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Owns vast legacy land and mineral/royalty interests in the Permian Basin, earning royalties and water revenue.
Owns vast legacy land and mineral/royalty interests in the Permian Basin, earning royalties and water revenue.
Collects a cut of oil and gas pumped from its land without drilling or paying for wells, so royalties rise with production and prices, while water sales and easement fees come from operators' drilling and pipeline activity. It began in 1888 as a trust for creditors of a Texas railway and became a corporation in 2021.
Moat: wide (scale, installed base, regulatory licence). Owns irreplaceable, contiguous Permian Basin land and mineral rights dating to an 1888 railroad grant.
Headquarters: Dallas, Texas, US · Founded: 1888 · Employees: 114
Size Texas Pacific Land (TPL) is a United States Energy company (Investment Trusts/Mutual Funds) with a market value of $18.8B, the 513th largest of 3,117 United States companies the cockpit tracks. Shares closed at $272.36 on 6 Nov 2026.
Performance Over six months the shares fell 30.9%, against +0.5% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 20.8% over the last twelve months (peer median +15.9%); the operating margin is 74.9% (peer median 26.1%).
Valuation It trades at 26.7× forward earnings against a peer median of 8.0× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 29.1 points above its cost of capital (7.8% WACC).
Short interest Short interest is 6.1% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $898M | $798M | $706M | $632M | $667M |
| Revenue growth | — | +13% | +12% | -5% | — |
| Gross profit | $770M | $682M | $635M | $583M | $635M |
| EBITDA | $740M | $655M | $564M | $501M | $578M |
| Net income | $541M | $481M | $454M | $406M | $446M |
| Free cash flow | $522M | $481M | $461M | $403M | $428M |
| Capital expenditure | $76.5M | $59.5M | $29.7M | $36.4M | $19.2M |
| Total debt | $15.5M | $16.2M | $453,000 | $1.17M | $1.96M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TPL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.9% | -8.2% | 2nd lowest of 21 |
| 6-month return | -30.9% | +0.5% | lowest of 21 |
| Distance from 52-week high | -50.2% | -22.2% | lowest of 21 |
| Revenue growth (TTM) | +20.8% | +15.9% | 7th highest of 21 |
| Operating margin | 74.9% | 26.1% | highest of 21 |
| Forward P/E | 26.7× | 8.0× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.4% | -2.0% | 2nd most demanding of 18 |
| Growth delivered (Del g) | +21.4% | +13.4% | 3rd highest of 18 |
| Hurdle (Req g minus delivered) | -12.0 pp | -20.2 pp | 7th most demanding of 18 |
| ROIC minus cost of capital | +29.1 pp | +3.4 pp | highest of 21 |
| EV / EBITDA | 25.1× | 6.9× | most expensive of 20 |
| Net debt / EBITDA | -0.3× | 1.1× | least indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Texas Pacific Land TPL | United States | $18.8B | -31% | +21% | 75% | 26.7× | 9.4% | +21.4% |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| HF Sinclair DINO | United States | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% | +19.1% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| TechnipFMC FTI | United States | $24.7B | -9% | +8% | 16% | 17.4× | 3.7% | +8.5% |
| Halliburton HAL | United States | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% | +9.0% |
| Sunoco LP SUN | United States | $12.6B | -8% | +136% | 5% | 6.5× | -3.8% | +18.7% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| DT Midstream DTM | United States | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% | +10.5% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Range Resources RRC | United States | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% | +10.9% |
| Antero Resources AR | United States | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% | +15.1% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| Frontline FRO | United States | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% | +10.3% |
| Antero Midstream AM | United States | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% | +5.3% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |