TPL Financials Texas Pacific Land Corporation

8 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Jun 29, 2026, 13:15 UTC Overview →

Growth & profitability

Revenue has grown 21.4% per year over the past 5 years.
Net income has grown faster than revenue (22.3% vs 21.4% per year).
Operating margin has expanded, at 74.2% in the latest year.
Free cash flow has grown 30.5% per year over the past 5 years.

Financial health

Operating income covered interest expense 858× in the latest year.

Shareholder returns

Dividends have been paid for 8 consecutive years, consuming 30.7% of earnings.
The dividend has declined 6.0% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$798M	$481M	0.0%	74.2%	33.0%	29.7%	—	—	$145M
2024	$706M	$454M	0.0%	76.4%	40.1%	36.4%	—	—	$370M
2023	$632M	$406M	0.0%	77.0%	38.9%	35.1%	—	—	$725M
2022	$667M	$446M	0.0%	84.3%	57.8%	50.9%	$428M	—	$511M
2021	$451M	$270M	0.0%	80.4%	41.4%	35.3%	$249M	—	$428M
2020	$303M	$176M	0.0%	71.8%	36.3%	30.8%	$202M	—	$281M
2019	$490M	$319M	0.0%	81.5%	62.2%	53.3%	$311M	—	$304M
2018	$300M	$210M	0.0%	86.9%	85.7%	—	$148M	—	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Mar '26	$237M	$143M	0.0%	77.0%	9.2%	8.2%	—	—	$248M
Dec '25	$212M	$123M	0.0%	70.5%	8.5%	7.6%	—	—	$145M
Sep '25	$203M	$121M	0.0%	73.4%	8.9%	8.0%	—	—	$532M
Jun '25	$188M	$116M	0.0%	76.6%	9.0%	8.3%	—	—	$544M
Mar '25	$196M	$121M	0.0%	76.6%	10.0%	8.9%	—	—	$460M
Dec '24	$186M	$118M	0.0%	76.7%	10.5%	9.5%	—	—	$370M
Sep '24	$174M	$107M	0.0%	73.4%	10.1%	9.1%	—	—	$534M
Jun '24	$172M	$115M	0.0%	77.3%	9.5%	8.7%	—	—	$895M
Mar '24	$174M	$114M	0.0%	78.1%	10.2%	9.1%	—	—	$837M
Dec '23	$167M	$113M	0.0%	80.3%	10.8%	9.8%	—	—	$725M
Sep '23	$158M	$106M	0.0%	80.4%	10.9%	9.8%	$102M	—	$654M
Jun '23	$161M	$100M	0.0%	74.9%	11.3%	10.0%	$83M	—	$609M
Mar '23	$146M	$87M	0.0%	71.7%	10.4%	9.1%	$111M	—	$591M
Dec '22	$153M	$100M	0.0%	81.4%	12.9%	11.4%	$126M	—	$511M
Sep '22	$191M	$130M	0.0%	84.8%	18.0%	15.7%	$117M	—	$447M
Jun '22	$176M	$119M	0.0%	86.1%	18.4%	15.5%	$80M	—	$390M
Mar '22	$147M	$98M	0.0%	84.4%	13.5%	11.4%	$105M	—	$507M
Dec '21	$147M	$79M	0.0%	85.5%	12.1%	10.3%	$86M	—	$428M
Sep '21	$124M	$84M	0.0%	83.5%	13.9%	12.1%	$71M	—	$373M
Jun '21	$96M	$57M	0.0%	74.3%	10.4%	9.0%	$42M	—	$329M

Valuation over time

How the market has priced TPL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 29.1× (Mar '23) to 47.3× (Nov '26).
The price-to-sales ratio has risen from 19.5× (Mar '23) to 28.5× (Nov '26).
The dividend yield has fallen from 1.9% (Mar '23) to 0.6% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is TPL growing its revenue and profit?

Over the past 5 years, Texas Pacific Land Corporation's revenue has grown 21.4% per year, and net income grown 22.3% per year. These are computed facts, not advice.

How much debt does TPL have?

As of FY2025, Texas Pacific Land Corporation reported — of total debt against $145M of cash; operating income covered interest expense 858×.

What is TPL's profit margin?

In FY2025, gross margin was —, operating margin 74.2%, and net margin 60.3%.

What is TPL's P/E ratio?

Texas Pacific Land Corporation's P/E (TTM) is 42.05 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the TPL stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 47.3× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.