Texas Pacific Land TPL

Oil & Gas Exploration & Production, Energy

$338.26

+1.38%

Market cap: $23.3B
PE: 43.1×; 5y median 41.8×
Forward PE: 33.9×; 10y median 33.0×
Price to sales: 26.0×
EV/EBIT: 34.3×
Revenue, 12 months: $897.5M; +21% on a year ago
Net margin: 60.3%
Free cash flow yield: 2.3%

Texas Pacific Land trades at 43.1× trailing earnings, near its ten-year median. Revenue was $897.5M over the last twelve months, up 21% on a year earlier with a 60% net margin.

Charts

Financials

Income statement for TPL, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$158M−17%	$166.7M+9%	$174.1M+19%	$172.3M+7%	$173.6M+10%	$185.8M+12%	$196M+13%	$187.5M+9%	$203.1M+17%	$211.6M+14%	$236.8M+21%	$246.1M+31%
SG&A	$3.9M+24%	$35.7M+913%	$9.2M+160%	$6M+80%	$12.5M+224%	$6.8M−81%	$6.1M−34%	$5.7M−5%	$5.6M−55%	$6.4M−5%	$8.6M+42%	$8M+41%
	$127M−22%	$133.9M+8%	$136M+30%	$133.2M+11%	$127.3M+0%	$142.5M+7%	$150.1M+10%	$143.8M+8%	$149.1M+17%	$149.2M+5%	$182.3M+22%	$191.8M+33%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	$0	$0	n/a	n/a	$992K	$973K
Pre-tax income	$134.9M−18%	$145.1M+13%	$146M+32%	$146.4M+15%	$135.4M+0%	$151M+4%	$154.4M+6%	$149M+2%	$155.2M+15%	$151.8M+1%	$183.6M+19%	$193.7M+30%
	$29.4M−14%	$32M+13%	$31.6M+33%	$31.9M+19%	$28.8M−2%	$32.6M+2%	$33.7M+7%	$32.9M+3%	$33.9M+18%	$28.4M−13%	$40.7M+21%	$39.8M+21%
Net income	$105.6M−19%	$113.1M+13%	$114.4M+32%	$114.6M+14%	$106.6M+1%	$118.4M+5%	$120.7M+5%	$116.1M+1%	$121.2M+14%	$123.3M+4%	$142.9M+18%	$153.9M+33%
	$1.53−18%	$1.64+14%	$1.66+33%	$1.66+15%	$1.54+1%	$1.71+5%	$1.75+6%	$1.68+1%	$1.76+14%	$1.79+5%	$2.07+18%	$2.23+33%
	69.1M−1%	69.1M−0%	69.1M−0%	69M−0%	69M−0%	69.1M+0%	69M−0%	69M+0%	69M+0%	69M−0%	69M+0%	69M+0%

EPS, diluted: 5 periods, Q4 FY21 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: 4 periods, Q4 FY20 to Q4 FY24: share-days: the 12-month average less the 9-month, weighted by days. Q4 FY21: the earlier year to date counted no dilution: the quarter's basic count plus the later year to date's dilution. Q4 FY25: share-days: the 12-month average over 365 days less the 9-month over 273, the two on one basis (x3).

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Nov 4, 2026.

Quarter	Revenue	EPS	Analysts
Q3 FY26	$251M	$2.33	1
Q4 FY26	$282M	$2.61	1
Q1 FY27	$291.5M	$2.57	1
Q2 FY27	$286.5M	$2.47	1
Q3 FY27	$290.5M	$2.57	1
Q4 FY27	$297.5M	$2.60	1
Q1 FY28	$312M	$0.00	0
Q2 FY28	$316M	$0.00	0

Peers

Companies in Oil & Gas Exploration & Production nearest Texas Pacific Land's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
TPLTexas Pacific Land	$23.3B	43.1×	41.8×	33.9×	26.0×	+21%	60.3%
EXEExpand Energy	$21.6B	8.1×	11.1×	12.3×	1.6×	+59%	20.5%
PRPermian Resources	$21.3B	16.9×	13.3×	n/m	3.7×	+13%	21.5%
OVVOvintiv	$19.9B	20.5×	6.6×	n/m	2.0×	+6%	9.4%
APAAPA	$18.2B	11.0×	7.7×	n/m	2.1×	−12%	21.1%
VNOMViper Energy	$16.9B	361×	16.6×	n/m	8.3×	+108%	2.9%
EQTEQT	$34.8B	12.9×	17.7×	17.8×	3.6×	+32%	28.4%
ARANTERO RESOURCES	$12.3B	11.5×	18.6×	n/m	2.0×	+26%	17.7%
RRCRange Resources	$10.6B	12.6×	15.2×	n/m	3.1×	+23%	25.0%
DVNDevon Energy	$56.5B	12.2×	8.4×	9.5×	2.9×	+15%	16.7%
SMSM Energy	$9.5B	7.9×	5.6×	n/m	1.7×	+75%	18.2%
Peer median	$19B	12.4×	12.2×	12.3×	2.5×	+25%	19.3%