TPL · Financials(oil royalty traders) · 9 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Texas Pacific Land Corp reported revenue of $798.2 million in fiscal 2025. Of the $2.9 billion its operations generated over 9 years, 41.5% went to dividends and 7.9% to buybacks. On the accounting screens, it passes 4 of 7 Piotroski tests, its Altman Z'' of 15.97 is in the safe zone and its Beneish M-score is below the -1.78 line; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025798.2M
Operating margin74.2%gross margin —
Return on invested capital—
Free cash flow—
Net debt ÷ EBITDA—net debt —
Piotroski F-score4/7tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
3-for-1 before fiscal 2023; 3-for-1 before fiscal 2022.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0200M400M600M800M
2017
2018Revenue 300.2MOperating income 260.8M
2019Revenue 490.5MOperating income 399.6M
2020Revenue 302.6MOperating income 217.3M
2021Revenue 451.0MOperating income 362.4M
2022Revenue 667.4MOperating income 562.3M
2023Revenue 631.6MOperating income 486.1M
2024Revenue 705.8MOperating income 539.1M
2025Revenue 798.2MOperating income 592.2M
201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
8 yrs
Revenue
+6.1%
+21.4%
—
Operating income
+1.7%
+22.2%
—
Net income
+2.5%
+22.3%
—
Earnings per share
+2.8%
+22.6%
—
Dividend per share
-15.6%
-5.8%
—
Shares
-0.2%
-0.2%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0%25%50%75%100%
2017
2018Operating 86.9%Net 69.9%Free cash flow 49.2%
2019Operating 81.5%Net 65.0%Free cash flow 63.3%
2020Operating 71.8%Net 58.2%Free cash flow 66.7%
2021Operating 80.4%Net 59.9%Free cash flow 55.2%
2022Operating 84.3%Net 66.9%Free cash flow 64.2%
2023Operating 77.0%Net 64.2%
2024Operating 76.4%Net 64.3%
2025Operating 74.2%Net 60.3%
201720182019202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
33.0%
Return on assets
29.7%
Asset turnover
0.49×
Overheads (SG&A)
3.0% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0200M400M600M
2017
2018Net income 209.7MFree cash flow 147.6M
2019Net income 318.7MFree cash flow 310.6MAfter stock-based pay 310.6M
2020Net income 176.0MFree cash flow 202.0MAfter stock-based pay 202.0M
2021Net income 270.0MFree cash flow 248.7MAfter stock-based pay 248.7M
2022Net income 446.4MFree cash flow 428.2MAfter stock-based pay 419.8M
2023Net income 405.6M
2024Net income 454.0M
2025Net income 481.4M
201720182019202020212022202320242025
Where 9 years of operating cash went, 2017–2025
2.9B generated by the business. Each band is its share of that total.
Reinvested in the business 4%120.6M
Acquisitions 0%0
Dividends 41%1.2B
Share buybacks 8%230.3M
Kept, or used to pay down debt 46%1.4B
Over the same years it paid 46.4M in stock. 183.9M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0$2$4$6$8
2017
2018Earnings per share $2.99Free cash flow per share $2.11Dividend per share $0.45
2019Earnings per share $4.57Free cash flow per share $4.45Dividend per share $0.67
2020Earnings per share $2.52Free cash flow per share $2.89Dividend per share $2.89
2021Earnings per share $3.87Free cash flow per share $3.57Dividend per share $1.22
2022Earnings per share $6.42Free cash flow per share $6.16Dividend per share $3.56
2023Earnings per share $5.86Dividend per share $1.45
2024Earnings per share $6.57Dividend per share $5.03
2025Earnings per share $6.97Dividend per share $2.14
201720182019202020212022202320242025
Shares outstanding
Diluted shares
69.0M69.5M70.0M70.5M
2017
2018Diluted shares 70.1M
2019Diluted shares 69.8M
2020Diluted shares 69.8M
2021Diluted shares 69.8M
2022Diluted shares 69.5M
2023Diluted shares 69.2M
2024Diluted shares 69.1M
2025Diluted shares 69.0M
201720182019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
858× operating income ÷ interest
Current ratio
4.40 current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✕More liquidCurrent ratio higher than a year beforefailed
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
15.97safe zone
1.12.6
Working capital ÷ assets 0.15 × 6.56+1.00
Retained earnings ÷ assets 0.98 × 3.26+3.20
Operating income ÷ assets 0.36 × 6.72+2.45
Equity ÷ liabilities 8.88 × 1.05+9.32
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.43below the -1.78 line
-1.78
Receivables vs sales 1.00 (not reported, set to 1)+0.92
Gross margin slipping 1.00 (not reported, set to 1)+0.53
Soft assets 1.41+0.57
Sales growth 1.13+1.01
Slower depreciation 0.62+0.07
Overheads vs sales 0.61-0.10
Profit not in cash -0.04-0.19
Leverage rising 1.20-0.39
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 8 filings by 2 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$4,3158 purchase(s) by 2 insider(s)
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
