Texas Pacific Land Corporation
- Open
- 422.20
- Day high
- 429.78
- Day low
- 406.46
- Prev close
- 416.05
- Volume
- 313K
- Mkt cap
- $28.7B
- P/E (TTM)
- 56.9
- EPS (TTM)
- $7.30
- P/B
- 18.4
- P/S
- 34.2
- Yield
- 0.29%
- Per share
- $1.20
- ▼Insiders net selling -$1.6M over the last 3 months (59 open-market buys, 3 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Texas Pacific Land Corporation (TPL) is a Energy company listed on NYSE. The stock is up 25% over the past year. Over the trailing 3 months, insiders filed 59 open-market buys and 3 sales (SEC Form 4).
Texas Pacific Land Corporation (TPL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TPL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $2.03 | $2.07 | +2.0% | $237M | +1.6% |
| Feb 18, 2026 | $1.79 | $1.79 | +0.0% | $212M | +2.0% |
| Nov 5, 2025 | $5.77 | $1.76 | -69.5% | $203M | +16.0% |
| Aug 6, 2025 | $5.48 | $5.05 | -7.8% | $188M | -5.3% |
| Feb 19, 2025 | $4.84 | $5.14 | +6.2% | $186M | +0.4% |
| Feb 21, 2024 | $4.15 | $4.91 | +18.3% | $167M | +9.5% |
| Nov 1, 2023 | $4.84 | $4.58 | -5.4% | $158M | -7.8% |
| Aug 2, 2023 | $3.70 | $4.35 | +17.6% | $161M | +4.9% |
| May 3, 2023 | $4.40 | $3.75 | -14.8% | $146M | +0.0% |
| Feb 22, 2023 | $5.05 | $4.31 | -14.7% | $153M | -11.1% |
| Nov 2, 2022 | $4.79 | $5.61 | +17.1% | $191M | +8.8% |
| Aug 3, 2022 | $5.10 | $5.12 | +0.4% | $176M | +0.8% |
TPL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 9, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $397.47 |
| Jul 8, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $400.67 |
| Jul 7, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $408.89 |
| Jul 6, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $402.64 |
| Jul 2, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $426.00 |
| Jul 1, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $435.74 |
| Jun 30, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $410.88 |
| Jun 29, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $397.48 |
| Jun 26, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $388.58 |
| Jun 25, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $374.10 |
| Jun 24, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $370.60 |
| Jun 23, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $351.33 |
| Jun 22, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $355.47 |
| Jun 18, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC10 percent owner | Buy | 1 | $356.60 |
| Jun 17, 2026 | DOYLE PETERdirector | Buy | 4 | $381.95 |
Source: TPL SEC Form 4 filings, latest Jul 9, 2026. For informational purposes only — not investment advice.
See the full TPL insider & 13F page →Texas Pacific Land Corporation company profile
Overview
Texas Pacific Land Corporation (NYSE:TPL) is a unique land and resource management company founded in 1888 and headquartered in Dallas, Texas. Originally established as part of the Texas and Pacific Railway land grants, the company has evolved into one of the largest private landowners in Texas, managing approximately 880,000 acres primarily in the prolific Permian Basin. TPL operates as a capital-light business model that generates revenue through oil and gas royalties, water services, and surface land leasing activities across West Texas.
Business
Texas Pacific Land Corporation operates in two primary business segments within the energy and land management sectors. The company's business model is built around monetizing its vast land holdings in the Permian Basin, one of the most active oil and gas production regions in North America. **Land and Resource Management (approximately 70-75% of revenues):** This segment manages TPL's extensive surface and mineral rights across West Texas. The company holds various types of nonparticipating perpetual oil and gas royalty interests (NPRI) - these are ownership interests that entitle TPL to a percentage of oil and gas production revenue without bearing any of the exploration, development, or operating costs. Specifically, TPL owns a 1/128th NPRI under approximately 85,000 acres and a 1/16th NPRI under approximately 371,000 acres, plus an additional 4,000 net royalty acres. The segment also generates revenue through easements for pipelines, power lines, and utility infrastructure, as well as commercial leases for oil and gas processing facilities, storage, compression facilities, and roads. Additionally, the company sells materials like caliche (a calcium carbonate-rich sedimentary rock used in road construction). **Water Services and Operations (approximately 25-30% of revenues):** This segment provides comprehensive water management services to oil and gas operators in the Permian Basin. The business includes sourcing fresh water for hydraulic fracturing operations, gathering and treating produced water (the wastewater that comes up with oil and gas), developing water infrastructure, providing disposal solutions, and offering water tracking and analytics services. TPL also collects royalties on produced water that flows across or is sourced from its land, handling over 4 million barrels per day of produced water. The company has been expanding this business beyond its own acreage, with approximately 73% of water sales now occurring off TPL's footprint.
Revenue model
Texas Pacific Land Corporation generates revenue through multiple complementary streams that capitalize on its strategic land position in the Permian Basin. The company's primary revenue model is royalty-based, meaning it receives a percentage of production value without incurring drilling or operating expenses. **Oil and Gas Royalties:** TPL receives royalty payments from oil and gas companies that drill on or near its acreage. As a nonparticipating royalty owner, the company receives a predetermined percentage of production revenue while operators bear all exploration, development, and operating costs. Current production averages approximately 28,000-31,000 barrels of oil equivalent per day, with paying customers including major operators like ExxonMobil, ConocoPhillips, Occidental Petroleum, EOG Resources, and BP. **Water Services Revenue:** The company operates fee-for-service water businesses, charging operators for water sourcing, treatment, disposal, and infrastructure services. Additionally, TPL collects royalties on produced water that flows across its land, generating revenue from over 4 million barrels per day of produced water volumes. This creates a dual revenue stream from both fresh water sales and produced water royalties. **Surface Leasing and Materials:** TPL leases surface rights for various commercial purposes including processing facilities, storage, roads, renewable energy projects (solar and battery storage), and other industrial uses. The company also sells construction materials like caliche. **Factors Affecting Margins:** TPL's margins benefit from its asset-light business model, with adjusted EBITDA margins consistently above 80%. Positive margin drivers include higher commodity prices (particularly oil and natural gas), increased drilling activity in the Permian Basin, growing water demand from hydraulic fracturing operations, and expansion of renewable energy projects on its surface. Margin pressures could come from sustained low commodity prices reducing royalty payments, decreased drilling activity, regulatory changes affecting water disposal, or increased competition in water services. However, the company's diversified revenue streams and minimal operating costs provide significant protection against margin compression.
Risks & safety
**Overall Assessment:** TPL maintains a very strong financial position with minimal solvency risk, though current valuation metrics suggest limited margin of safety at recent price levels. **Cash and Debt Position:** - Cash and short-term investments: $460 million (Q1 2025) - Total debt: Essentially zero (debt-to-equity ratio of 0.0) - Current ratio: 7.04 (Q1 2025) - Strong free cash flow generation: $144 million (Q1 2025) **Valuation Metrics:** - Price-to-earnings ratio: 63.1x (Q1 2025) - EV/EBITDA: 46.3x (Q1 2025) - Price-to-book ratio: 25.2x (Q1 2025) - Graham number suggests significant overvaluation at current levels **Other Considerations:** - Asset-light business model with 86%+ EBITDA margins provides operational resilience - Commodity price sensitivity creates earnings volatility risk - Strong balance sheet provides flexibility for acquisitions and shareholder returns - Perpetual royalty structure offers long-term cash flow visibility
Recent development
Over the past few years, Texas Pacific Land Corporation has executed several strategic initiatives to diversify revenue streams and expand its market position beyond traditional oil and gas royalties. **Major Acquisitions:** The company has been actively consolidating Permian Basin assets, completing nearly $500 million in acquisitions during 2024, including over 4,000 surface acres in Martin County, 4,000 net royalty acres in Culberson County, and 7,000 net royalty acres in the Midland Basin. These acquisitions have enhanced TPL's strategic footprint and increased its royalty production to record levels. **Water Business Expansion:** TPL has significantly expanded its water services operations, with 73% of water sales now occurring off the company's own acreage. The business has grown to handle over 4 million barrels per day of produced water, generating approximately $100 million in annual royalty revenues. The company has invested $140 million cumulatively in water infrastructure since 2017, generating approximately $470 million in cumulative after-tax cash flow. **Technology and Innovation Initiatives:** TPL is developing produced water desalination technology with a target of 75% volume reclamation and 75% analyte removal at $0.75 per barrel treatment cost. The company has constructed a 10,000 barrel per day test facility and is pursuing regulatory permits for beneficial reuse applications. This technology could unlock significant new revenue streams by converting waste water into valuable resources. **Diversification into Alternative Energy:** The company has signed contracts for over 700 megawatts of solar projects, 7 utility-scale battery projects, and 4 Bitcoin mining operations totaling 78 MW active with 50 MW in development. TPL is also exploring opportunities in data centers and power generation, leveraging its land assets, water resources, and energy infrastructure. **Enhanced Capital Allocation:** TPL has returned substantial capital to shareholders, including $376 million in 2024 through dividends and buybacks. The company increased its quarterly dividend by 37% to $1.60 per share and maintains an active acquisition strategy targeting high-quality Permian assets.
TPL company profile · for informational purposes only — not investment advice.
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