Latest Ratios: P/E Ratio 57.8x · EV/EBITDA 42.3x · ROE 37.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $27.8B | $19.8B | $76.4B | $36.3B | $54.3B | $29.0B | $16.9B | $18.2B | $12.7B | $10.5B | $7.1B |
| Enterprise Value | $27.7B | $19.7B | $76.0B | $35.5B | $53.8B | $28.6B | $16.6B | $17.9B | $12.5B | $10.4B | $7.1B |
| P/E Ratio → | 57.78 | 41.21 | 168.25 | 89.40 | 121.72 | 107.57 | 96.04 | 57.02 | 60.31 | 108.14 | 168.60 |
| P/S Ratio | 34.80 | 24.84 | 108.21 | 57.41 | 81.42 | 64.40 | 55.91 | 37.06 | 42.15 | 79.53 | 118.72 |
| P/B Ratio | 19.06 | 13.59 | 67.44 | 34.76 | 70.31 | 44.57 | 34.87 | 35.50 | 51.71 | 100.14 | 149.35 |
| P/FCF | 57.12 | 40.76 | 165.68 | 89.92 | 126.98 | 116.35 | 83.76 | 58.53 | 85.75 | 140.17 | 177.90 |
| P/OCF | 50.89 | 36.32 | 155.66 | 86.69 | 121.53 | 109.53 | 81.70 | 53.03 | 64.74 | 112.17 | 173.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 24.70 | 107.69 | 56.26 | 80.66 | 63.46 | 54.99 | 36.45 | 41.75 | 78.93 | 117.89 |
| EV / EBITDA | 42.26 | 30.11 | 134.69 | 70.96 | 93.18 | 75.58 | 71.82 | 43.53 | 41.75 | 80.68 | 117.89 |
| EV / EBIT | 46.72 | 33.25 | 140.98 | 73.11 | 95.67 | 78.94 | 76.51 | 44.73 | 48.05 | 72.05 | 128.28 |
| EV / FCF | — | 40.53 | 164.88 | 88.12 | 125.79 | 114.65 | 82.38 | 57.56 | 84.93 | 139.11 | 176.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 89.9% | 92.3% | 95.1% | 93.5% | 89.2% | 93.9% | 95.4% | 99.3% | 99.9% |
| Operating Margin | 74.2% | 74.2% | 76.4% | 77.0% | 84.3% | 80.4% | 71.8% | 81.9% | 86.9% | 90.5% | 91.9% |
| Net Profit Margin | 60.3% | 60.3% | 64.3% | 64.2% | 66.9% | 59.9% | 58.2% | 65.0% | 69.9% | 57.7% | 62.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.2% | 37.2% | 41.7% | 44.7% | 62.7% | 47.5% | 35.3% | 84.2% | 119.9% | 100.0% | 79.8% |
| ROA | 33.5% | 33.5% | 37.8% | 39.9% | 54.4% | 40.4% | 30.1% | 72.2% | 101.7% | 80.4% | 66.0% |
| ROIC | 42.1% | 42.1% | 74.7% | 125.0% | 172.5% | 126.1% | 78.0% | 178.9% | 259.9% | 757.3% | — |
| ROCE | 43.3% | 43.3% | 47.3% | 50.8% | 74.1% | 59.0% | 39.3% | 94.9% | 132.4% | 132.8% | 101.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | — | — | — |
| Debt / EBITDA | 0.05 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.33 | -0.69 | -0.66 | -0.65 | -0.58 | -0.59 | -0.49 | -0.76 | -1.04 |
| Net Debt / EBITDA | -0.17 | -0.17 | -0.65 | -1.45 | -0.88 | -1.13 | -1.20 | -0.73 | -0.40 | -0.61 | -0.82 |
| Debt / FCF | — | -0.23 | -0.80 | -1.80 | -1.19 | -1.71 | -1.38 | -0.97 | -0.81 | -1.06 | -1.24 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($145M) exceeds total debt ($32M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.40 | 4.40 | 8.33 | 13.68 | 11.15 | 7.80 | 8.41 | 14.99 | 14.99 | 15.26 | 18.32 |
| Quick Ratio | 4.40 | 4.40 | 8.33 | 13.68 | 9.22 | 6.18 | 5.66 | 10.61 | 14.13 | 15.09 | 17.96 |
| Cash Ratio | 1.99 | 1.99 | 6.12 | 11.50 | 8.99 | 6.34 | 7.11 | 12.41 | 9.88 | 12.32 | 16.18 |
| Asset Turnover | — | 0.49 | 0.57 | 0.55 | 0.76 | 0.59 | 0.53 | 0.82 | 1.05 | 1.04 | 0.96 |
| Inventory Turnover | — | — | — | — | 0.30 | 0.27 | 0.30 | 0.28 | 1.31 | 0.78 | 0.04 |
| Days Sales Outstanding | — | 75.41 | 65.50 | 74.53 | 56.87 | 77.07 | 58.17 | 46.88 | 59.27 | 49.02 | 40.49 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.7% | 0.5% | 0.3% | 0.5% | 0.3% | 0.5% | 0.3% | 0.3% | 0.1% | 0.0% |
| Payout Ratio | 30.7% | 30.7% | 76.5% | 24.6% | 55.4% | 31.6% | 44.1% | 14.6% | 15.1% | 14.0% | 6.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 2.4% | 0.6% | 1.1% | 0.8% | 0.9% | 1.0% | 1.8% | 1.7% | 0.9% | 0.6% |
| FCF Yield | 1.8% | 2.5% | 0.6% | 1.1% | 0.8% | 0.9% | 1.2% | 1.7% | 1.2% | 0.7% | 0.6% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.1% | 0.2% | 0.1% | 0.0% | 0.0% | 0.3% | 0.3% | 0.5% |
| Total Shareholder Yield | 0.6% | 0.9% | 0.5% | 0.4% | 0.6% | 0.4% | 0.5% | 0.3% | 0.6% | 0.4% | 0.5% |
| Shares Outstanding | — | $69M | $69M | $69M | $70M | $70M | $70M | $70M | $70M | $71M | $72M |
Regulatory seismic disposal constraints
