Texas Pacific Land Corporation key statistics and ratios

In fiscal 2025, Texas Pacific Land Corporation had return on equity of 37.2%, an operating margin of 74.2%, debt equal to 0.0% of equity and a current ratio of 4.40. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Texas Pacific Land Corporation: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
Return on equity	85.7%	84.2%	35.3%	47.5%	62.7%	44.7%	41.7%	37.2%	34.6%
Return on assets	—	53.3%	30.1%	40.4%	54.4%	39.9%	37.8%	33.5%	31.1%
Asset turnover	—	0.82	0.52	0.68	0.81	0.62	0.59	0.56	0.52
Current ratio	—	—	15.56	10.34	16.00	19.43	10.81	4.40	4.55
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	19.9%	20.8%	19.9%	25.6%	21.5%	21.6%	21.6%	21.1%	20.9%
Capital spending as % of revenue	15.9%	6.6%	1.7%	3.6%	2.8%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	70.4%	97.4%	114.7%	92.1%	95.9%	103.1%	108.1%	113.4%	111.4%
Dividends ÷ net income	15.1%	14.6%	114.5%	31.6%	55.4%	24.6%	76.5%	30.7%	29.0%
Dividends and buybacks ÷ free cash flow	47.5%	16.4%	99.9%	42.2%	78.2%	34.1%	76.7%	28.6%	27.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Texas Pacific Land Corporation: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	73.4%	76.7%	76.6%	76.6%	73.4%	70.5%	77.0%	78.0%
Net margin	61.4%	63.7%	61.6%	61.9%	59.7%	58.3%	60.3%	62.6%
Free-cash-flow margin	68.3%	68.1%	80.0%	64.5%	76.1%	53.7%	68.4%	70.3%
Current ratio	12.37	10.81	7.80	14.79	10.86	4.40	4.23	4.55

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Texas Pacific Land Corporation's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Texas Pacific Land Corporation.