Revenue
$798.19M
Fiscal year ended 2025-12-31Operating income
$592.16M
Fiscal year ended 2025-12-31Free cash flow
Unavailable
Fiscal year ended 2025-12-31Valuation, from the filing
| Public float | $20.00B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $290.10 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 41.5× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 25.1× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 13.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
41.5× earnings today, against a median of 24.8× across 6 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $20.00B | 41.5× | |
| 2024-06-30 | $10.90B | 24.0× | |
| 2023-06-30 | $7.50B | 18.5× | |
| 2022-06-30 | $8.50B | 19.0× | |
| 2021-06-30 | $9.00B | 33.3× | |
| 2020-06-30 | $4.51B | 25.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
Texas Pacific Land Corp (TPL) reported revenue of $798.19M and net income of $481.38M for the fiscal year ended 2025-12-31. This page shows 8 annual periods of income statement, balance sheet and cash flow figures normalized from Texas Pacific Land Corp’s SEC filings, each linked to the filing it came from.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $798.19M | $705.82M | $631.60M | $667.42M | $450.96M | $302.56M | $490.50M | $300.22M |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $592.16M | $539.14M | $486.05M | $562.31M | $362.39M | $217.26M | $399.57M | $260.83M |
| Net income | $481.38M | $453.96M | $405.64M | $446.36M | $269.98M | $176.05M | $318.73M | $209.74M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 69.03M | shares 69.06M | shares 69.18M | shares 23.18M | shares 7.75M | shares 7.76M | shares 7.76M | shares 7.79M |
| Pretax income | $610.33M | $578.82M | $517.56M | $568.86M | $363.02M | $219.66M | $402.26M | $261.75M |
| Income tax expense | $128.95M | $124.86M | $111.92M | $122.49M | $93.04M | $43.61M | $83.53M | $52.01M |
| Diluted EPS | $6.97 | $6.57 | $5.86 | $19.26 | $34.83 | $22.70 | $41.09 | Unavailable |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $23.78M | $34.48M | $46.45M | $22.02M | $11.64M | $9.75M | $9.54M | $4.68M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $144.81M | $369.84M | $725.17M | $510.83M | $428.24M | $281.05M | $303.64M | Unavailable |
| Total assets | $1.62B | $1.25B | $1.16B | $877.43M | $764.06M | $571.64M | $598.18M | Unavailable |
| Current assets | $319.32M | $503.37M | $862.46M | $633.40M | $526.51M | $332.53M | Unavailable | Unavailable |
| Total liabilities | $164.37M | $115.56M | $113.20M | $104.54M | $112.35M | $86.45M | $86.04M | Unavailable |
| Current liabilities | $72.60M | $46.56M | $44.39M | $39.60M | $50.90M | $21.38M | Unavailable | Unavailable |
| Total equity incl. NCI | $1.46B | $1.13B | $1.04B | $772.89M | $651.71M | $485.18M | $512.14M | $244.69M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $164.90M | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $545.91M | $490.67M | $418.29M | $447.15M | $265.16M | $207.04M | $342.79M | $195.45M |
| Capital expenditures | Unavailable | Unavailable | Unavailable | $18.97M | $16.42M | $5.09M | $32.21M | $47.88M |
| Investing cash flow | -$595.85M | -$471.75M | -$60.31M | -$21.40M | -$15.00M | -$26.00M | -$111.69M | -$81.53M |
| Financing cash flow | -$176.04M | -$378.09M | -$144.61M | -$336.81M | -$104.95M | -$201.66M | -$50.90M | -$70.05M |
| Net change in cash | -$225.98M | -$359.17M | $213.37M | $88.94M | $145.22M | -$20.62M | $180.20M | $43.87M |
| Stock-based compensation | $15.13M | $12.50M | $10.34M | $8.43M | $28.00K | $0 | $0 | Unavailable |
| Common dividends paid | $147.80M | $347.31M | $99.97M | $247.28M | $85.26M | $201.66M | $46.55M | $31.65M |
| Common share repurchases | $8.38M | $29.16M | $42.57M | $87.76M | $19.68M | $0 | $4.35M | $38.40M |
| Depreciation & amortization | $62.53M | $25.16M | $14.76M | $15.38M | $16.26M | $14.40M | $8.91M | $2.58M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $201.95M | $310.58M | $147.57M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 74.2% | 76.4% | 77.0% | 84.3% | 80.4% | 71.8% | 81.5% | 86.9% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 66.7% | 63.3% | 49.2% |
| SBC / revenue | 1.9% | 1.8% | 1.6% | 1.3% | 0.0% | 0.0% | 0.0% | Unavailable |
| Current ratio | 4.40x | 10.81x | 19.43x | 16.00x | 10.34x | 15.56x | Unavailable | Unavailable |
| Revenue YoY growth | 13.1% | 11.8% | -5.4% | 48.0% | 49.0% | -38.3% | 63.4% | Unavailable |
| Net margin | 60.3% | 64.3% | 64.2% | 66.9% | 59.9% | 58.2% | 65.0% | 69.9% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 1.7% | 6.6% | 15.9% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 21.1% | 21.6% | 21.6% | 21.5% | 25.6% | 19.9% | 20.8% | 19.9% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open TPL in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-05View SEC filing
10-Q · Filed 2026-05-06View SEC filing
10-K · Filed 2026-02-18View SEC filing
10-Q · Filed 2025-11-05View SEC filing
10-Q · Filed 2025-08-06View SEC filing
10-Q · Filed 2025-05-07View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.