TTM)
$157M
Returned to shareholders
31%
of free cash flow
Buybacks, last 3 fiscal years
$80.1M
Total shareholder yield
0.7%
dividends 0.7% + buybacks 0.0% of market value
Dividend payout ratio
29%
of net income paid out

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated TPL VET WTI MNR MGY BSM Median
Revenue, last 12 months $898m $1.3bn $601m $1.4bn $1.5bn $524m $1.4bn
Revenue growth, last 12 months 20.8% 11.9% 20.3% 34.4% 11.4% 19.8% 10.6%
Revenue growth, 3-year average 11.3% — 0.6% 14.8% 1.4% −10.8% 1.4%
Revenue growth, latest quarter 31.2% — 31.0% 40.7% 50.1% −6.6% 31.5%
Operating margin 74.9% — 5.0% 14.4% 38.0% 56.4% 21.1%
Operating margin, 3-year average 76.6% — −3.2% 27.5% 39.2% 62.3% 16.5%
Net margin 60.3% −37.0% −8.4% 7.4% 28.8% 48.5% 10.1%
Cash from operations / revenue 67.2% 62.6% 16.4% 41.3% 70.1% 61.1% 42.4%
Free-cash-flow margin 59.7% 26.1% 16.4% 19.3% 36.9% 39.2% 19.3%
Free-cash-flow margin, 3-year average 63.7% 5.6% 9.8% 25.9% 34.2% 56.0% 19.1%
Stock pay / revenue 1.9% — 4.2% 0.9% 2.4% 2.0% 1.5%
Change in share count −0.2% −2.7% 2.6% 46.5% −2.5% — 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth 20.8% 10.6% 17 of 57
Change in growth rate Growth +5.5pp +4.9pp 27 of 57
Operating margin Profitability 74.9% 19.9% 1 of 42
Net margin Profitability 60.3% 10.1% 1 of 57
Free-cash-flow margin Cash generation 59.7% 23.2% 4 of 51
Stock pay as % of revenue Cash generation 1.9% 1.2% 30 of 47

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Oil and Gas Royalties $412M 51.6% ▲ 10.3%
Water Sales and Royalties $170M 21.3% ▲ 12.6%
Produced Water Royalties $124M 15.6% ▲ 19.3%
Easement and Sundry $91.8M 11.5% ▲ 25.3%
Land Sales $819,000 0.1% ▼ 81.3%

From Texas Pacific Land Corporation's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$21.8B
Institutions reporting
867
Shares held vs prior quarter
▼ 0.1%
Positions opened / closed
86 / 72

Top buyers and sellers, Q2 2026: 434 institutions bought and 349 sold ; the biggest buyer was AQR Capital Management LLC (+217K shares) and the biggest seller Blackrock, Inc (−656K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Horizon Kinetics Asset Management LLC $4.3B 9.8M 19.6% ▼ 2.1%
Blackrock, Inc. $2.3B 5.3M 10.6% ▼ 11.0%
State Street Corp $1.7B 4.0M 7.9% ▲ 4.8%
Vanguard Capital Management LLC $1.7B 3.8M 7.6% ▲ 0.7%
Vanguard Portfolio Management LLC $1.4B 3.2M 6.4% ▲ 1.3%
Geode Capital Management, LLC $718M 1.6M 3.3% ▲ 0.8%
First Manhattan Co. Llc. $466M 1.1M 2.1% ▲ 0.2%
Softvest Advisors, LLC $465M 1.1M 2.1% 0.0%
Morgan Stanley $426M 972K 1.9% ▲ 0.8%
Invesco Ltd. $313M 716K 1.4% ▲ 15.0%
Charles Schwab Investment Management Inc $284M 648K 1.3% ▲ 5.6%
Pacific Heights Asset Management LLC $258M 590K 1.2% ▼ 4.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Texas Pacific Land Corporation's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $571,606 230 trades by 3 insiders, last 12 months Insider sales History → $2.9M 5 trades by 3 insiders · 56% under pre-set plans
Net ▼ $2.3M net selling
Insider Date Trade Shares Price Value
Horizon Kinetics Asset Management Llc 10% owner September 29, 2026 Buy 4 $340.96 $1,364
Horizon Kinetics Asset Management Llc 10% owner September 28, 2026 Buy 1 $340.12 $340
Horizon Kinetics Asset Management Llc 10% owner September 25, 2026 Buy 1 $339.72 $340
Horizon Kinetics Asset Management Llc 10% owner September 24, 2026 Buy 1 $340.28 $340
Horizon Kinetics Asset Management Llc 10% owner September 23, 2026 Buy 1 $352.95 $353
Horizon Kinetics Asset Management Llc 10% owner September 22, 2026 Buy 1 $361.36 $361
Horizon Kinetics Asset Management Llc 10% owner September 21, 2026 Buy 1 $348.98 $349
Horizon Kinetics Asset Management Llc 10% owner September 18, 2026 Buy 1 $351.34 $351
Horizon Kinetics Asset Management Llc 10% owner September 17, 2026 Buy 1 $349.35 $349
Horizon Kinetics Asset Management Llc 10% owner September 16, 2026 Buy 1 $352.36 $352
Horizon Kinetics Asset Management Llc 10% owner September 15, 2026 Buy 1 $370.59 $371
Doyle Peter Director September 15, 2026 Buy 5 $371.64 $1,858

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Texas Pacific Land Corporation disclosed in the last 12 months; 3 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 13, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded July 22, 2025, filed August 13, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 18, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Texas Pacific Land Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Texas Pacific Land Corporation in brief

What does Texas Pacific Land Corporation do?
Texas Pacific Land Corporation is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is Texas Pacific Land Corporation's stock ticker?
Texas Pacific Land Corporation trades under the ticker TPL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Texas Pacific Land Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Texas Pacific Land Corporation reported revenue of $898M, 20.8% higher than a year earlier, according to its SEC filings.
What is Texas Pacific Land Corporation's free cash flow?
Texas Pacific Land Corporation's free-cash-flow margin is 59.7% of revenue over the trailing twelve months, ranking 4 of the 51 oil & gas exploration & production companies we cover.
What is Texas Pacific Land Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Texas Pacific Land Corporation's free cash flow after stock-based pay gives ~$300 per share in the base case, and ~$230–$390 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Texas Pacific Land Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Horizon Kinetics Asset Management LLC, Blackrock, Inc. and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Texas Pacific Land Corporation's market cap?
On December 31, 2025, Texas Pacific Land Corporation's market capitalisation was about $19.7B, with a price-to-earnings ratio of 41.0 and net debt of -$145M. Market figures come from third-party market data and may be delayed.
Does Texas Pacific Land Corporation pay a dividend?
Yes: Texas Pacific Land Corporation paid $157M in dividends over the trailing twelve months, a dividend yield of 0.69% and a payout ratio of 29.0%.
Who are Texas Pacific Land Corporation's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to Texas Pacific Land Corporation are Vermilion Energy Inc., W&T Offshore Inc, Mach Natural Resources LP, Magnolia Oil & Gas Corp and Black Stone Minerals, L.p. The side-by-side comparison below sets their revenue, margins and growth against Texas Pacific Land Corporation's.
Are insiders buying or selling Texas Pacific Land Corporation stock?
Over the last 12 months, Texas Pacific Land Corporation's directors and officers reported 230 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Texas Pacific Land Corporation's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Texas Pacific Land Corporation announces its own schedule.