Energy · Oil & Gas Exploration & Production · US stock · price as of 16 Oct 2026
Key indicators
Price
$350.92
52-week range
$268.08 – $544.86
Market cap
$24.2B
P/E (trailing)
37.3×
EV / EBITDA
32.4×
Free-cash-flow yield
2.5%
Dividend yield
1.0%
Revenue (last 12 months)
$898M
Revenue growth (3y a year)
6.1%
Operating margin
74.9%
Return on invested capital
36.9%
Net debt / EBITDA
–
Fair value
Blended fair value$136.75 range $137 – $137
Versus priceOvervalued−61% to fair value
Peer multiples
$143.92
Fundamentals-adjusted multiple
$129.58
10-year DCF (market-scaled)
$548.55
Earnings power value (floor, not blended)
$109.70
Model uncertainty
Medium
X-Ray Score
46/ 100 · Medium confidence · ahead of 30% of sector peers
Valuation8
Growth68
Profitability70
Financial health62
Dividends10
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Texas Pacific Land owns a large area of land in West Texas, much of it in the Permian Basin, a major oil and gas producing region of the United States. It does not drill wells itself. Instead, oil and gas operators pay it for the right to use its land and for water supplied for drilling, while other customers pay for easements and surface use. The company also holds royalty interests in oil and gas produced from its acreage.
Income comes from oil and gas royalties, water sales and services, and easement and surface payments. Revenue for the last twelve months was $898 million, having grown at 6.1% a year across the last three years. The operating margin is 74.9%, and the business earns a profit of 37% on the capital invested in it. Shareholders receive a dividend with a yield of 1.0%.
StocksXray gives Texas Pacific Land Corp an X-Ray Score of 46 out of 100 (medium confidence), ahead of 30% of the S&P 500 stocks in its sector. Its strongest lens is profitability (70) and its weakest is valuation (8).
Our fair value blend is $136.75 (range $136.75 to $136.75). At $350.92 the stock trades 157% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Texas Pacific Land Corp (TPL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$131.03
$250.65
$169.44
$364.84
$285.99
$350.92
Market cap
$1.0B
$5.8B
$11.7B
$25.2B
$19.7B
$24.2B
P/E
3.8×
13.0×
28.9×
55.5×
41.0×
37.3×
EV / revenue
1.3×
7.9×
17.4×
35.2×
24.6×
26.7×
EV / EBITDA
1.6×
9.2×
22.0×
44.0×
29.9×
32.4×
Price / free cash flow
4.1×
13.6×
28.0×
51.3×
36.2×
40.2×
Free-cash-flow yield
24.5%
7.4%
3.6%
1.9%
2.8%
2.5%
Price / book
1.6×
7.5×
11.2×
22.2×
13.5×
14.5×
Dividend yield
8.40%
–
2.56%
–
0.74%
0.97%
Fundamentals checklist ● 7 Good · ● 0 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.3%Bad
Risk models
Altman Z score16.1×Good
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)−28.7%Bad
Revenue growth (3y)6.1%Good
Growth consistency100%Good
Balance sheet
Current ratio4.6×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.4×Bad
EBIT / EV yield2.8%Bad
Profitability
Return on invested capital36.9%Good
Operating margin74.9%Good
XStocksXray
Texas Pacific Land Corp (TPL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
451
667
632
706
798
898
Gross profit
–
–
–
–
–
–
Operating income
362
562
486
539
592
672
Net income
270
446
406
454
481
541
Diluted EPS ($)
34.83
19.26
5.86
6.57
6.97
9.41
Free cash flow
249
428
418
491
546
603
Gross margin
–
–
–
–
–
–
Operating margin
80.4%
84.3%
77.0%
76.4%
74.2%
74.9%
Net margin
59.9%
66.9%
64.2%
64.3%
60.3%
60.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
764
877
1,156
1,248
1,623
1,859
Cash
428
511
725
370
145
249
Total debt
–
–
–
–
–
–
Equity
652
773
1,043
1,132
1,459
1,672
Dividend per share ($)
11.00
–
4.33
–
2.13
0.13
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.