Texas Pacific Land CorporationTPL
NYSE•Energy•Oil & Gas E&P
Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The Land and Resource Management segment manages surface acres of land, and oil and gas royalty interest in Permian Basin. This segment also engages in easements, such as transporting oil, gas and related hydrocarbons, power line and utility, and subsurface wellbore easements. In addition, this segment leases its land for processing, storage, and compression facilities and roads; and is involved in sale of materials, such as caliche, sand, and other material, as well as sells land. The Water Services and Operations segment provides full-service water offerings, including water sourcing, produced-water treatment, infrastructure development, and disposal solutions to operators in the Permian Basin. This segment also holds produced water royalties. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 33,000 additional net royalty acres, total of approximately 224,000 NRA located in the Permian Basin. The company was founded in 1888 and is headquartered in Dallas, Texas.
Texas Pacific Land Corporation (TPL) reported trailing twelve months revenue of $839.02M as of March 2026, a 15.3% increase year-over-year. Quarterly revenue reached $236.82M, reflecting continued top-line momentum.
Texas Pacific Land Corporation generated $503.63M in TTM net income, with quarterly EBITDA of $198.60M. The operating margin expanded from 76.6% to 77.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (77.0%) and net margin (60.3%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 61.6% a year ago, reflecting increased costs or interest expense.
TPL trades at a P/E of 64.0x (a premium multiple) and a P/S of 38.4x. The price-to-book ratio of 20.7x indicates a significant premium over book value.
The company generated $154.66M in free cash flow over the trailing twelve months, a 4.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.75B in total assets with no in long-term debt against $1.56B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~75.2% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 36.8% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~25.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~74.4% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation