Texas Pacific Land Corporation (TPL) Key Metrics
TPL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $24.20B
- Enterprise value
- $22.92B
- P/E (TTM)
- 44.8 10-yr median 38.2
- Forward P/E
- 37.7
- PEG ratio
- 7.33
- Price / sales
- 27.0 10-yr median 23.2
- Price / book
- 13.8 10-yr median 16.0
- EV / EBITDA
- 30.4 10-yr median 24.0
- Dividend yield
- 0.68% $2.40 a year
- Beta
- 0.59
TPL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTPL valuation Price multiples at each fiscal year-end price.
TPL returns How much profit the business earns on the capital it uses.
TPL per-share figures Results divided by the shares outstanding at year-end.
TPL financial health Debt, liquidity and how easily interest is covered.
TPL efficiency & capital use Working capital cycle and where the cash goes.
TPL valuation history
TPL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TPL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TPL cash returned to shareholders
TPL price vs earnings per share
TPL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $19.83B | $25.46B | $12.09B | $18.11B | $9.68B | $5.64B | $6.06B | $4.22B | $3.51B | $2.37B |
| Enterprise value | $19.71B | $25.09B | $11.36B | $17.60B | $9.25B | $5.38B | $5.76B | $4.11B | $3.43B | $2.32B |
| P/E ratio | 41.2 | 56.1 | 29.8 | 40.6 | 35.9 | 32.0 | 18.9 | 20.1 | 45.9 | 63.7 |
| Price / sales | 24.8 | 36.1 | 19.1 | 27.1 | 21.5 | 18.6 | 12.4 | 14.0 | 26.5 | 39.6 |
| Price / book | 13.6 | 22.5 | 11.6 | 23.4 | 14.9 | 11.6 | 11.8 | 17.2 | 44.3 | 49.8 |
| Price / free cash flow | 40.8 | 55.2 | 30.0 | 42.5 | 38.8 | 30.5 | 19.8 | 28.6 | 46.7 | 59.3 |
| Price / operating cash flow | 36.3 | 51.9 | 28.9 | 40.5 | 36.5 | 27.2 | 17.7 | 21.6 | 37.4 | 57.9 |
| EV / sales | 24.7 | 35.5 | 18.0 | 26.4 | 20.5 | 17.8 | 11.7 | 13.7 | 25.9 | 38.8 |
| EV / EBITDA | 29.3 | 41.5 | 22.7 | 30.5 | 24.4 | 23.2 | 14.0 | 15.6 | 23.6 | 42.1 |
| EV / free cash flow | 40.5 | 54.4 | 28.2 | 41.3 | 37.1 | 29.1 | 18.8 | 27.8 | 45.7 | 58.1 |
| Earnings yield | 2.4% | 1.8% | 3.4% | 2.5% | 2.8% | 3.1% | 5.3% | 5.0% | 2.2% | 1.6% |
| Free cash flow yield | 2.5% | 1.8% | 3.3% | 2.4% | 2.6% | 3.3% | 5.0% | 3.5% | 2.1% | 1.7% |
| Dividend yield | 0.7% | 1.4% | 0.8% | 1.4% | 0.9% | 3.6% | 0.8% | 0.8% | 0.3% | 0.1% |
| Shareholder yield (dividends + buybacks) | 0.9% | 1.5% | 1.2% | 1.8% | 1.1% | 3.6% | 0.8% | 1.7% | 1.3% | 1.5% |
| Share price at fiscal year-end | $287.22 | $368.65 | $174.72 | $260.47 | $138.76 | $80.78 | $86.80 | $60.18 | $49.63 | $32.97 |
| Per share | ||||||||||
| Revenue per share | $11.56 | $10.22 | $9.13 | $9.60 | $6.46 | $4.33 | $7.03 | $4.28 | $1.87 | $0.83 |
| Earnings per share | $6.97 | $6.57 | $5.86 | $6.42 | $3.87 | $2.52 | $4.60 | $2.99 | $1.08 | $0.52 |
| Operating cash flow per share | $7.91 | $7.11 | $6.05 | $6.43 | $3.80 | $2.97 | $4.91 | $2.79 | $1.33 | $0.57 |
| Free cash flow per share | $7.05 | $6.68 | $5.83 | $6.13 | $3.58 | $2.65 | $4.38 | $2.11 | $1.06 | $0.56 |
| Cash per share | $2.10 | $5.36 | $10.48 | $7.35 | $6.14 | $4.03 | $4.35 | $1.71 | $1.13 | $0.69 |
| Book value per share | $21.14 | $16.40 | $15.08 | $11.11 | $9.34 | $6.95 | $7.34 | $3.49 | $1.12 | $0.66 |
| Tangible book value per share | $20.66 | $15.89 | $14.78 | $11.11 | $9.34 | $6.95 | $7.34 | $3.49 | $1.12 | $0.66 |
| Dividends per share | $2.14 | $5.03 | $1.45 | $3.56 | $1.22 | $2.89 | $0.67 | $0.45 | $0.15 | $0.03 |
| Capex per share | $0.86 | $0.43 | $0.22 | $0.30 | $0.22 | $0.32 | $0.53 | $0.68 | $0.27 | $0.01 |
| Debt per share | $0.47 | $0.01 | $0.02 | $0.03 | $0.02 | $0.37 | $0.05 | $0.11 | $0.01 | $0.00 |
| Shares outstanding | 69.0M | 69.1M | 69.2M | 69.5M | 69.8M | 69.8M | 69.8M | 70.1M | 70.7M | 71.9M |
| Change in shares outstanding | −0.0% | −0.2% | −0.5% | −0.3% | −0.1% | −0.0% | −0.4% | −0.9% | −1.7% | −2.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 37.2% | 41.7% | 44.7% | 62.7% | 47.5% | 35.3% | 84.8% | 129.5% | 120.4% | 79.8% |
| Return on invested capital (ROIC) | 44.3% | 78.1% | 130.6% | 180.5% | 118.4% | 78.8% | 185.0% | 313.8% | — | — |
| Return on assets (ROA) | 33.5% | 37.8% | 39.9% | 54.4% | 40.4% | 30.1% | 72.7% | 101.7% | 80.4% | 66.0% |
| Return on tangible assets | 30.3% | 37.4% | 35.7% | 50.9% | 35.3% | 30.8% | 53.7% | 73.6% | 59.9% | 59.6% |
| Free cash flow margin | 60.9% | 65.3% | 63.8% | 63.9% | 55.4% | 61.1% | 62.3% | 49.2% | 56.7% | 66.7% |
| Income quality (OCF / net income) | 1.13 | 1.08 | 1.03 | 1.00 | 0.98 | 1.18 | 1.07 | 0.93 | 1.23 | 1.10 |
| Financial health | ||||||||||
| Total debt | $32.4M | $453,000 | $1.2M | $2.0M | $1.4M | $26.2M | $3.4M | $7.7M | $849,000 | $232,970 |
| Cash & short-term investments | $144.8M | $369.8M | $725.2M | $510.8M | $428.2M | $281.0M | $303.6M | $119.6M | $79.6M | $49.4M |
| Net debt | −$112.5M | −$369.4M | −$724.0M | −$508.9M | −$426.8M | −$254.9M | −$300.3M | −$112.0M | −$78.7M | −$49.2M |
| Debt / equity | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 0.01 | 0.03 | 0.01 | 0.00 |
| Debt / assets | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 0.01 | 0.03 | 0.01 | 0.00 |
| Net debt / EBITDA | −0.17 | −0.61 | −1.45 | −0.88 | −1.13 | −1.10 | −0.73 | −0.43 | −0.54 | −0.89 |
| Current ratio | 4.40 | 8.33 | 13.68 | 11.15 | 7.80 | 23.47 | 14.99 | 15.55 | 14.52 | 18.72 |
| Quick ratio | 4.40 | 8.33 | 13.59 | 9.22 | 6.18 | 17.68 | 10.61 | 14.68 | 14.36 | 18.36 |
| Interest coverage | 858.2 | — | — | 85.9 | 21.5 | 12.9 | 34.7 | — | — | — |
| Working capital | $246.7M | $443.0M | $799.4M | $576.6M | $459.0M | $421.0M | $342.2M | $176.2M | $93.2M | $54.1M |
| Invested capital | $1.35B | $763.1M | $319.2M | $264.0M | $224.9M | $230.3M | $211.9M | $132.7M | $462,000 | −$1.6M |
| Tangible asset value | $1.43B | $1.10B | $1.02B | $772.9M | $651.7M | $485.2M | $512.1M | $244.7M | $79.2M | $47.6M |
| Net current asset value | $154.9M | $387.8M | $749.3M | $528.9M | $414.2M | $353.3M | $280.6M | $147.9M | $51.8M | $42.3M |
| Graham number | $57.59 | $49.25 | $44.60 | $40.06 | $28.52 | $19.86 | $27.55 | $15.33 | $5.22 | $2.78 |
| Graham net-net per share | $1.51 | $5.06 | $10.28 | $7.75 | $6.33 | $4.08 | $4.56 | $1.73 | $0.64 | $0.56 |
| Capital allocation | ||||||||||
| Dividends paid | $147.8M | $347.3M | $100.0M | $247.3M | $85.3M | $201.7M | $46.5M | $31.7M | $10.7M | $2.5M |
| Share buybacks (net) | $23.2M | $30.8M | $44.6M | $87.8M | $19.7M | $0 | $4.4M | $38.4M | $34.3M | $33.1M |
| Dividend payout ratio | 30.7% | 76.5% | 24.6% | 55.4% | 31.6% | 114.5% | 14.5% | 15.1% | 14.0% | 6.7% |
| Dividends + buybacks / free cash flow | 35.2% | 82.0% | 35.9% | 78.6% | 42.0% | 109.0% | 16.7% | 47.5% | 59.9% | 89.0% |
| Capex / revenue | 7.5% | 4.2% | 2.4% | 3.1% | 3.4% | 7.3% | 7.6% | 15.9% | 14.2% | 1.6% |
| Capex / operating cash flow | 10.9% | 6.1% | 3.6% | 4.7% | 5.9% | 10.6% | 10.9% | 24.5% | 20.0% | 2.4% |
| Capex / depreciation | 0.95 | 1.18 | 1.02 | 1.36 | 0.96 | 1.53 | 4.18 | 18.54 | 49.86 | 22.72 |
| Stock-based compensation / revenue | 1.9% | 1.8% | 1.6% | 1.3% | 0.0% | −4.8% | −1.8% | — | — | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 10.2% | 11.7% | 14.2% | 9.5% | 13.1% | 17.4% | 12.0% | 8.5% | 6.4% | 5.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 66.7 | 66.1 | 67.3 | 54.5 | 58.0 | 67.1 | 41.6 | 40.7 | 34.3 | 32.2 |
| Days of inventory on hand | — | — | 434.6 | 1,213.8 | 1,346.7 | 1,207.0 | 722.1 | 154.0 | 469.3 | 9,397.8 |
| Days payables outstanding | 118.6 | 126.6 | 173.5 | 229.4 | 201.7 | 189.6 | 182.4 | 213.8 | 1,354.5 | 7,148.1 |
| Cash conversion cycle (days) | -52.0 | -60.5 | 328.4 | 1,038.8 | 1,203.0 | 1,084.4 | 581.3 | -19.1 | -850.9 | 2,281.8 |
| Receivables turnover | 5.48 | 5.52 | 5.42 | 6.70 | 6.29 | 5.44 | 8.78 | 8.97 | 10.65 | 11.33 |
| Payables turnover | 3.08 | 2.88 | 2.10 | 1.59 | 1.81 | 1.92 | 2.00 | 1.71 | 0.27 | 0.05 |
| Inventory turnover | — | — | 0.84 | 0.30 | 0.27 | 0.30 | 0.51 | 2.37 | 0.78 | 0.04 |
| Asset turnover | 0.56 | 0.59 | 0.62 | 0.81 | 0.68 | 0.52 | 1.11 | 1.46 | 1.39 | 1.06 |
| Average receivables | $145.8M | $127.8M | $116.5M | $99.6M | $71.7M | $55.6M | $55.9M | $33.5M | $12.4M | $5.3M |
| Average payables | $37.7M | $24.7M | $23.0M | $20.7M | $16.3M | $16.9M | $14.8M | $8.1M | $3.2M | $847,789 |
| Average inventory | — | — | $57.5M | $109.4M | $108.8M | $107.8M | $58.8M | $5.8M | $1.1M | $1.1M |
| Intangibles / total assets | 2.0% | 2.8% | 1.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from TPL's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TPL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Texas Pacific Land traded at 41.2 times earnings, against a 10-year median of 38.2. Based on the latest twelve months, the trailing P/E is 44.8 and the forward P/E is 37.7. Texas Pacific Land earned a return on equity of 37.2% and a return on invested capital of 44.3% in fiscal 2025. It ended the year with $32.4 million of debt and $144.8 million in cash and short-term investments, a net cash position of $112.5 million. It returned $171.0 million to shareholders: $147.8 million in dividends and $23.2 million in share buybacks, 35% of free cash flow. The share count fell 4.0% from 71.9M to 69.0M over 9 years.
See the TPL income statement, the TPL chart for price history, or the TPL stock overview for the latest quote and news.
TPL key metrics FAQ
What is Texas Pacific Land's P/E ratio?
Texas Pacific Land's trailing P/E ratio is 44.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 37.7. At the end of fiscal 2025 it was 41.2, compared with a 10-year median of 38.2.
What is Texas Pacific Land's EV/EBITDA?
Texas Pacific Land's enterprise value was 29.3 times EBITDA at the end of fiscal 2025 (enterprise value $19.7 billion, EBITDA $673.6 million); the current EV/EBITDA is 30.4.
What is Texas Pacific Land's return on equity?
Texas Pacific Land's return on equity (ROE) was 37.2% in fiscal 2025: net income of $481.4 million on average shareholders' equity of $1.3 billion.
What is Texas Pacific Land's ROIC?
Texas Pacific Land's return on invested capital was 44.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Texas Pacific Land have?
Texas Pacific Land had total debt of $32.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.02 and more cash than debt.
What is Texas Pacific Land's dividend yield?
Texas Pacific Land's forward dividend yield is 0.68%. Texas Pacific Land paid $147.8 million in dividends in fiscal 2025 ($2.14 per share), a payout ratio of 30.7%.
Does Texas Pacific Land buy back its shares?
Yes. Texas Pacific Land spent $23.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.0% over the year, to 69.0M..
What is Texas Pacific Land's free cash flow yield?
Texas Pacific Land generated $486.4 million of free cash flow in fiscal 2025, a free cash flow yield of 2.5% on its market value at year-end ($19.8 billion).
What is Texas Pacific Land's current ratio?
Texas Pacific Land's current ratio was 4.40 at the end of fiscal 2025: current assets were 4.40 times current liabilities.