According to recent market data, TPL trades at a forward P/E of 43.17, a significant premium to traditional royalty peers, which suggests investors are pricing in the unique, perpetual nature of its Permian land bank rather than standard commodity-linked exploration and production growth expectations.
The elevated EV/EBITDA multiple of 41.53 indicates that the market assigns a scarcity premium to TPL's contiguous surface acreage, which is effectively impossible to replicate. This valuation implies that investors view the company as a long-term infrastructure play rather than a cyclical energy producer, warranting a higher multiple than peers like Viper Energy.
As reported in financial statements, TPL has maintained a double-digit ROIC, reaching 10.2% in 2026Q1, which, while lower than the 33.8% peak observed in 2024Q1, continues to demonstrate superior capital efficiency compared to the broader energy sector's historical performance averages.
The moderation in ROIC appears to be a function of increased investment in the Water Services segment, which is inherently more capital-intensive than the legacy royalty business. Investors should monitor whether this transition into infrastructure operations permanently lowers the company's long-term return profile or if it provides a new, durable growth engine.
Based on TPL's reported figures, the company's DSO has fluctuated between 55 and 70 days over the last ten quarters, reflecting the inherent timing differences in royalty collections and the lumpy nature of large-scale easement payments common in Permian infrastructure development projects.
The lack of a consistent CCC trend suggests that TPL's working capital is heavily influenced by the timing of operator activity rather than internal operational inefficiencies. The variability in these metrics warrants further investigation into whether the growing Water Services segment is introducing more persistent payment delays compared to the legacy royalty stream.
According to recent SEC filings, TPL maintains a current ratio of 4.23 as of 2026Q1, which provides a substantial liquidity buffer that appears more than adequate to navigate potential regulatory-driven disruptions or volatility in the Permian water disposal market.
The company's negligible debt-to-equity ratio of 0.01 underscores a balance sheet that is effectively immune to interest rate cycles. This liquidity position allows management to pursue opportunistic share repurchases without the constraints of debt covenants, providing a significant strategic advantage over more leveraged industry peers.
As noted in industry analysis, the P/E ratio is frequently misapplied to TPL, as it fails to account for the company's unique status as a land-owning entity with significant non-hydrocarbon optionality, such as potential data center or renewable energy development on its vast surface acreage.
Using a standard P/E multiple obscures the value of TPL's land bank, which functions more like a real estate trust than an oil and gas producer. Analysts should instead consider a sum-of-the-parts valuation that separates the high-margin royalty business from the infrastructure-like Water Services segment to better capture the company's true intrinsic value.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TPL stock.
Texas Pacific Land Corporation's current P/E ratio is 57.8x. The historical average is 87.5x. This places it at the 27th percentile of its historical range.
Texas Pacific Land Corporation's current EV/EBITDA is 42.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 59.1x.
Texas Pacific Land Corporation's return on equity (ROE) is 37.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 66.9%.
Based on historical data, Texas Pacific Land Corporation is trading at a P/E of 57.8x. This is at the 27th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Texas Pacific Land Corporation's current dividend yield is 0.53% with a payout ratio of 30.7%.
Texas Pacific Land Corporation has 100.0% gross margin and 74.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Texas Pacific Land Corporation's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.